By Julia Horowitz, CNN Business When WeWork’s plans for a blockbuster initial public offering imploded in 2019, the company became a poster child for the excesses of venture capital and startup culture in the post-2008 era. “What happened to WeWork is not just a failure of this particular set of individuals,” wrote Shira Ovide, a
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By Chris Isidore, CNN Business Southwest Airlines says that its recent service problems, which prompted it to cancel more than 2,000 flights over a four-day period, cost the airline $75 million. That’s just one of the headwinds facing the discount airline. Southwest warned Thursday that it believes revenue will take a $100 million hit this
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By Michelle Toh, CNN Business Evergrande has made a crucial payment that allows it to stay out of default, at least for now, according to Chinese state media. State-run financial newspaper Securities Times reported Friday that the embattled property conglomerate had made an $83.5 million interest payment on a dollar-denominated bond that was due last
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By Rob McLean and Jill Disis, CNN Business Spanx, one of America’s most prominent shapewear companies, is now worth $1.2 billion after inking a deal with Blackstone. The private equity firm will take a majority stake in the brand, the two companies announced Wednesday. While they did not disclose how much Blackstone paid for its
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By Hanna Ziady, CNN Business Unilever is hiking prices to cope with soaring supply chain costs and expects inflation to accelerate into next year. The owner of Dove and Ben & Jerry’s said Thursday that it increased prices by 4.1% in the third quarter to “offset rising commodity and other input costs.” The pricing action
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By Jessie Yeung and Esha Mitra, CNN Record-breaking rains and heavy flooding have killed at least 150 people in India and Nepal over the past few days, according to disaster management officials. According to Nepal’s Home Ministry, 77 people died this week from floods and landslides, after heavy rainfall that began on Monday. Some 22
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By Rhea Mogul and Esha Mitra, CNN India has administered more than 1 billion Covid-19 vaccine doses, a remarkable feat just months after a second wave of infection killed thousands of people across the country. But as India celebrated passing the milestone on Thursday, some experts warned the pandemic threat was not over — in
Continue Reading By Michelle Toh, CNN Business A fire-sale deal that would have eased a punishing cash crunch at Chinese real estate giant Evergrande has collapsed, pushing the troubled company closer to a potential collapse. Evergrande announced Wednesday that it had terminated an agreement to sell a controlling stake in its property management unit to rival Chinese
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Robert Iddiols and Charles Riley, CNN Business The United Kingdom and New Zealand have struck a free trade agreement that will reduce tariffs on bulldozers, wine, buses and clothing. The draft deal, which follows 16 months of negotiations, is the latest to be brokered by the United Kingdom after its departure from the European Union.
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By Chris Isidore, CNN Business Tesla reported record earnings that blew past Wall Street forecasts, as the company was able to shake off the effects of a shortage of computer chips and other raw materials that has dogged the auto industry in recent months. The company reported operating earnings of $2.1 billion, up 30% from
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By Peter Valdes-Dapena, CNN Business For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And they
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By Peter Valdes-Dapena, CNN Business For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And they
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By Sean Lyngaas, CNN Business The hacking tool used in a ransomware attack that disrupted programming at Sinclair Broadcast Group is similar to malicious code previously used by a Russian crime group sanctioned by the US government, according to a security researcher who has viewed the ransom note. The code also overlaps with previous hacking
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By Donie O’Sullivan, CNN Business Sen. Richard Blumenthal wrote to Mark Zuckerberg Wednesday, calling on the Facebook CEO or the head of Instagram to testify on the platform’s harms on children. Citing internal company documents leaked by Facebook whistleblower Frances Haugen, Blumenthal wrote that Facebook “appears to have concealed vital information from us about teen
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By Samantha Murphy Kelly, CNN Business Smartphone design hasn’t varied much in years and customers are typically beholden to whatever decisions manufacturers make. But during a virtual press event on Wednesday, Samsung aimed to change that with a concept that makes users part of the design process. The company showed off a made-to-order version of
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By Rishi Iyengar, CNN Business Pinterest’s stock surged on Wednesday following a report that digital payments company PayPal is looking to potentially buy the bookmarking website. PayPal is exploring an acquisition that would value Pinterest at around $39 billion, Bloomberg first reported, citing people with knowledge of the matter. Reuters and the Wall Street Journal
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By Vanessa Yurkevich, CNN Business To alleviate cargo congestion at shipping ports in California, Governor Gavin Newsom issued an executive order Wednesday tackling the shortage of truck drivers and container storage needed to move critical cargo out of the ports. “California’s ports are critical to our local, state and national economies and the state is
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By Parija Kavilanz, CNN Business If you were shopping online in the late summer, chances are you may have been hit with an unfortunate message: The product you’re looking for is out-of-stock. Products were out of stock online 24% more of the time in August from a year earlier across the 18 product categories tracked
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By Matt Egan, CNN Business From port congestion and price spikes to widespread shortages, stress in US supply chains is intensifying and could slow the economy in the coming months, Moody’s Analytics warns. “Supply-chain headaches show no sign of subsiding just yet,” Moody’s economists led by Matt Colyar wrote in a Tuesday report. About 200,000
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By Brian Stelter, CNN Business Fox News anchor Neil Cavuto has tested positive for Covid-19. Cavuto, who has been public about his health challenges over the years, including a nearly 25-year journey with multiple sclerosis, was off his afternoon Fox program on Tuesday as a result of the diagnosis. “While I’m somewhat stunned by this
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