By Chris Isidore, CNN Business How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold.
Continue Reading
By Laura He, CNN Business Asian markets mostly closed lower on Thursday and European indexes slid in early trade following a rough day on Wall Street. Hong Kong’s Hang Seng tumbled 2.5%, leading losses in the region. Japan’s Nikkei also dropped nearly 2%. China’s Shanghai Composite Index fell as much as 1.4% before reversing in
Continue Reading
By Esha Mitra, CNN India’s top court on Wednesday granted the release of a man convicted of killing former Indian Prime Minister Rajiv Gandhi, 31 years after his imprisonment. The Supreme Court invoked extraordinary powers to release A. G. Perarivalan, his attorney told CNN. Perarivalan was arrested a few weeks after Gandhi was assassinated in
Continue Reading
By Paul R. La Monica, CNN Business The 2022 stock market meltdown may not be over just yet. Stocks fell again Thursday, following Wednesday’s massive sell-off. The Dow ended the day down more than 235 points, or 0.8%, recovering only slightly from a drop of nearly 475 points earlier in the session. The blue chips
Continue Reading
By Matt McFarland, CNN Business The S&P 500 index devoted to highlighting companies excelling at ESG, which stands for environmental, social and governance issues, has removed Tesla from the index, it explained in a blog post published on Tuesday. The move comes in the wake of allegations of racial discrimination and poor working conditions at
Continue Reading
By Nicole Goodkind, CNN Business JP Morgan Chase investors on Tuesday voted down a multimillion-dollar payout for CEO Jamie Dimon. The pay proposal they rejected included a massive $52.6 million retention bonus as part of Dimon’s 2021 compensation package, just months after the bank’s board approved the incentive. With the bonus, Dimon’s total compensation was
Continue Reading
By Danielle Wiener-Bronner, CNN Business Wingstop wants to lower its food supply costs. So it’s considering raising its own chickens. Restaurant brands like Wingstop have struggled with their supply chains in recent years, as the Covid-19 pandemic, extreme weather and the war in Ukraine, among other factors, have tightened food supplies and sent prices soaring.
Continue Reading
By Matt Egan, CNN Business Treasury Secretary Janet Yellen on Wednesday signaled US officials will likely end a carve-out in Western sanctions that has allowed Russia to continue make payments on its debt. Speaking at a press conference in Germany, Yellen said it is “reasonably likely” to expect the license will be allowed to expire
Continue Reading
By Matt Egan and Alicia Wallace, CNN Business US Treasury Secretary Janet Yellen on Wednesday criticized the Trump administration’s tariffs on China and voiced support for lifting some of the levies, in part to ease very high inflation pressuring the US economy. “Some of the tariffs that were imposed by President Trump in retaliation for
Continue Reading
By Alicia Wallace, CNN Business Consumers could soon see even higher prices at some stores, after credit card giants Visa and Mastercard raised their “swipe fees” — generating an additional cost that some retailers could be forced to pass on to their customers. Last month, the two credit card companies raised some of their interchange
Continue Reading
By Sharon Browne-Peter Burberry reported record profits for the year ended in April despite taking a recent sales hit from its biggest market, China. The British luxury brand, known for its signature beige check and trench coats, reported a 23% increase in revenue for the year, while profits rose 38% to £523 million ($649 million).
Continue Reading
Opinion by Rosabeth Moss Kanter for CNN Business Perspectives To attract workers in today’s tight labor market, companies are touting better workplace amenities. Amazon is running ads about the company’s pay and benefits. Levi Strauss is offering to cover travel costs for workers seeking abortions. Airbnb is allowing its employees to permanently work remotely. This
Continue Reading
By Nicole Goodkind, CNN Business The old joke goes like this: Two friends are at a resort and one says, “The food here is really terrible.” The other replies, “And the portions are so small!” Today, it’s investors who dislike the taste of the Federal Reserve’s interest rate hikes — but seemingly want more anyway.
Continue Reading
By Paul R. La Monica, CNN Business Target’s earnings didn’t hit the mark. Far from it. The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street’s forecasts. The company blamed higher expenses due to continued supply chain disruptions. Consumers also are holding back on nonessential purchases because
Continue Reading
By Anna Cooban, CNN Business The European Union has unveiled a €210 billion ($221 billion) plan to wean itself off Russian oil and gas. Presenting its “REPowerEU” plan on Wednesday, the European Commission said it would attempt to slash consumption of Russian gas across the bloc by 66% by the end of this year —
Continue Reading
By Julia Horowitz, CNN Business The mood hanging over financial markets is anxious and gloomy, whether you’re a professional investor or a casual trader. The CNN Business Fear & Greed Index is in “extreme fear” territory. According to the most recent survey from the American Association of Individual Investors, 49% of members think the stock
Continue Reading
By Matt Egan, CNN Business The mood in the C-Suite is darkening. CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic, The Conference Board said Wednesday. For the first time during the economic expansion, CEO confidence is now in negative territory. Worse, business leaders are bracing for a potential
Continue Reading
By Julia Horowitz, CNN Business Prices are rising at the fastest pace in decades, creating a cost-of-living crisis that’s forcing people around the world to make tough choices about what to buy. The United Kingdom is no exception: inflation hit a 40-year high of 9% in April and is forecast to peak above 10% toward
Continue Reading
By Chris Isidore, CNN Business AerCap Holdings, the aircraft leasing giant that is the world’s largest owner of jets, lost 113 planes when Russia seized them in response to sanctions triggered by the war in Ukraine. The seizures of the planes and 11 jet engines by Russian authorities caused AerCap to take a $2.7 billion
Continue Reading By Chris Isidore, CNN Business How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold.
Continue Reading