By Oliver Darcy, CNN The Washington Post will conduct layoffs in the coming year as it reorients itself for the future and reinvests in other areas, publisher Fred Ryan told startled staffers in a contentious town hall Wednesday, according to people familiar with the matter. Ryan indicated to staffers that the cuts will make up
Continue Reading By Julia Horowitz, CNN An electric scooter service just became the only company to pull off an initial public offering in Russia this year. Whoosh, which made its debut on Wednesday, said that it had raised 2.1 billion rubles ($32.6 million) through the listing, giving it a valuation of 20.6 billion rubles ($320 million). “In
Continue Reading By Parija Kavilanz, CNN It happens every year — the mad dash to ship holiday gifts to get them to loved ones on time. And it bears repeating, especially for procrastinators, that the sooner you get the packages in the mail the better because of the annual surge in delivery volume in November and December.
Continue Reading By Hanna Ziady, CNN Bernard Arnault, the chairman of French luxury goods giant LVMH, has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Now worth $171 billion, Arnault’s wealth eclipsed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires
Continue Reading By Nicole Goodkind, CNN It’s been a harrowing year for markets and investors are tired. Months of sky-rocketing inflation and interest rates, the peaks and troughs of unpredictable economic data, churning geopolitical chaos and warning sirens of imminent recession were enough to make even the most hardened trader weary. But a number of signals this
Continue Reading By Matt Egan, CNN As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would
Continue Reading By Laura He and Jennie Chen, CNN An unprecedented wave of Covid cases in China has sparked panic buying of fever medicines, pain killers, and even home remedies such as canned peaches, leading to shortages online and in stores. Authorities said Wednesday they had detected 2,249 symptomatic Covid-19 cases nationally through nucleic acid testing, 20%
Continue Reading By Laura He, CNN Beijing has vowed to go all out next year to save its Covid-hit economy by boosting consumption and loosening control over private industry, including the struggling tech and property sectors. The new pledge marks a big shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived
Continue Reading By Nicole Goodkind, CNN The Federal Reserve approved a half-point interest rate hike on Wednesday, a smaller increase than in recent months and an acknowledgment that inflation is finally easing. The increase marks a shift for the central bank after an unprecedented year that includes seven-straight rate hikes as part of an aggressive campaign to
Continue Reading By Michelle Toh, CNN Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as a deluge of negative headlines about the cryptocurrency industry rattled users of the world’s largest exchange. Andrew Thurman, content lead for Nansen, told CNN that at its peak, Binance saw “as high as
Continue Reading By Michelle Toh, CNN Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as a deluge of negative headlines about the cryptocurrency industry rattled users of the world’s largest exchange. Andrew Thurman, content lead for Nansen, told CNN that at its peak, Binance saw “as high as
Continue Reading by Gayle Harrington, CNN Netflix’s documentary about Prince Harry and Meghan, Duchess of Sussex, debuted with a total of 81.55 million hours watched in its first week, the company said in a press release Tuesday. That’s the highest viewing time of any documentary to debut on the streaming service in its premiere week. The series
Continue Reading by Gayle Harrington, CNN Netflix’s documentary about Prince Harry and Meghan, Duchess of Sussex, debuted with a total of 81.55 million hours watched in its first week, the company said in a press release Tuesday. That’s the highest viewing time of any documentary to debut on the streaming service in its premiere week. The series
Continue Reading By Hannah Rabinowitz, CNN Federal prosecutors announced a plea deal and $2 billion forfeiture Tuesday with Danske Bank, one of Denmark’s largest banks, for illegally allowing foreign actors to funnel money through their branch in Estonia in order to gain unlawful access to the US financial system. The guilty plea marks the end of a
Continue Reading By Danielle Wiener-Bronner, CNN The combination of extreme weather and a disease impacting citrus fruit is expected to drive down Florida’s orange crop to its lowest level since before World War II, shrinking the state’s already dwindling supply and promising to send orange juice prices even higher. In the 2022-2023 season, Florida is expected to
Continue Reading By Chris Isidore, CNN United Airlines placed a massive order for at least 200 Boeing planes on Tuesday, split between two models dogged by recent problems: the 737 Max and the 787 Dreamliner. It’s a crucial vote of confidence for Boeing, which took tens of billions of dollars in financial losses due to the problems
Continue Reading By Danielle Wiener-Bronner, CNN Once again, food inflation is outpacing overall inflation. In the year through November, food got 10.6% more expensive, with grocery prices rising 12% and menu prices jumping 8.5%, not adjusted for seasonal swings, the Bureau of Labor Statistics said Tuesday. In that same period, overall inflation rose 7.1%. Food prices are
Continue Reading By Alicia Wallace, CNN Tuesday brought some encouraging news on the stubbornly high prices that have weighed down Americans: Inflation as measured by the Consumer Price Index cooled considerably in November and is at its lowest level in nearly a year. Prices rose 7.1% annually in November, down from 7.7% in October, according to the
Continue Reading By Jordan Valinsky, CNN Business The “other Sears” is in financial turmoil, just like its more famous parent company. Sears Hometown Stores Inc., a franchise-owned unit of Sears, has filed for Chapter 11 bankruptcy protection. Sears spun off Sears Hometown in 2012 to give the parent company a much-needed infusion of cash. Transformco reacquired the
Continue Reading By Nicole Goodkind, CNN The Federal Reserve is expected to respond to persistently high inflation by hiking interest rates half a point on Wednesday. That will mark its seventh and final painful hike of the year, albeit a smaller one than the last four historically high three-quarter point increases. But the main event at December’s
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