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By Jordan Valinsky and Diksha Madhok, CNN Business Ford is ending production in India and taking a hit of $2 billion as it retrenches from a market that has been almost impossible for American automakers to break into. In an announcement Thursday, the company said that roughly 4,000 employees will be laid off and manufacturing
Continue ReadingBy Hanna Ziady, CNN Business Cathie Wood, the CEO of Ark Invest, is reportedly slashing her exposure to China, and switching to stocks that are in Beijing’s good books. The Wall Street superstar revealed Thursday that her fund has significantly reduced its exposure to China amid sweeping regulatory changes that have made the investment environment
Continue ReadingBy Angela Dewan, International Climate Editor Australian Prime Minister Scott Morrison all but admitted Thursday that his country had asked UK negotiators to exclude particular climate commitments from a free trade deal agreed in principle in June. The UK government, which is chairing November’s COP26 international climate talks, as well as Australia’s have come under
Continue ReadingBy Charles Riley, CNN Business On Tuesday, the Reserve Bank of Australia ripped off the stimulus band-aid and confirmed that it would start to scale back its bond-buying program this month despite concerns about the impact of the Delta coronavirus variant on the economy. The European Central Bank followed suit on Thursday, saying that it
Continue ReadingBy Jordan Valinsky, CNN Business Taco Bell has a plan in place to recycle some of the 8 billion pounds of used sauce packets that go into US landfills every year. The fast food chain is rolling out a nationwide pilot program for customers to send used sauce packets back through the mail. The program,
Continue ReadingBy Jordan Valinsky, CNN Business Burger King’s menu is getting a big makeover and its customers might not even notice. That’s why Burger King is hiring celebrities to promote the changes. The burger chain announced Thursday that it’s banning 120 artificial ingredients from its food, ranging from the ketchup to buns, as part of its
Continue ReadingBy Jill Disis and Hilary Whiteman, CNN Business Media companies in Australia are liable for the comments that Facebook users post under their articles, the country’s highest court ruled this week. The decision could have widespread consequences for how Australian publishers interact with their readers on social media. The High Court of Australia on Wednesday
Continue ReadingBy Diksha Madhok, CNN Business More than two decades ago, India began its transformation into a global IT powerhouse, ushering in an era of wealth and job creation never before seen in the country. Now, Asia’s third largest economy is ready for the next big frontier in tech: Coming up with a new generation of
Continue ReadingBy Michelle Toh, CNN Business Chinese regulators have summoned companies to demand they play down profits and further clamp down on how minors can play video games, just days after children in the country were banned from access during the week. State-run news agency Xinhua reported Wednesday that authorities had called in firms, including industry
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Continue ReadingOpinion by Mark Zandi for CNN Business Perspectives It has been a trying 18 months since the pandemic first struck, and it appears it will take another 18 months for the economy to be free and clear of the impact of Covid-19. When the vaccines for Covid-19 became widely available this spring, there was widespread
Continue ReadingCNN, MODERNA, PFIZER Opinion by Mark Zandi for CNN Business Perspectives It has been a trying 18 months since the pandemic first struck, and it appears it will take another 18 months for the economy to be free and clear of the impact of Covid-19. When the vaccines for Covid-19 became widely available this spring,
Continue ReadingBy Frank Pallotta, CNN Business “We Make Movies Better.” That’s the tagline of a new advertisement from AMC Theatres. The world’s biggest movie theater chain debuted a $25 million national ad campaign Wednesday that it hopes will bring audiences back to the movies. It’s an unusual move because movie theater chains typically don’t advertise outside
Continue ReadingCNN, NETFLIX, INSTAGRAM, IAMCARDIB, DISNEY+ By Frank Pallotta, CNN Business “We Make Movies Better.” That’s the tagline of a new advertisement from AMC Theatres. The world’s biggest movie theater chain debuted a $25 million national ad campaign Wednesday that it hopes will bring audiences back to the movies. It’s an unusual move because movie theater
Continue ReadingCNN, CNNBUSINESS By Julia Horowitz, CNN Business Chevron, the $186 billion US oil giant, is taking steps to diversify its business away from fossil fuels as concerns about the climate crisis grow. What’s happening: This week, the company announced that it will spend $10 billion through 2028 on low-carbon energy sources like renewable diesel fuel
Continue ReadingBy Anneken Tappe, CNN Business America has more job openings than it can fill. That has been a truth of the pandemic recovery. Now the Delta variant is threatening to make that even worse. In July, the number of jobs available in the United States climbed to 10.9 million, a new record high, the Bureau
Continue ReadingBy Kathryn Vasel, CNN Business When employees go back to the office, they may discover that their old desk is no longer waiting for them. Some companies that are switching to a hybrid workforce, where employees spend some days in the office and some at home, are getting rid of assigned seating noting that they
Continue ReadingBy Nathaniel Meyersohn, CNN Business Amazon will let you skip the checkout line at two Whole Foods stores next year. Amazon is installing its cashier-less “Just Walk Out” technology at the locations, which are set to open in 2022 in Washington D.C. and Sherman Oaks, California. It’s the latest test of the software, which is
Continue ReadingBy Jeanne Sahadi, CNN Business El Salvador’s adoption of bitcoin as legal tender may have been a watershed moment for cryptocurrencies. But in the United States, even though you can use crypto to buy and sell products or services, don’t think for a minute that makes it just like cash — at least not if
Continue ReadingBy Hanna Ziady, CNN Business UK Prime Minister Boris Johnson’s plan to hike payroll taxes to raise billions in funding for health and social care will raise Britain’s tax burden to its highest ever level, according to the Institute for Fiscal Studies. The independent research organization also said that further tax hikes could be on
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