By Chris Isidore, CNN Business More than 2,000 employees at 112 Starbucks locations are set to go on a one-day strike Thursday, according to the union which has been organizing stores for the last year. The union says it is striking to protest the retaliation taken against union supporters nationwide. It is also protesting what
Continue Reading By Diksha Madhok, CNN Business Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. In a statement on Thursday, state-owned investment company Temasek said it had decided to write down the value of its full investment in the exchange to zero, “irrespective of the outcome of
Continue Reading By Allison Morrow, CNN Business A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a
Continue Reading By Michelle Toh, CNN Business The UK government has ordered a Chinese-owned company to unwind its takeover of Britain’s biggest chipmaker, citing national security concerns. Nexperia, a Dutch subsidiary of Shanghai-listed semiconductor maker Wingtech, was told to sell “at least 86%” of its stake in Newport Wafer Fab by UK Secretary of State for Business,
Continue Reading By Peter Valdes-Dapena, CNN Business If you want to go off-road in Porsche, the German brand can offer you a couple of different SUVs for that. But if you want to take a 911 sports car off-road, Porsche has officially unveiled just the car for you. The new 911 Dakar, named after the Paris-Dakar off-road
Continue Reading By Peter Valdes-Dapena, CNN Business If you want to go off-road in Porsche, the German brand can offer you a couple of different SUVs for that. But if you want to take a 911 sports car off-road, Porsche has officially unveiled just the car for you. The new 911 Dakar, named after the Paris-Dakar off-road
Continue Reading By Oliver Darcy, CNN Business “PBS NewsHour” is ready to turn the page. The iconic nightly news program announced Wednesday that legendary anchor and managing editor Judy Woodruff will sign off from the anchor desk on Friday, December 30. Woodruff, 75, will pivot to a two-year project aimed at understanding polarization in America and how
Continue Reading By Zenebou Sylla, CNN The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York
Continue Reading By Chris Isidore, CNN Business Taylor Swift fans’ outrage over Ticketmaster’s service meltdown Tuesday has shined a spotlight on a common and recurring criticism about the ticketing company: It has practically no competition. For many, buyers there’s no avoiding Ticketmaster if you want to attend an event. Tuesday’s meltdown brought calls by lawmakers to break
Continue Reading By Frank Pallotta, CNN Business Ticketmaster apologized to Taylor Swift and her fans late Friday night after a ticketing debacle this week that made it difficult for consumers to buy tickets to the pop star’s new tour. “We want to apologize to Taylor and all of her fans — especially those who had a terrible
Continue Reading By Alison Kosik, CNN Business White collar workers would be hit harder than blue collar workers if the United States enters a recession soon, according to one economist, who said businesses have undergone a dramatic restructuring after the pandemic. “Covid shifted things around,” said William Lee, chief economist at the Milken Institute. The pandemic has
Continue Reading By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as a
Continue Reading By Jeanne Sahadi, CNN Business Employers may be pushing for more workers to return to the office. But that’s proving to be an uphill battle, especially as the cold and flu season gets underway. A triple whammy of the flu, respiratory syncytial virus (RSV) and new Covid variants is already taking hold and forcing some
Continue Reading By Jeanne Sahadi, CNN Business Employers may be pushing for more workers to return to the office. But that’s proving to be an uphill battle, especially as the cold and flu season gets underway. A triple whammy of the flu, respiratory syncytial virus (RSV) and new Covid variants is already taking hold and forcing some
Continue Reading By Danielle Wiener-Bronner, CNN Business Coffee futures are crashing. But that might not mean too much for the price of your cup of coffee. In August, Arabica coffee futures were trading at $2.43 per pound. By Wednesday, the price had tumbled to $1.59, a roughly 35% decline. There are a few reasons for the steady
Continue Reading By Frank Pallotta, CNN Business Taylor Swift fans were seeing red on Tuesday when Ticketmaster was overwhelmed by demand as pre-sales for the singer’s new tour went online. The delays had many fans believing they would never, ever, get tickets (…like ever). But tickets to the pop star’s “The Eras Tour” were available Wednesday via
Continue Reading By Matt McFarland, CNN Business Tesla CEO Elon Musk testified this morning in a shareholder lawsuit examining the massive compensation package that helped make him the world’s richest person. Tesla is being sued by plaintiff Richard J. Tornetta, who says that the company was wrong in awarding Musk his compensation package in 2018, which shareholders
Continue Reading By Peter Valdes-Dapena, CNN Business Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. It’s lower, longer and sleeker looking, with just less than a 10% improvement in the model’s vaunted fuel efficiency. Bigger gains come in terms of power and performance. The hybrid
Continue Reading By Allison Morrow, CNN Business The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects: It’s ensnared a number of celebrities who endorsed the now-bankrupt platform, and financial contagion is spreading across the vast crypto and digital-asset ecosystem. On Wednesday, the lending arm of crypto brokerage Genesis suspended
Continue Reading By Alicia Wallace, CNN Business American shoppers spent more in October, showing continued resilience amid persistently high inflation and an early start to the holiday shopping season. US retail sales rose 1.3% in October, the Census Bureau reported Wednesday. That’s the biggest monthly gain since February and better than the 1% economists had expected. Consumer
Continue Reading