By Julia Horowitz, CNN Business Credit Suisse will raise $4 billion to step back from Wall Street and double down on managing the finances of the world’s wealthy, the scandal-plagued Swiss bank said on Thursday. The company unveiled a “radical” turnaround plan that it said would leave it “a stronger, more resilient and more efficient
Continue Reading By Jessie Yeung and Kocha Olarn, CNN A Thai media tycoon and transgender rights advocate has bought the Miss Universe Organization for $20 million, according to her company, which will now host the international beauty pageant. Anne Jakkaphong Jakrajutatip is the CEO of JKN Global Group PCL, a Thailand-based media distribution company, though she’s perhaps
Continue Reading By Michelle Toh and Gawon Bae, CNN Business Samsung has appointed Jay Y. Lee, its longtime de facto leader, as executive chairman. The move was announced Thursday, making official who would continue to head up South Korea’s most valuable and well-known company. Lee had previously held the title of vice chairman. Samsung’s board, which approved
Continue Reading By Oliver Darcy, CNN Business “Unsettling.” That’s the sort of news CNN staffers had delivered to their inboxes at 1pm ET on Wednesday when network boss Chris Licht candidly informed them that sweeping changes are imminent. In other words, brace for layoffs by the end of the year. Licht, who has been conducting a business
Continue Reading Alexandra Peers, CNN A roar of corporate earnings came out this week and last, and the information piling up from the backbone-of-American-buyers companies like Coca-Cola, Mattel, GM, Hilton, American Express offers a fuller picture of what’s going on in this country than we’ve had in the past. Amid a nearly international consensus that America is
Continue Reading By Chris Isidore, Matt McFarland and Peter Valdes-Dapena, CNN Business Ford is essentially pulling the plug on an effort to develop its first full self-driving car, and it’s going to cost the automaker $2.7 billion to walk away. The company announced Wednesday it would no longer provide financial support for Argo AI, a self-driving car
Continue Reading By Rob McLean, CNN Business Athletic shoe company Skechers said in a statement Wednesday that two of its executives escorted embattled musician Kanye West from one of its Los Angeles buildings. The company said West, who has legally changed his name to Ye, “arrived unannounced and without invitation.” It said he was engaged in “unauthorized
Continue Reading By Matt McFarland, CNN Business Ford and Volkswagen, two of the world’s largest automakers, are shutting down their joint effort to develop self-driving cars, the startup Argo AI. Ford said Wednesday that it had concluded that the large-scale profitable commercialization of self-driving cars was further out then expected. The company is still “optimistic” about a
Continue Reading By Clare Duffy, CNN Business Meta on Wednesday posted the second quarterly revenue decline in its history since going public and warned that it is making “significant changes” aimed at cutting costs ahead of 2023, as it confronts an economic downturn that is hitting its core online advertising business. For the three months ended in
Continue Reading By Jessica Schneider and Hannah Rabinowitz, CNN Attorney General Merrick Garland announced Wednesday that the Justice Department formally introduced regulations barring department employees from secretly seeking journalists’ records except in limited circumstances. The new regulations only allow prosecutors to subpoena records in certain circumstances, including if the information they are seeking is imperative to prevent
Continue Reading By Matt McFarland, CNN Business Intel spun out its driver-assist subsidiary Mobileye Wednesday and raised $861 million in the initial public offering. Mobileye’s stock was up about 34% during trading Wednesday from the initial public offering price of $21 a share. Intel had purchased Mobileye in 2017 for $15.3 billion, but announced in Dec. 2021
Continue Reading By Parija Kavilanz, CNN Business The list of companies cutting ties with artist and designer Ye following a series of antisemitic remarks continues to grow, with TJ Maxx boycotting the apparel line, the retailer announced Wednesday. The decision follows similar moves by Gap and Foot Locker to pull Yeezy merchandise from their stores. Gap said
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business Rank and file members of another railroad union have rejected a tentative labor deal, a move that further raises the odds that America’s freight railroad workers will go on strike sometime next month. The Brotherhood of Railroad Signalmen voted against September’s tentative agreement, according to results announced
Continue Reading By Donie O’Sullivan and Clare Duffy, CNN Business Elon Musk plans to visit Twitter’s San Francisco office this week ahead of the expected close of his deal to buy the company, Twitter Chief Marketing Officer Leslie Berland told staff in an email Wednesday. “As you’ll soon see or hear, Elon is in the SF office
Continue Reading By Nicole Goodkind, CNN Business The Securities and Exchange Commission voted Wednesday to adopt a new rule that would require public companies to take back executive compensation when their financial statements contain errors. These “clawback” requirements are intended to hold corporate executives financially accountable for any reporting errors, whether they are the result of fraud
Continue Reading By Zoe Sottile and Claudia Dominguez, CNN Two disgruntled customers are suing a California marijuana company, alleging that their prerolled joints were not as strong as claimed. The lawsuit was filed on October 20 against DreamFields Brands, Inc. for allegedly falsely claiming that their products have a high THC component, according to the suit. THC,
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors makes a big deal out of the Ultium battery technology underpinning its new and upcoming electric vehicles like the Cadillac Lyriq, GMC Hummer EV and the Chevrolet Silverado EV pickup. But the GM EV that’s a hit with customers right now is, ironically, the Bolt, a model that
Continue Reading By Samantha Murphy Kelly, CNN Business The iPhone will support USB-C charging in the European Union to comply with a new ruling that mandates electronic devices have a common charging standard, an Apple executive said Tuesday night. “Obviously we will have to comply,” Greg Joswiak, Apple’s senior vice president of worldwide marketing, said at the
Continue Reading By Matt Egan, CNN Business Democratic Sen. Sherrod Brown is warning the Federal Reserve not to attack inflation so aggressively that it undoes the historic progress in the jobs market. “For working Americans who already feel the crush of inflation, job losses will make it much worse. We can’t risk the livelihoods of millions of
Continue Reading By Paul R. La Monica, CNN Business Recession worries continue to haunt Wall Street. A key indicator in the bond market is flashing signs of a potential downturn. The spread between super short-term 3-month Treasury yields and the benchmark 10-year yield briefly inverted late Tuesday and did so again Wednesday. That means that yields for
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