By David Goldman, CNN Business Vishal Garg, the Better.com CEO who fired 900 employees over Zoom just before Christmas, has been sued by a former executive for allegedly misleading investors. The SoftBank-backed online mortgage company agreed to a $7.7 billion merger with a blank-check firm to take the company public just over a year ago,
Continue Reading By Chris Isidore, CNN Business Another day, another record for US gas prices. The US average for the price of a gallon of regular gas hit $4.96 according to the most recent reading from AAA Wednesday. It marked the 12th straight day, and the 29th time in the last 30 that gas has set a
Continue Reading By Julia Horowitz, CNN Business For years, ExxonMobil struggled to court investors as fears about the climate crisis and criticism of its business strategy kept would-be shareholders at bay. Now, the oil giant is staging a dramatic comeback. What’s happening: Shares of Exxon climbed above $100 apiece on Tuesday for the first time since 2014.
Continue Reading By Kathryn Vasel, CNN Business The strong labor market has given us near record low unemployment, higher wages — and an unfortunate uptick in the number of reports of job seekers getting scammed. “We are definitely seeing job scams,” said Rhonda Perkins, attorney and chief of staff of the Federal Trade Commission’s division of marketing
Continue Reading By Michelle Toh, CNN Business Nike is deactivating its Run Club app in China, becoming the latest Western company to reconfigure its business in the world’s second largest economy. The US sportswear giant posted a notice to runners in mainland China, saying the app will “cease service and operation” there starting July 8. In a
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion,” the latest film in the Jurassic Park franchise, stomps into theaters this weekend. The sixth film in the dinosaurs-run-amok series could be one of the biggest of the summer — if not the entire year. This shouldn’t come as a surprise. The Jurassic Park franchise has been
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion,” the latest film in the Jurassic Park franchise, stomps into theaters this weekend. The sixth film in the dinosaurs-run-amok series could be one of the biggest of the summer — if not the entire year. This shouldn’t come as a surprise. The Jurassic Park franchise has been
Continue Reading By Laura He, CNN Business BYD, the Warren Buffett-backed Chinese electric carmaker, plans to supply batteries to Tesla “very soon,” a senior executive from the company told a Chinese state-owned broadcaster. “BYD respects Tesla, and we also admire Tesla,” said Lian Yubo, BYD’s executive vice president, in a video interview with an anchor from CGTN.
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. Sally Buzbee has had enough. The Washington Post executive editor sought to rein in her newsroom with a memo on Tuesday that carried a far firmer tone than her note
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. Sally Buzbee has had enough. The Washington Post executive editor sought to rein in her newsroom with a memo on Tuesday that carried a far firmer tone than her note
Continue Reading By Paul R. La Monica, CNN Business You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said “for many countries, recession will be hard to avoid.” Malpass joins many others on Wall Street and at central banks around the globe who
Continue Reading By Alicia Wallace, CNN Business Americans are continuing to lean on credit cards and loans, as consumer credit surged by $38 billion in April amid the highest inflation in 40 years. The latest Federal Reserve data on outstanding consumer credit, released Tuesday afternoon, comes after March’s record increase of $52.4 billion. That figure has since
Continue Reading By Matt McFarland, CNN Business Uber and Alphabet’s Waymo, which were once embroiled in a lawsuit over self-driving technology, are now working together on fully autonomous trucks. The companies announced Tuesday a “long-term strategic partnership” to deploy Waymo’s self-driving trucks on Uber Freight, a logistics platform that matches trucks with businesses shipping goods. Carriers purchasing
Continue Reading By Chris Isidore, CNN Business No matter where you live in the United States, gas prices are uncomfortably high. Filling up a car for $60, $70 or $80 is a painful experience wherever you are. But not all Americans are feeling pain at the pump equally. You might think drivers in California are struggling the
Continue Reading By Allison Morrow, CNN Business The agency that oversees Wall Street is weighing major changes to the way millions of everyday investors buy and sell stocks. That could be bad news for so-called free-trading apps like Robinhood as well as the lesser known firms that underpin their business models. Today, when you buy or sell
Continue Reading By Anna Cooban and Julia Horowitz, CNN Business The European Central Bank held off on raising interest rates on Thursday, but confirmed plans for a hike next month in a bid to fight inflation. The bank announced that it would raise the cost of borrowing by 25 basis points in July — its first rate
Continue Reading By Sara Ashley O’Brien, CNN Business A man purporting to be a member of the seven-person jury that deliberated in the Johnny Depp vs. Amber Heard trial made a series of posts on TikTok last week about what he claimed were his insights from the high-profile trial that captivated the world. While some social media
Continue Reading By Sara Ashley O’Brien, CNN Business A man purporting to be a member of the seven-person jury that deliberated in the Johnny Depp vs. Amber Heard trial made a series of posts on TikTok last week about what he claimed were his insights from the high-profile trial that captivated the world. While some social media
Continue Reading By Paul R. La Monica, CNN Business You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said “for many countries, recession will be hard to avoid.” Malpass joins many others on Wall Street and at central banks around the globe who
Continue Reading By Nathaniel Meyersohn, CNN Business Target is stuck with too much home decor and too many TVs. To clear out the glut, it will ramp up discounts. The retail giant said Tuesday that it would mark down prices on some bigger-ticket items that consumers have pulled back on purchasing and cancel pending orders from suppliers.
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