By Jordan Valinsky, CNN Business In a surprise reversal, Qatar announced a ban of alcoholic beer at the eight stadiums hosting the World Cup. That leaves fans with just one “beer” choice — albeit one that isn’t boozy. Soccer fans will still be able to purchase Bud Zero, an alcohol-free lager that Anheuser-Busch says tastes
Continue Reading By Allison Morrow, CNN Business The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process. In the company’s first Chapter 11 hearing in Delaware Tuesday, restructuring attorney James Bromley said that a “substantial amount” of assets have been stolen
Continue Reading By Matt Egan, CNN Business Authorities in the Bahamas have taken control of cryptocurrency assets held by a unit of bankrupt exchange FTX. The Securities Commission of The Bahamas announced Thursday night it has directed the transfer of all digital assets of FTX Digital Markets, The Bahamas-based FTX unit that filed for Chapter 15 bankruptcy
Continue Reading By Nicole Goodkind, CNN Business Investors sleuthing for clues about what the Federal Reserve will decide during its December policy meeting got quite a few this week. But those hints about the future of monetary policy point to an outcome they won’t be very happy about. What’s happening: Federal Reserve officials made a series of
Continue Reading By Lindsay Isaac and Sophie Tanno, CNN The blasts at the Nord Stream pipeline in September were caused by an act of sabotage, Swedish prosecutors said Friday after evidence of explosives was discovered at the sites by investigators. In a statement, Mats Ljungqvist, the prosecutor leading the preliminary investigation, described the incident as “gross sabotage,”
Continue Reading By Chris Isidore, CNN Business Elon Musk is ready to try his troubled new verification system for Twitter once again. This time, in color. The CEO of Twitter announced – via a tweet of course – that Twitter will roll out its tentatively launching Verified on Friday next week. There’s changes to the program that
Continue Reading By Rachel Metz, CNN Business Elizabeth Holmes was sentenced to more than 11 years in prison on Friday following her conviction in January for defrauding investors while running the failed blood testing startup Theranos. Judge Edward Davila imposed a sentence of 11 years and three months in prison, with another three years of supervision after
Continue Reading By Jeremy Diamond and Arlette Saenz, CNN President Joe Biden is meeting with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN. Biden is sitting down in person and virtually with the top executives of such companies as Ford, Kaiser Permanente and
Continue Reading By Swati Gupta and Diksha Madhok, CNN Business Indian startup Skyroot Aerospace launched the country’s first privately developed rocket, Vikram-S, into space on Friday with support from the Indian Space Research Organisation (ISRO). Until now, the country’s space industry has been dominated by the state-run ISRO, but Skyroot Aerospace has opened up the sector to
Continue Reading By Michelle Toh and CNN’s Beijing bureau, CNN Business More than 100,000 people have signed up for a massive recruitment drive by Apple’s supplier Foxconn for the largest iPhone factory in China, according to Chinese state media. The hiring spree comes at a time when Apple is facing significant supply chain constraints at the assembly
Continue Reading By Oliver Darcy, CNN Business Death is in the air on Twitter. On the platform Thursday evening, where #RIPTwitter was the top trend worldwide, users wrote what they feared might be their last posts, offering apprehensive goodbyes and listing the other (more stable) social media platforms where they can still be found. They were reacting
Continue Reading By Oliver Darcy, CNN Business Death is in the air on Twitter. On the platform Thursday evening, where #RIPTwitter was the top trend worldwide, users wrote what they feared might be their last posts, offering apprehensive goodbyes and listing the other (more stable) social media platforms where they can still be found. They were reacting
Continue Reading By Chris Isidore, Vanessa Yurkevich and Matt Egan, CNN Business So once again the nation and its economy is facing the risk of a massive freight railroad strike, this one as soon as Dec. 9. But about the only thing you don’t need to worry about it is whether it will affect your holiday shopping
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders
Continue Reading By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business The trade group representing the nation’s freight railroads is confident that a strike by more than 100,000 union members can be avoided, even after rank-and-file members rejected the tentative labor deals reached earlier this fall. So far three rail unions have rejected the proposed agreements and are
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
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