By Peter Valdes-Dapena, CNN Business More than half the money Volkswagen Group spends in the next five years will go towards electric vehicles and other high-technology efforts, the German automaker announced Thursday. By the end of 2026, VW expects that 25% of the vehicles it sells globally will be electric. Currently, electric vehicles account for
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By Peter Valdes-Dapena, CNN Business Today, a lot of business students would probably pay serious money for Elon Musk’s opinion of their work. In 1995, though — long before he took control of Tesla and, later, founded SpaceX — Musk was a teaching assistant helping grade exams and papers at the University of Pennsylvania’s famous
Continue Reading By Peter Valdes-Dapena, CNN Business Today, a lot of business students would probably pay serious money for Elon Musk’s opinion of their work. In 1995, though — long before he took control of Tesla and, later, founded SpaceX — Musk was a teaching assistant helping grade exams and papers at the University of Pennsylvania’s famous
Continue Reading By Matt Egan, CNN Business Online shopping used to be the one part of the economy where prices would reliably fall. Covid has changed that. Online prices rose in November for the 18th month in a row, Adobe said Thursday. And not only is inflation suddenly a force in the e-commerce world — it’s a
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By Matt McFarland, CNN Business Amtrak service will likely be reduced next year as it complies with the upcoming vaccine requirement for federal workers. Amtrak president Stephen Gardner testified before a House of Representatives committee Thursday that the passenger rail operator does not anticipate having enough employees to run all trains when the mandate takes
Continue Reading By Clare Duffy, CNN Business The independent board that oversees Facebook parent company, Meta, is once again urging the social media giant to be more transparent about its content moderation decisions. The Facebook Oversight Board on Thursday released two rulings overturning Meta’s decisions to remove user posts from its platforms, saying the content did not
Continue Reading By Matt McFarland, CNN Business Amtrak service will likely be reduced next year as it complies with the upcoming vaccine requirement for federal workers. Amtrak president Stephen Gardner testified before a House of Representatives committee Thursday that the passenger rail operator does not anticipate having enough employees to run all trains when the mandate takes
Continue Reading By Rachel Metz, CNN Business Meta is bringing its vision of a so-called metaverse closer to (virtual) reality. The company formerly known as Facebook said Thursday that Horizon Worlds, a free app for socializing in VR that has been long in the making, is now open to anyone 18 and older with a Quest 2
Continue Reading By Paul R. La Monica, CNN Business Cathie Wood’s Ark Invest just launched another new exchange-traded fund Wednesday. But it comes at a time when most other Ark ETFs have been languishing, which begs the following question: Is the Wood/Ark phenomenon a bubble that has already burst? Many investors are content to buy the biggest
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By Chris Isidore, CNN Business Here’s a rare piece of holiday cheer in a year of screwed up supply chains: Shipments and deliveries are actually moving fairly well. Deliveries of packages by UPS, FedEx and the US Postal Service are all moving at close to 100% on-time performance, according to data from ShipMatrix, a software
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By Kameryn Griesser and Sofia Barrett, CNN Business In the midst of a global pandemic, the real estate market has been on fire. Demand for homes has soared, pushing prices up to record levels. Competition is so intense that homes are selling in record time, with multiple bids and all-cash offers. Last year, a Zillow
Continue Reading By Kameryn Griesser and Sofia Barrett, CNN Business In the midst of a global pandemic, the real estate market has been on fire. Demand for homes has soared, pushing prices up to record levels. Competition is so intense that homes are selling in record time, with multiple bids and all-cash offers. Last year, a Zillow
Continue Reading By Matt Egan, CNN Business Dozens of Jefferies employees have tested positive for Covid-19, forcing the Wall Street firm to ask staff to work from home, stop virtually all travel and cancel social events. “Our priority now is to best protect every one of you and your families,” Jefferies CEO Rich Handler and president Brian
Continue Reading By Matt Egan, CNN Business Dozens of Jefferies employees have tested positive for Covid-19, forcing the Wall Street firm to ask staff to work from home, stop virtually all travel and cancel social events. “Our priority now is to best protect every one of you and your families,” Jefferies CEO Rich Handler and president Brian
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By Chris Isidore, CNN Business A union has won the right to represent US Starbucks workers for the first time. The vote to unionize at a shop in Buffalo, New York, won by a 19-8 margin. The vote at a second store resulted in a count of 12 opposed versus 8 in favor of the
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Ah, Christmas movies: the snow, the decorations, the families reuniting, the elves, Santa, the reindeer, the couples from the covers of romance novels falling in love against all odds. Wait. What? If you haven’t noticed how the 10 most common tropes of Christmas movies have changed in
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Ah, Christmas movies: the snow, the decorations, the families reuniting, the elves, Santa, the reindeer, the couples from the covers of romance novels falling in love against all odds. Wait. What? If you haven’t noticed how the 10 most common tropes of Christmas movies have changed in
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By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to
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By Anneken Tappe, CNN Business Weekly claims for unemployment benefits dropped to a new, multi-decade low last week, the Labor Department reported Thursday. At 184,000 claims, adjusted for seasonal swings, it was the lowest level of initial claims since September 1969, when the figure stood at 182,000. It was also a lower count than economists
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By Julia Horowitz, CNN Business For once, investors are treating GameStop like a normal stock. What’s happening: The video game retailer reported disappointing earnings after US markets closed on Wednesday. Sales grew, but the company’s quarterly losses widened. It also disclosed that the US Securities and Exchange Commission had issued a subpoena in August for
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