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By Reuters and Michelle Toh, CNN Business Westpac said on Tuesday it will likely be fined 113 million Australian dollars ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers. Australia’s No. 3 lender admitted to six civil penalty proceedings filed by the
Continue ReadingCNN, KGO By Sara Ashley O’Brien and Rishi Iyengar, CNN Business Elizabeth Holmes, flushed and holding back tears, testified Monday that she left Stanford to launch Theranos in part because she had been raped, and said she later entered into what she alleged was an abusive relationship with the person who would become her startup’s
Continue ReadingBy Sara Ashley O’Brien and Rishi Iyengar, CNN Business Elizabeth Holmes, flushed and holding back tears, testified Monday that she left Stanford to launch Theranos in part because she had been raped, and said she later entered into what she alleged was an abusive relationship with the person who would become her startup’s chief operating
Continue ReadingBy Brian Stelter, Oliver Darcy and Sonia Moghe, CNN CNN said Monday that it will evaluate new information that sheds light on how anchor Chris Cuomo sought to help his brother, former New York Gov. Andrew Cuomo, amid a flurry of sexual misconduct allegations earlier this year. The new information, which included a cache of
Continue ReadingBy David Goldman, CNN Business Here we go again. Federal Reserve Chairman Jerome Powell is set to testify Tuesday that the Omicron variant threatens America’s economic recovery. Much remains unknown about Omicron. Yet if it prolongs the pandemic, it could keep prices rising, hurt job growth and make the supply chain crisis worse. “The recent
Continue ReadingBy Matt Egan, CNN Business The surge in oil prices this year has angered drivers, tainted Americans’ views on the economy and confounded both the White House and Federal Reserve. Unfortunately, JPMorgan Chase says the oil spike is just getting started. In a new report on Monday, JPMorgan warned clients that Brent crude oil will
Continue ReadingCNN By Jordan Valinsky, CNN Business Fans have noticed that an episode of the Simpsons that features a scene in Tiananmen Square is missing from Disney+ in Hong Kong. In the 2005 episode “Goo Goo Gai Pan,” the family travels to China to adopt a baby. The Simpsons clan stops in Beijing’s Tiananmen Square where
Continue ReadingBy Chris Isidore, CNN Business Workers at the Amazon warehouse in Bessemer, Alabama, will have another chance to unionize after a federal labor official called for a new vote Monday. The ruling by a regional director of the National Labor Relations Board was made public Monday. It follows an earlier recommendation from an NLRB hearing
Continue ReadingBy Ramishah Maruf, CNN Business It’s going to cost more to spoil your True Love this year, according to PNC’s 38th annual Christmas Price Index. The index measures how much it will cost to purchase gifts from the classic holiday song, “The 12 Days of Christmas” — a holiday twist on the Bureau of Labor
Continue ReadingBy Paul R. La Monica, CNN Business So much for the house always winning. Casino stocks have had a brutal year. Penn National Gaming, which operates more than 40 US gambling locations, has plunged 40% this year. That makes Penn, which also owns a 36% stake in Dave Portnoy’s Barstool Sports betting and entertainment company,
Continue ReadingBy Frank Pallotta, CNN Business Tickets for “Spider-Man: No Way Home” overloaded ticket sites Monday. That’s great news for the box office. Fans complained on social media Monday that ticket sites such as AMC were backed up. This delayed them from getting advance tickets to the newest film featuring the web-slinging hero, which hits theaters
Continue ReadingBy Jeanne Sahadi, CNN Business Tax-free savings in retirement are great to have at your disposal. But provisions in the Build Back Better bill would limit some of the ways to accrue them in the future — at least for high-income savers. The provisions are included in the version of the bill that recently passed
Continue ReadingBy Reuters As global markets fell last week on news of the new Omicron coronavirus variant, one cryptocurrency with the same name soared after the Greek letter entered the investor lexicon. The price of the hitherto-obscure digital token, whose Twitter feed has little more than 1,000 followers, rose almost ten-fold from Friday to Monday morning
Continue ReadingCNN, CNNBUSINESS By Brian Fung, CNN Business Jack Dorsey, the cofounder and public face of Twitter, will step down from his role as CEO, effective immediately, the company announced Monday. Dorsey will remain a member of Twitter’s board until at least next year. Parag Agrawal, Twitter’s chief technology officer, will take over as CEO. “I’ve
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business So much for a year-end Santa Claus rally? The broader market has pulled back in the past week as worries about the Omicron variant of Covid-19 have rattled investors’ confidence. These latest coronavirus concerns have traders wondering if this is finally the end of the long
Continue ReadingBy Anneken Tappe, CNN Business Stocks made a comeback Monday, bouncing back from the steep selloff at the end of last week, when investors feared the Omicron Covid variant could disrupt the global economic rebound. Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant
Continue ReadingBy Paul R. La Monica, CNN Business Fears about the Omicron variant of Covid-19 rattled the world’s financial markets Friday and early Monday morning. But shares of the major coronavirus vaccine makers were getting a boost from the latest pandemic jitters. Moderna soared more than 20% during Black Friday’s abbreviated session of trading on Wall
Continue ReadingBy Brian Fung, CNN Business Jack Dorsey, the cofounder and public face of Twitter, will step down from his role as CEO, effective immediately, the company announced Monday. Dorsey will remain a member of Twitter’s board until at least next year. Parag Agrawal, Twitter’s chief technology officer, will take over as CEO. “I’ve decided to
Continue ReadingBy Peter Valdes-Dapena, CNN Business Bugatti, the French manufacturer of $3 million supercars, is over a century old. But now it faces what may be the most difficult maneuver it has ever had to carry out: transitioning to an electric future. The man now taking the wheel at Bugatti is Mate Rimac, a 33-year-old Bosnian-born
Continue ReadingCNN, CNN BUSINESS By Peter Valdes-Dapena, CNN Business Bugatti, the French manufacturer of $3 million supercars, is over a century old. But now it faces what may be the most difficult maneuver it has ever had to carry out: transitioning to an electric future. The man now taking the wheel at Bugatti is Mate Rimac,
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