By Frank Pallotta, CNN Business Vince McMahon, the former WWE chief executive, is retiring from the company, he said in a statement on Friday. The news follows an investigation into McMahon paying millions of dollars in hush money to cover up alleged infidelity and misconduct with multiple women. “As I approach 77 years old, I
Continue Reading By Peter Valdes-Dapena, CNN Business Cadillac is going back into a market segment it hasn’t occupied in decades: the world of true ultra-luxury cars with huge six-figure price tags. General Motors unveiled the Cadillac Celestiq on Friday, and the company wants it to beat the best in the world. The Celestiq, an electric car, is
Continue Reading By Chris Isidore, CNN Business FedEx’s Ground service will stop making Sunday deliveries to about 15% of the US homes it’s currently serving, largely in rural areas. The change will take place Sunday, August 21, FedEx announced Friday. During the pandemic the company had expanded Sunday service to 95% of US homes, a response to
Continue Reading By Chris Isidore, CNN Business Volkswagen’s CEO is leaving his post in a surprise move, effective September 1. The company announced Friday that CEO Herbert Diess will be replaced by Oliver Blume, the head of Volkswagen’s Porsche performance car division. Volkswagen, the world’s second largest automaker, did not provide a reason for Diess’ exit. But
Continue Reading By Stefano Pozzebon, CNN South American countries are bracing for an autumn of discontent, as spiking global fuel prices threaten to provoke more protests in the upcoming months. Rising fuel prices have already brought about protests in Argentina, Ecuador and Panama. Their neighbors could be particularly susceptible to rising prices at the pump, because the
Continue Reading By Rachel Metz and Rishi Iyengar, CNN Business This week, two of the most passionate communities online — gamers and cat lovers — collided with the release of a new video game that lets you play as an adorable orange tabby cat. “Stray“, created by indie French game company BlueTwelve Studio and published by Annapurna
Continue Reading By Kathryn Vasel, CNN Business In 2020, Joe DiPastena felt confident enough to retire earlier than planned. But by 2022, he was having second thoughts. “When the economy started to tank and my investments started to dwindle…I started to get pretty nervous,” said DiPastena, who lives in Phoenix. “I didn’t want to deplete my savings.”
Continue Reading By Rachel Metz and Rishi Iyengar, CNN Business This week, two of the most passionate communities online — gamers and cat lovers — collided with the release of a new video game that lets you play as an adorable orange tabby cat. “Stray“, created by indie French game company BlueTwelve Studio and published by Annapurna
Continue Reading By Frank Pallotta, CNN Business Jordan Peele is hoping to go three-for-three at the box office. The director’s third movie, “Nope,” opens this weekend, and despite a plot shrouded in mystery it’s one of the most anticipated films of the year. The Universal Pictures film, which stars Daniel Kaluuya as a Hollywood horse wrangler dealing
Continue Reading By Frank Pallotta, CNN Business “Nope,” Jordan Peele’s third movie, opened to an estimated $44 million this weekend in North America, according to Universal Pictures. The science-fiction film, which stars Daniel Kaluuya as a Hollywood horse wrangler dealing with some extra-terrestrial problems, was expected to make around $50 million this weekend, according to initial projections.
Continue Reading By Paul R. La Monica, CNN Business Is America’s economy already in a recession? That’s a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time. Results from credit card companies and wireless
Continue Reading Opinion by Jung Hyun Choi and Daniel Pang for CNN Business Perspectives Over the past year, both rents and home prices have risen faster than inflation, and the surge in housing prices has outpaced wage growth. But renters — who were already more financially vulnerable than homeowners before the pandemic — are bearing the brunt
Continue Reading Martha C. White The recovery wasn’t supposed to go like this. Wall Street and Main Street alike are suffering from whiplash when it comes to the current state of the US economy. In their roles as consumers, investors and members of the workforce, ordinary Americans have the sense that the country is at an economic
Continue Reading By Clare Duffy, CNN Business Twitter’s battle with Elon Musk is weighing on its business. The company on Friday reported revenue of $1.18 billion for the three months ending in June, a decline of 1% from the prior year. Twitter attributed the sales drop in part to “uncertainty” related to Musk’s pending acquisition, which he
Continue Reading By Julia Horowitz, CNN Business An average 347 million people use Snapchat every day. That’s a fraction of the nearly 2 billion daily active users on Facebook, its biggest competitor. But parent company Snap’s warning on the economy — coupled with its dismal results — is bringing down the market. Hopefulness about earnings season is
Continue Reading By Julia Horowitz, CNN Business An average 347 million people use Snapchat every day. That’s a fraction of the nearly 2 billion daily active users on Facebook, its biggest competitor. But parent company Snap’s warning on the economy — coupled with its dismal results — is bringing down the market. Hopefulness about earnings season is
Continue Reading By Anna Cooban, CNN Business The German government has stepped in to bail out one of its biggest energy companies — the latest casualty of Europe’s natural gas crisis. Gas distributor Uniper will receive up to €15 billion ($15.3 billion) from the government after months of Russian supply cuts and soaring spot market prices have
Continue Reading By Nathaniel Meyersohn, CNN Business Susie Ingram has been a coupon-clipper all her life. “It has saved me a lot of money over the years,” said the 62-year-old resident of DeBary, Florida. She clips coupons and redeems them at her local Winn-Dixie supermarket to save on cereal, toilet paper, coffee, and snacks for her grandson,
Continue Reading By Laura He, CNN Business China’s banking regulator has pledged to boost lending to help developers finish stalled property projects and boost buyers’ demand, as a growing mortgage boycott by homebuyers exacerbates the country’s real estate woes. The China Banking and Insurance Regulatory Commission (CBIRC) reiterated Thursday that it will provide “active credit support” for
Continue Reading By Laura He, CNN Business One month ago, Li Jiaqi disappeared from the internet. The 30-year-old livestreamer, also known as Austin Li, was — until recently — one of China’s biggest internet celebrities, with 64 million followers on Taobao, an online shopping platform. He once sold 15,000 lipsticks within five minutes in a sales competition
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