By Matt Egan, CNN Business Extreme port congestion has become a major nuisance that just won’t go away this year. Unfortunately, it could be one of the biggest problems of 2022, too. Backlogs and elevated shipping costs are likely to persist “at least” through the middle of next year, Goldman Sachs warned clients in a
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By Matt Egan, CNN Business The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. The rebound has intensified in recent weeks
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By Chris Isidore, CNN Business Hertz is betting big on electric vehicles. It’s buying 100,000 Teslas, the largest-ever order by a single buyer. The purchase also represents the biggest move into EVs by a rental car company, by far. “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and
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By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
Continue Reading By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
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By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
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By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
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By Clare Duffy, CNN Business Facebook has confronted whistleblowers, PR firestorms and Congressional inquiries in recent years. But now it faces a combination of all three at once in what could be the most intense and wide-ranging crisis in the company’s 17-year history. On Friday, a consortium of 17 US news organizations began publishing a
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By Sean Lyngaas, CNN Business Nobelium, the Russian hacking group responsible for breaching SolarWinds, is still at it. The Russian hackers behind that successful 2020 breach of US federal agencies compromised as many as 14 technology firms since May as part of another apparent espionage campaign, Microsoft said Monday. The hackers have been hitting a
Continue Reading By Clare Duffy, CNN Business Facebook has confronted whistleblowers, PR firestorms and Congressional inquiries in recent years. But now it faces a combination of all three at once in what could be the most intense and wide-ranging crisis in the company’s 17-year history. On Friday, a consortium of 17 US news organizations began publishing a
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By Clare Duffy, CNN Business Facebook has for years struggled to crack down on content related to what it calls domestic servitude: “a form of trafficking of people for the purpose of working inside private homes through the use of force, fraud, coercion or deception,” according to internal Facebook documents reviewed by CNN. The company
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By Eliza Mackintosh, CNN Facebook employees repeatedly sounded the alarm on the company’s failure to curb the spread of posts inciting violence in “at risk” countries like Ethiopia, where a civil war has raged for the past year, internal documents seen by CNN show. The social media giant ranks Ethiopia in its highest priority tier
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By Diksha Madhok, CNN Business PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition. In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.” Shares in PayPal gained 6.7%
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By Laura He, CNN Business Evergrande is starting to pay off its overdue debts and restart stalled real estate projects. Now the embattled Chinese developer is reportedly signaling that it wants to move away from housing and focus on cars. Chairman Xu Jiayin, also known as Hui Ka Yan in Cantonese, said Friday that the
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By Diksha Madhok, CNN Business The parody cryptocurrency shiba inu coin just climbed to an all-time high and is one of the biggest digital currencies by market value. Shiba coin — which appears to be inspired by dogecoin, itself a meme currency — is up more than 40% over the last seven days, according to
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By Helen Regan, CNN Business China plans to cut its reliance on fossil fuels to below 20% by 2060, according to a cabinet document published in state media Sunday. While the document detailed new measures on how the world’s biggest polluter will decarbonize, the country is not updating its pledge to reduce emissions. The guidelines
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By Anneken Tappe, CNN Business America’s worker shortage is alive and well, much to the misfortune of US companies that need staff to keep up with demand. The National Association of Business Economics (NABE) found that nearly half — 47% — of respondents to its Business Conditions Survey reported a shortage of skilled workers in
Continue Reading By Frank Pallotta, CNN Business “Dune” — the science fiction epic from Warner Bros. — took in an estimated $40.1 million at the North American box office this weekend. The total exceeded expectations that had the film earning about $30 million. It was also the largest opening for Warner Bros. this year and capped off
Continue Reading By Frank Pallotta, CNN Business “Dune” — the science fiction epic from Warner Bros. — took in an estimated $40.1 million at the North American box office this weekend. The total exceeded expectations that had the film earning about $30 million. It was also the largest opening for Warner Bros. this year and capped off
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By Stefano Pozzebon When Beatriz Porras was studying agronomy at university in Tunja, Colombia, she thought her career would lead to growing coffee, like her parents, or flowers, the traditional agricultural staples for the country’s export market. Back then, growing marijuana was illegal, and security forces targeted plantations with forced eradication campaigns aimed at stemming
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