By Hanna Ziady, CNN Business Last year, Auckland’s largest real estate company couldn’t sell properties quickly enough to meet demand in New Zealand’s biggest city. Houses were “flying out the door,” said Grant Sykes, a manager at real estate agency Barfoot & Thompson. “There were chin-dropping moments when agents stand around the room and are
Continue Reading By Laura He, CNN Business Warren Buffett’s Berkshire Hathaway is continuing to unwind its long position in BYD, China’s largest home-grown EV maker and Tesla’s major rival, after holding it for 14 years. The legendary investor’s conglomerate sold another 3.2 million Hong Kong-listed shares of BYD last week, cutting its stake to 15.99%, a Hong
Continue Reading By Michelle Toh, CNN Business Australia will continue to see a spike in extreme rainfall and heat, as well as more dangerous fire events, its government agencies warned Wednesday. In a biennial climate report, Australia’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the Bureau of Meteorology said it had already
Continue Reading By Catherine Thorbecke, CNN Business HP Inc. announced on Tuesday that it will lay off thousands of workers over the next three years, becoming the latest tech company to significantly downsize staffing amid a souring economic climate. The computer maker disclosed the major job cuts in a statement accompanying its lackluster quarterly earnings report on
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks is closing the store in Seattle where employees were the first to vote to form a union in the chain’s home city. A company spokesperson cited safety concerns, saying that “unfortunately, despite several mitigating efforts, safety and security incidents at our Broadway and Denny store have continued to escalate.”
Continue Reading By Matt Egan Leading retailers are sounding the alarm about the danger of a national rail strike while simultaneously stressing that a potential work stoppage won’t ruin this holiday shopping season. “Christmas is not canceled,” Brian Dodge, president of the Retail Industry Leaders Association, told CNN in a phone interview on Tuesday. Dodge, whose trade
Continue Reading By Brian Fung, CNN The federal government took another big swipe at illegal robocalls on Tuesday, as it moved to block a voice provider from the entire US phone network for the very first time. The order by the Federal Communications Commission targets Global UC, a company that claims to serve more than 200 businesses
Continue Reading By Clare Duffy, CNN Business Much of Twitter’s ad sales team has been fired or pushed out. Large companies from General Mills to Macy’s have paused advertising on the platform, with more potentially following suit after new owner Elon Musk’s decision to restore the account of former President Donald Trump and other controversial figures. And
Continue Reading By Clare Duffy, CNN Business Much of Twitter’s ad sales team has been fired or pushed out. Large companies from General Mills to Macy’s have paused advertising on the platform, with more potentially following suit after new owner Elon Musk’s decision to restore the account of former President Donald Trump and other controversial figures. And
Continue Reading By Chloe Melas, CNN Jeff Bezos is continuing to make good on his pledge to give away the majority his wealth, to the tune of $123 million today. The Amazon founder announced on Instagram Tuesday that he has recently awarded 40 grants as part of his Bezos Day 1 Families Fund initiative, which he launched
Continue Reading By Alicia Wallace, CNN Business Inflation has weighed on Americans for much of this year. The Federal Reserve has taken action to bring down high prices, but at the potential cost of slowing the economy. That has meant we’re entering the 2022 holiday shopping season in a period of economic uncertainty. How are you planning
Continue Reading By Julia Horowitz, CNN Business Billions of people watch FIFA’s World Cup every four years, a tantalizing opportunity for advertisers who want to capitalize on the feel-good fervor of the world’s biggest sporting event. But this year, it’s a reputational minefield for some of the world’s biggest brands. Controversies over Qatar’s human rights record have
Continue Reading By Alicia Wallace, CNN Business When Teri Byrd opened her 4 Paws Veterinary Clinic in Vashon, Washington, four years ago, her sights were set on growing the business. And she was successful — at first. But Covid, disrupted her business like it did many others. After the initial pandemic shutdowns, her business was helped by
Continue Reading By Allison Morrow, CNN Business The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process. In the company’s first Chapter 11 hearing in Delaware Tuesday, restructuring attorney James Bromley said that a “substantial amount” of assets have been stolen
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN With a crippling freight rail strike looming in two weeks, leaders of four railroad unions and management of the major US freight railroads are due back at the negotiating table Tuesday afternoon. It will be the first joint negotiating session for the four unions whose rank-and-file members rejected
Continue Reading By Frank Pallotta, CNN Business Bob Iger, who shocked the media world when he returned as CEO of Disney on Sunday, will once again be among the highest-paid executives in Hollywood. Iger will earn a $1 million base salary as he takes over Disney, according to a company filing with Securities and Exchange Commission. However,
Continue Reading By Jordan Valinsky, CNN Business Qatar’s last-minute decision to ban alcohol at World Cup stadiums has left Budweiser with loads of beer left on its hands. The company has an innovative solution to offload it. Budweiser will ship the unsold Buds to the country that wins the tournament, the company said in a tweet. The
Continue Reading By Jordan Valinsky, CNN Business Qatar’s last-minute decision to ban alcohol at World Cup stadiums has left Budweiser with loads of beer left on its hands. The company has an innovative solution to offload it. Budweiser will ship the unsold Buds to the country that wins the tournament, the company said in a tweet. The
Continue Reading By Julia Horowitz, CNN Business The story of financial markets and the global economy this year has been written in part by the dramatic rise of the US dollar, whose inexorable ascent has sent shockwaves around the world. At last, however, its breakneck rally could be coming to an end. What’s happening: The dollar has
Continue Reading By Hanna Ziady, CNN Business Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies. Global GDP is projected to grow by 3.1% this year, and by just 2.2% in 2023, according to the latest forecast from the Organization for Economic Cooperation and
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