By Chauncey Alcorn, CNN Business Kraft Heinz and two of its former high-ranking executives settled charges with the Securities Exchange Commission, which found the company engaged in a “years-long accounting scheme” involving falsified supplier contracts. The SEC announced the formal charges and the settlement on Friday after a long-running regulatory investigation that Kraft disclosed in
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By Jackie Wattles, CNN Business A 100-foot-tall rocket burst into flames mid-air after launching from California Thursday evening, dashing the hopes of a Texas-based startup to put a rocket into Earth’s orbit on its first-ever launch attempt. The rocket, which launched from Vandenberg Space Force Base north of Los Angeles on Thursday, appeared to have
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By Paul R. La Monica, CNN Business The August jobs report was a massive disappointment, with Corporate America hiring far fewer people than expected. But investors largely shrugged off the weaker jobs gains. Stocks were mostly unchanged Friday and remained near all-time highs. The S&P 500 was flat while the Nasdaq rose slightly. Both held
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By Clare Duffy and Samantha Murphy Kelly, CNN Business Apple made headlines — and not the good kind — last month when it announced a test of a new tool aimed at combating child exploitation. Critics quickly decried the feature’s potential privacy implications, and now Apple is taking a long pit stop before moving forward
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By Paul R. La Monica, CNN Business Here’s another sign that workers are able to command more pay in this Covid-driven economy: Walmart, one of the nation’s largest employers, is giving more than 565,000 workers a raise. Walmart US President and CEO John Furner said in a memo to employees obtained by CNN Business that
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By Matt Egan, CNN Business The easiest way to spark a financial crisis and wreck the US economy would be to allow the federal government to default on its debt. It would be an epic, unforced error — and millions of Americans would pay the price. And yet that unlikely situation is once again being
Continue Reading By Anneken Tappe, CNN Business America’s jobs recovery hit a major roadblock in August as the Delta variant threatened the labor market recovery, and the US economy added far fewer jobs than expected. Only 235,000 jobs were added back to the economy last month, the lowest number since January, vastly missing economists’ expectations. “Delta is
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By Chris Isidore, CNN Business General Motors will shut production at most of its North American plants for a week or two starting next week as the worsening chip shortage takes another bite out of its plans. GM and other automakers had hoped the chip shortage would be mostly behind them by now. But the
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By Julia Horowitz, CNN Business All eyes are on the US jobs report for August, due Friday, as the Federal Reserve weighs when to start pulling back support for the economy. What’s happening: Economists polled by Refinitiv predict that 728,000 jobs were added last month. We’ll find out shortly if they’re correct. If that many
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By Clare Duffy, CNN Business A group of researchers has developed a new material they say is as soft as cotton but as strong as Kevlar and as conductive as many metals. It can be worn and washed like normal clothing and could eventually turn athletic apparel into smart “wearables.” The so-called “carbon nanotube threads”
Continue Reading By Clare Duffy, CNN Business A group of researchers has developed a new material they say is as soft as cotton but as strong as Kevlar and as conductive as many metals. It can be worn and washed like normal clothing and could eventually turn athletic apparel into smart “wearables.” The so-called “carbon nanotube threads”
Continue Reading By Charles Riley, CNN Business Bumble and the CEO of rival dating platform Match Group are creating relief funds for people affected by a Texas law that bans abortion from as early as six weeks into pregnancy. And in doing so they kicked off a corporate reaction to the legislation that other companies, including Lyft
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By Charles Riley, CNN Business Bumble and the CEO of rival dating platform Match Group are creating relief funds for people affected by a Texas law that bans abortion from as early as six weeks into pregnancy. And in doing so they kicked off a corporate reaction to the legislation that other companies, including Lyft
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By Michelle Toh, CNN Business Alibaba is pouring 100 billion yuan ($15.5 billion) into China’s drive to achieve “common prosperity,” marking the latest big pledge from a Chinese company to support President Xi Jinping’s campaign. The tech giant announced Friday that it would spend the staggering sum by 2025 with an eye on five priorities:
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By Laura He, CNN Business China will set up a new stock exchange in Beijing, giving the nation’s capital and political center more influence in the world of business and finance. President Xi Jinping announced the Beijing-based exchange at an international trade fair on Thursday, saying that he wanted to create a venue for “service-oriented”
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “All you could do for people was cover the stories of their loved ones who were lost. They wanted people to know about this person they loved so much, because
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “All you could do for people was cover the stories of their loved ones who were lost. They wanted people to know about this person they loved so much, because
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By Scottie Andrew, CNN Fed up with torrents of racist and transphobic hate from viewers, a trio of Twitch users decided to take a day off from the streaming platform. Their absence, they hoped, would compel Twitch to do more to support streamers of color and those from marginalized groups. Twitch users RekItRaven, LuciaEverblack and
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By Chauncey Alcorn Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He’d saved money by living with his parents for a time and secured a higher-paying job in 2020. But the 30-year-old San Diego corrections officer has struggled to compete in one of
Continue Reading By Chauncey Alcorn Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He’d saved money by living with his parents for a time and secured a higher-paying job in 2020. But the 30-year-old San Diego corrections officer has struggled to compete in one of
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