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House Democrats are preparing five bills to weaken Big Tech’s grip on the economy, in what could amount to Congress’s biggest challenge yet to the dominance of Amazon, Apple, Facebook and Google. The legislation, drafts of which are currently being circulated in Washington, are an outgrowth of what House Democrats have called a “top-to-bottom” investigation
Continue ReadingConsumer prices roared higher in May, rising at their fastest pace in decades. Inflation rose 5% in the 12-months ending in May, the Bureau of Labor Statistics reported Thursday. That was a faster pace than economists had predicted and the biggest jump since August 2008. Stripping out food and energy costs, which tend to be
Continue ReadingMore than 70 CEOs from some of the world’s biggest companies have urged governments to do much more to tackle climate change, including forcing businesses to reduce their carbon emissions. In an open letter published on Wednesday, company chiefs — including Mark Schneider of Nestlé and Ramon Laguarta of PepsiCo — called on all governments
Continue ReadingFrom lumber and steel to paint and burrito bowls at Chipotle, prices are rising almost everywhere you look. That’s putting investors on high alert. What’s happening: Wall Street is training its attention on the Consumer Price Index for May, which arrives on Thursday. The report is expected to show that prices excluding food and energy
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Significant cyberattacks against critical targets in Europe have doubled in the past year, according to new EU figures obtained by CNN, as the pandemic pushed lives indoors and online. The European Union Agency for Cybersecurity, ENISA, told CNN there were 304 significant, malicious attacks against “critical sectors” in 2020, more than double the 146 recorded
Continue ReadingAs we moved online in the pandemic, crime moved with us. In the European Union last year, new figures obtained by CNN show significant cyberattacks doubled. CNN’s Nick Paton Walsh reports.
Continue ReadingBitcoin’s value shot up after El Salvador became the world’s first country to accept it as legal tender. As of 3:30 a.m. ET on Thursday, the virtual currency was trading at $36,849 per coin, jumping about 7.9% over the last 24 hours, according to CoinDesk. Salvadorian lawmakers made history on Wednesday by approving a proposal
Continue ReadingInvestors managing more than $41 trillion in assets are loudly calling on world leaders to immediately step up their climate game if they don’t want to miss out on a wave of clean energy investment. More than 450 major investors signed a letter that was released Thursday urging governments to set more ambitious emission reduction
Continue ReadingA giant chunk of the internet briefly broke on Tuesday because of an outage at a company most people have probably never heard of before. Reddit, CNN, Target, Amazon, a UK government website and countless others all went dark after a technical issue at cloud service provider Fastly. Although the outage was short-lived, it served
Continue ReadingMattel is launching a new line of Barbies made from plastic that would otherwise become ocean waste. The “Barbie Loves the Ocean” collection, which has a summer theme, comes with three dolls, a beach shack play set and a starter assortment play set. The toy company is teaming up with plastics recycling company Envision Plastics,
Continue ReadingFacebook is giving its employees more flexibility to work outside the office — and Mark Zuckerberg is leading by example. The Facebook CEO told employees in a memo Wednesday that he plans to work remotely for at least half of the next year, a company spokesperson confirmed to CNN Business. The memo was previously reported
Continue ReadingThe meat supplier JBS USA paid an $11 million ransom in response to a cyberattack that led to the shutdown of its entire US beef processing operation last week, the company said in a statement Wednesday evening. The ransom was paid after most of the company’s facilities had come back online, JBS said. “This was
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GameStop is getting a new chief executive and chief financial officer, the company announced as part of its earnings release Wednesday. Matt Furlong, who will replace George Sherman as CEO, and Mike Recupero, who will be CFO, are both joining the company from Amazon. Their experience at the online retail giant will likely prove useful
Continue ReadingBoeing is seeking a one-year delay in its deadline to deliver two new 747 jets to be used as Air Force One. And that would mean added costs for taxpayers. The aircraft manufacturer signed a $3.9 billion deal for the presidential planes with the Air Force in 2018. The planes are currently due to be
Continue ReadingCampbell Soup is raising the prices it charges stores for its products in response to rising supply chain costs. The maker of namesake soup brands and snacks like Goldfish crackers, Milano cookies and Snyder’s pretzels reported Wednesday that profit fell 5% to $160 million during the three months ending May 2, compared with the same
Continue ReadingAs infrastructure negotiations between the White House and a GOP Senate group broke down this week, business executives are warning that aging infrastructure is holding America back. Nearly two-thirds (63%) of middle market executives say the nation’s ailing infrastructure is restricting growth of the national economy, according to a new RSM survey shared exclusively with
Continue ReadingFor the past decade, movie theaters have counted on a big, buzzy Marvel hit to kick off a lucrative summer season. But this year, the superhero of the moment isn’t going anywhere near the cinema. “Loki,” the latest streaming series from Marvel Studios, premiered Wednesday to much fanfare. The show, which stars Tom Hiddleston as
Continue ReadingAn estimated $150 million in equity capital has been invested in Black-owned banks since George Floyd was murdered last year, according to the National Bankers Association, a trade group that represents 24 of the country’s minority-owned financial institutions. Those funds have put the nation’s Black banking community in a stronger position today than it was
Continue ReadingBest Buy will be closed on Thanksgiving Day, moving many of its Black Friday deals online and offering alternatives to in-store shopping. The decision marks the second straight year that Best Buy stores will be dark on the holiday. Last year, in the midst of the Covid crisis, the store encouraged customers instead to take
Continue ReadingMartin Winterkorn has agreed to pay Volkswagen nearly $14 million after an investigation found the former CEO failed to respond properly to signs that the company may have been using illegal diesel engine technology. He also failed to ensure that questions from US authorities about the German carmaker’s 2015 emissions scandal were answered “truthfully, completely
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