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Jeffrey Mezger is a 40-year veteran of the real estate industry. He’s never seen a stronger housing market than this one. “It’s crazy. There is no inventory,” the CEO of KB Home told CNN Business. For wannabe buyers, the shortage of homes on the market, combined with a surge of competition from other purchasers is
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The evidence that Americans are gearing up for a return to normal life is growing apparent. States are relaxing capacity restrictions for public areas and private gatherings. More school districts are reopening for in-person learning. Travel is increasing, with TSA data showing more than 1 million daily passengers in US airports for two consecutive weeks,
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H&M, Nike and other big Western apparel brands are facing a boycott in China because of the stand they’ve taken against the alleged use of forced labor to produce cotton in the country’s western region of Xinjiang. H&M and Nike said months ago that they were concerned about allegations that forced labor has been used
Continue ReadingAn Arizona businessman who secured more than $1 million in Covid-19 relief funding and then purchased a Porsche and a new home is now facing federal fraud charges. James Polzin, 47, is accused of filing fraudulent applications for government loans by claiming “nonexistent employees and revenues for businesses he supposedly owned and operated.” CNN revealed
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Chinese hackers targeted Uyghur activists and journalists living in the United States in an attempt to spy on them, an investigation by security staff at Facebook has found. “They targeted activists, journalists and dissidents among Uyghurs and other Muslim minorities from Xinjiang in China primarily living abroad in Turkey, Kazakhstan, the United States and other
Continue ReadingDisneyland — the iconic resort whose gates have been closed for more than a year because of the coronavirus pandemic — isn’t just reopening next month; it’s looking to expand. The flagship Disney resort located in Anaheim, California revealed plans on Thursday for a multiyear expansion called “DisneylandForward.” Disney is seeking to modify development approvals
Continue ReadingThe Federal Reserve will end its restrictions on bank dividends and buybacks for most institutions on June 30 as long as they pass the current round of stress tests, the central bank announced Thursday. Last June, Wall Street’s biggest banks were required to suspend share buybacks in the third quarter and to cap shareholder dividends
Continue ReadingOn Wednesday, the CEOs of Facebook, Google and Twitter appeared (virtually) before a congressional committee to answer hours of pointed questions about how their platforms handle misinformation. But for a few brief moments, much of the internet was focused on a strange clock-like gadget placed just to the right of Twitter CEO Jack Dorsey’s formidable
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The chief executives of Facebook, Google and Twitter faced withering criticism from members of Congress on Thursday about their handling of misinformation and online extremism during their first appearance before lawmakers since the Jan. 6 Capitol riots and the rollout of the coronavirus vaccine. Members of the House Energy and Commerce Committee pressed Facebook CEO
Continue ReadingPurdue Pharma has filed a restructuring plan to dissolve itself and establish a new company dedicated to programs designed to combat the opioid crisis, according to court documents filed Monday. As part of the proposed plan, members of the Sackler family have agreed to pay an additional $4.2 billion over the next nine years to
Continue ReadingThe company that owns Olive Garden is raising wages in a bid to attract workers. But the move doesn’t go far enough to satisfy critics of a practice common in the restaurant industry. Currently at Darden Restaurants, which owns Longhorn Steakhouse, Cheddar’s Scratch Kitchen and other chains in addition to Olive Garden, all employees are
Continue ReadingMeme stocks were back in business Thursday, as investors bought up shares of GameStop, boosting other Reddit-favorite stocks along with it. GameStop soared nearly 53% Thursday, lifted by investors’ hopes that a board overhaul could transform the video game store into a digital-first Amazon competitor. The company announced Tuesday that former Amazon fulfillment chief Jenna
Continue ReadingAs vaccine eligibility expands across the United States, more companies are offering incentives to get a jab. Many US companies are debating whether to mandate vaccines. Over 70% of current or recent CEOs of major companies said they were open to requiring vaccines, a poll by the Yale Chief Executive Leadership Institute said. “I think
Continue ReadingThe oil industry’s most powerful lobbying group announced Thursday that for the first time it will support setting a price on carbon, a significant shift that underlines intensifying pressure on Washington and business to tackle the climate crisis. But the devil will clearly be in the details. The American Petroleum Institute laid out a series
Continue ReadingTech stocks have taken a hit lately as investors continue to seek comfort in banks, big oil and other value sectors. But some fans of trendy momentum stocks aren’t giving up on them just yet. That’s the message from Cathie Wood of Ark Invest — who has become one of the more influential voices on
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Intel CEO Pat Gelsinger has only been on the job for about a month. But the semiconductor giant has been in need of a bold, new strategy for some time, and on Tuesday, Gelsinger delivered. Intel unveiled several major initiatives — including a $20 billion investment in two new US chipmaking facilities — aimed at
Continue ReadingHappy Birthday, stock market bull. One year ago this week, the stock market bottomed out. But since then investors have ridden a giant wave of vaccine progress, epic fiscal stimulus and unprecedented support from the Federal Reserve as trillions of dollars were spent to thwart a pandemic Depression. The S&P 500 has surged a stunning
Continue ReadingCongress is set to grill the chief executives of Facebook, Google and Twitter about misinformation and online extremism on Thursday, in the executives’ first appearance before lawmakers since the Jan. 6 Capitol riots and the rollout of the coronavirus vaccine. Members of the House Energy and Commerce Committee are expected to press Facebook CEO Mark
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Here’s the best worst news you’ll hear all week: Unemployment claims fell to a pandemic low. But they’re still higher than at any point during the Great Recession. A year ago, the United States essentially closed for business, sending tens of millions of workers to the unemployment lines. Many shops and other businesses quickly reopened,
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Slack CEO Stewart Butterfield knows he screwed up. Wednesday morning, Slack rolled out a feature to let customers message Slack users at other companies. After a host of complaints, Slack made changes Wednesday afternoon. Customers noted that the new system, called Slack Connected, could be used to send unsolicited DMs and perhaps even abusive emails.
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