By Kathryn Vasel, CNN Business The strong labor market has given us near record low unemployment, higher wages — and an unfortunate uptick in the number of reports of job seekers getting scammed. “We are definitely seeing job scams,” said Rhonda Perkins, attorney and chief of staff of the Federal Trade Commission’s division of marketing
Continue Reading By Jordan Valinsky, CNN Business LeBron James is a billionaire, marking the first time an active NBA player has achieved that milestone, according to one calculation. Forbes said that the Los Angeles Lakers star has “maximized his business,” generating more than $1.2 billion in pretax earnings. His NBA salary from three different teams during the
Continue Reading By Rishi Iyengar, CNN Business Russia has spent months either driving out American tech firms or watching them leave of their own accord over its war in Ukraine. But the country now finds itself stuck in a stalemate with one big tech company: Google. Many of Google’s services, including search, maps, Gmail and, perhaps most
Continue Reading By Julia Horowitz, CNN Business Fears about whether America could fall into a recession are dominating conversations among investors and pose a risk to the Biden administration ahead of midterm elections this fall. In the meantime, the US economy is humming along — though there are signs it is sliding into a lower gear. That
Continue Reading By Chris Isidore, CNN Business US employers added 390,000 jobs in May, representing a robust but slower pace of hiring, according to the Bureau of Labor Statistics’ monthly jobs report released Friday. The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit. While the number
Continue Reading By Michelle Toh, CNN Business Amazon is shutting down its Kindle bookstore in China, marking another retreat by a Western tech giant in the world’s second biggest economy. The company announced Thursday that starting July 2023, Kindle users will not be able to buy online books in the country. Existing customers will be able to
Continue Reading By Matt Egan, CNN Business The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning. Current and former energy officials tell CNN they worry that Russia’s invasion of Ukraine in the wake of years of underinvestment in the energy
Continue Reading By Rishi Iyengar, CNN Business Microsoft is leaving the door open to employees who want to form or join a union. The tech giant will “respect” the right of its workers to organize and is “committed to creative and collaborative approaches” to work with unions, according to Microsoft’s president and vice chair, Brad Smith. “Recent
Continue Reading By Brian Stelter, CNN Business The obituaries for the shooting victims of Robb Elementary took up three full pages in the Uvalde Leader-News on Thursday. The rest of the paper contains haunting questions about why they died. The newest edition of the paper makes clear that many Uvalde-area officials are steadfastly declining to comment, even
Continue Reading Catherine Thorbecke, CNN Business For much of her first decade at Facebook, Sheryl Sandberg’s public stature grew alongside the size and influence of the company she helped run. As second-in-command to Facebook cofounder Mark Zuckerberg, she oversaw the massive growth of its core advertising business while positioning herself as an icon of corporate feminism. When
Continue Reading By Oliver Darcy, CNN Business Three companies tied to the far-right conspiracy theorist Alex Jones, including the fringe media organization Infowars, are moving to exit bankruptcy, according to a Wednesday court document. In a widely decried move, Infowars, Prison Planet, and Infowars Health sought bankruptcy protection after Jones was found legally responsible for damages in
Continue Reading By Chris Isidore, CNN Business Soaring gas prices have done little to slow US drivers’ purchases at the pump. But they could start to spend less on other goods and services, which would be a strong headwind for an increasingly shaky US economy, experts say. In the week ending this past Saturday, there was a
Continue Reading By Brian Stelter, CNN Business The obituaries for the shooting victims of Robb Elementary took up three full pages in the Uvalde Leader-News on Thursday. The rest of the paper contains haunting questions about why they died. The newest edition of the paper makes clear that many Uvalde-area officials are steadfastly declining to comment, even
Continue Reading By Brian Stelter, CNN Business The obituaries for the shooting victims of Robb Elementary took up three full pages in the Uvalde Leader-News on Thursday. The rest of the paper contains haunting questions about why they died. The newest edition of the paper makes clear that many Uvalde-area officials are steadfastly declining to comment, even
Continue Reading By Jordan Valinsky, CNN Business LeBron James is a billionaire, marking the first time an active NBA player has achieved that milestone, according to one calculation. Forbes said that the Los Angeles Lakers star has “maximized his business,” generating more than $1.2 billion in pretax earnings. His NBA salary from three different teams during the
Continue Reading By Danielle Wiener-Bronner, CNN Business Last week, activist investor Nelson Peltz said in a regulatory filing that Trian Partners, his investment firm and Wendy’s top shareholder, is exploring a takeover of the burger chain. The wealthy investor has a reputation on Wall Street as a corporate raider, pushing companies to make drastic changes, such as
Continue Reading By Peter Valdes-Dapena, CNN Business Ford announced a new $3.7 billion investment Thursday across three mid-western states to build a new yet-to-be-revealed Mustang and to ramp up production of trucks and vans, including new electric models. The Michigan-based automaker will invest $2 billion in its home state, an investment that will create 2,000 new jobs,
Continue Reading Opinion by Mike Zaffaroni for CNN Business Perspectives The last time the American economy experienced explosive inflation, my company, Liberty Landscape Supply, wasn’t even in business yet. In fact, the prices for many of our core products have remained the same since I bought the company in 2007. But now we are preparing for the
Continue Reading By Brian Fung, CNN Business Elon Musk issued his most direct threat yet to walk away from his purchase of Twitter on Monday, openly accusing the social media company of breaching the merger agreement by not providing the data he has requested on spam and fake accounts. In a letter to Twitter’s head of legal,
Continue Reading By Peter Valdes-Dapena, CNN Business Rimac Group, the Croatian maker of exotic electric supercars that now controls Bugatti, announced that it received €500 million, or about $536 million in new investment. Among those involved in the new investment round is Porsche, which already owns about one quarter of the company. Rimac was founded in 2009
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