By Ramishah Maruf, CNN Business Christian Chapman, a former underwriter at Better.com, thought he was logging onto another of CEO Vishal Garg’s town halls. He didn’t know it would be his last call as an employee of the online mortgage company. “If you’re on this call, you are part of the unlucky group that is
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By Sara Ashley O’Brien, CNN Business Elizabeth Holmes’ marathon testimony is expected to conclude on Wednesday morning, capping six days on the witness stand considered the main event of one of the highest-profile Silicon Valley trials in decades. Each side sought to portray vastly different portraits of Holmes to the jury. Prosecutors tried to show
Continue Reading By Michelle Toh, CNN Business Rohingya refugees are suing Facebook over its own admitted failure to stop the spread of hate speech that contributed to violence in Myanmar. This week, law firms in the United States and United Kingdom have launched a legal campaign against Meta, Facebook’s parent company, over allegations that executives knew of
Continue Reading By Anneken Tappe, CNN Business The US stock market was off to the races on Tuesday, extending its rally from the start of the week as all three major indexes were sharply higher. The S&P 500, Wall Street’s broadest gauge, finished the day up 2.1%, while the Dow rose 1.4%, or just under 500 points.
Continue Reading By Rachel Metz, CNN Business Drew, a 21-year-old in Irvine, California, needs help: He’s transgender, and after starting hormone replacement therapy he’s facing harassment from coworkers. It’s gotten so bad, Drew tells a crisis counselor via a text-based chat session, that he’s considering suicide. He can’t quit his job, however, because he needs the money.
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By Mostafa Salem and Walé Azeez, CNN Business The United Arab Emirates and its international finance hub Dubai are switching to a four-and-a-half-day work week ending at midday Friday to make it easier to do business globally. The move away from the current Sunday to Thursday schedule — the first by a Gulf state —
Continue Reading By Anneken Tappe, CNN Business US labor market productivity tanked in the third quarter. Paychecks grew and the number of hours worked jumped, but workers’ output increased only at a moderate pace. Revisions to the data that were initially published a month ago show that the productivity drop was even worse than feared, falling 5.2%
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By Julia Horowitz, CNN Business For years, the future of the department store has been in doubt, as shoppers abandon malls and instead opt to scoop up dresses, appliances and accessories online. But some investors believe they’ve found a clever way for these once-mighty brands to move forward. What’s happening: Activist shareholders are increasingly pushing
Continue Reading By Chris Isidore, CNN Business Doug Parker will retire in March as CEO of American Airlines, the airline that he made the world’s largest through a series of mergers that led to a massive consolidation of the US airline industry. Parker, 60, will be succeeded by Robert Isom, who has served as the company’s president
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By Matt Egan, CNN Business Hertz has gone from bankruptcy court to buybacks in the span of five months. And Senator Elizabeth Warren is not happy about it. The Massachusetts Democrat wrote Hertz a letter Monday calling the company out for rewarding shareholders with up to $2 billion in stock buybacks despite skyrocketing rental car
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By Laura He, CNN Business China has decided it’s time to loosen its purse strings and pump money into the economy in a bid to stave off threats to the recovery. The People’s Bank of China on Monday said it would cut the reserve requirement ratio for most banks by half a percentage point, starting
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By Samantha Murphy Kelly, CNN Business Just a day before the head of Instagram will face questions from lawmakers over its child safety practices, the company is rolling out a handful of new features aimed at making it harder for users, particularly teenagers, to fall down rabbit holes that could be harmful to their mental
Continue Reading By Samantha Murphy Kelly, CNN Business Just a day before the head of Instagram will face questions from lawmakers over its child safety practices, the company is rolling out a handful of new features aimed at making it harder for users, particularly teenagers, to fall down rabbit holes that could be harmful to their mental
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By Tami Luhby, CNN Business The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis
Continue Reading By Moira Ritter Days after Better.com’s CEO unceremoniously fired 900 people over Zoom, several executives are handing in their resignation letters. Three of the companies top communications executives — Tanya Gillogley, head of public relations, Melanie Hahn, head of marketing, and Patrick Lenihan, VP of communications — all resigned, according to multiple media reports. According
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By Jeanne Sahadi, CNN Business How you let employees go matters for your company’s reputation. Consider Better.com’s CEO, who just fired roughly 900 employees in a very brief Zoom call and quickly faced backlash. No one will ever react positively to hearing they are terminated — whether it’s due to balance sheet problems or their
Continue Reading By Oliver Darcy, CNN Business Fred Hiatt, The Washington Post’s longtime editorial page editor, died on Monday morning. He was 66 years old. The Post’s newsroom was informed of Hiatt’s death on Monday afternoon by publisher Fred Ryan. The Post said in its obituary that Hiatt had cardiac arrest on November 24 while visiting his
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By Jennifer Korn, CNN Business Hackers stole at least $150 million from crypto exchange Bitmart, the platform said Monday. In a statement addressed to users, Bitmart said an initial security check has been completed and impacted assets identified. The assets were stolen from two “hot wallets,” one hosted on the Ethereum blockchain and the other
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By Paul R. La Monica, CNN Business Stop us if you’ve heard this before: Market strategists are predicting that 2022 will finally be the year when investors choose value stocks -— like banking, oil, consumer, industrial and healthcare companies — over Big Techs, such as Apple, Amazon and Facebook owner Meta. It’s been a common
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By Vanessa Yurkevich, CNN Business Ford Motor Co. is pushing its return-to-office date to March over concerns over new Covid-19 concerns, the company said Monday. Assembly line workers returned to work in May 2020, but many office continued to work remotely due to the pandemic. Office workers were getting ready to head back to the
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