By Brian Fung, CNN Top lawmakers on the Senate Intelligence Committee called for a Federal Trade Commission probe of TikTok on Tuesday, amid allegations the social media company has made “repeated misrepresentations” to Congress and others on its data security practices. In a letter to FTC Chair Lina Khan, Sens. Mark Warner and Marco Rubio,
Continue Reading Opinion by Charles K. Whitehead for CNN Business Perspectives In the startup world, pushing regulatory limits to promote a new business is often seen as “entrepreneurial” or “disruptive.” But breaking securities laws, as Elon Musk has allegedly done, is something different. It’s well known that Musk has a strained history with the Securities and Exchange
Continue Reading By Brian Fung, CNN The UK competition regulator on Wednesday announced the launch of an antitrust investigation into Microsoft’s proposed $68.7 billion acquisition of video gaming giant Activision Blizzard. The probe into what would be Microsoft’s biggest acquisition in its history will focus on whether the deal may substantially lessen competition — or create expectations
Continue Reading By Nicole Goodkind, CNN Business If you’re reading this it means you’ve made it through the worst first half of a year for US stocks in more than 50 years. Congratulations. Welcome to the second half, where any hope of relaxation has been dashed by nonstop talk of the US economy possibly slipping into recession.
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian, the Amazon-backed electric truck and van maker, already has an award winning pickup in production, the R1T. Now it’s coming out with an SUV, the Rivian R1S, that has all the good points of the Rivian pickup but with the added benefits of a fully enclosed body, including a
Continue Reading By Alicia Wallace, CNN Business Buy Now, Pay Later installment plans have become popular among consumers seeking to spread out the cost of big-ticket purchases. But now, rising prices have some cash-strapped shoppers reaching for these alternative payment methods for everyday purchases, such as their daily coffee, gas station fill-up or grocery run, as well.
Continue Reading By Michelle Toh, CNN Business Ben & Jerry’s is suing its parent company in an attempt to cancel the sale of its business in Israel to a local partner that would continue to distribute its products in the West Bank. The Vermont-based ice cream maker filed a complaint Tuesday in the US District Court in
Continue Reading By Diksha Madhok, CNN Business Twitter has mounted its first legal challenge to the Indian government over official orders to take down content. The social media company has had a tough time in India since last year, spending months locked in a high-stakes standoff with the government of Prime Minister Narendra Modi over freedom of
Continue Reading By Nicole Goodkind, CNN Business US Stocks plummeted in early Tuesday trading as investors’ concerns of recession grew, but rebounded in the afternoon to close flat for the day. The Dow fell by about 130 points, or 0.4%, after being down nearly 700 points earlier in the day The S&P 500 gained 0.2% after dropping
Continue Reading By Julia Horowitz, CNN Business When the latest data on consumer prices in the United States landed Wednesday, the headline number was ugly. Inflation surged to 9.1% in June, according to data from the Bureau of Labor Statistics. That was higher than economists polled by Refinitiv were forecasting. It was also much higher than the
Continue Reading By Alicia Wallace and Chris Isidore, CNN For the first time in nearly two months, crude oil prices have fallen below $100 a barrel, reflecting investors’ growing concerns about a US recession that could crimp demand for oil. The price of West Texas Intermediate crude tumbled as much as 10% Tuesday, to hit a low
Continue Reading By Gayle Harrington and Anna Cooban, CNN Business Norway has intervened to end a strike by oil and gas workers, the country’s government said in a statement late Tuesday, citing concerns about Europe’s energy crisis amid Russia’s war in Ukraine. Natural gas prices spiked after Norwegian oil and gas workers went on strike over a
Continue Reading By Jordan Valinsky, CNN Business Subway is launching a new menu, and it’s the most extensive makeover in the company’s nearly 60-year history. The main appeal of the sandwich chain is that people can make their own custom sandwiches. Yet the seemingly limitless combinations slowed down the speed of the lines at its restaurants. Subway’s
Continue Reading By Laura He, CNN Business The United States and China held talks Monday to discuss the huge challenges facing the global economy amid mounting speculation that some Trump-era tariffs could be cut to ease inflation and boost growth. US Treasury Secretary Janet Yellen and China’s Vice Premier Liu He — Beijing’s top economic official —
Continue Reading By Laura He, CNN Business The United States and China held talks Monday to discuss the huge challenges facing the global economy amid mounting speculation that some Trump-era tariffs could be cut to ease inflation and boost growth. US Treasury Secretary Janet Yellen and China’s Vice Premier Liu He — Beijing’s top economic official —
Continue Reading By Julia Horowitz, CNN Business If you’re an American visiting Italy, Greece or Spain this summer after a travel hiatus during the pandemic, you’re in luck: Meals, hotels and tours are more affordable in dollars than they’ve been in two decades. What’s happening: The euro has slumped to about $1.03, plunging more than 8% against
Continue Reading By Frank Pallotta, CNN Business The Minions went bananas at the box office this weekend. Illumination’s “Minions: The Rise of Gru” — the latest animated film in the Despicable Me franchise — made an estimated $125 million domestically for its four-day opening weekend, according to Universal. That gives the film the record for biggest opening
Continue Reading By Frank Pallotta, CNN Business The Minions went bananas at the box office this weekend. Illumination’s “Minions: The Rise of Gru” — the latest animated film in the Despicable Me franchise — made an estimated $125 million domestically for its four-day opening weekend, according to Universal. That gives the film the record for biggest opening
Continue Reading By Chris Isidore, CNN Business Flights at US airports appeared to be returning to normal on Monday after another difficult holiday weekend for passengers caused by a rash of canceled flights. Tracking service FlightAware showed about 2,000 flights to, from, or within the United States canceled between Thursday and Sunday, or 2% of scheduled flights.
Continue Reading By Chris Isidore, CNN Business Flights at US airports appeared to be returning to normal on Monday after another difficult holiday weekend for passengers caused by a rash of canceled flights. Tracking service FlightAware showed about 2,000 flights to, from, or within the United States canceled between Thursday and Sunday, or 2% of scheduled flights.
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