By Peter Valdes-Dapena, CNN Business General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next
Continue Reading
By Rachel Metz, CNN Business The parent company of Facebook and Instagram is taking on a new role as a brick-and-mortar retailer. On Monday, Meta announced the Meta Store, which will be the company’s first attempt at selling its physical products — including the Quest 2 virtual reality headset and Portal video calling device —
Continue Reading
By Paul R. La Monica, CNN Business With lots of worries out there — inflation, Covid, interest rates, Ukraine, stock volatility — consumers are willing to pay a premium when seeking comfort in the form of sweet treats like Coca-Cola. And investors are seeking a safe haven in the company’s stock. Coca-Cola reported first quarter
Continue Reading
By Anna Bahney, CNN Business Anyone looking for a place to live right now is navigating one of the toughest and most expensive housing markets in recent history. The pandemic boom in housing pushed home prices to an all-time high of $375,300 in March, 34% higher than the median price of $280,600 in March 2020,
Continue Reading By Anna Bahney, CNN Business Anyone looking for a place to live right now is navigating one of the toughest and most expensive housing markets in recent history. The pandemic boom in housing pushed home prices to an all-time high of $375,300 in March, 34% higher than the median price of $280,600 in March 2020,
Continue Reading
By Jackie Wattles and Jennifer Korn, CNN The first all-private mission to the International Space Station finally made its way home Monday, making a splash down landing off the coast of Florida and concluding a mission that has lasted a week longer than expected. This mission was brokered by the Houston, Texas-based startup Axiom Space.
Continue Reading
By Matt Egan, CNN Business Oil prices fell sharply Monday as lockdowns in China stoked concerns that the country’s zero-Covid strategy will sap energy demand in the world’s second-largest economy. US oil dropped as much as 6.7% to a two-week low of $95.28 a barrel on Monday. Crude finished the day down 3.5% to $98.54
Continue Reading
Opinion by Gad Levanon for CNN Business Perspectives With the fear of Covid-19 on the wane, consumers are spending much more on in-person services, like travel and entertainment, powering an impressive comeback in that sector. However, something has got to give. And that something is consumer spending on goods, like clothing, furniture, appliances and recreational
Continue Reading
By Julia Horowitz, CNN Business Tesla CEO Elon Musk’s noisy campaign for changes to how Twitter runs its business has grabbed headlines for its twists and bombast. And, of course, for the big surprise — a takeover bid. What’s happening: Twitter’s board of directors convened Sunday to discuss Musk’s offer. The world’s richest man has
Continue Reading
By Laura He, CNN Business Global stocks and oil prices fell on Monday as rising Covid-19 cases in Beijing sparked fears that the Chinese capital could join Shanghai and other major cities in lockdown. China’s benchmark Shanghai Composite Index sank 5.1% to close at a 22-month low. It was the worst day for the index
Continue Reading By Laura He, CNN Business Investors are ditching China at an unprecedented scale as a cocktail of political and business risks, and rising interest rates elsewhere, make the world’s second biggest economy a less attractive place to keep their money. China witnessed $17.5 billion worth of portfolio outflows last month, an all-time high, according to
Continue Reading
By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The Twitter board of directors convened on Sunday for a dialogue about Elon Musk’s takeover offer — a potential prelude to negotiations with the Tesla CEO about next steps. A
Continue Reading By Jackie Wattles, CNN Business The first all-private mission to the International Space Station began its return trip Sunday evening after a string of delays dragged the mission out for a week longer than expected because of weather and other inopportune circumstances. The mission, called AX-1, was brokered by the Houston, Texas-based startup Axiom Space,
Continue Reading
By Zoe Sottile, CNN Feeling hungry for a new job? Favor, a Texas-based food delivery company, is looking for a voracious eater to sample tacos all over the state as their first-ever “Chief Taco Officer.” The lucky employee will receive $10,000 in exchange for taste-testing tacos and documenting the experience on social media during June
Continue Reading
By Ramishah Maruf, CNN The White House Correspondents’ Dinner returns next Saturday — and the sitting president is set to attend for the first time since 2016. After a two-year hiatus due to the Covid pandemic, President Joe Biden will speak at the century-old press gala after former president Donald Trump famously boycotted the event.
Continue Reading By Ramishah Maruf, CNN The White House Correspondents’ Dinner returns next Saturday — and the sitting president is set to attend for the first time since 2016. After a two-year hiatus due to the Covid pandemic, President Joe Biden will speak at the century-old press gala after former president Donald Trump famously boycotted the event.
Continue Reading
By Sara Ashley O’Brien, CNN Business After a historic union victory at an Amazon warehouse in New York City earlier this month, a grassroots labor organization is hoping it can notch a second win at a facility just across the street. Hundreds of Amazon employees at a Staten Island sorting facility known as LDJ5 began
Continue Reading
By Anneken Tappe, CNN Business Investors are gearing up for a week of big ticket economic data, including a first look at economic growth between January and March and more inflation numbers. America’s economic activity, measured by gross domestic product, is forecast to have only grown at an annualized pace of 1% in the first
Continue Reading By Anneken Tappe, CNN Business Investors are gearing up for a week of big ticket economic data, including a first look at economic growth between January and March and more inflation numbers. America’s economic activity, measured by gross domestic product, is forecast to have only grown at an annualized pace of 1% in the first
Continue Reading
By Chris Isidore, CNN Business Does the richest person on the planet need another massive pay package? That’s the decision facing the Tesla board of directors. CEO Elon Musk doesn’t receive any cash salary or bonus. He’s paid only with stock options. But he has just about exhausted the options available from the compensation package
Continue Reading