By Anneken Tappe, CNN Business US labor market productivity tanked in the third quarter. Paychecks grew and the number of hours worked jumped, but workers’ output increased only at a moderate pace. Revisions to the data that were initially published a month ago show that the productivity drop was even worse than feared, falling 5.2%
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By Julia Horowitz, CNN Business For years, the future of the department store has been in doubt, as shoppers abandon malls and instead opt to scoop up dresses, appliances and accessories online. But some investors believe they’ve found a clever way for these once-mighty brands to move forward. What’s happening: Activist shareholders are increasingly pushing
Continue Reading By Chris Isidore, CNN Business Doug Parker will retire in March as CEO of American Airlines, the airline that he made the world’s largest through a series of mergers that led to a massive consolidation of the US airline industry. Parker, 60, will be succeeded by Robert Isom, who has served as the company’s president
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By Matt Egan, CNN Business Hertz has gone from bankruptcy court to buybacks in the span of five months. And Senator Elizabeth Warren is not happy about it. The Massachusetts Democrat wrote Hertz a letter Monday calling the company out for rewarding shareholders with up to $2 billion in stock buybacks despite skyrocketing rental car
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By Laura He, CNN Business China has decided it’s time to loosen its purse strings and pump money into the economy in a bid to stave off threats to the recovery. The People’s Bank of China on Monday said it would cut the reserve requirement ratio for most banks by half a percentage point, starting
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By Samantha Murphy Kelly, CNN Business Just a day before the head of Instagram will face questions from lawmakers over its child safety practices, the company is rolling out a handful of new features aimed at making it harder for users, particularly teenagers, to fall down rabbit holes that could be harmful to their mental
Continue Reading By Samantha Murphy Kelly, CNN Business Just a day before the head of Instagram will face questions from lawmakers over its child safety practices, the company is rolling out a handful of new features aimed at making it harder for users, particularly teenagers, to fall down rabbit holes that could be harmful to their mental
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By Tami Luhby, CNN Business The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis
Continue Reading By Moira Ritter Days after Better.com’s CEO unceremoniously fired 900 people over Zoom, several executives are handing in their resignation letters. Three of the companies top communications executives — Tanya Gillogley, head of public relations, Melanie Hahn, head of marketing, and Patrick Lenihan, VP of communications — all resigned, according to multiple media reports. According
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By Jeanne Sahadi, CNN Business How you let employees go matters for your company’s reputation. Consider Better.com’s CEO, who just fired roughly 900 employees in a very brief Zoom call and quickly faced backlash. No one will ever react positively to hearing they are terminated — whether it’s due to balance sheet problems or their
Continue Reading By Oliver Darcy, CNN Business Fred Hiatt, The Washington Post’s longtime editorial page editor, died on Monday morning. He was 66 years old. The Post’s newsroom was informed of Hiatt’s death on Monday afternoon by publisher Fred Ryan. The Post said in its obituary that Hiatt had cardiac arrest on November 24 while visiting his
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By Jennifer Korn, CNN Business Hackers stole at least $150 million from crypto exchange Bitmart, the platform said Monday. In a statement addressed to users, Bitmart said an initial security check has been completed and impacted assets identified. The assets were stolen from two “hot wallets,” one hosted on the Ethereum blockchain and the other
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By Paul R. La Monica, CNN Business Stop us if you’ve heard this before: Market strategists are predicting that 2022 will finally be the year when investors choose value stocks -— like banking, oil, consumer, industrial and healthcare companies — over Big Techs, such as Apple, Amazon and Facebook owner Meta. It’s been a common
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By Vanessa Yurkevich, CNN Business Ford Motor Co. is pushing its return-to-office date to March over concerns over new Covid-19 concerns, the company said Monday. Assembly line workers returned to work in May 2020, but many office continued to work remotely due to the pandemic. Office workers were getting ready to head back to the
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By Danielle Wiener-Bronner, CNN Business Three years after ditching Qdoba Mexican Eats, Jack in the Box is scooping up Del Taco in a $575 million deal. The deal, which is expected to close early next year, doubles down on Jack in the Box’s success with tacos. Jack in the Box serves an eclectic array of
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By Nathaniel Meyersohn, CNN Business Kohl’s should spin off its online business or find a buyer to take the whole company private, an activist investor said Monday. “The public market is not appreciating Kohl’s in its current form,” Engine Capital, an activist fund, said in a letter to Kohl’s board of directors. “There is no
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By Ramishah Maruf, CNN Business Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. “If you’re on this call, you are part of the unlucky
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By Aaron Cooper, Matt Egan and Chris Isidore, CNN Business All private sector employers in New York City will now be required to implement a Covid-19 vaccine mandate by December 27, the city’s mayor Bill de Blasio announced Monday. This new move, which de Blasio announced Monday on MSNBC, means everyone who works in the
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By Anneken Tappe It’s a strong start to the week on Wall Street, where the Dow finished up more than 600 points amid a rebound from last week’s losses. The Dow finished up 1.9%, or some 647 points, while the broader S&P 500 climbed nearly 1.2%. The Nasdaq Composite, which faced the steepest selloff Friday,
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By Kerry Flynn, CNN Business At Nasdaq Monday, BuzzFeed CEO Jonah Peretti — flanked by Instagram celebrity “Dude with Sign” and people holding oversized yellow “OMG” and “win” signs — rang the opening bell for BuzzFeed’s debut as a public company. Simultaneously at BuzzFeed’s headquarters in New York, an acrobatic cat performed. It was both
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