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By Jill Disis and Nectar Gan, CNN Business The longtime editor of one of China’s most outspoken and nationalistic state media outlets says he’s stepping down. Hu Xijin said Thursday that he has retired and is no longer serving as the editor-in-chief of the Global Times, according to a post on his verified Weibo account.
Continue ReadingCNN By Jill Disis and Nectar Gan, CNN Business The longtime editor of one of China’s most outspoken and nationalistic state media outlets says he’s stepping down. Hu Xijin said Thursday that he has retired and is no longer serving as the editor-in-chief of the Global Times, according to a post on his verified Weibo
Continue ReadingCNN 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. How many people in your friend circles are Covid-positive right now? How many families do you know with kids who are quarantining at home due to a close contact?
Continue ReadingBy Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. How many people in your friend circles are Covid-positive right now? How many families do you know with kids who are quarantining at home due to a close contact? Here
Continue ReadingBy Rob McLean, CNN Business Reddit announced Wednesday that it has confidentially filed paperwork in its first big step toward an initial public offering, making it the latest tech firm to consider a Wall Street debut. The social media site said that it has not yet determined the number of shares to be offered or
Continue ReadingBy Blake Ellis, CNN The federal government plans to begin sending students at the US Merchant Marine Academy back to sea later this month, resuming a key training program that had been temporarily suspended in the wake of an allegation that a 19-year-old student was raped on a ship. The program was halted early last
Continue ReadingBy Yoonjung Seo and Amy Woodyatt, CNN Business South Korea’s largest dairy company, Seoul Milk, has apologized after releasing a controversial advert which some critics say portray women as cows. “We sincerely apologize to everyone who may have felt uncomfortable due to the milk advertisement video uploaded to the official YouTube channel of Seoul Milk
Continue ReadingCNN By Chris Isidore, CNN Business Senator Elizabeth Warren and Tesla CEO Elon Musk are in the middle of a full-scale Twitter war. Warren called the world’s richest person a freeloader for paying $0 in income taxes in recent years. Musk responded with a series of personal attacks, calling Warren “Senator Karen” and claiming his
Continue ReadingCNN, POOL By Chris Isidore, CNN Business The CEOs of two of the nation’s major airlines say they don’t think wearing masks on planes does much to help limit exposure to Covid. The comments from American Airlines CEO Doug Parker — the nation’s largest carrier — and Southwest CEO Gary Kelly came during a hearing
Continue ReadingBy Chris Isidore, CNN Business The CEOs of two of the nation’s major airlines say they don’t think wearing masks on planes does much to help limit exposure to Covid. The comments from American Airlines CEO Doug Parker — the nation’s largest carrier — and Southwest CEO Gary Kelly came during a hearing about the
Continue ReadingCNN, CNNBUSINESS By Matt Egan, CNN Senator Joe Manchin’s opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook. The Wall Street firm told clients Sunday it no longer assumes President Joe Biden’s signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat’s announcement
Continue ReadingBy Anneken Tappe, CNN Business America’s inflation spikes have prompted the Federal Reserve to pick up the pace in normalizing its pandemic-era monetary policy. On Wednesday, the central bank said it will wrap up its stimulus program faster than originally announced, and its updated economic projections show multiple interest rate increases in 2022. The central
Continue ReadingBy Paul R. La Monica, CNN Business “Bowling for Dollars” was a popular 1970s game show. The company that owns the Professional Bowlers Association, as well as hundreds of bowling alleys across the country, is now getting ready to put that idea to the test. Bowlero, which operates lanes under the Bowlero, Bowlmor and AMF
Continue ReadingBy Nathaniel Meyersohn, CNN Business The Labor Department sharply criticized Dollar General’s “troubled history” on worker safety, saying the fastest-growing retailer in the United States has been putting its more than 150,000 workers in harm’s way for years. “At the U.S. Department of Labor, the company is recognized for its long history of violations and
Continue ReadingBy Anneken Tappe and Nathaniel Meyersohn, CNN Business Americans dialed back their spending in November, new data from the Census Bureau showed Wednesday. US retail sales grew by 0.3% in November, a sharp decline from the previous month and less than economists had predicted. Even so, sales were 16.1% higher than in the same period
Continue ReadingBy Chris Isidore, CNN Business Senator Elizabeth Warren and Tesla CEO Elon Musk are in the middle of a full-scale Twitter war. Warren called the world’s richest person a freeloader for paying $0 in income taxes in recent years. Musk responded with a series of personal attacks, calling Warren “Senator Karen” and claiming his income
Continue ReadingBy Julia Horowitz, CNN Business The Federal Reserve, faced with the highest jump in inflation in almost four decades, is preparing to pivot. What’s happening: Gone are the days when Chair Jerome Powell said inflation was “transitory.” When the Fed wraps up its final meeting of the year on Wednesday, it’s expected to announce that
Continue ReadingBy Allison Morrow and Anneken Tappe, CNN Business One of the more insidious myths this year was that young people didn’t want to work because they were getting by just fine on government aid. People had too much money, went the narrative. Only trouble is, the numbers don’t back it up. Instead, early retirement —
Continue ReadingBy Matt Egan, CNN Business President Joe Biden is taking the political punches for high inflation. But price stability is the responsibility of the Federal Reserve, not the White House. And prices are anything but stable right now. Consumer prices spiked in November at the fastest pace since 1982. Producer prices soared by nearly 10%,
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Kraft is using its cream cheese shortage as a marketing opportunity. For just a few days this holiday season, a limited number of people will be able to spend $20 on dessert and charge it to Kraft, owner of Philadelphia Cream Cheese. The premise: People who can’t bake cheesecakes because
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