Money Archives

Tech’s biggest show is set to kick off in Las Vegas. Here’s what to expect

January 4, 2023 9:46 AM CNN Newsource

By Samantha Murphy Kelly, CNN Business A new take on a foldable phone. A pricey toilet sensor that monitors hydration and vitamin levels. And an AI-powered oven. The Consumer Electronics Show, now in its 56th year, kicks off this week in Las Vegas with a familiar mix of cutting edge technology and oddball gadgets. The

Coinbase reaches $100 million settlement with New York regulator

January 4, 2023 9:34 AM CNN Newsource

By Allison Morrow, CNN Coinbase, one of the most popular US crypto-trading platforms, agreed to a $100 million settlement after New York regulators found “significant failures” to comply with the state’s anti-money-laundering laws. The settlement includes a $50 million penalty Coinbase must pay to the New York Department of Financial Services and a pledge to

US job openings totaled 10.5 million in November, more than expected

January 4, 2023 9:07 AM CNN Newsource

By Alicia Wallace, CNN The number of available jobs in the United States totaled 10.46 million in November, according to data released Wednesday by the Department of Labor. That’s more than the 10 million total job openings that economists were expecting, according to Refinitiv, and slightly lower than the upwardly revised October total of 10.51

Salesforce to cut about 10% of staff

January 4, 2023 8:59 AM CNN Newsource

By Catherine Thorbecke, CNN Salesforce said Wednesday that it will cut approximately 10% of its workforce and reduce its real estate footprint, making it the latest tech company to slash expenses as broader economic uncertainty continues to hit Silicon Valley particularly hard. In a letter to employees announcing the job cuts, Marc Benioff, Salesforce’s chair

Europe’s recession may not be as bad as feared

January 4, 2023 8:13 AM CNN Newsource

By Anna Cooban, CNN European stocks are pushing higher for the third straight day as investors cheer signs that inflation, supply chain bottlenecks and natural gas prices are all easing Europe’s Stoxx 600 index rose 1% in Wednesday trading, and is now up 3.3% since markets kicked off 2023 trading on Monday. Germany’s DAX rose

Aldi sales soar as UK shoppers battle record food inflation

January 4, 2023 7:17 AM CNN Newsource

By Hanna Ziady, CNN Aldi recorded its highest-ever December sales in the United Kingdom, as shoppers squeezed by searing food price inflation flocked to the German discount supermarket chain to save money on groceries. Sales topped £1.4 billion ($1.7 billion) for the first time, up 26% year on year, with the FIFA World Cup also

Inflation fears fade as geopolitical risks rise

January 4, 2023 6:45 AM CNN

By Paul R. La Monica, CNN Inflation fears roiled the markets in 2022. Now, investors may have scarier things to worry about in 2023, according to a report from global research and consulting firm Eurasia Group. Most notable? Concerns about the increasingly chaotic geopolitical landscape. “Inflation shockwaves” still feature as one of Eurasia’s top political

Inflation fears fade as geopolitical risks rise

January 4, 2023 6:45 AM CNN Newsource

By Paul R. La Monica, CNN Inflation fears roiled the markets in 2022. Now, investors may have scarier things to worry about in 2023, according to a report from global research and consulting firm Eurasia Group. Most notable? Concerns about the increasingly chaotic geopolitical landscape. “Inflation shockwaves” still feature as one of Eurasia’s top political

Damar Hamlin’s sudden collapse sent ESPN scrambling. How Scott Van Pelt shifted from covering a game to a crisis

January 4, 2023 5:41 AM CNN Newsource

By Oliver Darcy, CNN Business “Sports is important. And suddenly it’s not.” Those were the salient words of “SportsCenter” host Scott Van Pelt Monday night after Damar Hamlin suddenly collapsed on the field during the high stakes Bills-Bengals game. Within moments, Van Pelt knew that the injury was very different than those normally sustained on

Skip Bayless and Shannon Sharpe feud on air over controversial Damar Hamlin tweet

January 4, 2023 5:41 AM CNN

By Nathaniel Meyersohn, CNN Skip Bayless spent a third straight day defending his controversial tweet about Buffalo Bills safety Damar Hamlin, this time during a tense exchange Wednesday with his Fox Sports talk show co-host Shannon Sharpe. Sharpe, a former NFL player and member of the NFL Hall of Fame, returned to the duo’s talk

Tom Zhu: Elon Musk’s right-hand man at Tesla

January 4, 2023 3:31 AM CNN Newsource

By Laura He, CNN Tesla’s China chief has reportedly been given a big promotion. Tom Zhu has been handed Tesla’s US assembly plants and sales operations in North America and Europe as additional responsibilities, leaving just the Berlin Gigafactory outside his remit, according to media reports on Tuesday. The reports have intensified speculation that China-born

Tokyo is so crowded the government is paying families to leave

January 4, 2023 2:12 AM CNN Newsource

By Emiko Jozuka and Jessie Yeung, CNN Japan is offering to pay families to move out of its overcrowded capital, in an effort to revitalize countryside towns and boost the falling birth rate. Starting in April, families in the Tokyo metropolitan area, including those headed by single parents, will be eligible to receive 1 million

Indians demand justice for Delhi woman dragged to her death

January 4, 2023 2:07 AM CNN Newsource

By Swati Gupta and Rhea Mogul, CNN Angry crowds gathered in Delhi on Tuesday, demanding justice for a scooter rider who was killed and dragged by a car for miles through the streets of India’s capital. Delhi police said the 20-year-old woman’s scooter collided with the car in the early hours of January 1 before

Pakistan to shut markets and restaurants early to save power amid economic crisis

January 4, 2023 12:19 AM CNN Newsource

Sophia Saifi and Diksha Madhok Pakistan’s economic woes show no signs of letting up in 2023. The South Asian nation announced a new energy conservation plan Tuesday as its fragile economy continues to struggle with multiple challenges. The government has ordered all markets to close by 8.30 pm and restaurants by 10 pm, according to

Victoria’s Secret brand CEO abruptly resigns

January 3, 2023 4:44 PM CNN Newsource

By Nathaniel Meyersohn, CNN Business Victoria’s Secret brand CEO Amy Hauk has resigned less than a year into the job, the company said Tuesday. Hauk, who was also CEO of the company’s Pink apparel brand geared to teens, notified the company of her resignation last week, the company said. She will leave Victoria’s Secret in

Microsoft gets its first US union

January 3, 2023 2:51 PM CNN Newsource

By Jennifer Korn and Catherine Thorbecke, CNN Developers at a Microsoft-owned gaming studio voted on Tuesday to form the first ever US union at the tech giant, in a milestone moment both for the company and the video game industry. Some 300 quality assurance workers at Microsoft’s ZeniMax Studios voted to unionize with the Communications

Microsoft gets its first US union

January 3, 2023 2:51 PM CNN

By Jennifer Korn and Catherine Thorbecke, CNN Developers at a Microsoft-owned gaming studio voted on Tuesday to form the first ever US union at the tech giant, in a milestone moment both for the company and the video game industry. Some 300 quality assurance workers at Microsoft’s ZeniMax Studios voted to unionize with the Communications

Twitter sued by landlord for allegedly failing to pay rent

January 3, 2023 2:14 PM CNN Newsource

By Brian Fung, CNN A commercial landlord is suing Twitter for breach of contract after the company allegedly failed to pay rent for one of its offices in San Francisco. The lawsuit concerns Twitter’s office space at 650 California Street, not its main headquarters on Market Street. But it comes after media reports last month

Apple has lost $1 trillion in market value in a year

January 3, 2023 1:13 PM CNN Newsource

By Samantha Murphy Kelly, CNN Business Apple’s market cap fell below $2 trillion in trading Tuesday for the first time since early 2021 and one year to the day after the company became the first public tech company valued at $3 trillion. Shares of Apple ended Tuesday down nearly 4% after a report raised concerns

Get ready for a ‘slowcession’ in 2023, Moody’s says

January 3, 2023 12:10 PM CNN Newsource

By Matt Egan, CNN Many CEOs, investors and consumers are worried about a recession in 2023. But Moody’s Analytics says the more likely scenario is a “slowcession,” where growth grinds to a near halt but a full economic downturn is narrowly avoided. “Under almost any scenario, the economy is set to have a difficult 2023,”