By Julia Horowitz, CNN Business Facebook is having a terrible few days. But there are reasons investors may not abandon the company for long. What’s happening: Big Tech shares tumbled Monday as concerns about inflation pushed investors to pare back their exposure to the sector. But Facebook — which suffered an hours-long outage across all
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By Rachel Ramirez and Clare Duffy, CNN The life cycle of a smartphone begins in mines around the world. There, raw materials and rare earth metals are extracted from the planet in an energy-intensive process. Those materials get transported to factories where they’re refined, often using high temperatures and significant energy, and turned into components
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By Matt Egan, CNN Business America’s oil-and-gas industry is fighting tooth and nail to kill or scale back climate provisions in the President Joe Biden’s $3.5 trillion Build Back Better plan. “We’re leaving everything on the field here in terms of our opposition to anti-energy provisions,” Mike Sommers, president and CEO of the powerful American
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By Frank Pallotta, CNN Business Venom devoured the box office. “Venom: Let There Be Carnage” — Sony’s follow-up to the hit 2018 supervillain film — blew past expectations at the ticket booth this weekend. The film, which stars Tom Hardy as the ravenous alien symbiote, notched an estimated $90.1 million at the North American box
Continue Reading By Frank Pallotta, CNN Business Venom devoured the box office. “Venom: Let There Be Carnage” — Sony’s follow-up to the hit 2018 supervillain film — blew past expectations at the ticket booth this weekend. The film, which stars Tom Hardy as the ravenous alien symbiote, notched an estimated $90.1 million at the North American box
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By Frank Pallotta, CNN Business “Saturday Night Live” is back, and with it came a new President Joe Biden. The NBC variety show returned for its season premiere Saturday and opened its 47th season with new cast member James Austin Johnson taking on the role of Biden. “What’s cookin’, what’s good?” Johnson’s Biden said, kicking
Continue Reading By Frank Pallotta, CNN Business “Saturday Night Live” is back, and with it came a new President Joe Biden. The NBC variety show returned for its season premiere Saturday and opened its 47th season with new cast member James Austin Johnson taking on the role of Biden. “What’s cookin’, what’s good?” Johnson’s Biden said, kicking
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By Allison Morrow, CNN Business The supply chain nightmare that’s been plaguing the global economy for over a year is about to snarl the holiday shopping season. Think barren shelves, massive shipping delays, and no small amount of sticker shock. Merry Christmas, everyone! Although the pandemic lit the match, the United States has been setting
Continue Reading By Rachel Ramirez and Clare Duffy, CNN The life cycle of a smartphone begins in mines around the world. There, raw materials and rare earth metals are extracted from the planet in an energy-intensive process. Those materials get transported to factories where they’re refined, often using high temperatures and significant energy, and turned into components
Continue Reading By Frank Pallotta, CNN Business “Saturday Night Live” is back, and with it came a new President Joe Biden. The NBC variety show returned for its season premiere Saturday and opened its 47th season with new cast member James Austin Johnson taking on the role of Biden. “What’s cookin’, what’s good?” Johnson’s Biden said, kicking
Continue Reading By Frank Pallotta, CNN Business “Saturday Night Live” is back, and with it came a new President Joe Biden. The NBC variety show returned for its season premiere Saturday and opened its 47th season with new cast member James Austin Johnson taking on the role of Biden. “What’s cookin’, what’s good?” Johnson’s Biden said, kicking
Continue Reading By Jake Kwon, CNN Business It took three years for players to notice the “offensive” hand gesture lurking in one of South Korea’s most popular multiplayer games. When players made their avatars laugh, talk or give the “OK” sign in “Lost Ark,” they clicked an icon featuring a gesture that might have appeared benign to
Continue Reading By Ramishah Maruf, CNN Business PricewaterhouseCoopers, the accounting and consulting giant, will allow all its 40,000 US-based service employees to work virtually from anywhere in the United States, the company confirmed to CNN Friday. The company said this is the first announcement of its kind from a professional services firm in the US, marking a
Continue Reading By Bridget O’Brian and Ramishah Maruf, CNN Business Tesla said Saturday that it produced 237,823 vehicles in its third quarter and delivered 241,300, more than double the number of vehicles for the same period a year ago. In the 2020 third quarter, the company produced 145,036 vehicles and sold 139,300. That 64% increase in production
Continue Reading By Rishi Iyengar and Sara Ashley O’Brien, CNN Business The trial of Theranos founder Elizabeth Holmes concluded its fourth week on Friday, with the lengthiest witness testimony of the trial so far. That testimony has come from former Theranos lab director Adam Rosendorff, who has been on the stand for four days and will continue
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By Ramishah Maruf, CNN Business Bill Gross, billionaire and the ‘bond king,’ was found guilty in contempt of court for tormenting his California neighbors by blasting music — again. Orange County Superior Court Judge Kimberly Knill ruled that Gross and his wife, Amy Gross, violated a 2020 order that prohibited the couple from playing loud
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By Rachel Metz, CNN Business One mid-September evening in 2018, Joel Cusick found himself pointing a laser scanner at the butt of a bear named Otis. Cusick was taking a break from work, standing on a platform along the Brooks River in Alaska’s Katmai National Park and Preserve — a world-famous spot for bear watching,
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By Alexis Benveniste, CNN Business Companies like Beyond Meat Inc and Impossible Foods are seeing strong sales. Earlier this year, Target launched its own line of 30 vegan food options. Even giant Tyson Foods Inc is getting in on the act with its recent introduction of vegan bratwurst and burger patties. Plant-based meat sales are
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By Parija Kavilanz, CNN Business Surging shopper demand coupled with shipping container shortages and bottlenecks at ports have already triggered tighter supply of products, from cars to shoes. In particular, some of America’s biggest sellers of clothing and shoes cite one catalyst that has compounded the pressure: factory closures in Vietnam stemming from a second
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By Kerry Flynn, CNN Business Ozy Media announced on Friday that it will cease operations. The decision comes five days after the The New York Times published a bombshell report about its business practices, which kicked off additional scrutiny from other media outlets. “At Ozy, we have been blessed with a remarkable team of dedicated
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