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CNN By Peter Valdes-Dapena, CNN Business For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And
Continue ReadingBy Sean Lyngaas, CNN Business The hacking tool used in a ransomware attack that disrupted programming at Sinclair Broadcast Group is similar to malicious code previously used by a Russian crime group sanctioned by the US government, according to a security researcher who has viewed the ransom note. The code also overlaps with previous hacking
Continue ReadingBy Donie O’Sullivan, CNN Business Sen. Richard Blumenthal wrote to Mark Zuckerberg Wednesday, calling on the Facebook CEO or the head of Instagram to testify on the platform’s harms on children. Citing internal company documents leaked by Facebook whistleblower Frances Haugen, Blumenthal wrote that Facebook “appears to have concealed vital information from us about teen
Continue ReadingBy Samantha Murphy Kelly, CNN Business Smartphone design hasn’t varied much in years and customers are typically beholden to whatever decisions manufacturers make. But during a virtual press event on Wednesday, Samsung aimed to change that with a concept that makes users part of the design process. The company showed off a made-to-order version of
Continue ReadingBy Rishi Iyengar, CNN Business Pinterest’s stock surged on Wednesday following a report that digital payments company PayPal is looking to potentially buy the bookmarking website. PayPal is exploring an acquisition that would value Pinterest at around $39 billion, Bloomberg first reported, citing people with knowledge of the matter. Reuters and the Wall Street Journal
Continue ReadingBy Vanessa Yurkevich, CNN Business To alleviate cargo congestion at shipping ports in California, Governor Gavin Newsom issued an executive order Wednesday tackling the shortage of truck drivers and container storage needed to move critical cargo out of the ports. “California’s ports are critical to our local, state and national economies and the state is
Continue ReadingBy Parija Kavilanz, CNN Business If you were shopping online in the late summer, chances are you may have been hit with an unfortunate message: The product you’re looking for is out-of-stock. Products were out of stock online 24% more of the time in August from a year earlier across the 18 product categories tracked
Continue ReadingBy Matt Egan, CNN Business From port congestion and price spikes to widespread shortages, stress in US supply chains is intensifying and could slow the economy in the coming months, Moody’s Analytics warns. “Supply-chain headaches show no sign of subsiding just yet,” Moody’s economists led by Matt Colyar wrote in a Tuesday report. About 200,000
Continue ReadingBy Paul R. La Monica, CNN Business Verizon reported earnings that topped forecasts Wednesday morning and issued a more upbeat outlook for 2022. That’s some much-needed good news for the company, which has been the Dow’s worst-performing stock this year, falling about 10%. Overall, the Dow is up about 16% in 2021, making Verizon’s underperformance
Continue ReadingBy Paul R. La Monica, CNN Business The bitcoin bull market is showing no signs of slowing down. Bitcoin, the world’s most valuable cryptocurrency, hit a new all-time high of nearly $67,000 Wednesday, topping the previous record set in April. Bitcoin prices have surged 50% this month, from just under $44,000 at the end of
Continue ReadingWalé Azeez, CNN Business The UK competition regulator has slapped Facebook with a $70 million fine for repeatedly ignoring warnings and deliberately breaking its rules. The Competition and Markets Authority (CMA) said in a statement Wednesday that Facebook had “consciously” refused to report all the required information during an investigation of the tech giant’s acquisition
Continue ReadingCNN, CNNBUSINESS By Hanna Ziady, CNN Business Facebook failed to provide crucial details about its “Cross-Check” program that reportedly shielded millions of VIP users from the social media platform’s normal content moderation rules, according to the company’s oversight board. The tech giant “has not been fully forthcoming on Cross-Check,” the oversight board said in a
Continue ReadingCNN, CNNBUSINESS By Parija Kavilanz, CNN Business It’s a good thing that consumers are in a mood to spend heading into the holiday season. They may have to dish out more for a new artificial Christmas tree this year, depending on where they buy it from. Some large sellers of artificial trees say they are
Continue ReadingBy Chris Isidore, CNN Business Virtually every US home contains items that came through the ports of Los Angeles or Long Beach. The neighboring ports, a mere two nautical miles from each other, are the two largest in the country, measured by containters handled — with Los Angeles holding the top spot. Imports from Asia
Continue ReadingBy Matt Egan, CNN Business Facing a mounting supply chain crisis, the White House is exploring whether to deploy the National Guard to ease bottlenecks, though that option is viewed as unlikely, a person familiar with the matter told CNN. Business groups have urged the Biden administration to consider out-of-the-box ideas to address the supply
Continue ReadingBy Julia Horowitz, CNN Business Procter & Gamble, the consumer goods giant that makes Pampers diapers, Crest toothpaste and Tide detergent, says that running its business is far from simple right now. “Supply chains are under pressure from tight labor markets, tight transportation markets and overall capacity constraints,” Chief Financial Officer Andre Schulten told analysts
Continue ReadingBy Jordan Valinsky, CNN Business Netflix co-CEO Ted Sarandos has some regrets about how he handled Dave Chappelle’s stand-up special, even though he still stands by Netflix’s decision to stream the controversial act. In an interview with Variety late Tuesday, Sarandos admitted that he “screwed up” the internal communication with Netflix’s staff. He said he
Continue ReadingCNN By Charles Riley, CNN Business Facebook is planning to rebrand itself with a new name focused on the metaverse, the Verge reported on Tuesday, as the tech giant comes under fire from regulators around the world over its business practices. The company plans to announce the new name next week, the Verge reported, citing
Continue ReadingBy Charles Riley, CNN Business Facebook is planning to rebrand itself with a new name focused on the metaverse, the Verge reported on Tuesday, as the tech giant comes under fire from regulators around the world over its business practices. The company plans to announce the new name next week, the Verge reported, citing a
Continue ReadingPhilip Wang, CNN Business The Chinese government has ordered the country’s coal mines to “produce as much coal as possible” as it tries to increase production as winter approaches, and ease an ongoing energy crunch. The announcement from China’s National Development and Reform Commission comes after weeks of power shortages across many provinces, forcing the
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