By Walé Azeez, CNN Business Virgin Galactic has pushed back the start of full commercial service to the fourth quarter of next year, sending shares in the space tourism company founded by billionaire Richard Branson down sharply. The stock dropped 14% in early trading on Friday after Virgin Galactic said it was making schedule changes
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By Charles Riley, CNN Business William Shatner is firing a rhetorical rocket back at Prince William after the future king criticized space tourism. Shatner, who blasted into space earlier this week on one of Amazon founder Jeff Bezos’ rockets, said the British royal has “got the wrong idea” by saying that solving problems on Earth
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By Michelle Toh, CNN Business Evergrande‘s unraveling is still commanding global attention, but its troubles are part of a much bigger problem. For weeks, the ailing Chinese real estate conglomerate has made headlines as investors wait to see what will happen to its enormous mountain of debt. As the slow-moving crisis unfolds, analysts are pointing
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By Chris Isidore, CNN Business A federal grand jury has indicted a former key executive of Boeing for fraud, alleging he deceived the Federal Aviation Administration while it was first certifying the 737 Max jet that would go on to have two fatal crashes caused by design flaws. The charges are the first criminal charges
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By Sean Lyngaas, CNN Missouri Gov. Mike Parson on Thursday called for an investigation of a journalist for finding, helping fix and reporting about a vulnerability in a government website that exposed the Social Security numbers of teachers in the state. Parson said he had notified the Cole County prosecutor and that the Missouri State
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By Walé Azeez, CNN Business Microsoft chief digital officer Jacky Wright has been named the United Kingdom’s most influential Black person. But the US-based executive says she might not have reached the top of her profession had she stayed in Britain. Wright, who topped the Powerlist 2022 ranking from Powerful Media, told CNN Business that
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren voiced her support Thursday for striking John Deere workers, saying that the recent spate of high-profile strikes signals a shift in the balance of power between business and workers. “Workers have gotten the short end of the stick for decades now,” Warren told CNN in a
Continue Reading By Matt Egan, CNN Business Democratic Senator Elizabeth Warren voiced her support Thursday for striking John Deere workers, saying that the recent spate of high-profile strikes signals a shift in the balance of power between business and workers. “Workers have gotten the short end of the stick for decades now,” Warren told CNN in a
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By Julia Chatterley In its efforts to battle rising inflation, the Federal Reserve may start rolling back some of its massive pandemic-related stimulus. In minutes from its September meeting released Wednesday, the Federal Reserve signaled that it could begin tapering its monthly purchases of Treasury and mortgage-backed securities as soon as November. The bond purchases
Continue Reading By Alicia Wallace, CNN Business Pork, much like everything else these days, has gotten more expensive due in part to the supply chain issues and inflationary pressures spurred by the pandemic. And now comes another wildcard: The pork industry’s ability — and desire — to adapt to a new animal welfare law in California, its
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By Alexis Benveniste, CNN Business Butterball issued a recall on more than 14,100 pounds of ground turkey products Wednesday after consumers told food safety regulators that they found pieces of blue plastic embedded in their raw ground turkey. The items being recalled are the company’s 2.5-pound “farm to family Butterball all natural Ground Turkey” trays
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By Jackie Wattles, CNN Business William Shatner, the 90-year-old actor of “Star Trek” fame, endured a 10-minute, rocket-powered ride to the edge of space, which put his body through crushing g-forces that his fellow passengers described as face-bending — only to step out of the vehicle and immediately begin waxing poetic about the experience and
Continue Reading By Jackie Wattles, CNN Business William Shatner, the 90-year-old actor of “Star Trek” fame, endured a 10-minute, rocket-powered ride to the edge of space, which put his body through crushing g-forces that his fellow passengers described as face-bending — only to step out of the vehicle and immediately begin waxing poetic about the experience and
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By Rishi Iyengar, CNN Business LinkedIn will shut down the local version of its service in China, marking a significant retreat for one of the few large US tech firms still operating in the country. The career networking platform, owned by Microsoft, made the decision because of a “significantly more challenging operating environment and greater
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By Rachel Metz, CNN Business The other day I found myself looking at a startling image of my Northern California home, the daylight dampened by an eerie orange glow as wildfire smoke blocked the sun. It looked exactly as it had on September 9, 2020, when the entire San Francisco Bay Area was shrouded in
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By Anna Bahney, CNN Business The days of ultra-cheap mortgages could be numbered, as rates rose back above the 3% mark last week. The average interest rate on a 30-year fixed-rate mortgage rose to 3.05% in the week ending October 14, according to Freddie Mac, the highest rate since April. The 15-year fixed-rate mortgage rose
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By Hannah Ryan, CNN Business Prince William has criticized billionaires who are focused on space tourism, saying they should instead be investing more time and money in saving Earth. The Duke of Cambridge spoke about the current rush for space travel in an interview with the BBC’s Newscast podcast, which aired on Thursday. He said:
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By Danielle Wiener-Bronner, CNN Business A year after announcing plans to introduce the McPlant burger, McDonald’s is ready to test it out in the United States. The McPlant, featuring a plant-based patty created in partnership with Beyond Meat, will be available at eight restaurants for a limited time starting November 3, McDonald’s said Thursday. The
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By Paul R. La Monica, CNN Business Several of America’s largest financial firms reported strong earnings and revenue Thursday thanks to solid demand for loans, better credit quality and a boom in mergers and initial public offerings. Morgan Stanley, Citigroup, Bank of America and even troubled Wells Fargo posted healthy results that surpassed analysts’ expectations.
Continue Reading By Jordan Valinsky, CNN Business The ongoing supply chain crisis isn’t going to end anytime soon, according to a new survey of chief financial officers. The majority of the CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well into” 2022. They warned their companies are experiencing supply
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