CNN – Business/Consumer

By Michelle Toh, CNN Business Bumble is giving its entire team a break. The dating app has shut down its offices around the world this week “as a way to thank our team for their hard work and resilience,” it said. Its staff of 700 worldwide have been granted the week of June 21 off,

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. New York City is about to become the largest American jurisdiction to implement ranked choice voting for an election. It’s complicated, it’s confusing, and it’s going to take a while

By Danielle Wiener-Bronner, CNN Business Smithfield Foods, one of the country’s top meat processors, has been sued by a consumer advocacy group, which alleges that Smithfield misled the public when it raised an alarm over possible meat shortages in spring 2020. Smithfield temporarily closed some of its facilities as workers got sick with Covid-19 early

By Alexis Benveniste and Fredreka Schouten, CNN The Limetree Bay oil refinery in St. Croix said it would close indefinitely, citing “severe financial constraints” a month after the Environmental Protection Agency ordered an emergency shutdown of the plant, calling it an “imminent and substantial endangerment” to public health on the island. The EPA, which has

By Artemis Moshtaghian, CNN New York City Mayor Bill De Blasio addressed business economic recovery efforts for small businesses around the city by first acknowledging that Monday was the start of Amazon Prime Day. “Today’s Prime Day — it’s a perfect day not to shop Amazon, it’s a perfect day to keep it local, to

By Frank Pallotta, CNN Business Steven Spielberg is partnering with Netflix. Getting Hollywood’s premiere director represents a major coup for the streaming service. Amblin Partners, the film and TV production studio led by the blockbuster director, announced a partnership with the streaming company Monday that will include multiple new feature films per year for the

What do Jay-Z, A-Rod, Ciara, Serena Williams, Shaq, hedge fund billionaire Bill Ackman, former house speaker Paul Ryan, and Richard Branson all have in common? One word, well, acronym: SPACs.

American Airlines is canceling hundreds of flights through at least mid-July as the company strives to maintain service in the midst of massively increasing travel demand while the coronavirus pandemic continues to recede in the United States, according to a spokesperson from the airline. CNN’s Pete Muntean reports.

By Hanna Ziady, CNN Business Britain’s fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets. Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30

By Paul R. La Monica, CNN Business The stock market has been volatile, but it’s been a very solid year on -— and for — Wall Street. Stocks rebounded Monday after a big tumble last week, but the Dow remains up a robust 10% in 2021. Goldman Sachs is the top stock among the blue

By Anneken Tappe, CNN Business US stocks soared Monday, making up lost ground after a multi-day losing streak last week. The Dow closed 1.8%, or nearly 590 points, higher. The S&P 500 — the broadest measure of Wall Street — climbed 1.4%. The Dow snapped a five-day losing streak, its longest since January, while the

By Jordan Valinsky, CNN Business Lordstown Motors, the embattled electric truck startup, is facing more scrutiny after several of its top executives sold off millions in dollars of stock prior to its dismal first-quarter earnings report. Regulatory filings show five Lordstown executives, including its former chief financial officer and its current president, sold more than

By Lauren Gunn, CNN Business Vivendi has agreed to sell 10% of Universal Music to a so-called blank check company backed by hedge fund billionaire Bill Ackman for about $4 billion. The deal was confirmed by Vivendi and Pershing Square Tontine Holdings, Ackman’s special purpose acquisition company (SPAC), in statements on Sunday. SPACs typically raise

By Julia Horowitz, CNN Business After months of failing to break out, Amazon’s stock is close to a record high. Thank Prime Day, the annual sales bonanza that kicks off Monday. What’s happening: In 2020, analysts estimated Amazon’s Prime Day notched sales of $9 billion to $10.5 billion. The sales rush as the economy reopens

By Danielle Wiener-Bronner, CNN Business Chicken wing prices are going through the roof. So Wingstop, a chain known for, well, wings, is now selling chicken thighs. But getting Americans on board could be a challenge. On Monday, the restaurant launched a virtual brand called “Thighstop” which serves crispy thighs, with or without sauce. The menu

By Laura He and Jill Disis, CNN Business Global stocks and cryptocurrencies are pulling back on Monday as investors continue to weigh signals from the Federal Reserve that it could raise interest rates sooner than expected. Markets were broadly lower, with Japan’s Nikkei 225 dropping more than 3% — easily the worst major performer —

By Michelle Toh, CNN Business A rare case of China’s fiery national liquor has sold for more than $1 million, more than five times what experts had estimated it would fetch. Sotheby’s announced on Friday that it had sold a crate of the beloved spirit, Kweichow Moutai, for an eye-popping £1 million (almost $1.4 million)

By Rashard Rose, CNN American Airlines is canceling hundreds of flights through at least mid-July as the company strives to maintain service in the midst of massively increasing travel demand while the coronavirus pandemic continues to recede in the United States, according to a spokesperson from the airline. “The first few weeks of June have

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “Assault on Democracy.” That’s the title of an ambitious new CNN documentary that is premiering Sunday at 9pm Eastern and Pacific and re-airing several times in the coming days. The

By Alexis Benveniste, CNN Business Five hundred police officers raided the Apple Daily newsroom in Hong Kong last week to arrest executives and top editors and seize journalistic materials under the city’s national security law. The incident sounded an alarm across the media industry. “This has sent shudders through the industry,” Elaine Yu, a Hong