By Nicole Goodkind, CNN Oil and gas companies have had two years of skyrocketing growth, but this earnings season could mark the beginning of their descent back down to earth. Wall Street analysts say that Big Oil has passed its peak, but the ride down will be slow — these companies will still bring in
Continue Reading By Catherine Thorbecke, CNN In the week before Microsoft publicly announced plans to cut 10,000 jobs, thousands of workers at the tech giant who were eager for any information about the looming layoffs joined a professional networking site — not LinkedIn, which Microsoft owns, but Blind. Some 6,000 Microsoft employees signed up for accounts on
Continue Reading By Chris Isidore, CNN General Motors reported a much stronger than expected fourth-quarter profit, lifting full-year results to record levels for the second straight year. The largest US automaker also said Tuesday it is buying a $650 million equity stake in Lithium Americas, which will give it access to the raw material needed to build
Continue Reading By Chris Isidore, CNN UPS reported a record profit for 2022 as its revenue reached $100 billion for the first time since its founding in 1907. The company said Tuesday it earned $3.2 billion in the fourth quarter, little changed from a year ago and slightly better than analysts surveyed by Refinitiv were expecting. But
Continue Reading By Pierre Bairin and Hanna Ziady, CNN French schools and transportation networks were heavily disrupted Tuesday for the second time this month, as unions staged another mass strike against government plans to raise the retirement age for most workers. Unions and opposition parties called for people to protest in major cities, hoping for a repeat
Continue Reading By Diksha Madhok, CNN India’s richest man Gautam Adani ended his trip to Davos earlier this month on an optimistic note. The infrastructure billionaire expressed confidence about India’s growth and ambition. He even talked about his mild addiction to ChatGPT. Back home, his huge logistics and energy conglomerate announced plans to take more businesses to
Continue Reading By Michelle Toh and CNN’s Beijing bureau China has hit back after reports that Washington is moving to further restrict sales of American technology to Huawei. “China is deeply concerned,” Mao Ning, a spokesperson for the country’s foreign ministry, said at a press conference Tuesday. The Financial Times reported earlier that the US Commerce Department
Continue Reading By Robert Shackelford, CNN Nearly 1,000 flights were canceled across the United States Tuesday, according to FlightAware, as extreme winter weather affects parts of the country. Nearly 300 flights have been canceled departing Dallas-Fort Worth International and almost 70 flights have been canceled departing Dallas Love Field. Other notable cancellations are almost 80 flights departing
Continue Reading By Robert Shackelford, CNN Nearly 1,000 flights were canceled across the United States Tuesday, according to FlightAware, as extreme winter weather affects parts of the country. Nearly 300 flights have been canceled departing Dallas-Fort Worth International and almost 70 flights have been canceled departing Dallas Love Field. Other notable cancellations are almost 80 flights departing
Continue Reading By Laura He, CNN Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official purchasing managers’ index (PMI) for manufacturing, which measures activity at factories, jumped to 50.1 in January from 47 in December, according
Continue Reading By Laura He, CNN Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official purchasing managers’ index (PMI) for manufacturing, which measures activity at factories, jumped to 50.1 in January from 47 in December, according
Continue Reading By Heather Chen and Hilary Whiteman, CNN It’s like looking for a needle in a haystack — an 8mm by 6mm silver capsule, no bigger than a coin, believed to be lost somewhere along a stretch of vast desert highway in Australia’s biggest state. The reason authorities are so determined to find it is that
Continue Reading By Michelle Toh, CNN Samsung’s quarterly profits have plunged to their lowest level in eight years as customers snapped up fewer cell phones and laptops. The tech giant reported operating profit of 4.3 trillion Korean won ($3.5 billion) on Tuesday for the three months ended December, down 69% from a year ago. Revenue fell 8%
Continue Reading By Oliver Darcy, CNN Goodbye, Showtime. Hello, Paramount+ With Showtime. The premium television network is getting its first name change in the channel’s 47-year history, Paramount Global boss Bob Bakish announced to staffers Monday. The change, a nod to the company’s continued evolution as it adapts to the rapidly changing media landscape, will take effect
Continue Reading By Julia Horowitz, CNN The global economy will weaken this year as rising interest rates and Russia’s war in Ukraine continue to weigh on activity. But economists are more optimistic than they were just a few months ago. The International Monetary Fund said Monday that it now expects global growth will slow from 3.4% in
Continue Reading By Kara Scannell, CNN Federal prosecutors said FTX founder Sam Bankman-Fried’s efforts to control about $500 million worth of Robinhood shares last year indicates steps the former crypto entrepreneur has taken to “obscure” his alleged crimes. Prosecutors have since seized the stock and other assets totaling more than $700 million after Bankman-Fried laid claim to
Continue Reading By Ramishah Maruf, CNN Microsoft founder Bill Gates said he “shouldn’t have had dinners” with Jeffrey Epstein during an interview with Australia’s ABC 7 .30. Gates and Epstein, the powerful financier who was accused of child sex trafficking before dying, of an apparent suicide, in a New York City jail cell while awaiting trial, had
Continue Reading By Alicia Wallace, CNN Every year the Federal Reserve’s policymaking committee — aka the officials who decide interest rate moves — gets a slight refresh, with four of the district presidents rotating out as official voting members and four rotating in. The 2023 rotation brings a more dovish-leaning flock, and it comes during a critical
Continue Reading By Tami Luhby, CNN Heating your home this winter likely won’t burn quite as big a hole in your wallet as initially forecast. Both the US Energy Information Administration and the National Energy Assistance Directors Association this month lowered their cost estimates for heating with natural gas and oil. That’s thanks to a combination of
Continue Reading By Peter Valdes-Dapena, CNN Business Ford is boosting production of its popular Mustang Mach-E electric SUV and dropping its sticker price weeks after Tesla dropped prices of its vehicles. The move represents a substantial roll-back of price hikes Ford announced last summer on the 2023 models — but buyers may still be paying somewhat more
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