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By Laura He, CNN Business The fate of ailing Chinese developer Evergrande remains up in the air after a deadline came and went Thursday without an update from the company on whether it plans to pay nearly $84 million interest owed to bondholders. Investors may have to wait a while longer to find out whether
Continue ReadingBy Chris Liakos and Hanna Ziady, CNN Business British drivers are being urged not to panic buy gasoline after a shortage of truck drivers forced BP to temporarily close some of its UK service stations. The Automobile Association (AA) appealed for calm on Friday as drivers in some parts of the United Kingdom flocked to
Continue ReadingBy Hanna Ziady, CNN Business British Airways has abandoned plans to launch a low-cost carrier at London’s second biggest airport, Gatwick, blaming pilots for its decision to scrap the new initiative. The reversal comes less than a month after British Airways unveiled plans for a short-haul subsidiary to compete with Ryanair and EasyJet in an
Continue ReadingCNN, CNNBUSINESS By Hanna Ziady, CNN Business More than 50 airlines, oil companies and other companies, including Delta, BP and Boeing, pledged on Wednesday to replace 10% of global jet fuel supply with sustainable aviation fuel (SAF) by 2030. It is one of the boldest commitments yet to tackle the environmental impact of air travel
Continue ReadingBy Chris Liakos, CNN Business The European Union proposed new rules on Thursday that will make USB-C ports standard on smartphones, tablets, cameras, phones, portable speakers and handheld video game systems. The move is a setback for Apple, which uses its own “Lightning” port on the iPhone. While the new rules are years away from
Continue ReadingBy Anneken Tappe, CNN Business Wall Street continued to rebound on Thursday, shrugging off both the Federal Reserve’s intention to soon roll back its massive monetary stimulus, another uptick in weekly jobless claims and worries overthe Evergrande debt crisis in China. All three major stock indexes closed sharply higher for the second straight day as
Continue ReadingBy Julia Horowitz, CNN Business All eyes are on China’s Evergrande, the heavily-indebted real estate conglomerate that’s become a market obsession after global investors tuned in to its mounting problems this week. What’s happening: The company faces a crucial test on Thursday, when it has a deadline to pay nearly $84 million worth of interest
Continue ReadingCNN By Matt Egan, CNN Business From the climate crisis to Covid, Marc Benioff sees a common thread for what ails America today: deception that is allowed to spread like wildfire on Facebook. “This digital revolution really kind of has the world in its grip. And in that grip, you can see the amount of
Continue ReadingBy Matt Egan, CNN Business From the climate crisis to Covid, Marc Benioff sees a common thread for what ails America today: deception that is allowed to spread like wildfire on Facebook. “This digital revolution really kind of has the world in its grip. And in that grip, you can see the amount of mistrust
Continue ReadingBy Jessie Yeung and Swati Gupta, CNN India’s Supreme Court has set a deadline for women to be admitted to the country’s elite defense academy for the first time next year, potentially opening the door for females to achieve high-ranking military positions in a field traditionally dominated by men. The court first ruled in August
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. What’s at stake? “Just about everything” This is one of those weeks when it feels like every single story is about Congress. Lawmakers are grappling with a government funding deadline,
Continue ReadingCNN, KABB, WOAI 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. What’s at stake? “Just about everything” This is one of those weeks when it feels like every single story is about Congress. Lawmakers are grappling with a
Continue ReadingBy Laura He, CNN Business It’s crunch time for China’s heavily-indebted Evergrande Group. The sprawling Chinese real estate conglomerate faced a critical test on Thursday: could it meet its obligations to bondholders, or would it slip closer to the default it had warned might be coming? Evergrande was due to pay $83.5 million worth of
Continue ReadingBy Chris Isidore, CNN Business Boeing, the largest US exporter, announced plans Wednesday for its first foreign production plant to perform final assembly work. The plant, to be built in Toowoomba, Australia, will assemble military drones, not commercial jets, which is Boeing’s primary business. But it is an interesting step away from the United States
Continue ReadingBy Sara Ashley O’Brien and Rishi Iyengar, CNN Business James Mattis, the former US Secretary of Defense and onetime Theranos board member, recounted how he lost confidence in the failed blood-testing startup during his testimony Wednesday in the criminal trial of the company’s founder and former CEO Elizabeth Holmes. Mattis, in a San Jose federal
Continue ReadingBy Rishi Iyengar, CNN Business Apple will not allow Fortnite back on its devices until its legal battle with the video game’s maker, Epic Games, has fully concluded, potentially delaying the game’s return to iPhones by several years. A lawyer for Apple said the company “has exercised its discretion not to reinstate Epic’s developer program
Continue ReadingCNN, CNNBUSINESS By Anneken Tappe The heads of the Boston and Dallas Federal Reserve banks announced they would be retiring early amid backlash over personal investing decisions that raised conflict-of-interest concerns. Eric Rosengren, the Boston Fed chief, cited health concerns Monday in announcing he would step down about a year earlier than planned. He was
Continue ReadingBy Anna Bahney, CNN Business The housing market is beginning to look a little more normal. Home sales dropped in August, both from July and from a year ago, breaking two straight months of increases, according to the National Association of Realtors. Home purchases have been surging over the past year, which Lawrence Yun, chief
Continue ReadingCNN, CNNBUSINESS By Chris Isidore, CNN Business If it’s debt ceiling crisis season, then it’s also time for the craziest solution to the problem: Getting President Joe Biden to issue a $1 trillion coin. The idea, which has been around for about a decade, is that the president can issue a $1 trillion “commemorative” coin,
Continue ReadingBy Anneken Tappe, CNN Business The Federal Reserve isn’t ready to take its foot off the stimulus gas pedal just yet, but that soon might change. If the economic recovery continues to progress as expected, the Fed “judges that a moderation in the pace of asset purchases may soon be warranted,” according to the bank’s
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