By Julia Horowitz, CNN Business China’s yuan has fared better than many other major currencies this year. It’s shed 6.5% against the US dollar, holding its ground as the greenback has gone on a breakneck rally. The euro, the British pound and South Korea’s won have all dropped more than 10%, while Japan’s yen has
Continue Reading By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue Reading By Michelle Toh, CNN Business The Reddit retail army is back. A little-known Hong Kong-based company appears to have become the latest obsession of traders on the popular Reddit forum WallStreetBets, helping its stock shoot up 21,000% since its IPO less than a month ago. Shares of AMTD Digital have spiked nearly 3,000% over the
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has suspended some trade with Taiwan in apparent retribution for a visit by the US House Speaker Nancy Pelosi to the self-governing island. The curbs include the suspension of some fruits and fish imports from Taiwan, and exports of natural sand to the island. China
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has suspended some trade with Taiwan in apparent retribution for a visit by the US House Speaker Nancy Pelosi to the self-governing island. The curbs include the suspension of some fruits and fish imports from Taiwan, and exports of natural sand to the island. China
Continue Reading By Alicia Wallace, CNN Business Just months after cutting 9% of its workforce, Robinhood on Tuesday announced plans to lay off another 23%. The latest cuts, which will affect 780 employees, continues a massive freefall for the once high-flying online brokerage. In a separate development Tuesday, the state of New York hit the Menlo Park,
Continue Reading By Oliver Darcy, CNN Business The parents of a child who was murdered during the 2012 Sandy Hook shooting delivered emotional testimony in a Texas court on Tuesday, telling a jury that the lies pushed by right-wing conspiracy theorist Alex Jones have stained the legacy of their son and tormented them for years. The jury
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks sales took a plunge in China due to the country’s strict Covid-19 restrictions. In the three months ending on July 3, sales at Starbucks’ Chinese locations open at least 13 months dropped 44%. “China faced its most severe COVID disruption since the onset of the pandemic,” in the quarter,
Continue Reading By Sara O’Brien, CNN Business Demand for Airbnb bookings continues to soar even as high gas prices and inflation weigh on consumers and the economy. Airbnb said Tuesday that it had 103.7 million bookings on its platform during the three months ended in June, a new quarterly high for the company and a 24% increase
Continue Reading By Catherine Thorbecke, CNN Business Private astronaut missions to the International Space Station will have to be chaperoned by a former NASA astronaut, per new proposed requirements from the US space agency. NASA posted a public notice online on Tuesday that laid out a handful of updated requirements for future private astronaut missions, which the
Continue Reading By Oliver Darcy, CNN Business The parents of a child who was murdered during the 2012 Sandy Hook shooting delivered emotional testimony in a Texas court on Tuesday, telling a jury that the lies pushed by right-wing conspiracy theorist Alex Jones have stained the legacy of their son and tormented them for years. The jury
Continue Reading By Sara O’Brien, CNN Business Even higher gas prices and soaring inflation aren’t slowing down Uber’s rebound from the worst days of the pandemic. Uber on Tuesday said its revenue hit $8.1 billion during the three months ending in June, more than doubling from the year prior as more customers turn to the ride-hailing service.
Continue Reading By Sara O’Brien, CNN Business Even higher gas prices and soaring inflation aren’t slowing down Uber’s rebound from the worst days of the pandemic. Uber on Tuesday said its revenue hit $8.1 billion during the three months ending in June, more than doubling from the year prior as more customers turn to the ride-hailing service.
Continue Reading By Matt Egan, CNN Business Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday. Even as borrowing costs surge, the NY Fed said
Continue Reading By Jordan Valinsky, CNN Business Taco Bell’s Mexican Pizza is finally returning to menus following a three-month absence. The chain announced the meal is returning permanently on September 15, which is earlier-than-expected because Taco Bell said it “worked quickly to restock the beloved menu item.” Mexican Pizza came back to menus after a two-year hiatus
Continue Reading By Matt Egan, CNN Business Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday. Even as borrowing costs surge, the NY Fed said
Continue Reading By Alicia Wallace, CNN Business The number of available jobs in the US shrank considerably in June, according to new data released Tuesday by the Bureau of Labor Statistics. Job openings dropped to 10.7 million in June, down from a revised 11.3 million in May, according to the latest Job Openings and Labor Turnover Survey,
Continue Reading By Catherine Thorbecke, CNN Business Two years after then-President Donald Trump said he would ban TikTok in the United States through an executive order, the short-form video platform is once again under scrutiny in Washington. And the underlying issue remains largely the same: TikTok’s ties to China through its parent company, Bytedance. A growing number
Continue Reading By Julia Horowitz, CNN Business Investors are anxious, tired and gloomy as they digest the worst start to the year since 1970 and try to chart a path forward. But you wouldn’t know it from watching major stock indexes. What’s happening: The S&P 500 rallied more than 9% in July, its best month since November
Continue Reading By Laura He, CNN Business Global markets fell on Tuesday as investors feared US House Speaker Nancy Pelosi’s visit to Taiwan could severely escalate tensions with China. US and European equities followed Asian indexes down as investors weighed the market implications of the trip. Hong Kong’s Hang Seng Index fell 2.4%, and mainland China’s Shanghai
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