By Laura He and Yong Xiong, CNN Business China is telling families to stock up on food and other daily essentials as bad weather, energy shortages and Covid-19 restrictions threaten to disrupt supplies. The country’s Ministry of Commerce late Monday issued a notice directing local governments to encourage people to stockpile “daily necessities,” including vegetables,
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By Moira Ritter, CNN Business Facebook announced its company rebrand just last week, but a little-known cryptocurrency is already rallying in anticipation of an expanding metaverse. On Saturday, mana, a gaming cryptocurrency used to buy and sell virtual land, surged to a record high of $4.16, more than 400% above where it was valued earlier
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By Jordan Valinsky, CNN Business Yahoo has shut down access to its services in China, becoming the latest American tech company to exit the country. It pulled the plug “in recognition of the increasingly challenging business and legal environment,” a Yahoo spokesperson said in a statement. “Yahoo remains committed to the rights of our users
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By Ramishah Maruf, CNN Business Billionaire Charlie Munger’s controversial plans for a massive, windowless dorm at the University of California, Santa Barbara has left many wondering — how is this even possible? The answer is at the University of Michigan, where the Munger Graduate Residence Hall houses more than 600 graduate students in 6 to
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By Ramishah Maruf, CNN Business Billionaire Charlie Munger is bankrolling the design of a massive dormitory at the University of California, Santa Barbara. The $1.5 billion project comes with a major catch — 94% of the dorm’s single occupancy rooms are in the interior of the building, and have no windows. A consulting architect on
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By Chris Isidore, CNN Business Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%.
Continue Reading By Chris Isidore, CNN Business Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%.
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By Diksha Madhok, CNN Business As Covid-19 wreaked havoc around the world last year, the 39-year-old son of an Indian billionaire was laying the groundwork for a plan he hoped would eventually end the pandemic. Adar Poonawalla — the CEO of Serum Institute of India (SII), the world’s largest vaccine maker — pumped hundreds of
Continue Reading By Diksha Madhok, CNN Business As Covid-19 wreaked havoc around the world last year, the 39-year-old son of an Indian billionaire was laying the groundwork for a plan he hoped would eventually end the pandemic. Adar Poonawalla — the CEO of Serum Institute of India (SII), the world’s largest vaccine maker — pumped hundreds of
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By Michelle Toh and Yong Xiong, CNN Business Elon Musk is known for setting the internet ablaze with his cryptic tweets. Now he’s doing it in another language. The Tesla and SpaceX CEO tweeted an ancient Chinese poem Monday night. It’s not clear what reference Musk intended, but the tweet, which was titled “Humankind,” included
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “The entire nation is watching” the Virginia governor’s race, Republican candidate Glenn Youngkin told an audience in Richmond on Monday as he urged voters to help him defeat Democrat Terry
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “The entire nation is watching” the Virginia governor’s race, Republican candidate Glenn Youngkin told an audience in Richmond on Monday as he urged voters to help him defeat Democrat Terry
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By Clare Duffy, CNN Business Facebook whistleblower Frances Haugen said Monday she believes the company would be “stronger” if founder Mark Zuckerberg stepped down as chief executive. “I think it is unlikely the company will change if he remains CEO,” she said during an on-stage interview at the Web Summit tech conference in Lisbon. “I
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By Anneken Tappe, CNN Business Regulators have long been circling cryptocurrencies. Now they have a new target: stablecoins. A Monday report from the President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency urged Congress to slap bank-like rules on the assets. The selling point
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Opinion by Matt Damon and Gary White for CNN Business Perspectives A global shift is happening. Governments are increasingly allocating resources to energy alternatives. Consumers are demanding that companies take active measures to protect the environment through carbon offsets and recyclable packaging. Investors are integrating environmental, social, and governance (ESG) objectives into their investment decisions
Continue Reading Opinion by Matt Damon and Gary White for CNN Business Perspectives A global shift is happening. Governments are increasingly allocating resources to energy alternatives. Consumers are demanding that companies take active measures to protect the environment through carbon offsets and recyclable packaging. Investors are integrating environmental, social, and governance (ESG) objectives into their investment decisions
Continue Reading Opinion by Matt Damon and Gary White for CNN Business Perspectives A global shift is happening. Governments are increasingly allocating resources to energy alternatives. Consumers are demanding that companies take active measures to protect the environment through carbon offsets and recyclable packaging. Investors are integrating environmental, social, and governance (ESG) objectives into their investment decisions
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By Jordan Valinsky, CNN Business A digital currency based off the popular Netflix series “Squid Game” is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors. The cryptocurrency, appropriately called SQUID, surged as high as $2,861 before falling to $0 as of Monday, according to CoinMarketCap. The scam,
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By Jackie Wattles, CNN Business Issues with the toilet on board SpaceX’s Crew Dragon capsule will leave a group of four astronauts without a bathroom option during their hours-long trip back home from the International Space Station aboard the 13-foot-wide capsule this month. Instead, the crew will have to rely on “undergarments,” Steve Stich, NASA’s
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By Danielle Wiener-Bronner, CNN Business Coca-Cola has acquired sports-drink maker BodyArmor in a bid to steal market share from Pepsico-owned Gatorade. This is Coca-Cola’s largest brand acquisition, according to a company spokesperson. The beverage giant first took a 15% stake in BodyArmor in 2018. It’s taking control of the remaining part in a $5.6 billion
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