By Matt Egan, CNN Business Epic port congestion is easing. Shipping prices are falling from sky-high levels. Deliveries are speeding up a bit. There are growing signs that the supply chain mess is finally starting to get cleaned up. That’s not to say the supply chain nightmare is over. It’s not. And the situation may
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By Danielle Wiener-Bronner, CNN Business Junior’s Cheesecake has a big problem: Not enough cream cheese. The company’s cheesecake is made from about 85% cream cheese, making it impossible to prepare without that key ingredient. The shortage meant the company had to pause cheesecake production on Friday in its Burlington, New Jersey, baking facility because it
Continue Reading By Danielle Wiener-Bronner, CNN Business Junior’s Cheesecake has a big problem: Not enough cream cheese. The company’s cheesecake is made from about 85% cream cheese, making it impossible to prepare without that key ingredient. The shortage meant the company had to pause cheesecake production on Friday in its Burlington, New Jersey, baking facility because it
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By Anna Cooban, CNN Business As many as four million European gig economy workers could become employees if new draft EU legislation becomes law. The European Commission proposed new rules for “digital platforms” on Thursday that could force ride-hailing and delivery firms such as Uber and Deliveroo to reclassify their contracted drivers as employees. The
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By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to
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By Michelle Toh, CNN Business Meta, the owner of Facebook and Instagram, is further clamping down on content linked to Myanmar’s military amid pressure to step up safety controls in the country. The company announced Wednesday that it would ban military-controlled businesses from Facebook, wiping out their pages, groups and accounts. The move expands existing
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By Esha Mitra, Vedika Sud and Rhea Mogul, CNN The only survivor of a helicopter crash that killed 13 people including India’s top military official is on life support, officials said Thursday, as the nation mourned the victims and investigations into the incident continued. Group Capt. Varun Singh is in a “critical but stable” condition,
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By Hilary Whiteman, CNN Business An Australian Senate committee on Thursday issued a scathing indictment of media mogul Rupert Murdoch’s News Corp, calling it the country’s “clearest example of a troubling media monopoly.” But the committee stopped short of calling on News Corp to dilute or otherwise cede any of its Australian interests, and instead
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By Kerry Flynn and Eliza Mackintosh, CNN Business More journalists are behind bars for their work globally than ever before, with repressive regimes from Asia to Europe leading an unprecedented crackdown on press freedoms, the media watchdog group Reporters Without Borders (RSF) has warned in a new report. A staggering 488 journalists and media workers,
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By Brian Stelter, CNN Business Brian Williams, who helped put MSNBC on the map 25 years ago, is about to exit the cable news network. He is signing off from his 11 p.m. Eastern program, “The 11th Hour,” for the final time on Thursday night, a network spokesperson confirmed. Williams has been alluding to his
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By Rob McLean, CNN Business Lyft is giving its employees another year to work remotely, a dramatic step among major businesses that are continuing to delay a return to the office. The rideshare company said Wednesday that it won’t require its staff to return to the office until 2023. Lyft did not cite concerns about
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Story by Reuters Toymaker Lego said on Wednesday it plans to build a new factory in Vietnam to keep up with rapidly growing demand for its colored plastic bricks among children across Asia. The privately-owned Danish firm said it will invest more than $1 billion in the project, which will be its second Asian factory
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By Clare Duffy, CNN Business Meta, the company formerly known as Facebook, is asking for help in avoiding having personal data about its users scraped from its platforms and posted to the web. The social media giant announced Wednesday that it is expanding its bug bounty program — which offers rewards for helping identify and
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By Donie O’Sullivan and Clare Duffy, CNN Business Instagram says it prohibits drug sales, but accounts advertising the sale of Xanax, ecstasy, opioids and other drugs are still widespread and easy to find on the platform, including for young users, according to a report released by tech advocacy group the Tech Transparency Project (TTP) on
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By Nathaniel Meyersohn, CNN Business You won’t be able to buy Nike sneakers and apparel at one of America’s largest shoe store chains in 2022. Nike announced it will stop selling to DSW as it cuts ties with many stores and shifts to selling more of its products through its own shops, websites, mobile apps
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By Samantha Murphy Kelly, CNN Business Instagram head Adam Mosseri testified for the first time before a Senate subcommittee on Wednesday as lawmakers question the app’s impact on the mental health of younger users. During his testimony, Mosseri said Instagram is planning to bring back a version of its news feed that would give users
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By Sara Ashley O’Brien, CNN Business Elizabeth Holmes’ defense rested its case Wednesday, shortly after the founder and former CEO of Theranos concluded her seventh day on the witness stand in her own criminal trial. While the prosecution called 29 witnesses to testify, the defense’s case relied almost entirely on Holmes. During her testimony, she
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By Matt Egan, CNN Business After nearly two full years of Covid-driven chaos, JPMorgan Chase is predicting 2022 will usher in a return to normalcy and a full healing of the economic wounds caused by the health crisis. “Our view is that 2022 will be the year of a full global recovery, an end of
Continue Reading By Esha Mitra, Vedika Sud and Rhea Mogul, CNN The only survivor of a helicopter crash that killed 13 people including India’s top military official is on life support, officials said Thursday, as the nation mourned the victims and investigations into the incident continued. Group Capt. Varun Singh is in a “critical but stable” condition,
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By Moira Ritter Days after Better.com’s CEO unceremoniously fired 900 people over Zoom, several executives are handing in their resignation letters. Three of the companies top communications executives — Tanya Gillogley, head of public relations, Melanie Hahn, head of marketing, and Patrick Lenihan, VP of communications — all resigned, according to multiple media reports. According
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