By Juliana Liu, CNN Business Major Chinese cities, including financial hub Shanghai and Zhengzhou — home to the world’s largest iPhone factory — said Wednesday they were lifting Covid lockdowns. Zhengzhou is the site of “iPhone City,” a sprawling campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products
Continue Reading By Matt Egan and Kate Trafecante, CNN From retailers and computer chip makers to the oil-and-gas industry, businesses are scrambling to find workarounds where possible for a potentially devastating freight rail strike. Even as Congress races to avert disaster through a legislative fix, consumer packaged goods companies are proactively shifting both inbound and outbound shipping
Continue Reading By Brian Fung, CNN Business Twitter owner Elon Musk’s dictatorial management style risks driving the company headlong into unforced business blunders, content moderation disasters and the degradation of core platform features that help keep vulnerable users safe, according to a former top Twitter official who led the company’s content moderation before abruptly resigning this month.
Continue Reading By Stella Chan and Leslie Perrot, CNN South Dakota’s governor signed an executive order on Tuesday banning state agencies, employees and contractors from accessing TikTok on government devices, citing “the growing national security threat” posed by the Chinese-owned social media platform. “South Dakota will have no part in the intelligence gathering operations of nations who
Continue Reading By Nicki Brown and Sabrina Souza, CNN Two victims injured when a car drove into an Apple store filed lawsuits Tuesday morning claiming various development companies failed to protect people by not installing barriers near the store. One person died and at least 19 others were injured after an SUV drove through an Apple store
Continue Reading By Nathaniel Meyersohn, CNN Business Americans dished out for toys, televisions and clothing on Black Friday and into the holiday weekend, despite decades-high inflation and a potential recession looming in 2023. The National Retail Federation, a trade group for the retail industry, said a record 196 million Americans shopped in stores and online over the
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BOONE COUNTY, Mo. and COLE COUNTY, Mo. (KMIZ) The Boone County Commission plans to hear feedback Tuesday night about the proposed budget for the fiscal year 2023. Commissioners are scheduled to hold a public hearing for the nearly $123 million budget at 7 p.m. BooneCountyBudget-2023-ProposedDownload Boone County plans to prioritize five items next year, according
Continue Reading By Nathaniel Meyersohn, CNN Business When Christine Martinez found out last month that Kroger and Albertsons planned to merge in a deal worth nearly $25 billion, she thought, “here we go again.” Martinez lost her job as a pharmacy technician in the aftermath of a prior supermarket mega-merger: Albertsons’ $9 billion tie-up with Safeway in
Continue Reading By Catherine Thorbecke, CNN Business Snapchat’s parent company is asking workers to return to the office 80% of the time, or the equivalent of four days a week, beginning early next year, in the latest sign of tech employees receiving less flexibility nearly three years after the pandemic took hold and amid a wave of
Continue Reading By Nathaniel Meyersohn, CNN Business Americans dished out for toys, televisions and clothing on Black Friday and into the holiday weekend, despite decades-high inflation and a potential recession looming in 2023. The National Retail Federation, a trade group for the retail industry, said a record 196 million Americans shopped in stores and online over the
Continue Reading By Anna Bahney, CNN Business Mortgage giants Fannie Mae and Freddie Mac will raise the limits of government-backed loans to a record level for 2023, with the maximum loan limit hitting more than $1 million for high-cost areas, the Federal Housing Finance Agency announced Tuesday. Even as the real estate market has cooled in the
Continue Reading By Paul R. La Monica, CNN Business Tech stocks have taken a nasty tumble this year, but some are doing even worse than others. Exhibit A: software giant Salesforce. Shares of Salesforce have plunged about 40% so far in 2022. That makes it the second-worst performer in the Dow, trailing only chip leader Intel. Salesforce
Continue Reading By Frank Pallotta, CNN Business AMC Networks is looking for a new CEO and plans to lay off 20% of its US workforce. After less than three months on the job, Christina Spade stepped down from the role, the cable network announced Tuesday. AMC said that its board of directors is “currently finalizing who it
Continue Reading By Jordan Valinsky, CNN Business For the holidays, McDonald’s is giving away free meals for life. Well, sort of. Beginning December 5, every order completed in the McDonald’s app for at least $1 will enter customers into a contest to win a McGold Card. Three winners will get a special card that earns them free
Continue Reading By Jordan Valinsky, CNN Business For the holidays, McDonald’s is giving away free meals for life. Well, sort of. Beginning December 5, every order completed in the McDonald’s app for at least $1 will enter customers into a contest to win a McGold Card. Three winners will get a special card that earns them free
Continue Reading By Alicia Wallace, CNN Business US consumer confidence fell in November as inflation and economic uncertainty continued to loom large and potentially dampen holiday shopping plans. The Conference Board’s consumer confidence index measured 100.2 for the month, lower than the downwardly revised 102.2 in October. The index is at its lowest level since July, when
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But he’s also hopeful that the likely recession will be brief and “mild.” Bank of America CEO Brian Moynihan said in an exclusive interview with Poppy Harlow on “CNN This Morning”
Continue Reading By Paul R. La Monica, CNN Recession alarm bells are sounding. But are they premature? Yes, retail sales tumbled in December as inflation took its toll on consumers. The manufacturing sector is contracting. And several prominent CEOs are talking about the increased likelihood of a downturn during recent quarterly earnings conference calls. But the United
Continue Reading By Chris Isidore and Matt McFarland, CNN Business President Joe Biden was in the unusual position Tuesday of being praised by business interests and attacked by his normal allies in the labor movement after calling for Congress to move immediately to block a strike by more than 100,000 union members at the nation’s freight railroads
Continue Reading By Chris Isidore, CNN Business Most labor disputes never end up being debated in Congress. But thanks to a nearly century-old law that regulates labor relations only when it comes to railroads and airlines, what otherwise would be strictly an economic issue became a political one. The Railway Labor Act was passed in 1926 as
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