By Catherine Thorbecke, CNN Business Amazon is ending its Covid-19 paid sick leave policy starting on Monday, the company said in a memo to employees this weekend that was shared with CNN Business. The return to pre-pandemic sick leave policies means that all US employees will now get up to five days of excused, unpaid
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By Rishi Iyengar, CNN Business Amazon’s stock plummeted after the company reported on Thursday slowing growth and higher costs in its latest quarter and offered a disappointing revenue outlook. The tech giant said revenue grew 7% from the same period last year to $116.4 billion, slightly beating analyst forecasts but slower than the 9% growth
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By Jeanne Sahadi, CNN Business Warnings of a potential recession aren’t surprising given how many tripwires there are in today’s economy. A push by the Federal Reserve to raise interest rates and combat high inflation. Supply chain shortages. An ongoing global health crisis. And of course, the geopolitical earthquake caused by Russia’s invasion of Ukraine,
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By Nicole Goodkind, CNN Business When war breaks out, defense companies tend to make money. That means aerospace and defense stocks can serve as safe havens for investor cash during geopolitical unrest. But so far, that has not been the case following Russia’s invasion of Ukraine. Global military spending grew by 0.7% and topped $2
Continue Reading By Nicole Goodkind, CNN Business When war breaks out, defense companies tend to make money. That means aerospace and defense stocks can serve as safe havens for investor cash during geopolitical unrest. But so far, that has not been the case following Russia’s invasion of Ukraine. Global military spending grew by 0.7% and topped $2
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By Clare Duffy, CNN Business Elon Musk has raised just over $7 billion in additional equity financing to help fund his purchase of Twitter. The new investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a new Securities and Exchange Commission disclosure Musk filed Wednesday. Musk last
Continue Reading Catherine Thorbecke, CNN Business Elon Musk said Twitter might soon charge fees for certain users, as the billionaire continues to tease how he might change the platform as its new owner. Musk, who struck a roughly $44 billion deal to buy Twitter last week, said in a tweet the platform will “always be free for
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By Brian Fung, CNN As the public combs through Elon Musk’s Twitter feed for clues on how the billionaire entrepreneur intends to run the social media platform he’s buying for $44 billion, one mysterious line stands out: “authenticate all real humans.” That cryptic proposal is vague enough to keep people guessing about what Musk has
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By Matt Egan, CNN Business The economic recovery from Covid-19 stumbled in the first quarter, but that doesn’t mean a recession is imminent. Gross domestic product unexpectedly declined at an annual rate of 1.4% during the first three months of the year — the worst quarter for the American economy since the pandemic turned the
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By Anna Bahney, CNN Business Home prices rose by double-digit percentages in most major US cities at the beginning of this year. Of 185 metro areas tracked, 70% saw double-digit growth in median home prices during the first quarter of 2022 compared to a year before, according to a report from the National Association of
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By Paul R. La Monica, CNN Business The huge pandemic boom for virtual health company Teladoc appears to be over. More people are willing to leave home for doctor visits, and shares of Teladoc plunged more than 45% Thursday. The company warned of a weak sales outlook and higher costs in its earnings report after
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By Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some users
Continue Reading By Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some users
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By Jack Guy, CNN Russian revenues from fossil fuel exports to the European Union soared during the first two months of the Ukraine invasion, despite some buyers shunning Russian energy and finding alternative suppliers, a report by the Centre for Research on Energy and Clean Air (CREA) shows. European Union imports of Russian fossil fuels
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By Julia Horowitz, CNN Business As the economy began bouncing back from the coronavirus pandemic, interest in investment products that promoted good environmental, social and governance practices took off. But as markets have come under pressure this year, so-called “ESG” funds have started to struggle. What’s happening: Funds that prioritize responsible investments and ESG issues
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By Anna Bahney, CNN Business Mortgage rates took a breather last week, dropping slightly after seven consecutive weeks of increases. The 30-year fixed-rate mortgage averaged 5.10% in the week ending April 28, a tick down from 5.11% the week before, according to Freddie Mac. But it’s still significantly higher than the rate this time last
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By Brian Fung, CNN More than 55 countries and the United States announced their commitment Thursday to defending a free and open internet, agreeing to uphold digital human rights in response to rising authoritarianism in cyberspace. The agreement, known as the Declaration for the Future of the Internet, aims to forestall an emerging “splinternet” characterized
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By Anna Cooban, CNN Business Some of Russia’s biggest natural gas customers in Europe’s are preparing to accept the Kremlin’s new payment terms rather than risk being cut off by Moscow, a fate suffered by Poland and Bulgaria this week. Gas distributors in Germany and Austria told CNN Business that they were working on ways
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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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