By Michelle Toh, CNN Business Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv. Market capitalizations fluctuate frequently: earlier this year,
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By Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000
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By Rishi Iyengar and Rachel Metz, CNN Business Google on Wednesday unveiled an expanded lineup of hardware products in the latest sign it remains committed to moving beyond its core advertising business and competing with the likes of Apple. At its first in-person developer conference in three years, Google announced three new smartphones and its
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By Anneken Tappe, CNN Business Reproductive rights activists are worried about women losing abortion access in parts of the United States. Economists are worried, too, because restricting reproductive freedom comes at an economic cost to the nation. The US Supreme Court may be poised to overturn the landmark 1973 Roe v. Wade ruling as soon
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By Frank Pallotta, CNN Business Disney’s streaming numbers were under the microscope on Wednesday after Netflix’s stock tanked last month following its first subscriber loss in a decade. Luckily for the House of Mouse and its investors, Disney+ grew. The streaming service now has 137.7 million subscribers — a gain of roughly 8 million in
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By Peter Valdes-Dapena, CNN Business The Scout, a one-time competitor to Ford Broncos and Jeeps that was last sold more than four decades ago, is being resurrected by Volkswagen as a line of all-electric trucks and SUVs. Scout will become its own separate brand offering off-road-oriented electric trucks and SUVs in North America. A Scout
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By Nathaniel Meyersohn, CNN Business The pitchforks have been out for Kohl’s over the past year. Activist investors have criticized the department store’s strategy, blasted its CEO and tried to replace its board of directors. Kohl’s has beaten them back — for now. Kohl’s said Wednesday that it re-elected all 13 of its board of
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By Atika Shubert and Abeer Salman, CNN Mourners flocked to Jerusalem’s streets on Friday to attend the burial of veteran Al Jazeera journalist Shireen Abu Akleh, who was shot dead on Wednesday while reporting on a military raid in the West Bank city of Jenin, and were met with violence by Israeli police as they
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By Danielle Wiener-Bronner, CNN Business Inflation may be slowing just a bit, but food prices are on fire. Food prices were 9.4% higher in April 2022 than in April 2021 — the largest annual increase in 41 years, the Bureau of Labor Statistics said Wednesday. Grocery prices jumped 10.8% for the year. (The prices do
Continue Reading By Jackie Wattles, CNN Business SpinLaunch, an ambitious startup that hopes to spin, rather than launch, satellites into orbit, released dizzying footage of a test flight that the company conducted out of New Mexico. The test flight last month, which marked the company’s eighth since October 2021, was the first to include an on-board camera.
Continue Reading By Nadeen Ebrahim and Abbas Al Lawati, CNN Veteran Palestinian-American journalist Shireen Abu Akleh was a household name in the Arab world. For two and a half decades, she chronicled the suffering of Palestinians under Israeli occupation for tens of millions of Arab viewers. Abu Akleh, 51, was shot dead in the West Bank on
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By Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s stock is now
Continue Reading By Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s stock is now
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By Peter Valdes-Dapena, CNN Business The Salton Sea Basin feels almost alien. It lies where two enormous chunks of the Earth’s crust, the North American Plate and the Pacific Plate, are very slowly pushing past one another creating an enormous low spot in the land. It’s a big, flat gray desert ringed with high mountains
Continue Reading By Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000
Continue Reading By Jackie Wattles, CNN Business SpinLaunch, an ambitious startup that hopes to spin, rather than launch, satellites into orbit, released dizzying footage of a test flight that the company conducted out of New Mexico. The test flight last month, which marked the company’s eighth since October 2021, was the first to include an on-board camera.
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By Paul R. La Monica, CNN Business Worries about an economic slowdown are running wild on Wall Street. Despite concerns about inflation, higher interest rates from the Federal Reserve, supply chain issues and geopolitical turmoil due to Russia’s invasion of Ukraine and Covid outbreaks in China, American consumers continue to do what they do best:
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By Anneken Tappe, CNN Business US inflation took a breather last month for the first time since August. Prices still increased, but at a slower pace than in previous months. The Consumer Price Index was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday, slightly higher than economists
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By Jeanne Sahadi, CNN Business When it comes to your investments, these are the days to make some lemonade. After racking up banner gains in 2021, markets are on a downward trajectory. So chances are you’ve lost some good money … at least on paper Sure, you may make it back once stocks and other
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By Peter Valdes-Dapena, CNN Business For your next important business trip, you can now rent a Ford Mustang from Hertz with a supercharged 5.2-liter V8 engine capable of producing more than 900 horsepower. For comparison, that’s 400 more horsepower than you get in a Chevrolet Corvette. It’s double the power you’d get in a regular
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