By Anna Cooban and Inke Kappeler, CNN Business Siempelkamp Giesserei has seen its fair share of crises in its 99 years. But pandemic shutdowns, supply chain disruptions and soaring energy prices have thrown the Düsseldorf metals factory into uncharted territory. “There has never been anything like this before,” Georg Geier, the company’s managing director, told
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By Chris Isidore, CNN Business Southwest Airlines posted a first-quarter loss, but the company said that will be the last time it loses money for awhile. The airline had gone more than 11 years without a money-losing quarter and reported 47 straight years of annual profits before the pandemic. But Southwest said that it made
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By Julia Horowitz, CNN Business Every quarter, investors on Wall Street parse earnings for intel on how much money a company brings in and the size of its profit. But this season has served as a reminder of how much traders who have piled into fast-growing tech stocks have come to value another metric. They’re
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By Anneken Tappe, CNN Business America’s economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday. The nation’s gross domestic product — the broadest measure of economic activity — declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior
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By Michelle Toh, CNN Business For the first time in China, people will be able to get a taxi ride without anyone behind the wheel. Baidu and autonomous driving startup Pony.ai announced Thursday that they had won the country’s first permits to provide robotaxi ride-hailing services to the public. The permits do not require an
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By Michelle Toh, CNN Business Samsung reported strong results on Thursday, with profits for the first quarter climbing more than 50% compared to the same time a year ago. The South Korean tech giant pulled in 77.8 trillion Korean won ($61.3 billion) in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit, roughly
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On Monday, the Missouri Senate Governmental Affairs and Fiscal Oversight Committee voted in favor of HB 2502 which would legalize sports betting in Missouri casinos and online.
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By Chris Isidore, CNN Business In the days after its November IPO, electric truck maker Rivian was briefly one of the world’s most valuable automakers despite not yet having reported a single sale. But its stock has been sliding steadily since then, which just resulted in a big loss for…..Ford? Yes, that’s right. Ford, which
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By Clare Duffy, CNN Business Meta’s first earnings of 2022 may have largely fallen short of expectations, but that hasn’t really dampened the enthusiasm of its investors. Facebook’s parent company on Wednesday missed Wall Street revenue forecasts during the first three months of 2022, and posted its slowest revenue growth in years. It also narrowly
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By Brian Fung, CNN Business The Commerce Department backed a key legislative proposal aimed at forcing tech giants such as Facebook and Google to compete against smaller businesses, agency secretary Gina Raimondo said Wednesday, in an announcement that throws the full weight of the Biden administration behind the bill. Testifying before the Senate Commerce Committee,
Continue Reading By Brian Fung, CNN Business The Commerce Department backed a key legislative proposal aimed at forcing tech giants such as Facebook and Google to compete against smaller businesses, agency secretary Gina Raimondo said Wednesday, in an announcement that throws the full weight of the Biden administration behind the bill. Testifying before the Senate Commerce Committee,
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By Matt Egan, CNN Business Russia’s invasion of Ukraine has contributed to an historic shock to commodity markets that will keep global prices high through the end of 2024, according to the World Bank. The spike in energy prices over the past two years is the biggest since the 1973 oil crisis, while the jump
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By Frank Pallotta, CNN Business Earlier this year, Spotify found itself embroiled in a controversy sparked by one of its most notable podcast hosts, Joe Rogan. The comedian’s frequent and sometimes inaccurate claims about Covid-19 and vaccines on his very popular, “The Joe Rogan Experience” podcast led some artists to leave the site in protest.
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By Paul R. La Monica, CNN Business Sending money to pay for things via Venmo may be all the rage among smartphone-addicted millennials and Gen Zers. But it hasn’t been enough to boost Venmo owner PayPal as of late. The digital payments giant is one of the worst performing stocks in the S&P 500 this
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By Catherine Thorbecke, CNN Business Apple has officially opened its self service repair store, which provides manuals and parts for users seeking do-it-yourself fixes for their iPhones. The online shop offers more than 200 individual parts and tools, such as iPhone screws, cameras, batteries, displays, SIM card trays and more, allowing customers and third-party fixit
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By Matt Egan, Kara Scannell and Mark Morales, CNN Federal agents arrested Archegos Capital Management founder Sung Kook “Bill” Hwang on Wednesday morning on fraud charges, roughly one year after the investment firm’s spectacular meltdown sent shock waves through Wall Street. Prosecutors are charging both Hwang and Patrick Halligan, the firm’s chief financial officer, with
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By Beth Braverman With inflation pushing the price of just about everything higher, it’s more important than ever to keep track of how you’re spending your money. Over time, however, even the most budget-conscious consumers may find themselves spending more than they need to on certain expenses. Here’s a look at seven common money traps
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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. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
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By Chris Isidore, CNN Business The bad news keeps piling up for Boeing. The company is delaying the debut of its newest passenger jet to 2025, and it reported a much bigger-than-expected quarterly loss. The aircraft builder announced Wednesday it would temporarily pause the start of production for its 777X passenger jet, which it planned
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By Paul R. La Monica, CNN Business It looks like bitcoin and other cryptocurrencies may not be digital gold after all. Bitcoin prices are down more than 15% so far in 2022. Other top cryptos, such as ethereum, solana and Elon Musk’s beloved dogecoin, also have fallen sharply this year. Meanwhile, tactual gold is up
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