By Oliver Darcy, CNN Business The digital media conglomerate BDG, which houses brands such as Elite Daily and Bustle, announced on Wednesday that it will slash its workforce by 8% and shutter the recently relaunched news and gossip website Gawker. In an email to employees, chief executive Bryan Goldberg said the company is “facing a
Continue Reading By Kara Scannell, CNN Sam Bankman-Fried is in trouble, once again, for talking too much. A federal judge on Wednesday temporarily tightened the FTX founder’s bail conditions after learning that Bankman-Fried sent a text message to a former top executive of the crypto trading platform. The judge said that appeared to be a “material threat
Continue Reading By Danielle Wiener-Bronner, CNN Good news: Beyoncé’s Renaissance tour is happening. Bad news: Fans are already gearing up for a difficult time getting tickets, especially following Ticketmaster’s botched ticket rollout for Taylor Swift’s Eras tour. Beyoncé announced the tour — which had been previously rumored — on Wednesday. In an Instagram post, the superstar posted
Continue Reading By Hanna Ziady, CNN Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” Wednesday to cut red tape and deliver tax breaks. The Green Deal Industrial Plan will “enhance the competitiveness of Europe’s net-zero industry” by simplifying regulation, speeding up access to finance, enhancing skills
Continue Reading By Brian Fung, CNN The Biden administration on Wednesday took its biggest swipe yet at app stores run by Apple and Google, with a new report accusing the two tech giants of exercising “gatekeeper” power that has led to “suboptimal” levels of competition in digital markets. The report published by the Commerce Department finds that
Continue Reading By Jordan Valinsky, CNN Business The 154-year-old brand behind Tabasco wants you to put its hot sauce on more than your eggs and avocado toast. Tabasco Brand is releasing a bottled dressing, a first for the privately owned company, as it seeks to expand its appeal to those who might be intimidated by too much
Continue Reading By Danielle Wiener-Bronner, CNN Gatorade has long been the leader among sports drinks, those brightly colored beverages designed to replenish the electrolytes lost when you sweat. Now, its rival Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the top spot. That won’t be easy. The new Powerade,
Continue Reading By Danielle Wiener-Bronner, CNN Gatorade has long been the leader among sports drinks, those brightly colored beverages designed to replenish the electrolytes lost when you sweat. Now, its rival Powerade is hoping that a revamped recipe and new look will help finally unseat Gatorade from the top spot. That won’t be easy. The new Powerade,
Continue Reading By Nicole Goodkind, CNN Business Investors appear to be preparing for another match-up against their favorite sparring partners at the Federal Reserve today. Fed officials are hoping they’ll be able to ease up on the pace of interest hikes without having to signal any immediate plans to stop. Wall Street, meanwhile, is convinced that the
Continue Reading By Jordan Valinsky, CNN It was an all-you-can-eat buffet for a Michigan boy last weekend. Six-year-old Mason Stonehouse was playing on his dad’s phone before bedtime and spent about $1,000 on Grubhub orders. The food started coming to the Chesterfield Township family’s home near Detroit around 9 pm Saturday night. And it kept coming. The
Continue Reading By Jordan Valinsky, CNN It was an all-you-can-eat buffet for a Michigan boy last weekend. Six-year-old Mason Stonehouse was playing on his dad’s phone before bedtime and spent about $1,000 on Grubhub orders. The food started coming to the Chesterfield Township family’s home near Detroit around 9 pm Saturday night. And it kept coming. The
Continue Reading By Anna Cooban, CNN Europe’s stock markets have beaten Wall Street by the biggest margin in more than three decades over recent months as its economy looks set to dodge a recession many thought inevitable just a few weeks ago. Since late September, European market benchmarks have risen by 20 percentage points more than Wall
Continue Reading By Catherine Thorbecke, CNN In less than three months, four of the big five US tech companies have cut tens of thousands of employees combined, shattering myths about the industry’s seemingly unstoppable growth in the process. But there has been one notable exception: Apple. To date, Apple has not announced any substantial cuts, thanks in
Continue Reading By Chris Isidore, CNN Southwest Airlines’ customers are furious about the company’s Christmas week service meltdown. But fliers may forgive the company sooner than you think. The airline is paying the price for canceling about half of its schedule between December 20 and December 29 — more than 16,700 flights during the busy holiday season
Continue Reading By Jordan Valinsky, CNN Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy. These closures are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which
Continue Reading By Diksha Madhok, CNN Gautam Adani looks set to cede his position as Asia’s richest man to another Indian billionaire as shares in his business empire continue to plunge following fraud allegations leveled by an American short seller. In an investigation published last Tuesday, Hindenburg Research accused Adani’s ports-to-power group of “brazen stock manipulation and
Continue Reading By Nicole Goodkind, CNN The Federal Reserve unanimously approved a quarter-point interest rate hike Wednesday, slowing the pace of its increases in a clear sign that the central bank is seeing progress in its fierce battle with inflation. The decision, at the conclusion of the Federal Open Market Committee’s first meeting of 2023, comes after
Continue Reading By Donald Judd President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting hidden fees across multiple industries. These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already
Continue Reading By Hilary Whiteman, CNN Authorities scanning a remote Australian highway for a tiny missing radioactive capsule have found it by the roadside, after a challenging search likened to trying to find a needle in a haystack. State emergency authorities announced the discovery on Wednesday afternoon, six days after the capsule, containing highly radioactive Caesium-137, was
Continue Reading By Swati Gupta and Rhea Mogul, CNN An Indian court on Tuesday sentenced self-proclaimed spiritual guru Asaram Bapu to life imprisonment on charges of rape and sodomy, according to his lawyer. The verdict is the second life term against the octogenarian, who is already serving a life sentence following his 2018 conviction for raping a
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