By Olesya Dmitracova, CNN Big-4 accounting firm EY has been banned from auditing companies of public interest in Germany for two years over its failures as the auditor of Wirecard in the years before the digital payments company’s staggering collapse. Germany’s auditor supervisory authority APAS said Monday that it had imposed sanctions on the auditor
Continue Reading By Clare Duffy, CNN Some VIP Twitter users woke up on Saturday expecting to have lost their coveted blue verification check marks in a previously announced purge by Elon Musk. Instead, Twitter appeared to target a single account from a major publication Musk dislikes and changed the language on its site in a way that
Continue Reading By Chris Isidore, CNN OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. The group known as OPEC+ announced Sunday it would cut oil production by more than 1.6 million barrels a day starting in May, running through the end of the year. The news sent
Continue Reading By Danielle Wiener-Bronner, CNN McDonald’s instructed corporate employees to work from home this week in anticipation of layoffs, according to a report from the Wall Street Journal. “During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in an email to employees,
Continue Reading By Michelle Toh, CNN HSBC’s top brass defended their strategy Monday to frustrated shareholders in the lender’s largest market, as Europe’s biggest bank continued to face calls to be split up. At an informal shareholder meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn took questions from investors on issues ranging from how
Continue Reading By Jennifer Korn On April 3, 1973, Martin Cooper stood on a sidewalk on Sixth Avenue in Manhattan with a device the size of a brick and made the first public call from a cell phone to one of the men he’d been competing with to develop the device. “I’m calling you on a cell
Continue Reading By Laura He, CNN China Renaissance, a top dealmaker in the country’s tech industry, said it would suspend trading of its shares and delay the release of its annual results because it still can’t get in touch with its founder. Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable since
Continue Reading By Nicole Goodkind, CNN Americans have grown used to corporate executives treading the well-worn paths of the Northeast corridor to convene alongside elected officials in Washington, DC, and discuss geopolitics, policy and all that’s in-between. In 2017, major CEOs from across the country came together to oppose North Carolina’s transgender bathroom law. In 2019, they
Continue Reading By Nicole Goodkind, CNN Americans have grown used to corporate executives treading the well-worn paths of the Northeast corridor to convene alongside elected officials in Washington, DC, and discuss geopolitics, policy and all that’s in-between. In 2017, major CEOs from across the country came together to oppose North Carolina’s transgender bathroom law. In 2019, they
Continue Reading By Jordan Valinsky, CNN World Wrestling Entertainment is merging with Endeavor Group, the parent company of competitor UFC, to form a new publicly traded company. The deal values the newly combined company at over $21 billion: UFC is worth $12.1 billion and WWE is valued at $9.3 billion. Endeavor shareholders will own 51% of the
Continue Reading By Michelle Toh, Mohammed Tawfeeq and Anna Cooban, CNN Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output. Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year. The oil
Continue Reading By Nectar Gan, Yong Xiong and Juliana Liu, CNN It is one of China’s most popular shopping apps, selling clothing, groceries and just about everything else under the sun to more than 750 million users a month. But according to cybersecurity researchers, it can also bypass users’ cell phone security to monitor activities on other
Continue Reading By Hanna Ziady, CNN Shares in Cineworld plunged more than 30% Monday, hitting their lowest level since late August, after the owner of Regal Cinemas said it planned to terminate efforts to sell its US, UK and Irish businesses. The world’s second-largest movie theater chain also announced a debt restructuring plan with lenders to help
Continue Reading By Laura He, CNN China has launched a cybersecurity probe into Micron Technology, one of America’s largest memory chip makers, in apparent retaliation after US allies in Asia and Europe announced new restrictions on the sale of key technology to Beijing. The Cyberspace Administration of China (CAC) will review products sold by Micron in the
Continue Reading By Chris Isidore, CNN Tesla reported a modest 4% rise in sales in the first quarter compared to the final three months of last year, despite a series of price cuts on its lower priced vehicles and talk by CEO Elon Musk about strong demand at those lower prices. The first quarter also marked the
Continue Reading By Ramishah Maruf, CNN The talk between US Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov about detained journalist Evan Gershkovich has been “hugely reassuring,” Wall Street Journal Editor-in-Chief Emma Tucker said on CBS’ “Face the Nation” on Sunday. “We know that the US government is taking the case very seriously right
Continue Reading By Ramishah Maruf, CNN The talk between US Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov about detained journalist Evan Gershkovich has been “hugely reassuring,” Wall Street Journal Editor-in-Chief Emma Tucker said on CBS’ “Face the Nation” on Sunday. “We know that the US government is taking the case very seriously right
Continue Reading By Reuters Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said Sunday. The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country’s criminal law by government officials, regulators and executives at the two banks,
Continue Reading By Nectar Gan, Yong Xiong and Juliana Liu, CNN It is one of China’s most popular shopping apps, selling clothing, groceries and just about everything else under the sun to more than 750 million users a month. But according to cybersecurity researchers, it can also bypass users’ cell phone security to monitor activities on other
Continue Reading By Ramishah Maruf, CNN Starbucks has fired a Buffalo, New York, worker who “ignited a movement” from one of the first stores in the coffee chain to unionize, Starbucks Workers United said Friday. The firing came the same week that former CEO Howard Schultz testified before Congress, where he was grilled by lawmakers for the
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