By Allison Morrow, CNN Business In the peak of 2020 lockdowns, giant oil companies had a wake-up call. Demand had cratered, sapping profits, and it wasn’t clear when it would end. That gave environmentally minded investors an in. The pitch: Get on the clean and green path or perish. Fossil fuel companies, especially in Europe,
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By Brian Fung, CNN Dozens of Democratic lawmakers urged Google on Tuesday to limit the amount of location data it collects and keeps on its users amid fears the information could be used against abortion seekers. In a letter to Google CEO Sundar Pichai led by Oregon Democratic Sen. Ron Wyden, more than 40 US
Continue Reading By Brian Fung, CNN Dozens of Democratic lawmakers urged Google on Tuesday to limit the amount of location data it collects and keeps on its users amid fears the information could be used against abortion seekers. In a letter to Google CEO Sundar Pichai led by Oregon Democratic Sen. Ron Wyden, more than 40 US
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By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May
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By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May
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By Michelle Toh, CNN Business Luckin Coffee, the Chinese startup that became mired in a fraud scandal and was kicked off Wall Street two years ago, is making a comeback. The coffee chain on Tuesday posted first quarter earnings showing a jump of almost 90% in revenue and its first ever profit, despite challenging Covid
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Diksha Madhok, CNN Business India has decided to restrict the sale of sugar on international markets, just days after it banned wheat exports. In a statement on Wednesday, the Indian government said it will limit sugar exports to 10 million tons for the marketing season that runs through September to keep prices in check.
Continue Reading By Rhea Mogul, CNN A court in southern India on Tuesday sentenced a man to 10 years in prison in a ruling that found he abused his wife over their wedding dowry, leading to her death by suicide. The district court in Kerala state found Kiran Kumar guilty under India’s “dowry death” law, which allows
Continue Reading By Jeanne Sahadi, CNN Business Russia’s invasion of Ukraine may have marked the start of “a third world war,” and Russian President Vladimir Putin must be defeated “as soon as possible” if the world wants to preserve civilization. That was the stark message that Hungarian-born billionaire and philanthropist George Soros delivered on Tuesday to attendees
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By Julia Horowitz, CNN Business When Ukrainian President Volodymyr Zelensky spoke by video to a packed room at the World Economic Forum in Davos, Switzerland, he thanked the West for its solidarity against Russia. But he also issued a warning to political leaders and business executives: Don’t lose your nerve. “I would only wish you
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By Paul R. La Monica, CNN Business This summer has long been forecast as a potential boom time for the travel industry. Retailers and economists have been talking a lot about how consumers are starting to buy less stuff and are instead spending more on vacations and other experiences. But that’s not the story the
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By Danielle Wiener-Bronner, CNN Business First Coca-Cola cut Tab, Odwalla and Zico coconut water. Now, Honest Tea is getting axed. “The Honest teas product line will be phased out of The Coca-Cola Company’s beverage portfolio at the end of 2022,” the company said in a statement Monday, noting that the Honest Kids line, which is
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By Anna Bahney, CNN Business The double punch of high home prices and rising mortgage rates took a toll on sales of newly constructed homes in April. New home sales fell by 16.6% in April from March and were down 26.9% from a year ago, according to a joint report from the US Department of
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By Brian Stelter, CNN Business “It’s like the O.J. Simpson trial but with technology.” That’s what Autumn Witbeck, a stay-at-home mother in Utah, told the Wall Street Journal while explaining the public’s fascination with the Johnny Depp-Amber Heard trial. The Journal wrote an entire story about the hairstyles on display in the courtroom — which
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By Kathryn Vasel, CNN Business Millions of employees started working remotely after the pandemic first took hold in 2020. But now, more people are returning to the office — and they’re being greeted by much higher prices for just about everything. Food. Commuting. Daycare. Rising gas prices and soaring inflation have made going back to
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By Paul R. La Monica, CNN Business Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat’s parent company. Shares of Snap plunged more than 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.
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By Anna Cooban, CNN Business Brits are bracing for another huge hike in their energy bills, and pressure is mounting on the UK government to impose a windfall tax on big suppliers to offset some of the pain. The head of Ofgem, the United Kingdom’s energy regulator, said on Tuesday that annual bills for millions
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By Brian Fung, CNN Key parts of a Florida law restricting social media platforms’ ability to moderate content likely violate the First Amendment, a federal appeals court ruled Monday, in a victory for the tech industry amid a wider battle over digital speech. The opinion by a three-judge panel in the Eleventh Circuit Court of
Continue Reading By Brian Fung, CNN Key parts of a Florida law restricting social media platforms’ ability to moderate content likely violate the First Amendment, a federal appeals court ruled Monday, in a victory for the tech industry amid a wider battle over digital speech. The opinion by a three-judge panel in the Eleventh Circuit Court of
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