By Anneken Tappe, CNN Business Americans had to reach deeper into their pockets in March, as yet another key inflation index showed prices hit a fresh 40-year high. The Personal Consumption Expenditures price index increased by 6.6% for the year ended in March, the Commerce Department reported Friday. It was the highest rate since the
Continue Reading
By Paul R. La Monica and Nicole Goodkind, CNN Business Berkshire Hathaway investors are set to descend on Omaha, Nebraska, for the company’s first annual meeting with shareholders present since 2019. It should be a victory lap for CEO Warren Buffett. Shares of Berkshire Hathaway are up 10% this year and not far from a
Continue Reading
By Kristin Fisher It didn’t take long for the crew of the first all-private mission to the International Space Station to experience the unique dependency that US astronauts and Russian cosmonauts share in orbit. “We had one day when the toilet was down for a couple hours,” Larry Connor, the pilot of Axiom Space’s AX-1
Continue Reading By Kristin Fisher It didn’t take long for the crew of the first all-private mission to the International Space Station to experience the unique dependency that US astronauts and Russian cosmonauts share in orbit. “We had one day when the toilet was down for a couple hours,” Larry Connor, the pilot of Axiom Space’s AX-1
Continue Reading
By Diksha Madhok, CNN Business Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy. Hong Kong’s Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media
Continue Reading By Diksha Madhok, CNN Business Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy. Hong Kong’s Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media
Continue Reading
By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
Continue Reading
By Chris Isidore, CNN Business ExxonMobil took at $3.4 billion charge for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices Revenue at ExxonMobil soared 53% to $90.5 billion. Even with the charge for exiting Russia, net income doubled to $5.4 billion. And excluding
Continue Reading
By Mark Thompson, CNN Business The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine. Preliminary first quarter data published Friday showed GDP grew by 0.2% across the 19 countries that use the euro, over the previous quarter.
Continue Reading
By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
Continue Reading By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
Continue Reading
By Chris Isidore, CNN Business Tesla CEO Elon Musk sold $8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him. Musk sold 3.7 million shares of Tesla stock on Tuesday, for a total of $3.3 billion, and another 735,000 shares on Wednesday, bringing
Continue Reading By Chris Isidore, CNN Business Tesla CEO Elon Musk sold $8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him. Musk sold 3.7 million shares of Tesla stock on Tuesday, for a total of $3.3 billion, and another 735,000 shares on Wednesday, bringing
Continue Reading
By Sara Ashley O’Brien, CNN Business Airbnb won’t require most staffers to return to the office — ever. The company told employees Thursday that they can permanently work remotely and can relocate anywhere within the country they currently work. Doing so won’t negatively impact compensation, the company said, meaning it will not adjust salaries downward
Continue Reading
By Samantha Murphy Kelly, CNN Business Apple topped Wall Street’s estimates in its latest quarter and reported one of the strongest three-month periods in its history on Thursday thanks to record revenues for its services business and strong iPhone sales. However, the company warned that new Covid-related restrictions in China could hurt the current quarter.
Continue Reading
By Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some users
Continue Reading
By Allison Morrow, CNN Business Nearly two months after losing his spot among the world’s 10 richest rich people, Mark Zuckerberg is clawing his way back. Shares of Meta, the parent company of Facebook and Instagram, shot up more than 17% Thursday, making Zuckerberg nearly $11 billion wealthier in a single day. The stock had
Continue Reading
By Catherine Thorbecke, CNN Business Amazon is ending its Covid-19 paid sick leave policy starting on Monday, the company said in a memo to employees this weekend that was shared with CNN Business. The return to pre-pandemic sick leave policies means that all US employees will now get up to five days of excused, unpaid
Continue Reading
By Rishi Iyengar, CNN Business Amazon’s stock plummeted after the company reported on Thursday slowing growth and higher costs in its latest quarter and offered a disappointing revenue outlook. The tech giant said revenue grew 7% from the same period last year to $116.4 billion, slightly beating analyst forecasts but slower than the 9% growth
Continue Reading
By Jeanne Sahadi, CNN Business Warnings of a potential recession aren’t surprising given how many tripwires there are in today’s economy. A push by the Federal Reserve to raise interest rates and combat high inflation. Supply chain shortages. An ongoing global health crisis. And of course, the geopolitical earthquake caused by Russia’s invasion of Ukraine,
Continue Reading