By Celine Alkhaldi and Eoin McSweeney, CNN Almost 90% of Dubai’s population is made up of foreigners who flocked to the Gulf business hub for its yearlong sunshine, a chance for prosperity and, of course, zero taxes. But this week, the United Arab Emirates, of which Dubai is part, announced the introduction of a corporate
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By Julia Horowitz, CNN Business Amazon and Facebook’s Meta are two of the market’s biggest players. Both have come under pressure during a recent sell-off in tech stocks. But this morning, the direction of these companies and their stocks couldn’t look more different. What’s happening: Facebook’s earnings report triggered a 26% collapse in its stock
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By Chris Isidore, CNN Business Elon Musk has trained his Twitter guns on top Democrats such as Bernie Sanders and Elizabeth Warren. Now he’s going after Joe Biden. Last week, after Biden praised General Motors’ announcement that it would invest $7 billion to build EV pickups and batteries in Michigan, Musk tweeted that the president
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By Anneken Tappe, CNN Business The Omicron variant put a massive speed bump in the road to America’s recovery this winter. The first signs of trouble could show up in the January jobs report Friday. The White House on Monday prepared Americans for disappointment about the jobs numbers: Jared Bernstein, a member of the White
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By Julia Horowitz, CNN Business Competition from TikTok. A stagnant user base in key markets. A pricey bid to invest in virtual reality that could take years to pay off. These are just a few reasons investors are dumping Facebook’s Meta after a disastrous earnings report, which could wipe more than $200 billion off the
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By Jordan Valinsky, CNN Business US airlines canceled thousands more flights Thursday as a powerful winter storm packing ice, rain, sleet and several inches of snow is stretching from the Midwest to the South and eventually parts of the Northeast. On Thursday, there were more than 4,200 cancellations within, into, or out of the United
Continue Reading By Jordan Valinsky, CNN Business US airlines canceled thousands more flights Thursday as a powerful winter storm packing ice, rain, sleet and several inches of snow is stretching from the Midwest to the South and eventually parts of the Northeast. On Thursday, there were more than 4,200 cancellations within, into, or out of the United
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By Charles Riley, CNN Business Life is about to get much more expensive for tens of millions of Brits. A cap on how much UK consumers can be charged for energy will increase by 54% in April, according to energy regulator Ofgem. That means the 22 million households covered by the cap will be paying
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By Michelle Toh, CNN Business Two of the world’s biggest video game companies are feeling the pressure as the console wars heat up. Shares of Sony and Nintendo, the makers of the PlayStation and Switch respectively, stumbled Thursday as the two Japanese giants cut their forecasts for sales of the consoles. The fall comes as
Continue Reading By Anneken Tappe, CNN Business The Omicron variant put a massive speed bump in the road to America’s recovery this winter. The first signs of trouble could show up in the January jobs report Friday. The White House on Monday prepared Americans for disappointment about the jobs numbers: Jared Bernstein, a member of the White
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By Brian Stelter and Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Jeff Zucker is a singular figure in American media. That’s why his sudden undoing is a seismic moment — and why we’re going to unpack it as
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Winter weather continues to stick around in the Mid-Missouri, several businesses in the area have had to make the decision on whether to stay open or close.
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By Frank Pallotta, CNN Business Spotify CEO Daniel Ek addressed the controversy around comedian and podcast host Joe Rogan on Wednesday, saying that the company is “trying to balance creative expression with the safety of our users.” “Of course, this is a very complicated issue,” Ek said in the company’s post-earnings call on Wednesday. “But
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By Clare Duffy, CNN Business Facebook rattled investors on Wednesday by posting a rare profit decline, driven by the company’s heavy spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services. The company, formerly known as Facebook, posted net income of nearly $10.3 billion in the final three
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By Matt Egan, CNN Business Natural gas futures soared Wednesday as energy markets brace for a powerful winter storm that threatens to derail production just as demand rises. The latest spike will keep home heating costs for millions of Americans elevated, adding to a long list of inflationary headaches. Natural gas futures surged 16% Wednesday
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By Matt McFarland, CNN Business A German teenager says he found a vulnerability in an app installed in some Teslas, which allowed him the ability to unlock doors, flash headlights and blast music. The hack highlights the relative lack of oversight in apps that some drivers can download to their cars. David Colombo identified a
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By Brian Stelter and Oliver Darcy, CNN Business Discovery CEO David Zaslav praised CNN on Friday and said “news is going to be really critical” to the future of the soon to be combined Warner Bros. Discovery, despite the sudden ouster of CNN boss Jeff Zucker earlier this week. “CNN has the greatest group of
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By Paul R. La Monica, CNN Business Omicron, inflation and a lack of government stimulus have some Venmo users nervous about spending money from their digital wallets. That’s bad news for Venmo owner PayPal — and a potential warning sign for consumer spending in general. PayPal executives warned during the company’s earnings call with analysts
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By Jordan Valinsky, CNN Business Wendy’s is expanding its breakfast menu for the first time since launching it nearly two years ago. Beginning February 8, the chain is adding a Hot Honey Chicken Biscuit, a fried chicken cutlet that’s drizzled with hot honey sauce infused with habanero pepper and served on a buttermilk biscuit for
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By Danielle Wiener-Bronner, CNN Business Starbucks has been hiking prices as inflation soars and labor costs rise. And it’s planning more this year. The coffee chain raised its US prices in October and again just last month in January, CEO Kevin Johnson noted during an analyst call Tuesday. He added that the company is planning
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