By Rob McLean, CNN Business E-cigarette maker Juul Labs said Tuesday that it has settled litigation it faced in the United States, resolving a substantial amount of legal issues for the company. “The global resolution covers more than 5,000 cases brought by approximately 10,000 plaintiffs against Juul Labs and its officers and directors,” the company
Continue Reading By Allison Morrow, CNN Business The world’s leading producer of advanced computer chips, Taiwan Semiconductor Manufacturing Company, announced an expanded $40 billion investment in its US production hub in Phoenix. President Joe Biden visited the manufacturer’s site in Phoenix and spoke about bringing jobs and investment to Arizona, calling TSMC’s commitment “the largest foreign investment
Continue Reading By Allison Morrow, CNN Business The world’s leading producer of advanced computer chips, Taiwan Semiconductor Manufacturing Company, announced an expanded $40 billion investment in its US production hub in Phoenix. President Joe Biden visited the manufacturer’s site in Phoenix and spoke about bringing jobs and investment to Arizona, calling TSMC’s commitment “the largest foreign investment
Continue Reading By David Goldman, CNN Business Congress wants answers from the CEO of Ticketmaster’s parent company after a ticketing snafu ahead of Taylor Swift’s Eras tour left millions of unhappy Swifties without the ability to see the singer-songwriter perform. In a letter addressed to Live Nation CEO Michael Rapino Tuesday, the House Energy and Commerce Committee
Continue Reading By Chris Isidore, CNN Business After 53 years and more than 1,570 planes, the last Boeing 747 rolled off the assembly line in Washington state Tuesday evening, on its way to serve as a cargo plane. The once-groundbreaking jumbo jet, with the distinctive second-floor bulge, is perhaps the most notable and popular plane Boeing has
Continue Reading By Samantha Murphy Kelly, CNN Business If you were worried about how much money you could blow on apps before, buckle up. Apple on Tuesday said it is adding 700 new price points for apps in its App Store, starting as low as $0.29 and running all the way up to $10,000, though the very
Continue Reading By Paul R. La Monica, CNN Business Some top CEOs appear to be worried that the economy could be the Grinch that steals Christmas this year. And investors are not pleased. Stocks sank Tuesday, the second straight day of losses on Wall Street. The Dow fell more than 350 points, or 1.3%. That follows a
Continue Reading By Matt Egan, CNN Business Oil prices have tumbled to their lowest level of the year as worries about the health of the economy overshadow concerns about new restrictions imposed on Russian energy. The sharp drop in oil prices the past two days is mostly good news for consumers, signaling prices at the gas pump
Continue Reading By Samantha Murphy Kelly, CNN Business Apple has been sued by two women who allege their previous romantic partners used the company’s AirTag devices to track their whereabouts, potentially putting their safety at risk. The proposed class action lawsuit was filed in federal court in San Francisco on Monday on behalf of one woman from
Continue Reading By Oliver Darcy, CNN BuzzFeed on Tuesday said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate. In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on
Continue Reading By Paul R. La Monica, CNN Business It’s time to sing a requiem for a meme. Meme stocks, that is. Companies that attracted rabid followings from traders on Reddit and other social media sites in 2021 are struggling. Just look at GameStop. Shares of the video game retailer, which will report its latest results after
Continue Reading By Nathaniel Meyersohn, CNN Business Finally, shoppers are getting some good news about prices: Inflation is falling on discretionary merchandise just in time for the holidays, Walmart chief Doug McMillon said Tuesday. “In toys, sporting goods, apparel, categories like that, prices have come down more aggressively,” McMillon said in an interview on CNBC. “We’re still
Continue Reading By Catherine Thorbecke, CNN Business Some 300 quality assurance workers at Microsoft-owned gaming studio ZeniMax are in the process of voting to form what would be the first union at the tech giant, organizers confirmed to CNN Business. The workers are organizing with the Communications Workers of America (CWA) union and have until the end
Continue Reading By Danielle Wiener-Bronner, CNN Business A McDonald’s franchise operator has violated child labor laws, according to an investigation by the Department of Labor. Santonastasso Enterprises, which operates McDonald’s locations in the Pittsburgh area, allowed 14- and 15-year-olds to work more than three hours after 7 pm on school days, after 9 pm over the summer
Continue Reading By Anna Cooban, CNN Business The world’s biggest economic relationship has hit a rough patch. The European Union and United States — together responsible for one third of global trade — have been at loggerheads in recent weeks over US President Joe Biden’s landmark $370 billion climate plan. The Inflation Reduction Act (IRA), which passed
Continue Reading By Danielle Wiener-Bronner, CNN Business Philadelphia Cream Cheese is launching a non-dairy version of its signature spread. The plant-based cream cheese is now available at grocery stories in Atlanta, Houston, Miami and other locations in the Southeast, with a wider rollout planned for summer 2023. The new variety is made with coconut oil and faba
Continue Reading By Chris Isidore, CNN Business The US trade gap edged only slightly higher in October than the month before, to $78.2 billion. The latest reading was up just 5.4%, less than half the pace of increase from the revised September reading, when the trade deficit jumped by 12.7% to $74.1 billion. A strong dollar and
Continue Reading By Jordan Valinsky, CNN Business Taiwan Semiconductor Manufacturing Company is upping its investment in the United States, announcing Tuesday that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. TSMC’s plans come as tensions between Washington and Beijing are rising over chips, with President Joe
Continue Reading By Nicole Goodkind, CNN Business Democrats and Republicans in Congress are gearing up for yet another political showdown over raising the nation’s $31.4 trillion borrowing limit. This isn’t anything new; Congress has raised the debt ceiling almost 100 times since they initially set a limit to curtail government borrowing more than a century ago. But
Continue Reading By Juliana Liu, CNN Business Chinese fast fashion retailer Shein, the subject of recent controversy around alleged labor rights abuses, says it plans to invest $15 million to improve working conditions at factories in its supply chain. The money will be spent over the next three to four years to physically upgrade hundreds of factories
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