By Frank Pallotta, CNN Business Bob Iger was back at Disney headquarters on Monday to meet with employees for the first time since surprising the media world by returning as the company’s CEO last week. Iger discussed multiple issues facing the company including Disney’s current hiring freeze and what he plans to focus on when
Continue Reading By Allison Morrow, CNN Business Crypto lender BlockFi filed for bankruptcy Monday, becoming the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-Fried’s empire. BlockFi announced earlier this month that it had halted withdrawals, citing “significant exposure” to Bankman-Fried’s FTX exchange, as well as its sister hedge fund Alameda. FTX, Alameda
Continue Reading By Chris Isidore, CNN Business Sunday marked the busiest day at US airports since the start of the pandemic — and though bad weather caused widespread flight delays, relatively few flights were canceled outright. About 2.6 million people were screened at Transportation Security Administration checkpoints Sunday. That’s the most since December 26, 2019, just a
Continue Reading By Jordan Valinsky, CNN Business Online Black Friday sales in the United States topped a record-breaking $9.12 billion this year, according to Adobe Analytics, kicking off a solid start to the holiday shopping season despite inflation and other economic concerns. Adobe, which tracks sales on retailer websites, said that this year’s Black Friday online sales
Continue Reading By Anna Cooban, CNN Business US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. West Texas Intermediate crude oil futures, the US benchmark, slid 2.7% on Monday to trade close to $74 a barrel, a level last reached in December
Continue Reading By Julia Horowitz, CNN Business The CEO of Barclays said Monday that he has been diagnosed with cancer. C.S. Venkatakrishnan, who is known as Venkat at the bank, said in a note to colleagues that he will begin undergoing treatment for Non-Hodgkin lymphoma at Memorial Sloan Kettering Cancer Center in New York. “The good news
Continue Reading By Jennifer Deaton, CNN Business Edward Lawrence, a journalist at the BBC, was arrested by police in Shanghai at the scene of protests on Sunday night, according to the BBC and as captured on what appears to be mobile phone footage of the arrest. While he has since been released, a BBC spokesperson has expressed
Continue Reading By Laura He, CNN Business Global markets fell on Monday after widespread protests in China against the country’s stringent Covid-19 restrictions roiled investor sentiment. European markets opened broadly lower, tracking the performance of Asian shares. The FTSE 100 dropped 0.7%, the CAC 40 fell 0.6%, and the DAX was down 0.5%. Earlier, Hong Kong’s benchmark
Continue Reading By Jennifer Deaton, CNN Business Edward Lawrence, a journalist at the BBC, was arrested by police in Shanghai at the scene of protests on Sunday night, according to the BBC and as captured on what appears to be mobile phone footage of the arrest. While he has since been released, a BBC spokesperson has expressed
Continue Reading By Samantha Beech and Keith Allen, CNN A severe weather system across several parts of the United States has prompted the three major airports servicing New York City to urge passengers to arrive early for flights on what is expected to be one of the busiest travel days of the year. As of Sunday night,
Continue Reading By Nathaniel Meyersohn, CNN Business Self-checkout arrived in the late 1980s at supermarkets. A decade later, it began spreading to big-box chains and drug stores. Now, self-checkout, loved by some and hated by others, has entered discount clothing and department stores. Kohl’s is testing self-checkout stations at a handful of stores. H&M added them at
Continue Reading By Nathaniel Meyersohn, CNN Business Marc Rosen didn’t flinch when he was offered the top job at JCPenney last year. A stalwart of twentieth-century retail for middle-class Americans seeking affordable clothing and home furnishings, JCPenney has struggled for more than a decade and fell into bankruptcy shortly after the Covid-19 pandemic in 2020. But Rosen,
Continue Reading By Catherine Thorbecke, CNN Business Sunday officially marks one month since the world’s richest man took the helm at Twitter. In that time, Elon Musk initiated mass layoffs and gave remaining staffers a cryptic ultimatum, reinstated the accounts of controversial figures including former President Donald Trump, and launched — then punted — a plan to
Continue Reading By Ramishah Maruf, CNN Customers who need flight information or want to make changes to travel plans can no longer call Frontier Airlines and speak to an agent, the company confirmed to CNN Saturday. Starting last week, the ultra low-cost airline said it has transitioned to fully digital communications. Customers seeking help or information from
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 Juliana Liu, CNN Business A violent workers’ revolt at the world’s largest iPhone factory this week in central China is further scrambling Apple’s strained supply and highlighting how the country’s stringent zero-Covid policy is hurting global technology firms. The troubles started last month when workers left the factory campus in Zhengzhou, the capital of
Continue Reading By Alicia Wallace, CNN Business. Photographs by Jamie Kelter Davis for CNN The rise of e-commerce in recent years has taken its toll on in-person shopping, felling brick-and-mortar stores and once popular malls in the process. As a result, Black Friday, the traditional first day of the Christmas shopping season and a day once known
Continue Reading by Samantha Beech, CNN Two anonymous women who accuse the late Jeffrey Epstein of sexual abuse have filed separate civil lawsuits against JP Morgan Chase & Co. and Deutsche Bank AG, claiming the big banks enabled and benefitted financially from Epstein’s alleged sex trafficking operation. The class action suits were filed in part under a
Continue Reading By Peter Valdes-Dapena, CNN Business Ford has announced another SUV recall, this time impacting about 520,000 Ford Escape and Bronco Sport compacts in the United States. Potential cracks in the vehicles’ fuel line could cause fires to break out under the hood of some cars, according to Ford and the National Highway Traffic Safety Administration.
Continue Reading By Nimi Princewill, CNN Nigerians have criticized the “redesigning” of the country’s local currency proposed by its central bank to rein in counterfeiting and hoarding of large sums outside the banking system. President Muhammadu Buhari unveiled the redesigned 200-, 500-, and 1,000-naira notes on Wednesday, saying “the new Naira banknotes have been fortified with security
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