By Chris Isidore, CNN Business Shares of the owner of the pipeline responsible for the oil spill off the coast of Southern California plunged Monday, as the money-losing company could be on the hook for big penalties. Amplify Energy, a small, independent oil company active in oil production and drilling in the area, said that
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By Ramishah Maruf, CNN Business The International Consortium of Investigative Journalists (ICIJ) on Sunday released the “Pandora Papers,” an exposé of the financial secrets and offshore dealings of dozens of heads of state, public officials and politicians from 91 countries and territories. More than 600 journalists from 150 outlets spent two years investigating nearly 12
Continue Reading By Ramishah Maruf, CNN Business The International Consortium of Investigative Journalists (ICIJ) on Sunday released the “Pandora Papers,” an exposé of the financial secrets and offshore dealings of dozens of heads of state, public officials and politicians from 91 countries and territories. More than 600 journalists from 150 outlets spent two years investigating nearly 12
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Opinion by Dan Lambe at CNN Business Perspectives Extreme weather made headlines all summer. Hurricane Ida made landfall in the Gulf before causing additional massive flooding and devastation in the Northeast. Wildfire season in the West started earlier than usual, and sweltering heatwaves broke temperature records in some of our nation’s largest cities, like Seattle
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By Julia Horowitz, CNN Business Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors, Chrysler-owner Stellantis and Honda all recently
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By Hanna Ziady and Charles Riley, CNN Business The army started supplying service stations in the United Kingdom on Monday in an effort to end more than a week of shortages that have forced pumps to close and left motorists without fuel. Tanker drivers from the military underwent training over the weekend to deliver fuel
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By Jordan Valinsky, CNN Business Black Friday isn’t for another 53 days. For Amazon, however, it starts today. Amazon has begun rolling out “Black Friday-worthy deals” to jumpstart the holiday shopping season that’s expected to be chaotic because of shipping and supply chain issues. Amazon announced Monday “deep discounts across every category” including fashion, home
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By Michelle Toh, CNN Business Shares in Evergrande were suspended Monday amid reports that a rival Chinese real estate developer was preparing to buy its property management business — a move that could inject much needed cash into the ailing conglomerate. Cailian News, a Chinese state-run financial news outlet, reported Monday that Hopson Development was
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By Laura He, CNN Business A film glorifying the heroism of Chinese soldiers fighting American troops during the Korean War smashed box office records for China’s National Day holiday. “The Battle at Lake Changjin” — commissioned by the Chinese government — has grossed an estimated 1.85 billion yuan ($287 million) since its release on Thursday,
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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. Frances Haugen was a product manager on Facebook’s civic misinformation team. “During her time at Facebook,” her bio says, “Frances became increasingly alarmed by the choices the company makes prioritizing
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. Frances Haugen was a product manager on Facebook’s civic misinformation team. “During her time at Facebook,” her bio says, “Frances became increasingly alarmed by the choices the company makes prioritizing
Continue Reading By Clare Duffy and Sean Lyngaas, CNN Business Around six hours after Facebook, WhatsApp and Instagram went down, service started coming back online, though coverage was still spotty. Facebook, Instagram and WhatsApp all suffered outages midday Monday, according to public statements from the three Facebook services. Outage tracking site Down Detector logged tens of thousands of reports
Continue Reading By Clare Duffy, CNN Business The identity of the Facebook whistleblower who released tens of thousands of pages of internal research and documents — leading to a firestorm for the social media company in recent weeks — was revealed on “60 Minutes” Sunday night as Frances Haugen. The 37-year-old former Facebook product manager who worked
Continue Reading By Clare Duffy, CNN Business The identity of the Facebook whistleblower who released tens of thousands of pages of internal research and documents — leading to a firestorm for the social media company in recent weeks — was revealed on “60 Minutes” Sunday night as Frances Haugen. The 37-year-old former Facebook product manager who worked
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By Peter Valdes-Dapena, CNN Business The Lucid Air Dream Edition was recently rated by the Environmental Protection Agency with an estimated driving range of 520 miles on a full charge. That’s the longest range of any purely battery-powered car yet rated by the EPA, including Tesla’s Model S Long Range. It’s not just a little
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By Ramishah Maruf, CNN Business A senior Facebook executive said on “Reliable Sources” Sunday that the company will never be able to control all the content on its site, and may be open to regulation as lawmakers continue to crack down on the tech giant. Facebook’s vice president of global affairs, Nick Clegg, was pushing
Continue Reading By Julia Horowitz, CNN Business Facebook is having a terrible few days. But there are reasons investors may not abandon the company for long. What’s happening: Big Tech shares tumbled Monday as concerns about inflation pushed investors to pare back their exposure to the sector. But Facebook — which suffered an hours-long outage across all
Continue Reading By Ramishah Maruf, CNN Business A senior Facebook executive said on “Reliable Sources” Sunday that the company will never be able to control all the content on its site, and may be open to regulation as lawmakers continue to crack down on the tech giant. Facebook’s vice president of global affairs, Nick Clegg, was pushing
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By Rachel Ramirez and Clare Duffy, CNN The life cycle of a smartphone begins in mines around the world. There, raw materials and rare earth metals are extracted from the planet in an energy-intensive process. Those materials get transported to factories where they’re refined, often using high temperatures and significant energy, and turned into components
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By Matt Egan, CNN Business America’s oil-and-gas industry is fighting tooth and nail to kill or scale back climate provisions in the President Joe Biden’s $3.5 trillion Build Back Better plan. “We’re leaving everything on the field here in terms of our opposition to anti-energy provisions,” Mike Sommers, president and CEO of the powerful American
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