By Michelle Toh, CNN Business Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago. Shares of Perfect Corp., a software company that allows users to virtually try on makeup or jewelry from brands such as Estée Lauder, LVMH and Shiseido, have fallen more than 40% from
Continue Reading By Tara Subramaniam, CNN It’s not unusual for temperatures in India’s Thar Desert to reach 48 degrees Celsius (118 degrees Fahrenheit). Even when they drop, hot winds sweep across the bare plains. The soil here is infertile, water is scarce. This place is near unlivable for humans — but it’s ideal for one of the
Continue Reading By Matt Egan, CNN Business The stock market under President Biden started with a boom, but it heads into the midterm elections looking more like a bust. As of Monday, the S&P 500 has fallen by 1.2% since Biden took office in January 2021. That marks the second-worst performance during a president’s first 656 calendar
Continue Reading By Jennifer Korn Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday. Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that began on
Continue Reading By Alicia Wallace, CNN Business American consumers borrowed another $25 billion in September, according to newly released Federal Reserve data, as higher costs led to further dependence on credit cards and other loans. Economists were anticipating monthly growth of $30 billion, according to Refinitiv consensus estimates. The data isn’t adjusted for inflation. Consumer borrowing in
Continue Reading By Samantha Murphy Kelly, CNN Business Apple reportedly wants to put an end to “Hey.” The company is said to be training its voice assistant Siri to pick up on commands without needing the first half of the prompt phrase “Hey Siri.” The trigger phrase is used to launch Siri on various products, including the
Continue Reading By Paul R. La Monica, CNN Business The stock market has been on a roller coaster ride, largely because of Wall Street’s shifting expectations about whether the Federal Reserve is going to slow down the pace and size of its interest rate hikes. The Fed briefly excited investors last week when it acknowledged in its
Continue Reading By Catherine Thorbecke, CNN Business Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the
Continue Reading By Catherine Thorbecke, CNN Business Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal. The job cuts are expected to impact thousands of workers and could begin as early as this week, the
Continue Reading By Jennifer Korn, CNN Business Airbnb on Monday said it plans to make the total cost of rental properties, including all fees, clearer to customers as they search for places to stay, addressing what is arguably one of the biggest pet peeves about the platform. The company said it will introduce an option next month
Continue Reading By Matt Egan, CNN Business While investors, business leaders and some economic models continue to warn a recession is imminent, Wall Street’s most powerful investment bank remains cautiously optimistic. Goldman Sachs told clients on Monday it still sees a 35% chance of a US recession in the next 12 months. While that is double the
Continue Reading By Hanna Ziady, CNN Business Three years ago, a hurricane devastated the Bahamas, claiming dozens of lives. Today, the country is building what it claims to be the world’s first carbon-negative housing community to reduce the likelihood of future climate disasters and to ease the shortage of homes caused by the storm. Rick Fox, a
Continue Reading By Nicole Goodkind, CNN Business Friday’s jobs report came in strong: the US economy added 261,000 new jobs in October, blowing away analyst expectations of 200,000, even as unemployment ticked up to 3.7%. But don’t let the jobs boom lull you into a false sense of employment security. Job cuts and pauses on hiring are
Continue Reading By Hanna Ziady, CNN Business Ryanair carried a record number of passengers over the summer and says its budget friendly airfares will attract even more customers as Europe falls into a recession. The low-cost carrier posted its highest ever half-year profit on Monday, earning €1.37 billion ($1.36 billion) for the six months through September. That
Continue Reading By Brian Fung, CNN Business For years, Twitter has been a leader in countering misinformation and protecting elections. It was often ahead of its peers in creating and enforcing new policies, and it was the first major platform to ban former President Donald Trump after the Capitol insurrection, pushing others to follow suit. But concerns
Continue Reading By Diksha Madhok, CNN Business Apple has said that shipments of its latest lineup of iPhones will be “temporarily impacted” by Covid restrictions in China. In a statement on Sunday, the company said that its assembly facility located in the central Chinese city of Zhengzhou is “currently operating at significantly reduced capacity,” due to Covid
Continue Reading Diksha Madhok, CNN Business Apple has said that shipments of its latest lineup of iPhones will be “temporarily impacted” by Covid restrictions in China. In a statement on Sunday, the company said that its assembly facility located in the central Chinese city of Zhengzhou is “currently operating at significantly reduced capacity,” due to Covid curbs.
Continue Reading By Jennifer Korn and Donie O’Sullivan, CNN Business Twitter is delaying the rollout of account verifications for its paid Twitter Blue subscription plan until after the midterm elections, a source with knowledge of the decision confirmed to CNN. The decision to push back the new feature comes one day after the platform launched an updated
Continue Reading By Chris Isidore, CNN Business Workers at a Home Depot in Philadelphia overwhelmingly voted against becoming the first store in the chain to be represented by a union. The National Labor Relations Board, which oversees union elections, reported that only 51 employees voted to join Home Depot Workers United, and 165 voted against it. The
Continue Reading By Jennifer Korn MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, according to a Department of Justice release on Friday. J. Mitchell Lowe, previous CEO of the movie ticket subscription service,
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