By Jackie Wattles, CNN Business Astra, a startup building small rockets that launch out of rural Alaska, notched its first successful test flight on Friday night, putting a dummy satellite into orbit. The flight sent the company’s stock price on a tear — soaring more than 30% at one point after trading hours opened Monday
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By Reuters Amazon founder Jeff Bezos is donating $100 million to the Obama Foundation in honor of Congressman John Lewis, a hero of the U.S. civil rights movement of the 1960s who died last year, the foundation said on Monday. As part of the gift, Bezos has asked that the plaza at the Obama Presidential
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By Parija Kavilanz, CNN Business Trendy soaps brand Lush Cosmetics is quitting Facebook, Instagram, TikTok and Snapchat on Friday in a radical move to draw attention to how those platforms are damaging people’s mental health. The company said Monday that its accounts will be deactivated on Nov. 26, the day after Thanksgiving, when most other
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By Chris Isidore, CNN Business Jerome Powell’s tenure leading the Federal Reserve has been among the most tumultuous in the central bank’s history. And Powell’s second term won’t necessarily be much easier. He and his policies have been the spotlight largely because of a once-in-a-century pandemic that caused the deepest economic downturn since the Great
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By Julia Horowitz, CNN Business The news moves fast. Yesterday, we looked at whether President Joe Biden would reappoint Federal Reserve Chair Jerome Powell, one of the most powerful figures guiding the global economy. The answer came quickly. What’s happening: On Monday morning, Biden formally announced his intent to nominate Powell to a second four-year
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By Anna Bahney Despite low inventory and rising prices, home sales inched higher in October, marking a second straight month of growth, according to a report from the National Association of Realtors. Sales of existing homes, which include single-family homes, townhomes, condominiums and co-ops, rose 0.8% month-over-month. After slowing during the summer, sales reignited in
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By Anneken Tappe, CNN Business Wall Street approved of President Joe Biden’s intention to nominate Jerome Powell for a second term at the helm of the Federal Reserve. But the initial jolt in the stock market didn’t last until the close. The market opened in the green and kept rising. But half-way through the session
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By Walé Azeez, CNN Business Amazon is facing strikes by warehouse workers and delivery drivers across Europe as its busiest weekend of the year begins. Labor unions in Germany, Italy and France are calling for the company to pay its workers fairly and respect their right to join unions. The strikes have been called to
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By Clare Duffy, CNN Business When Jeff Bezos decided to give up his role as Amazon’s chief executive earlier this year, it prompted the company to name not one but two new CEOs. The first, Andy Jassy, replaced Bezos as CEO of Amazon’s sprawling business. The second, Adam Selipsky, was hired in March to fill
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Every month or so, while conversing with sources at Fox News, I express surprise that Jonah Goldberg and Stephen Hayes are still employed by the network. After all, the two
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By Paul R. La Monica, CNN Business By choosing to stick with Jerome Powell, who Donald Trump selected to be Federal Reserve chairman in 2017, President Biden proved that he learned a valuable lesson from his former boss about continuity over partisan politics during challenging economic times. Just as Barack Obama stayed with Ben Bernanke
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By Kaitlan Collins, Kate Sullivan, Betsy Klein and Matt Egan, CNN President Joe Biden on Monday formally announced his intent to nominate Jerome Powell to serve as the chairman of the Federal Reserve for a second term and nominate Lael Brainard to serve as the Fed’s vice chair. Powell’s four-year term is up in February,
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By Julia Horowitz, CNN Business When it comes to influence over the global economy, few people in the world are more powerful than Jerome Powell, chair of the US Federal Reserve. This week, investors may learn whether he’s tapped for another four-year term or out of a job. What’s happening: President Joe Biden is expected
Continue Reading By Sara Ashley O’Brien, CNN Business For months, Elizabeth Holmes sat silently, masked, in a San Jose federal courtroom as the government mounted its case to jurors that she knowingly lied about the capabilities of her blood-testing company, Theranos, in order to get money. Now, Holmes wants jurors to hear her story in her own
Continue Reading By Sara Ashley O’Brien, CNN Business For months, Elizabeth Holmes sat silently, masked, in a San Jose federal courtroom as the government mounted its case to jurors that she knowingly lied about the capabilities of her blood-testing company, Theranos, in order to get money. Now, Holmes wants jurors to hear her story in her own
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By Jill Disis, CNN Business China is bringing the regulatory hammer down yet again on some of the country’s largest tech firms. Alibaba, Tencent, Baidu and other companies were all slapped with fines over the weekend for violating antitrust laws, the State Administration of Market Regulation (SAMR) said in a statement. SAMR listed 43 separate
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By Laura He, CNN Business A Chinese central official has warned that stagflation could weigh on an already struggling economy next year. It’s the latest sign that the government may be thinking about taking some aggressive steps to address slowing growth, including its first lending rate cut since early 2020. Liu Shijin, a member of
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Every month or so, while conversing with sources at Fox News, I express surprise that Jonah Goldberg and Stephen Hayes are still employed by the network. After all, the two
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Every month or so, while conversing with sources at Fox News, I express surprise that Jonah Goldberg and Stephen Hayes are still employed by the network. After all, the two
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By Ramishah Maruf, CNN Business The fiancée of murdered journalist Jamal Khashoggi wrote an open letter published by the Washington Post calling for Justin Bieber to cancel his upcoming concert in Saudi Arabia. “That’s why I am writing to you with a plea: Cancel your Dec. 5 performance in Saudi Arabia,” Hatice Cengiz wrote Saturday.
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