By Matt Egan, CNN Business Oil prices fell sharply Monday as lockdowns in China stoked concerns that the country’s zero-Covid strategy will sap energy demand in the world’s second-largest economy. US oil dropped as much as 6.7% to a two-week low of $95.28 a barrel on Monday. Crude finished the day down 3.5% to $98.54
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Opinion by Gad Levanon for CNN Business Perspectives With the fear of Covid-19 on the wane, consumers are spending much more on in-person services, like travel and entertainment, powering an impressive comeback in that sector. However, something has got to give. And that something is consumer spending on goods, like clothing, furniture, appliances and recreational
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By Julia Horowitz, CNN Business Tesla CEO Elon Musk’s noisy campaign for changes to how Twitter runs its business has grabbed headlines for its twists and bombast. And, of course, for the big surprise — a takeover bid. What’s happening: Twitter’s board of directors convened Sunday to discuss Musk’s offer. The world’s richest man has
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By Laura He, CNN Business Global stocks and oil prices fell on Monday as rising Covid-19 cases in Beijing sparked fears that the Chinese capital could join Shanghai and other major cities in lockdown. China’s benchmark Shanghai Composite Index sank 5.1% to close at a 22-month low. It was the worst day for the index
Continue Reading By Laura He, CNN Business Investors are ditching China at an unprecedented scale as a cocktail of political and business risks, and rising interest rates elsewhere, make the world’s second biggest economy a less attractive place to keep their money. China witnessed $17.5 billion worth of portfolio outflows last month, an all-time high, according to
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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. The Twitter board of directors convened on Sunday for a dialogue about Elon Musk’s takeover offer — a potential prelude to negotiations with the Tesla CEO about next steps. A
Continue Reading By Jackie Wattles, CNN Business The first all-private mission to the International Space Station began its return trip Sunday evening after a string of delays dragged the mission out for a week longer than expected because of weather and other inopportune circumstances. The mission, called AX-1, was brokered by the Houston, Texas-based startup Axiom Space,
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By Zoe Sottile, CNN Feeling hungry for a new job? Favor, a Texas-based food delivery company, is looking for a voracious eater to sample tacos all over the state as their first-ever “Chief Taco Officer.” The lucky employee will receive $10,000 in exchange for taste-testing tacos and documenting the experience on social media during June
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By Ramishah Maruf, CNN The White House Correspondents’ Dinner returns next Saturday — and the sitting president is set to attend for the first time since 2016. After a two-year hiatus due to the Covid pandemic, President Joe Biden will speak at the century-old press gala after former president Donald Trump famously boycotted the event.
Continue Reading By Ramishah Maruf, CNN The White House Correspondents’ Dinner returns next Saturday — and the sitting president is set to attend for the first time since 2016. After a two-year hiatus due to the Covid pandemic, President Joe Biden will speak at the century-old press gala after former president Donald Trump famously boycotted the event.
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By Sara Ashley O’Brien, CNN Business After a historic union victory at an Amazon warehouse in New York City earlier this month, a grassroots labor organization is hoping it can notch a second win at a facility just across the street. Hundreds of Amazon employees at a Staten Island sorting facility known as LDJ5 began
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By Anneken Tappe, CNN Business Investors are gearing up for a week of big ticket economic data, including a first look at economic growth between January and March and more inflation numbers. America’s economic activity, measured by gross domestic product, is forecast to have only grown at an annualized pace of 1% in the first
Continue Reading By Anneken Tappe, CNN Business Investors are gearing up for a week of big ticket economic data, including a first look at economic growth between January and March and more inflation numbers. America’s economic activity, measured by gross domestic product, is forecast to have only grown at an annualized pace of 1% in the first
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By Chris Isidore, CNN Business Does the richest person on the planet need another massive pay package? That’s the decision facing the Tesla board of directors. CEO Elon Musk doesn’t receive any cash salary or bonus. He’s paid only with stock options. But he has just about exhausted the options available from the compensation package
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By Ramishah Maruf, CNN Twitter is banning misleading advertisements that go against the scientific consensus of climate change, the company announced on Friday, which was Earth Day. “We believe that climate denialism shouldn’t be monetized on Twitter, and that misrepresentative ads shouldn’t detract from important conversations about the climate crisis,” Twitter said in a blog
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By Brian Fung, CNN European policymakers have reached agreement on a sweeping package of new regulations for tech platforms that could mean big changes in oversight for everything from social media algorithms to digital advertising — and with potential ramifications worldwide. The proposed law, known as the Digital Services Act (DSA), marks the second piece
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By Jackie Wattles, CNN Business The first all-private mission to the International Space Station is slated to complete the final leg of its journey in the next few days, capping off what turned into a longer-than-expected journey after bad weather kept the passengers on the space station for several extra days. The mission, called AX-1,
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By Nathaniel Meyersohn, CNN Business There are around 175,000 white and orange U-Haul rental trucks in the United States and Canada for do-it-yourself movers. And they all have something strange in common: Arizona license plates with the word “apportioned” slapped on them. The reason? An esoteric agreement between the 48 continental US states, Washington DC
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By Rhea Mogul and Simone McCarthy, CNN What a difference a few weeks make. Just last month India was taking flak from the West for its relationship with Russia. Not only was the South Asian country refusing to condemn Moscow’s brutal assault on Ukraine, but its purchases of discounted Russian oil — said critics —
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By Paul R. La Monica, CNN Business Stocks plunged Friday. The Dow fell about 980 points, or 2.8%, following comments about likely aggressive interest rate hikes from Federal Reserve chairman Jerome Powell. A poor earnings outlook from Dow component Verizon didn’t help matters. All 30 stocks in the Dow ended the day lower, led by
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