What on earth is a SPAC?
What do Jay-Z, A-Rod, Ciara, Serena Williams, Shaq, hedge fund billionaire Bill Ackman, former house speaker Paul Ryan, and Richard Branson all have in common? One word, well, acronym: SPACs.
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First Solar CEO: Getting rid of Trump tariffs would pose challenges
By Julia Chatterley, CNN Business China’s solar industry monopoly took a hit earlier this month when a new Ohio-based solar panel factory was announced. First Solar, the only US-headquartered major manufacturer of solar panels, is investing $680 million investment into the factory, and its technology is not dependent on the Chinese at all, according to
Continue ReadingFirst Solar CEO: We’re not dependent on the Chinese supply chain
First Solar is building a factory in Ohio, creating the biggest plant for making solar panels outside of China. CEO Mark Widmar talks to CNN’s Julia Chatterley about their semiconductor technology.
Continue ReadingFirst Solar CEO: We’re not dependent on the Chinese supply chain
First Solar is building a factory in Ohio, creating the biggest plant for making solar panels outside of China. CEO Mark Widmar talks to CNN’s Julia Chatterley about their semiconductor technology.
Continue ReadingFirst Solar CEO: Getting rid of Trump tariffs would pose challenges
By Julia Chatterley, CNN Business China’s solar industry monopoly took a hit earlier this month when a new Ohio-based solar panel factory was announced. First Solar, the only US-headquartered major manufacturer of solar panels, is investing $680 million investment into the factory, and its technology is not dependent on the Chinese at all, according to
Continue ReadingSee why American Airlines is canceling hundreds of flights
American Airlines is canceling hundreds of flights through at least mid-July as the company strives to maintain service in the midst of massively increasing travel demand while the coronavirus pandemic continues to recede in the United States, according to a spokesperson from the airline. CNN’s Pete Muntean reports.
Continue ReadingAmerican investors are trying to buy a UK supermarket. Here’s why
By Hanna Ziady, CNN Business Britain’s fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets. Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30
Continue ReadingThe improving economy is great news for banks
By Paul R. La Monica, CNN Business The stock market has been volatile, but it’s been a very solid year on -— and for — Wall Street. Stocks rebounded Monday after a big tumble last week, but the Dow remains up a robust 10% in 2021. Goldman Sachs is the top stock among the blue
Continue ReadingDow notches best day since March as Wall Street rebounds
By Anneken Tappe, CNN Business US stocks soared Monday, making up lost ground after a multi-day losing streak last week. The Dow closed 1.8%, or nearly 590 points, higher. The S&P 500 — the broadest measure of Wall Street — climbed 1.4%. The Dow snapped a five-day losing streak, its longest since January, while the
Continue ReadingLordstown executives sold millions of dollars in stock before problems became public
By Jordan Valinsky, CNN Business Lordstown Motors, the embattled electric truck startup, is facing more scrutiny after several of its top executives sold off millions in dollars of stock prior to its dismal first-quarter earnings report. Regulatory filings show five Lordstown executives, including its former chief financial officer and its current president, sold more than
Continue ReadingBill Ackman’s SPAC buys 10% of the music giant behind Kanye West
By Lauren Gunn, CNN Business Vivendi has agreed to sell 10% of Universal Music to a so-called blank check company backed by hedge fund billionaire Bill Ackman for about $4 billion. The deal was confirmed by Vivendi and Pershing Square Tontine Holdings, Ackman’s special purpose acquisition company (SPAC), in statements on Sunday. SPACs typically raise
Continue ReadingWhat it’s really like to be an Amazon warehouse worker during Prime Day
By Sara Ashley O’Brien, CNN Business For much of the past 16 months, Amazon’s warehouse workers have faced grueling pressure to keep up with the demand from households for online goods during the pandemic. Now, workers must endure the stress of meeting a spike in orders from Amazon’s summer shopping holiday, which kicks off Monday.
Continue ReadingThis is what it’s like to work in an Amazon warehouse
Tyler Hamilton has worked at the Amazon warehouse in Shakopee, Minnesota for four years. He shares the good and the bad about the fast-paced job.
Continue ReadingWhy this Prime Day may fall flat for Amazon’s stock
By Julia Horowitz, CNN Business After months of failing to break out, Amazon’s stock is close to a record high. Thank Prime Day, the annual sales bonanza that kicks off Monday. What’s happening: In 2020, analysts estimated Amazon’s Prime Day notched sales of $9 billion to $10.5 billion. The sales rush as the economy reopens
Continue ReadingThere’s a chicken wing shortage. So this chain wants you to start loving thighs
By Danielle Wiener-Bronner, CNN Business Chicken wing prices are going through the roof. So Wingstop, a chain known for, well, wings, is now selling chicken thighs. But getting Americans on board could be a challenge. On Monday, the restaurant launched a virtual brand called “Thighstop” which serves crispy thighs, with or without sauce. The menu
Continue ReadingGlobal stocks slide after Wall Street frets about the Fed
By Laura He and Jill Disis, CNN Business Global stocks and cryptocurrencies are pulling back on Monday as investors continue to weigh signals from the Federal Reserve that it could raise interest rates sooner than expected. Markets were broadly lower, with Japan’s Nikkei 225 dropping more than 3% — easily the worst major performer —
Continue ReadingChina’s most famous liquor fetches nearly $1.4 million at auction
By Michelle Toh, CNN Business A rare case of China’s fiery national liquor has sold for more than $1 million, more than five times what experts had estimated it would fetch. Sotheby’s announced on Friday that it had sold a crate of the beloved spirit, Kweichow Moutai, for an eye-popping £1 million (almost $1.4 million)
Continue ReadingAmerican Airlines canceling hundreds of flights through mid-July in part due to labor shortages
By Rashard Rose, CNN American Airlines is canceling hundreds of flights through at least mid-July as the company strives to maintain service in the midst of massively increasing travel demand while the coronavirus pandemic continues to recede in the United States, according to a spokesperson from the airline. “The first few weeks of June have
Continue Reading‘Assault on Democracy’ explores the roots of January 6 and why it matters today
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. “Assault on Democracy.” That’s the title of an ambitious new CNN documentary that is premiering Sunday at 9pm Eastern and Pacific and re-airing several times in the coming days. The
Continue ReadingHong Kong journalist says newsroom raid ‘sent shudders through the industry’
By Alexis Benveniste, CNN Business Five hundred police officers raided the Apple Daily newsroom in Hong Kong last week to arrest executives and top editors and seize journalistic materials under the city’s national security law. The incident sounded an alarm across the media industry. “This has sent shudders through the industry,” Elaine Yu, a Hong
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