By Laura He, CNN Business Global shipping was just starting to recover from the chaos of the pandemic. Now port congestion and delays are back and could be around for a while. Covid lockdowns in China have wreaked havoc at Shanghai, the world’s biggest container port, and are now causing problems at other major ports
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By Laura He and Mark Thompson, CNN Business Global markets slid Friday after Wall Street suffered its worst day of the year. Major European indexes dropped in early trading. They followed stocks in Asia, which sold off as China’s pledge to stick to its zero-Covid policy stoked concerns about the world’s second biggest economy. Hong
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By Jackie Wattles, CNN Business Three NASA astronauts and a European astronaut splashed down aboard their SpaceX Crew Dragon capsule off the coast of Florida after midnight Friday morning, capping off their six-month mission during which they worked alongside Russian cosmonauts and hosted the first all-private crew to visit the orbiting outpost. The crew of
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By Jeanne Sahadi, CNN Business Bitcoin is notoriously volatile. But it may also prove politically vexing for Fidelity, which is getting blowback from two senators for its recent decision to offer bitcoin as an investment option on its 401(k) platform. Massachusetts Sen. Elizabeth Warren and Minnesota Sen. Tina Smith sent a letter to Fidelity this
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By Sara Ashley O’Brien, CNN Business DoorDash, which went public amid a pandemic-fueled delivery craze in late 2020, said its business continues to boom even as people increasingly return to their lives outside the home. The on-demand delivery company said its order volume grew 23% to 404 million in the first three months of this
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By Sara Ashley O’Brien, CNN Business DoorDash, which went public amid a pandemic-fueled delivery craze in late 2020, said its business continues to boom even as people increasingly return to their lives outside the home. The on-demand delivery company said its order volume grew 23% to 404 million in the first three months of this
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By Julia Horowitz, CNN Business This newsletter yesterday highlighted warnings that market enthusiasm after the Federal Reserve’s latest meeting was misplaced. Investors quickly came to the same conclusion. What’s happening: After the S&P 500 rallied 3% on Wednesday, logging its best day in almost two years, it plunged 3.6% in an ugly trading session on
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By Clare Duffy, CNN Business Meta said Thursday it is cutting back on hiring. The move is one of several shifts the Facebook parent company is making following a period of slower-than-usual growth. “We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings
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By Kathryn Vasel, CNN Business Airbnb recently told employees they can work remote permanently, but when they do return to the office it’ll likely look different. “I think an office as we know it is kind of an outdated notion,” Airbnb co-founder and CEO Brian Chesky said at the Wall Street Journal’s CEO Council Summit
Continue Reading Opinion by Paul Hockenos for CNN Business Perspectives Russia’s announcement last week that it was halting all gas deliveries to Poland and Bulgaria may have sounded like a bombshell, perhaps even presaging a complete suspension of gas flows to all of Europe. This certainly was Russian president Vladimir Putin’s intent: to strike fear into the
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By Clare Duffy, CNN Business Elon Musk has raised just over $7 billion in additional equity financing to help fund his purchase of Twitter. The new investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a new Securities and Exchange Commission disclosure Musk filed Wednesday. Musk last
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By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
Continue Reading By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
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By Rishi Iyengar Since Elon Musk announced he was buying Twitter last month, the billionaire has sent out tweet after tweet outlining his plans for the platform, touching on everything from new features to security updates to monetization. But Musk’s overarching reason for committing billions of dollars to buy Twitter is to ensure the platform
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By Anna Cooban, CNN Business Europe has finally proposed a ban on Russian oil, but has again stopped short of using its most potent weapon — sanctioning Russia’s natural gas. On Wednesday, the European Commission put forward a sixth package of sanctions against Russia over the war in Ukraine, which includes a plan to phase
Continue Reading By Brian Fung, CNN Bill Gates sounded a note of caution this week on Elon Musk’s $44 billion acquisition of Twitter, saying the Tesla CEO “actually could make it worse” despite a strong track record with his other business ventures. While Gates did not precisely define what he meant by “worse” in remarks at the
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By Paul R. La Monica, CNN Business The Federal Reserve finally seems prepared to whip inflation. The last time the Fed faced surging prices like this, it jacked up interest rates and the US economy endured multiple slowdowns. Do Americans need to fear a repeat of the early 1980s? Many investors and economists worry that
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By Nicole Goodkind, CNN Business So much for the good feelings on Wall Street. US markets fell sharply Thursday, marking their worst day of the year and eviscerating all of the gains from Wednesday after the Federal Reserve’s announcement of its plans to increase in its benchmark interest rate won over investors. Fed Chair Jerome
Continue Reading By Nicole Goodkind, CNN Business So much for the good feelings on Wall Street. US markets fell sharply Thursday, eviscerating all of the gains from Wednesday after the Federal Reserve’s announcement of its plans to increase in its benchmark interest rate won over investors. Fed Chair Jerome Powell helped reassure investors Wednesday afternoon, saying that
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By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities imposed a lockdown
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