By Jordan Valinsky, CNN Business Peloton is replacing embattled CEO John Foley and cutting about 20% of its workforce to help reinvigorate the flailing fitness company. Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become its CEO and president, effective Wednesday. Foley will become the company’s executive chair, and wrote in
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By Parija Kavilanz, CNN Business Loan Nguyen is a new mom living in a constant state of anxiety. For the past several weeks, following the premature birth of her twins, Maxine and Lawrence, Nguyen has spent hours every day searching the internet or making phone calls trying to find more baby formula to buy for
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By Mark Thompson, CNN Business News that Britain’s biggest oil companies made $32 billion in profit last year is stoking calls for the UK government to impose a temporary tax on their earnings to help households pay soaring energy bills. Reporting earnings on Tuesday, BP posted an annual profit of almost $12.9 billion. Shell reported
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By Michelle Toh, CNN Business SoftBank’s record-breaking sale of a prized chip designer to Nvidia has officially been called off. At an initial value of $40 billion, the US chipmaker’s acquisition of British design firm ARM would have been the largest semiconductor deal on record. But regulators around the world have long raised concerns about
Continue Reading By Michelle Toh, CNN Business SoftBank’s record-breaking sale of a prized chip designer to Nvidia has officially been called off. At an initial value of $40 billion, the US chipmaker’s acquisition of British design firm ARM would have been the largest semiconductor deal on record. But regulators around the world have long raised concerns about
Continue Reading By Michelle Toh, CNN Business SoftBank’s record-breaking sale of a prized chip designer to Nvidia has officially been called off. At an initial value of $40 billion, the US chipmaker’s acquisition of British design firm ARM would have been the largest semiconductor deal on record. But regulators around the world have long raised concerns about
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By Rob McLean, CNN Business Crypto fans rejoice: Bitcoin is mounting a comeback. The virtual currency briefly breached the $45,000 milestone for the first time in roughly a month overnight, according to CoinMarketCap. It later dipped back below that mark, and was last trading around $44,800 per coin. It’s not clear what caused the latest
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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. Through my coverage of various media industry scandals over the years, and through my first-hand experience with a few of them, I can confidently say this: The scandals are more
Continue Reading 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. Through my coverage of various media industry scandals over the years, and through my first-hand experience with a few of them, I can confidently say this: The scandals are more
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By Diksha Madhok, CNN Business India’s Gautam Adani has overtaken his fellow countryman Mukesh Ambani to become the wealthiest person in Asia, according to Bloomberg’s list of the world’s richest people. The 59-year-old founder of Adani Group controls companies ranging from ports and aerospace to thermal energy and coal, and now has a net worth
Continue Reading By Diksha Madhok, CNN Business India’s Gautam Adani has overtaken his fellow countryman Mukesh Ambani to become the wealthiest person in Asia, according to Bloomberg’s list of the world’s richest people. The 59-year-old founder of Adani Group controls companies ranging from ports and aerospace to thermal energy and coal, and now has a net worth
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By Rhea Mogul and Esha Mitra, CNN Business The editor of an independent news website in Kashmir has been arrested as police investigate if he violated India’s sedition and anti-terrorism laws. Fahad Shah, founding editor of The Kashmir Walla, was arrested Friday in Pulwama, a city in the Indian-administered part of Kashmir. The contested territory
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The Boonville Police Department warned the public Monday about people receiving calls from a local or well-known phone number claiming to be Amazon.
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By Sonia Moghe, CNN James Bennet, former head of the New York Times editorial section who is being sued along with the paper by Sarah Palin for defamation is expected to take the witness stand Tuesday, an attorney for Palin said in court. Multiple other Times staffers testified Monday about their roles in the 2017
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By Clare Duffy, CNN Business Peter Thiel, one of Facebook’s longest-serving and most controversial board members, plans to step down from the company’s board later this year, the company said Monday. Thiel, an early investor in Facebook, has served on the board of the company, now known as Meta, since 2005, one year after the
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By Isabelle Jani-Friend and Angela Dewan, CNN Amazon, Google, Ikea and BMW are among some of the world’s biggest companies failing to meet their own proclaimed climate targets and align with international agreements to slash greenhouse gas emissions, a new report claims. The Germany-based NewClimate Institute assessed the climate strategies of 25 major companies and
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By Rachel Metz, CNN Business The Internal Revenue Service is halting a plan that would have required taxpayers to verify their identities with facial recognition software before signing on to its website following backlash from lawmakers and privacy groups. The IRS said in a statement Monday that it will “transition away from using a third-party
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By Matt Egan, CNN Business California Democratic Congressman Ro Khanna is shrugging off potential antitrust issues in the proposed $6.6 billion merger of low-cost carriers Spirit and Frontier Airlines. But he does have one other big concern. “Look, the DOJ should review it,” Khanna told CNN in a phone interview Monday. “But having flown Spirit
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By Anna Bahney, CNN Business How tough is it to afford a home in this wild housing market? A lot depends on how much you earn and how many houses are for sale where you live. Record high prices and record low inventory are creating an affordability crisis for homebuyers, according to a new report
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By Brian Fung, CNN Business Amazon is dramatically increasing salary caps for its US-based technology and corporate workforce, in a nod to how the pandemic has exacerbated an already fierce competition for talent nationwide. The e-commerce and cloud computing giant announced in an internal blog post Monday that the company’s maximum base pay in the
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