By Jordan Valinsky, CNN Business Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. The cuts include a mix of layoffs and open roles being axed at the company’s corporate offices in New York, San Francisco and across Asia, according to a person
Continue Reading By Brian Fung, CNN The Federal Trade Commission is taking a closer look at Amazon’s proposed acquisition of iRobot, the company that produces the Roomba series of automated vacuum cleaners, according to a financial disclosure on Tuesday. On Monday, the FTC requested more information from both companies about the $1.7 billion deal, according to an
Continue Reading By Anna Cooban, CNN Business More than 26 million people tuned in to watch the Queen’s funeral in the United Kingdom on Monday, the first to be televised for a British monarch. An average of 26.2 million people watched the hour of the Queen’s funeral service in Westminster Abbey on TV screens, according to the
Continue Reading By Jennifer Korn, CNN Business Hackers have stolen around $160 million worth of cryptocurrency from crypto market maker Wintermute, the company said Tuesday. The incident marks the latest in a growing list of large crypto thefts this year. The hack is said to have targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of
Continue Reading By Jennifer Korn, CNN Business Hackers have stolen around $160 million worth of cryptocurrency from crypto market maker Wintermute, the company said Tuesday. The incident marks the latest in a growing list of large crypto thefts this year. The hack is said to have targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of
Continue Reading By Matt Egan, CNN Business Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Morgan Stanley was slapped with a $35 million fine from the Securities and Exchange Commission for extensive failures to safeguard personal identifying information on its clients. Since
Continue Reading By Anna Cooban and Arnaud Siad, CNN Business Labor unions in the United Kingdom offered the country a brief respite from a wave of strike action during the period of national mourning for the late Queen Elizabeth II. Now, one day after the monarch’s funeral, strikes are back on as workers press their claims for
Continue Reading By Samantha Murphy Kelly, CNN Business Apple said it is working on a software fix after some users who recently purchased an iPhone 14 Pro or iPhone 14 Pro Max reported their devices’ rear-facing cameras shook “uncontrollably” and made strange noises when using social media apps. In videos and posts uploaded to social media sites,
Continue Reading By Paul R. La Monica, CNN Business Corporate America is starting to brace for a recession. Economic bellwether FedEx stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy. FedEx’s bad news overshadowed a more promising development on Thursday, the agreement between railroad operators and unions to avoid
Continue Reading By Paul R. La Monica, CNN Business So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 313 points, or 1%. The S&P
Continue Reading By Paul R. La Monica, CNN Business So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 313 points, or 1%. The S&P
Continue Reading By Brian Fung and Clare Duffy, CNN Business Twitter’s lawyers are set to question Elon Musk in a deposition that could last up to three day starting Sept. 26 as part of ongoing litigation over their $44 billion acquisition deal, according to a court filing Tuesday. The company’s lawyers will also depose Musk lieutenant Jared
Continue Reading By Paul R. La Monica, CNN Business Peloton formally unveiled its high-priced new rowing machine Tuesday. But the company is still facing rough currents as it struggles to find its way into more friendly stock market waters. Shares of Peloton are down a staggering 70% this year. Co-founders John Foley and Hisao Kushi announced last
Continue Reading Opinion by Mark Suzman for CNN Business Perspectives The first two decades of the 21st century provided more progress for more people than perhaps any other period in human history. Deaths from malaria, HIV and tuberculosis were cut in half. Child deaths fell dramatically. Polio was nearly eradicated. And the global poverty rate fell by
Continue Reading By Anna Bahney Home building bounced back a bit last month even though demand for new homes among buyers had started to cool off and the cost of building supplies remained high. August housing starts, a measure of new home construction, jumped 12.2% from July, and were down 0.1% from a year ago, according to
Continue Reading By Angela Dewan, CNN Business Rich economies should hit oil and gas companies with new windfall taxes to provide help for countries suffering from climate change, and people struggling with soaring energy and food bills, UN Secretary General António Guterres said Tuesday. The UN chief accused energy giants of “feasting on hundreds of billions of
Continue Reading By Matt McFarland, CNN Business Gabe Klein, who has led transportation departments in Washington, DC and Chicago, will head the Biden administration’s $7.5 billion program to build out the country’s electric vehicle charging network. Klein will serve as executive director of the Joint Office of Energy and Transportation, which was established by the bipartisan infrastructure
Continue Reading By Chris Isidore, CNN Business The still-clogged global supply chain continues to wreak havoc on the auto industry. Ford said late Monday it will end September with between 40,000 and 45,000 large pickups and SUVs that it can’t finish because it doesn’t have all the parts. Negotiations on various supplies, which Ford did not identify,
Continue Reading By Rachel Metz, CNN Business Regulators have spent years trying to make big tech companies pay for the ways they harvest and, at times, abuse users’ data. One state, meanwhile, is literally making them pay up — and pay out directly to consumers. Illinois is one of just a few states in the United States
Continue Reading By Julia Horowitz, CNN Business For years, the climate for hedge funds was tough. Volatility was low. The price of everything was going up. It wasn’t that hard to make money. In that type of environment, why think outside the box? But as central banks continue with their aggressive campaign of interest rate hikes aimed
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