By Danielle Wiener-Bronner and Chris Isidore, CNN Business Chipotle permanently closed a restaurant in Augusta, Maine that filed to form a union last month. “We have been unable to adequately staff this remote restaurant with crew and continue to be plagued with excessive call-outs and lack of availability from existing staff,” Laurie Schalow, chief corporate
Continue Reading By Catherine Thorbecke, CNN Business Apple has agreed to pay $50 million to settle a class action lawsuit from customers who say they experienced failures related to the so-called “butterfly” keyboards included for years on certain MacBook laptops. The proposed settlement, which still requires a judge’s approval, was indicated in court documents filed Monday in
Continue Reading By Frank Pallotta, CNN Business Netflix lost roughly a million customers last quarter — the most in the company’s 25-year history. But it stopped the bleeding in a nightmarish year, and the company believes that its new long-term initiatives will boost sales and subscribers. Those efforts — which include cracking down on password sharing and
Continue Reading By Frank Pallotta, CNN Business Netflix reported Tuesday that it lost 970,000 subscribers in the second quarter of 2022 — a number far lower than its own forecasts, which had projected that the streaming giant would lose two million subscribers. The company also said it would add another one million subscribers in the third quarter,
Continue Reading By Anna Bahney, CNN Business Home builders are hitting the brakes as building costs rise and prospective buyers get priced out of the market. June housing starts, a measure of new home construction during the month, fell 2% month-over-month and 6.3% from a year ago, according to the US Census Bureau. Meanwhile, a separate survey
Continue Reading By Jackie Wattles, CNN Business One of four passengers who joined SpaceX’s first-ever space tourism mission last year and who spent months training on the company’s spacecraft before taking a three-day trek to orbit is now working for Blue Origin, one of SpaceX’s top rivals. Chris Sembroski, an engineer who previously worked at yet another
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks may not be done closing stores over safety concerns. “We are beginning to close stores,” because of safety issues, interim CEO Howard Schultz said in a video posted to Twitter last week. “This is just the beginning. There are going to be many more.” Starbucks said last week that
Continue Reading By Brian Fung, CNN Amazon said Tuesday it has sued the administrators of more than 11,000 Facebook groups allegedly responsible for facilitating the purchase and sale of fake reviews on Amazon’s marketplace in seven countries. The group operators are accused of recruiting people to write fake or misleading product reviews in exchange for money or
Continue Reading By Brian Fung, CNN Business The Biden administration is pushing to fill hundreds of thousands of cybersecurity jobs in the United States as part of a bid to close a talent shortage US officials describe as both a national security challenge and an economic opportunity. On Tuesday, the administration announced a multi-agency plan to create
Continue Reading By Paul R. La Monica, CNN Business It has been an absolutely brutal year for investors in bitcoin and other cryptocurrencies. Bitcoin has lost more than half its value in 2022. Now hovering around $23,000, the price of a single bitcoin has plunged more than 65% below last year’s all-time high of nearly $70,000. The
Continue Reading By Tami Luhby, CNN Even when the temperature soars into the 90s, Linda Morris won’t turn on her air conditioning until she feels she’s about to faint. Instead, the retired postal worker tries to escape the heat in the unfinished basement of her Hickory Hills, Illinois, home. She brought down a chair so she can
Continue Reading By Tami Luhby, CNN Even when the temperature soars into the 90s, Linda Morris won’t turn on her air conditioning until she feels she’s about to faint. Instead, the retired postal worker tries to escape the heat in the unfinished basement of her Hickory Hills, Illinois, home. She brought down a chair so she can
Continue Reading By Kara Scannell, CNN Business The US attorney’s office in Manhattan has opened a civil investigation into workplace safety at Amazon warehouses and possible “fraudulent” conduct to hide worker injuries from federal regulators, a spokesperson for the prosecutor’s office said. Investigators with the Occupational Safety and Health Administration (OSHA) Monday morning went to warehouses around
Continue Reading By Clare Duffy, CNN Business Meta Platforms, the company formerly known as Facebook, has been sued for trademark infringement by MetaX LLC, a company that says it does business publicly as Meta and had been operating in the virtual and augmented reality technology space for years before Mark Zuckerberg announced his company’s rebranding. Facebook changed
Continue Reading Opinion by Geoff Murray, Andrew Medland and Rory Heilakka for CNN Business Perspectives The ongoing pilot shortage has already wreaked havoc on summer vacation travel in the United States — and it’s only the beginning. With too few pilots to meet demand, the industry is likely to be in store for even higher airfares, more
Continue Reading By Clare Duffy, CNN Business In an early victory for Twitter, a judge on Tuesday ruled that the company’s lawsuit against Elon Musk over their $44 billion acquisition agreement should go to a five-day trial in October. The decision came at the end of the first hearing in the case over whether to expedite the
Continue Reading By Julia Horowitz, CNN Business Global supply chains are still a snarled mess, disrupting deliveries of goods, adding to headaches for businesses and feeding the worldwide surge in inflation. The good news: There are some indications that the situation is beginning to get better. The bad news: Huge risks — from another spike in coronavirus
Continue Reading By Chris Isidore, CNN Business General Motors said strong sales and demand for vehicles doesn’t suggest any signs of an economic slowdown, but the company is preparing for a possible recession — just in case. GM reported a sharp drop in earnings Tuesday, but that was caused by Covid lockdowns in China, one of its
Continue Reading By Clare Duffy, CNN Business In an early victory for Twitter, a judge on Tuesday ruled that the company’s lawsuit against Elon Musk over their $44 billion acquisition agreement should go to a five-day trial in October. The decision came at the end of the first hearing in the case over whether to expedite the
Continue Reading By Anna Cooban, CNN Business Workers in the United Kingdom are struggling with the biggest drop in pay in more than two decades, as surging food and energy prices take a giant bite out of wages. Real pay — workers’ wages that take inflation into account — slumped by 2.8% between March and May compared
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