By Hanna Ziady, CNN Business Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas on January 1, 2023, the German sportswear brand said in a statement on Tuesday. Shares of the company
Continue Reading By Alexandra Peers CNN Business Samuel Roe, regional sales manager for Terlato Wines, had business associates visiting a few weeks ago and called a friend at one of the most expensive rooftop eateries in New York to ask if his group could get a table. He got a reservation, he said, but also a request:
Continue Reading By Julia Horowitz, CNN Business A woman maneuvers her car onto a street called “Wits’ End.” The sky is an ominous red, and strange things are happening. Mailboxes are spitting out letters. Umbrellas aren’t rain-proof. A radio announcer warns of a “crisis on the horizon” and “another tough year.” Arriving home, the woman — carrying
Continue Reading By Rachel Metz, CNN Business If you’ve heard the word “mastodon” a lot since Elon Musk took over Twitter in late October, here’s why: The extinct mammal is also the name of a relatively small, formerly little-known social network that has skyrocketed in popularity, as many Twitter users try it out as an alternative for
Continue Reading By Nicole Goodkind, CNN Business Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Recession predictions have largely turned to “when” not “if” and inflation remains stubbornly elevated. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. The results of Tuesday’s
Continue Reading By Nathaniel Meyersohn, CNN Business The latest Powerball lottery jackpot topped $2 billion, making it the largest lotto prize ever. But in 1987 when Lotto America, the precursor to Powerball, was introduced, organizers prohibited jackpots of more than $80 million. “There were concerns about what you could do with that money — like buy a
Continue Reading By Nathaniel Meyersohn, CNN Business If residents of Alabama, Utah, Alaska, Hawaii or Nevada wanted a chance to win this week’s record Powerball jackpot, they had to travel to another state to buy a ticket. These five states do not offer government-operated lotteries or participate in interstate drawings with rollover jackpots such as Powerball or
Continue Reading By Diksha Madhok, Irene Nasser, Arnaud Siad and CNN’s Beijing Bureau One of Apple’s largest suppliers is trying to strike a delicate balance in China. Foxconn has to comply with some of the harshest Covid rules in the world while ensuring that Apple’s shipments are not severely disrupted just before the key holiday season begins.
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” was never going to be an easy sell. Sure, the film starred Tom Cruise — arguably one of Hollywood’s most iconic movie stars — and it would be the sequel to “Top Gun,” one of the biggest blockbusters of all time. But the original “Top Gun” was
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” was never going to be an easy sell. Sure, the film starred Tom Cruise — arguably one of Hollywood’s most iconic movie stars — and it would be the sequel to “Top Gun,” one of the biggest blockbusters of all time. But the original “Top Gun” was
Continue Reading By Michelle Toh, CNN Business The founder of Mamee Monster, the iconic Southeast Asian noodle snack brand, has died, the company confirmed Tuesday. Mamee-Double Decker Group, a Malaysian food manufacturer, told CNN Business that Pang Chin Hin died on Saturday at the age of 92. Local media had given his age as 96, reflecting a
Continue Reading By Sahar Akbarzai and Lauren Kent, CNN Two British-Iranian journalists working in the United Kingdom have been warned by police of a “credible” plot by Iran to kill them, according to their employer, London-based news channel Iran International. In a statement Monday, the Farsi-language broadcaster said it was “shocked and deeply concerned” by the alleged
Continue Reading By Michelle Toh, CNN Business Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago. Shares of Perfect Corp., a software company that allows users to virtually try on makeup or jewelry from brands such as Estée Lauder, LVMH and Shiseido, have fallen more than 40% from
Continue Reading By Tara Subramaniam, CNN It’s not unusual for temperatures in India’s Thar Desert to reach 48 degrees Celsius (118 degrees Fahrenheit). Even when they drop, hot winds sweep across the bare plains. The soil here is infertile, water is scarce. This place is near unlivable for humans — but it’s ideal for one of the
Continue Reading By Matt Egan, CNN Business The stock market under President Biden started with a boom, but it heads into the midterm elections looking more like a bust. As of Monday, the S&P 500 has fallen by 1.2% since Biden took office in January 2021. That marks the second-worst performance during a president’s first 656 calendar
Continue Reading By Jennifer Korn Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday. Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that began on
Continue Reading By Alicia Wallace, CNN Business American consumers borrowed another $25 billion in September, according to newly released Federal Reserve data, as higher costs led to further dependence on credit cards and other loans. Economists were anticipating monthly growth of $30 billion, according to Refinitiv consensus estimates. The data isn’t adjusted for inflation. Consumer borrowing in
Continue Reading By Samantha Murphy Kelly, CNN Business Apple reportedly wants to put an end to “Hey.” The company is said to be training its voice assistant Siri to pick up on commands without needing the first half of the prompt phrase “Hey Siri.” The trigger phrase is used to launch Siri on various products, including the
Continue Reading By Paul R. La Monica, CNN Business The stock market has been on a roller coaster ride, largely because of Wall Street’s shifting expectations about whether the Federal Reserve is going to slow down the pace and size of its interest rate hikes. The Fed briefly excited investors last week when it acknowledged in its
Continue Reading By Catherine Thorbecke, CNN Business Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal. The job cuts are expected to impact thousands of workers and could begin as early as this week, the
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