By Laura He, CNN Business Evergrande has defaulted on its debt. Now Beijing is intervening to prevent a disorderly collapse of the indebted real estate group that could wreak havoc on the world’s second biggest economy. Fitch Ratings on Thursday declared that the embattled property developer has entered “restricted default,” reflecting the company’s inability to
Continue Reading
By Esha Mitra, Vedika Sud and Rhea Mogul, CNN India was mourning the victims of a helicopter crash that killed 13 people including the country’s top military official, as their funerals got underway on Friday. The remains of Chief of Defense Staff Gen. Bipin Rawat and his wife Madhulika Rawat arrived at his residence in
Continue Reading
By Michelle Toh, CNN Business SenseTime’s big stock market debut may have hit a major snag because of tensions between the United States and China. The Chinese artificial intelligence startup was supposed to price shares Friday in its initial public offering in Hong Kong, where it planned to raise up to $767 million. But its
Continue Reading
Story by Reuters A Filipino journalist who formerly worked with Reuters has been killed in a drive-by shooting, authorities said on Thursday, one of more than a dozen journalists killed in the country in the past five years. Jesus “Jess” Malabanan, 58, who worked with the Manila Standard, among other news media, was shot dead
Continue Reading
By Joe Johns, Laura Robinson and Nicole Chavez, CNN Tenisha Tate-Austin and her husband became suspicious when the Northern California home they spent years renovating was valued by an appraiser far lower than they expected. So when they asked for a second opinion last year, a White friend pretended to own their home and they
Continue Reading By Joe Johns, Laura Robinson and Nicole Chavez, CNN Tenisha Tate-Austin and her husband became suspicious when the Northern California home they spent years renovating was valued by an appraiser far lower than they expected. So when they asked for a second opinion last year, a White friend pretended to own their home and they
Continue Reading
By Chris Isidore, CNN Business A union has won the right to represent US Starbucks workers for the first time. The vote to unionize at a shop in Buffalo, New York, won by a 19-8 margin. The vote at a second store resulted in a count of 12 opposed versus 8 in favor of the
Continue Reading
By Parija Kavilanz, CNN Business The CEOs of Target, Best Buy, Nordstrom, Home Depot and CVS are among a group of 20 retail leaders who sent a letter Thursday to Congress expressing their concern over a recent wave of brazen store robberies in major US cities and urged lawmakers to take action. The group called
Continue Reading
By Jennifer Korn Amazon is potentially misleading consumers by not being clear enough in indicating which of its search results are paid advertisements, according to a complaint filed with the Federal Trade Commission on Wednesday. More than a quarter of Amazon search results are sponsored by third parties and not adequately labeled to make that
Continue Reading By Jennifer Korn Amazon is potentially misleading consumers by not being clear enough in indicating which of its search results are paid advertisements, according to a complaint filed with the Federal Trade Commission on Wednesday. More than a quarter of Amazon search results are sponsored by third parties and not adequately labeled to make that
Continue Reading
By Kerry Flynn, CNN Business One of the last independent chains of local newspapers remaining in the U.S. has rejected a takeover bid from Alden Global Capital, the hedge fund known for buying up and then strangling vital local papers. The board of Lee Enterprises, a publicly traded company that owns daily newspapers and other
Continue Reading
By Peter Valdes-Dapena, CNN Business More than half the money Volkswagen Group spends in the next five years will go towards electric vehicles and other high-technology efforts, the German automaker announced Thursday. By the end of 2026, VW expects that 25% of the vehicles it sells globally will be electric. Currently, electric vehicles account for
Continue Reading
By Peter Valdes-Dapena, CNN Business Today, a lot of business students would probably pay serious money for Elon Musk’s opinion of their work. In 1995, though — long before he took control of Tesla and, later, founded SpaceX — Musk was a teaching assistant helping grade exams and papers at the University of Pennsylvania’s famous
Continue Reading By Peter Valdes-Dapena, CNN Business Today, a lot of business students would probably pay serious money for Elon Musk’s opinion of their work. In 1995, though — long before he took control of Tesla and, later, founded SpaceX — Musk was a teaching assistant helping grade exams and papers at the University of Pennsylvania’s famous
Continue Reading By Matt Egan, CNN Business Online shopping used to be the one part of the economy where prices would reliably fall. Covid has changed that. Online prices rose in November for the 18th month in a row, Adobe said Thursday. And not only is inflation suddenly a force in the e-commerce world — it’s a
Continue Reading
By Matt McFarland, CNN Business Amtrak service will likely be reduced next year as it complies with the upcoming vaccine requirement for federal workers. Amtrak president Stephen Gardner testified before a House of Representatives committee Thursday that the passenger rail operator does not anticipate having enough employees to run all trains when the mandate takes
Continue Reading By Clare Duffy, CNN Business The independent board that oversees Facebook parent company, Meta, is once again urging the social media giant to be more transparent about its content moderation decisions. The Facebook Oversight Board on Thursday released two rulings overturning Meta’s decisions to remove user posts from its platforms, saying the content did not
Continue Reading By Matt McFarland, CNN Business Amtrak service will likely be reduced next year as it complies with the upcoming vaccine requirement for federal workers. Amtrak president Stephen Gardner testified before a House of Representatives committee Thursday that the passenger rail operator does not anticipate having enough employees to run all trains when the mandate takes
Continue Reading By Rachel Metz, CNN Business Meta is bringing its vision of a so-called metaverse closer to (virtual) reality. The company formerly known as Facebook said Thursday that Horizon Worlds, a free app for socializing in VR that has been long in the making, is now open to anyone 18 and older with a Quest 2
Continue Reading By Paul R. La Monica, CNN Business Cathie Wood’s Ark Invest just launched another new exchange-traded fund Wednesday. But it comes at a time when most other Ark ETFs have been languishing, which begs the following question: Is the Wood/Ark phenomenon a bubble that has already burst? Many investors are content to buy the biggest
Continue Reading