By Rachel Metz, CNN Business Meta is bringing its vision of a so-called metaverse closer to (virtual) reality. The company formerly known as Facebook said Thursday that Horizon Worlds, a free app for socializing in VR that has been long in the making, is now open to anyone 18 and older with a Quest 2
Continue Reading By Paul R. La Monica, CNN Business Cathie Wood’s Ark Invest just launched another new exchange-traded fund Wednesday. But it comes at a time when most other Ark ETFs have been languishing, which begs the following question: Is the Wood/Ark phenomenon a bubble that has already burst? Many investors are content to buy the biggest
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By Chris Isidore, CNN Business Here’s a rare piece of holiday cheer in a year of screwed up supply chains: Shipments and deliveries are actually moving fairly well. Deliveries of packages by UPS, FedEx and the US Postal Service are all moving at close to 100% on-time performance, according to data from ShipMatrix, a software
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By Kameryn Griesser and Sofia Barrett, CNN Business In the midst of a global pandemic, the real estate market has been on fire. Demand for homes has soared, pushing prices up to record levels. Competition is so intense that homes are selling in record time, with multiple bids and all-cash offers. Last year, a Zillow
Continue Reading By Kameryn Griesser and Sofia Barrett, CNN Business In the midst of a global pandemic, the real estate market has been on fire. Demand for homes has soared, pushing prices up to record levels. Competition is so intense that homes are selling in record time, with multiple bids and all-cash offers. Last year, a Zillow
Continue Reading By Matt Egan, CNN Business Dozens of Jefferies employees have tested positive for Covid-19, forcing the Wall Street firm to ask staff to work from home, stop virtually all travel and cancel social events. “Our priority now is to best protect every one of you and your families,” Jefferies CEO Rich Handler and president Brian
Continue Reading By Matt Egan, CNN Business Dozens of Jefferies employees have tested positive for Covid-19, forcing the Wall Street firm to ask staff to work from home, stop virtually all travel and cancel social events. “Our priority now is to best protect every one of you and your families,” Jefferies CEO Rich Handler and president Brian
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By Chris Isidore, CNN Business A union has won the right to represent US Starbucks workers for the first time. The vote to unionize at a shop in Buffalo, New York, won by a 19-8 margin. The vote at a second store resulted in a count of 12 opposed versus 8 in favor of the
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Ah, Christmas movies: the snow, the decorations, the families reuniting, the elves, Santa, the reindeer, the couples from the covers of romance novels falling in love against all odds. Wait. What? If you haven’t noticed how the 10 most common tropes of Christmas movies have changed in
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Ah, Christmas movies: the snow, the decorations, the families reuniting, the elves, Santa, the reindeer, the couples from the covers of romance novels falling in love against all odds. Wait. What? If you haven’t noticed how the 10 most common tropes of Christmas movies have changed in
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By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to
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By Anneken Tappe, CNN Business Weekly claims for unemployment benefits dropped to a new, multi-decade low last week, the Labor Department reported Thursday. At 184,000 claims, adjusted for seasonal swings, it was the lowest level of initial claims since September 1969, when the figure stood at 182,000. It was also a lower count than economists
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By Julia Horowitz, CNN Business For once, investors are treating GameStop like a normal stock. What’s happening: The video game retailer reported disappointing earnings after US markets closed on Wednesday. Sales grew, but the company’s quarterly losses widened. It also disclosed that the US Securities and Exchange Commission had issued a subpoena in August for
Continue Reading By Rob Kuznia, Curt Devine and Yahya Abou-Ghazala, CNN In October of 2018, a man walked into the Tree of Life synagogue in Pittsburgh and opened fire, killing 11 people — the worst anti-Semitic attack in US history. The suspected shooter had been a serial poster of genocidal rantings about Jews on a social platform
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By Matt Egan, CNN Business Epic port congestion is easing. Shipping prices are falling from sky-high levels. Deliveries are speeding up a bit. There are growing signs that the supply chain mess is finally starting to get cleaned up. That’s not to say the supply chain nightmare is over. It’s not. And the situation may
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By Danielle Wiener-Bronner, CNN Business Junior’s Cheesecake has a big problem: Not enough cream cheese. The company’s cheesecake is made from about 85% cream cheese, making it impossible to prepare without that key ingredient. The shortage meant the company had to pause cheesecake production on Friday in its Burlington, New Jersey, baking facility because it
Continue Reading By Danielle Wiener-Bronner, CNN Business Junior’s Cheesecake has a big problem: Not enough cream cheese. The company’s cheesecake is made from about 85% cream cheese, making it impossible to prepare without that key ingredient. The shortage meant the company had to pause cheesecake production on Friday in its Burlington, New Jersey, baking facility because it
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By Anna Cooban, CNN Business As many as four million European gig economy workers could become employees if new draft EU legislation becomes law. The European Commission proposed new rules for “digital platforms” on Thursday that could force ride-hailing and delivery firms such as Uber and Deliveroo to reclassify their contracted drivers as employees. The
Continue Reading By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to
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By Michelle Toh, CNN Business Meta, the owner of Facebook and Instagram, is further clamping down on content linked to Myanmar’s military amid pressure to step up safety controls in the country. The company announced Wednesday that it would ban military-controlled businesses from Facebook, wiping out their pages, groups and accounts. The move expands existing
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