By Chris Isidore, CNN Business Nikola, the upstart electric truck maker, agreed to pay $125 million to settle Securities and Exchange Commission charges that it let its founder, Trevor Milton, defraud investors. Milton still faces federal criminal charges as well as his own SEC charges. He resigned as executive chairman in September 2020 after an
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By Anneken Tappe, CNN Business The Dow and the broader US stock market were in the green on Tuesday, as the market bounced back from a sharp selloff at the start of the week. Once again the steep losses of more than 1% for each of the major indexes are being quickly followed by green
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By Matt Egan, CNN Business Senator Joe Manchin is facing calls from a powerful group close to his heart to reconsider his opposition to the Build Back Better Act: Coal miners. A day after the West Virginia Democrat appeared to kill Build Back Better, America’s largest coal mining union put out a statement lauding the
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By Jeanne Sahadi, CNN Business If you’re a high earner who was scrambling to take advantage of a so-called backdoor Roth IRA or Roth 401(k) before new rules go into effect prohibiting you to do so, you just got a reprieve. Senator Joe Manchin’s refusal to vote for the Build Back Better bill puts the
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By Rachel Metz, CNN Business On a chilly December afternoon I played a heart-pounding game of laser tag, flew across town on a magical broom, killed zombies in an abandoned mall, and hung out with an old friend who lives roughly 2,000 miles away — all without leaving my home or, in fact, my living
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Opinion by Jeff Tucker for CNN Business Perspectives Homebuyers will need to be prepared and patient in 2022. Just as baby boomers are hitting retirement, more millennials are reaching peak first-time homebuyer age, and they’re all competing in a market starved for inventory. While the market will slow a bit from the surge in demand
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By Charles Riley, CNN Business Plenty of people want to buy Nike clothes and sneakers. But nearly two years into the coronavirus pandemic, supply chain issues mean the company is struggling to meet that demand and grow its business. Nike sales increased just 1% to $11.4 billion in the quarter ended November 30, the US
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By Jordan Valinsky, CNN Business Rite Aid announced Tuesday it is closing another 63 stores to save about $25 million per year. After years of overexpansion, Rite Aid and other giant American pharmacy chains have struggled. They’ve been closing hundreds of stores over the past few years, despite the pandemic that has drawn people into
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By Pete Muntean, CNN Business The world’s biggest commercial airplane manufacturers are telling the Biden Administration to delay the rollout of 5G cell service next month. Boeing CEO David Calhoun and Airbus Americas CEO Jeffery Knittel sent a letter to Transportation Secretary Pete Buttigieg to say the January 5 rollout could cause interference that could
Continue Reading By Pete Muntean, CNN Business The world’s biggest commercial airplane manufacturers are telling the Biden Administration to delay the rollout of 5G cell service next month. Boeing CEO David Calhoun and Airbus Americas CEO Jeffery Knittel sent a letter to Transportation Secretary Pete Buttigieg to say the January 5 rollout could cause interference that could
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By Nathaniel Meyersohn, CNN Business Early in the Covid-19 pandemic, everybody stuck at home tried their hand at cooking. People posted photos of their elaborate dishes on social media with hashtags like #Coronavriuscooking, and baking sales boomed. Almost two years later, people have given up on their dreams of being a celebrity chef. Consumers across
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By Michelle Toh, CNN Business China Mobile is ending the year with a bang. The Chinese telecom giant announced Tuesday that it wants to raise as much as 56 billion yuan ($8.8 billion) on the Shanghai stock exchange after it was forced to quit Wall Street in January. In a filing to the Hong Kong
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By Diksha Madhok and CNN’s Beijing bureau Chinese live-stream shopping influencer Huang Wei, known as Viya, has been hit with a whopping $210 million penalty for tax evasion and kicked off social media. Viya — also known in China as the “live-streaming queen” — was ordered to pay 1.34 billion yuan in back taxes, late
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By Matt Egan, CNN Business Mark Zandi is growing more concerned about the health of the US economy heading into 2022 following the apparent demise of the Build Back Better Act and the rapid spread of Omicron. “With Omicron looming and DC in disarray, risks to the economic recovery next year are not inconsequential and
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After the COVID-19 pandemic has heightened staffing issues in the hospitality industry, some long-time downtown restaurants are closing.
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By Ramishah Maruf, CNN Business California filed a lawsuit against Walmart Monday for allegedly disposing of hazardous waste at a rate of “more than one million items each year,” the state’s Department of Justice announced. The lawsuit alleges Walmart has illegally dumped 159,600 pounds of hazardous waste a year in landfills in the state that
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By Frank Pallotta, CNN Business Spider-Man made even more money than originally projected. “Spider-Man: No Way Home,” the latest movie in the Marvel series, notched a record-breaking opening weekend at the domestic box office by bringing in $260 million, Sony said Monday. That’s up from Sunday’s projections of $253 million, and it’s remarkable in a
Continue Reading By Frank Pallotta, CNN Business Spider-Man made even more money than originally projected. “Spider-Man: No Way Home,” the latest movie in the Marvel series, notched a record-breaking opening weekend at the domestic box office by bringing in $260 million, Sony said Monday. That’s up from Sunday’s projections of $253 million, and it’s remarkable in a
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By Chris Isidore, CNN Business Elon Musk says his tax bill this year will be $11 billion, and he’s probably right: The filings he has made with the Securities and Exchange Commission about his recent stock trades back up that massive number. Musk revealed the $11 billion total in a tweet Sunday that was otherwise
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By Jordan Valinsky, CNN Business Procter & Gamble has recalled more than 30 aerosol spray haircare products, including many dry shampoos and dry conditioners, warning that the products could contain benzene, a cancer-causing agent. The affected items include assorted Pantene, Herbal Essences, Hair Food, Old Spice and Aussie products, according to Friday’s recall notice, which
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