By Parija Kavilanz, CNN Business Customers are pulling back on spending at Gap and Old Navy — particularly in one specific category that shows just how much families are feeling inflation’s pinch. In tough times, parents typically skimp on themselves and focus on meeting the needs of their growing children. But Gap and Old Navy
Continue Reading By Catherine Thorbecke, CNN Business As #RIPTwitter continues to trend on Twitter itself and a legion of engineers and other staffers exit the company, some users are preparing for a world without their accounts. For those who have lived their lives on the platform for the past decade or more, Twitter going dark could mean
Continue Reading By Mia Alberti IKEA furniture was allegedly produced by prisoners in Belarus penal colonies under forced labor conditions, according to a new report by the French non-profit investigative journalism network Disclose. Disclose alleges that at least ten of IKEA’s subcontractors in Belarus “had ties with penal colonies over the past 10 years,” according to accounting
Continue Reading By Frank Pallotta, CNN Business Taylor Swift spoke out Friday about the ticketing debacle that took place this week, as many fans were unable to purchase tickets for her upcoming tour on Ticketmaster. “It goes without saying that I’m extremely protective of my fans,” Swift wrote on Instagram on Friday. “It’s really difficult for me
Continue Reading By Matt McFarland, CNN Business The trial for the Tesla shareholder lawsuit examining CEO Elon Musk’s unprecedented compensation package wrapped up Friday afternoon. Chancellor Kathaleen McCormick did not issue a ruling from the bench, and it could be weeks to months before a ruling. “We have a lot of work ahead of us,” McCormick told both
Continue Reading By Matt Egan A powerful subcommittee in the House of Representatives is seeking internal documents and communications from Sam Bankman-Fried and FTX to understand how the crypto exchange collapsed so suddenly and what is being done to recover customer funds. FTX, formerly one of the most trusted brands in crypto, filed for bankruptcy last week
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 Anna Bahney, CNN Business Home sales in the United States declined for the ninth month in a row in October as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 28.4% in October from a
Continue Reading By Clare Duffy, CNN Business On Thursday night, following another exodus of Twitter employees, the outage detection site Down Detector showed a spike in users reporting issues accessing the social media platform. A chart of the sharp increase in outage reports was shared by some users on Twitter, appearing to validate a growing fear that
Continue Reading 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 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 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 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 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
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