By Nicole Goodkind, CNN Wall Street just received a big lump of Christmas coal. A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended
Continue Reading By Laura He, CNN Xiaomi, one of the world’s largest smartphone makers, has begun layoffs in China at a time when the world’s second largest economy is grappling with an enormous unemployment crisis. The Chinese company’s decision to slash jobs comes soon after tech giants across the world, including Meta and Twitter, have laid off
Continue Reading By Laura He, Jennie Chen and Eric Cheung, CNN An unprecedented wave of Covid infections in China has triggered widespread drug shortages, as people scramble to buy fever medicines and painkillers to alleviate flu-like symptoms. The panic buying has spread outside mainland China’s borders, with the generic versions of Tylenol and Advil sold out at
Continue Reading By Jessie Yeung and Cheng Cheng, CNN Just weeks ago, catching Covid in China meant being taken to government quarantine for an indeterminate stay and your entire residential building being locked down, trapping neighbors in their homes for days or weeks. Now, as the country rapidly relaxes restrictions, millions of people have been told to
Continue Reading By Diksha Madhok A photo gallery by Argentine footballer Lionel Messi has become the most-liked Instagram post ever. The images, which show Messi and other Argentina players celebrating their 2022 World Cup win, have racked up over 67 million likes on the social media platform within hours of being posted. Mark Zuckerberg, CEO of Meta,
Continue Reading By David Goldman, CNN In an interview with CNN’s Jake Tapper Tuesday, a TikTok executive refused multiple times to acknowledge China’s treatment of Uyghurs and other Muslim minorities, which the US State Department has labeled a genocide and a United Nations report said may constitute “crimes against humanity.” In response to Tapper’s question, “Do you
Continue Reading By David Goldman, CNN In an interview with CNN’s Jake Tapper Tuesday, a TikTok executive refused multiple times to acknowledge China’s treatment of Uyghurs and other Muslim minorities, which the US State Department has labeled a genocide and a United Nations report said may constitute “crimes against humanity.” In response to Tapper’s question, “Do you
Continue Reading By Brian Fung, CNN Twitter owner Elon Musk confirmed Tuesday evening he will step down as the company’s CEO, but only when he identifies a successor, directly addressing for the first time a Twitter poll he created this week in which millions of users voted for his ouster. In a tweet, Musk said he would
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Nathaniel Meyersohn, CNN Nike’s stock jumped around 11% after the company beat analyst forecasts during its latest quarter. The company’s sales jumped 17% from the same quarter a year prior. Its profit increased 10%, the company said Tuesday. “Consumer demand for Nike’s portfolio of brands continues to drive strong business momentum,” Nike finance chief
Continue Reading By Clare Duffy, CNN A law firm representing dozens of former UK Twitter employees is accusing the company of “unlawful, unfair and completely unacceptable treatment” of workers following recent mass layoffs, which the firm referred to as a “sham redundancy process.” In a letter sent to the company on Monday, law firm Winckworth Sherwood alleged
Continue Reading By Clare Duffy, CNN When Elon Musk polled Twitter users about whether to reinstate former President Donald Trump’s account, he quickly followed through on the majority’s wish to do so. “Vox Populi, Vox Dei,” he pronounced via tweet, Latin for “the voice of the people is the voice of God.” Likewise, when Twitter users voted
Continue Reading By Brian Fung, CNN Mark Zuckerberg considered disclosing in 2017 that Facebook was investigating “organizations like Cambridge Analytica” alongside Russian foreign intelligence actors as part of an election security assessment before ultimately removing the reference at his advisers’ suggestion, according to a 2019 deposition conducted by the Securities and Exchange Commission and reviewed by CNN.
Continue Reading By Paul R. La Monica, CNN Disney, like most media companies, had a rough year. But one Wall Street analyst has an idea for how Disney could get back on track. Wells Fargo’s Steven Cahall thinks Disney should spin off cable sports giant ESPN and traditional TV network ABC… two slow-growth (and some would argue,
Continue Reading By Jeanne Sahadi, CNN Business There will soon be new retirement rules in place that will make it easier for Americans to accumulate retirement savings — and make it less costly to withdraw them — now that lawmakers have passed an omnibus spending package, which President Joe Biden is expected to sign next week. Collectively
Continue Reading By Matt Egan, CNN One of Wall Street’s top executives is worried about a repeat of 2008. At least, partially. Mike Wilson, Morgan’s Stanley’s chief US equity strategist, says he isn’t concerned about a “systemic” financial crisis like the one that brought the economy to its knees 14 years ago. But Wilson is warning clients
Continue Reading By Jack Guy, CNN Business A group of British lawmakers are calling for action to be taken against columnist Jeremy Clarkson after he wrote a “violent misogynist” opinion piece about Meghan, the Duchess of Sussex in the Sun newspaper, which was later retracted. “We welcome The Sun’s retraction of the article, we now demand action
Continue Reading By Brian Fung, CNN The European Union has struck a deal with Amazon that will resolve multiple antitrust investigations into the company and impose binding restrictions on the e-commerce giant’s business, in another major step by EU officials to rein in Big Tech. The agreement includes several multi-year concessions offered by Amazon, including a commitment
Continue Reading By Brian Fung, CNN Twitter rival Mastodon has grown eight times its size in a matter of weeks, going from approximately 300,000 users in October to 2.5 million in November, according to a blog post by the platform’s founder, Eugen Rochko. The eye-popping growth figure comes as a wave of Twitter users have announced their
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