By Michelle Toh, CNN Business Alibaba is pouring 100 billion yuan ($15.5 billion) into China’s drive to achieve “common prosperity,” marking the latest big pledge from a Chinese company to support President Xi Jinping’s campaign. The tech giant announced Friday that it would spend the staggering sum by 2025 with an eye on five priorities:
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By Laura He, CNN Business China will set up a new stock exchange in Beijing, giving the nation’s capital and political center more influence in the world of business and finance. President Xi Jinping announced the Beijing-based exchange at an international trade fair on Thursday, saying that he wanted to create a venue for “service-oriented”
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “All you could do for people was cover the stories of their loved ones who were lost. They wanted people to know about this person they loved so much, because
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “All you could do for people was cover the stories of their loved ones who were lost. They wanted people to know about this person they loved so much, because
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By Scottie Andrew, CNN Fed up with torrents of racist and transphobic hate from viewers, a trio of Twitch users decided to take a day off from the streaming platform. Their absence, they hoped, would compel Twitch to do more to support streamers of color and those from marginalized groups. Twitch users RekItRaven, LuciaEverblack and
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By Chauncey Alcorn Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He’d saved money by living with his parents for a time and secured a higher-paying job in 2020. But the 30-year-old San Diego corrections officer has struggled to compete in one of
Continue Reading By Chauncey Alcorn Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He’d saved money by living with his parents for a time and secured a higher-paying job in 2020. But the 30-year-old San Diego corrections officer has struggled to compete in one of
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By Matt Egan, CNN Business The Biden administration is releasing 1.5 million barrels of crude oil from America’s emergency stockpile of oil as Louisiana’s gas crisis worsens. The decision to tap the Strategic Petroleum Reserve, or SPR, comes as two-thirds of the gas stations in New Orleans and Baton Rouge are out of gasoline in
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By Paul R. La Monica, CNN Business Call it love in the time of Covid. Those TV commercials for Jared and Kay — as in “every kiss begins with …” — may be cheesy, but they are working. Millennials looking to get hitched are flocking to the two mall-based jewelry chains for engagement rings, and
Continue Reading By Paul R. La Monica, CNN Business Call it love in the time of Covid. Those TV commercials for Jared and Kay — as in “every kiss begins with …” — may be cheesy, but they are working. Millennials looking to get hitched are flocking to the two mall-based jewelry chains for engagement rings, and
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By Peter Valdes-Dapena, CNN Business The Audi Grandsphere, revealed Wednesday, is the German automaker’s idea of what self-driving luxury car could be, with controls that fold away and lounge-style seats in the front. Audi has yet to release anything like a fully self-driving car, but the Grandsphere concept plays with the idea of how we
Continue Reading By Peter Valdes-Dapena, CNN Business The Audi Grandsphere, revealed Wednesday, is the German automaker’s idea of what self-driving luxury car could be, with controls that fold away and lounge-style seats in the front. Audi has yet to release anything like a fully self-driving car, but the Grandsphere concept plays with the idea of how we
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By Sara Ashley O’Brien, CNN Business A jury of seven men and five women has been selected for the long-awaited criminal trial of Elizabeth Holmes, the former CEO and founder of Theranos. The twelve jurors and five alternates were sworn in Thursday. The jury appeared to be diverse, both ethnically and in terms of age.
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By Jackie Wattles, CNN Business The Federal Aviation Administration confirmed late Wednesday it is investigating Richard Branson’s flight to space, saying the rocket-powered plane operated by his company, Virgin Galactic, veered off course during its descent. The FAA’s statement came not long after the New Yorker’s Nicholas Schmidle reported that warning lights had shown up
Continue Reading By Jackie Wattles, CNN Business The Federal Aviation Administration confirmed late Wednesday it is investigating Richard Branson’s flight to space, saying the rocket-powered plane operated by his company, Virgin Galactic, veered off course during its descent. The FAA’s statement came not long after the New Yorker’s Nicholas Schmidle reported that warning lights had shown up
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By Paul R. La Monica, CNN Business Online pet supply retailer Chewy got a huge boost during the pandemic as more consumers shopped on their phones and laptops — and adopted more kittens and puppies. But it looks like Chewy’s Covid lift is fading, and that’s sending the stock to Wall Street’s dog house. Shares
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Opinion by Gad Levanon for CNN Business Perspectives The sharp decline in Covid cases during the first half of 2021 raised expectations that the pandemic would gradually die down and the jobs market would return to normal by year’s end. But the Delta variant has scrambled that labor market outlook for this year and beyond,
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By Julia Horowitz, CNN Business Last month, Before the Bell observed early signs that the red-hot global housing market could be starting to cool, as elevated prices appeared to hurt demand and home improvement spending eased. We may have called the top too soon. What’s happening: US home prices rose 18.6% in June compared to
Continue Reading By Laura He, CNN Business China will set up a new stock exchange in Beijing, giving the nation’s capital and political center more influence in the world of business and finance. President Xi Jinping announced the Beijing-based exchange at an international trade fair on Thursday, saying that he wanted to create a venue for “service-oriented”
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By Michelle Toh, CNN Business Two of China’s leading tech companies are setting up labor unions for their staff as the industry comes under intense political pressure to rethink how it treats its workers. Chinese ride-hailing company Didi (DIDI) announced on an internal forum last month that it had established a union for its workers,
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