By Chris Isidore, CNN Business General Motors will be getting $1.9 billion from its battery supplier LG to cover most of the cost of the expensive recall of the Chevrolet Bolt after a series of fires. GM is recalling 143,000 Bolts, which represents most of the Bolts sold since the electric car debuted in 2016.
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By Paul R. La Monica, CNN Business JPMorgan Chase CEO Jamie Dimon is not known for mincing words or hiding his emotions. So the fact that the leader of America’s largest bank sounds very upbeat about the health of the US economy is noteworthy. Dimon said he is not worried about the possibility of inflation
Continue Reading By Paul R. La Monica, CNN Business Say what you want about JPMorgan Chase CEO Jamie Dimon, but he’s consistent about his disdain for bitcoin. Dimon once again attacked the top cryptocurrency, calling it “worthless” during a virtual summit Monday. “I personally think bitcoin is worthless, but I don’t want to be a spokesperson,” he
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By Hanna Ziady, CNN Business The global economic recovery from the coronavirus pandemic is weakening and risks are rising, according to the International Monetary Fund. The IMF on Tuesday slashed its 2021 growth forecast for the United States by one full percentage point to 6%, the biggest reduction suffered by any G7 economy in its
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By Ramishah Maruf, CNN Business Elon Musk’s personal wealth is now $222 billion, widening his gap as the richest person in the world according to Bloomberg’s Billionaires Index. Musk’s personal wealth skyrocketed an extra $10.6 billion after a secondary share sale by investors, announced last week, valued SpaceX over $100 billion, CNBC reported. Jeff Bezos,
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By Julia Horowitz, CNN Business For the first time since late 2014, US oil prices are back above $80 per barrel — a boon for the energy industry, which was battered during the pandemic, but bad news for the economic recovery as winter approaches. What’s happening: West Texas Intermediate futures, the US crude benchmark, finished
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By Anneken Tappe, CNN Business China’s real estate crisis isn’t showing any sign of letting up. Embattled conglomerate Evergrande rattled global markets in September by warning it could default on its huge debts. Since then, more developers have made similar public confessions, unnerving investors and raising fears of contagion across the vast sector. It’s unclear
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By Laura He and Manveena Suri, CNN Business Two of Asia’s largest economies are racing to contain a worsening energy crunch. China is trying to assuage concerns about skyrocketing prices as its major coal mining hubs grapple with heavy rains and deadly accidents, problems that are compounding efforts to address power shortages. Some leaders in
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By Laura He and Manveena Suri, CNN Business Two of Asia’s largest economies are racing to contain a worsening energy crunch. China is trying to assuage concerns about skyrocketing prices as its major coal mining hubs grapple with heavy rains and deadly accidents, problems that are compounding efforts to address power shortages. Some leaders in
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By Michelle Toh, CNN Business Evergrande stayed silent Tuesday about its fate after reportedly failing to make interest payments on another international bond, the third such deadline it appears to have missed in recent weeks. The sprawling Chinese real estate conglomerate was due to make payments of about $148 million on US dollar-denominated bonds on
Continue Reading By Donie O’Sullivan, CNN Business Sophie Zhang, who said she felt like she had “blood on her hands” after working at Facebook, is willing to testify before Congress about her former employer, she told CNN Sunday. She said she had also passed on documentation about the company to a US law enforcement agency. Zhang, who
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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. When Jon Gruden was a prominent broadcaster on ESPN, providing color commentary during “Monday Night Football,” he was also sending profane and hateful emails to friends. Gruden later became the
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. When Jon Gruden was a prominent broadcaster on ESPN, providing color commentary during “Monday Night Football,” he was also sending profane and hateful emails to friends. Gruden later became the
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By Donie O’Sullivan, CNN Business Sophie Zhang, who said she felt like she had “blood on her hands” after working at Facebook, is willing to testify before Congress about her former employer, she told CNN Sunday. She said she had also passed on documentation about the company to a US law enforcement agency. Zhang, who
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Walé Azeez, CNN Business The UK competition regulator has slapped Facebook with a $70 million fine for repeatedly ignoring warnings and deliberately breaking its rules. The Competition and Markets Authority (CMA) said in a statement Wednesday that Facebook had “consciously” refused to report all the required information during an investigation of the tech giant’s acquisition
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By Blake Ellis and Melanie Hicken, CNN International shipping giant Maersk has suspended five crew members and launched an investigation in the wake of an explosive blog post from a student at a federal service academy who said she was raped in 2019 on one of the company’s ships when she was 19 years old.
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By Rishi Iyengar, CNN Business Amazon is shifting its approach to remote work again, giving its workers more control over how much time they spend in the office and opening the door for more corporate workers to continue working from home. The company will now allow individual teams to decide which policy works for them,
Continue Reading By Rishi Iyengar, CNN Business Amazon is shifting its approach to remote work again, giving its workers more control over how much time they spend in the office and opening the door for more corporate workers to continue working from home. The company will now allow individual teams to decide which policy works for them,
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By Chris Isidore, Gregory Wallace and Pete Muntean, CNN The problems at Southwest Airlines run deeper than the operational meltdown that caused more than 2,000 flight cancellations in recent days. And they’ll continue well after the airline is back on schedule. Although this weekend’s problems were mainly limited to Southwest, it is by no means
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By Julia Horowitz, CNN Business The shift to clean energy is sending the oil industry into decline. But the world needs a much more ambitious plan to save the climate and achieve net-zero emissions by 2050. That’s according to the International Energy Agency, which said in its global energy outlook published Wednesday that more aggressive
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