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Alibaba is shutting down its music streaming app next month, signaling an end to the Chinese tech firm’s big music ambitions. The company announced Tuesday that Xiami Music will end February 5 “because of adjustments in business development.” The news comes as the company co-founded by Jack Ma faces pressure from regulators on several fronts.
Continue ReadingThe new year was meant to usher in greater certainty, with Covid-19 vaccination efforts ramping up and the US election in the rearview mirror. Instead, investors are being forced to grapple with fresh lockdowns and the uncertain outcome of Senate elections in Georgia — the result of which could have major ramifications for the US
Continue ReadingHaven, an ambitious health care company formed just three years ago as a partnership between Amazon, Warren Buffett’s Berkshire Hathaway and JPMorgan Chase, is shutting down. “Haven will end its operations at the end of February,” said Haven spokesperson Brooke Thurston in an email to CNN Business. The news was first reported by CNBC. The
Continue ReadingA group of major oil producers including Saudi Arabia and Russia is deadlocked over whether to increase output as the pandemic forces some economies back into lockdown and governments struggle to distribute vaccines. The Organization of the Petroleum Exporting Countries (OPEC) and allied producers failed to agree on production levels for February during a meeting
Continue ReadingThe New York Stock Exchange has reversed its decision to kick out three of China’s largest state-owned telecom companies. The exchange said late Monday that it no longer intends to delist the firms after “further consultation with relevant regulatory authorities,” and that they will continue to be listed and traded on the NYSE “at this
Continue ReadingJack Ma’s businesses are under enormous pressure right now. But the co-founder of China’s most successful tech empire and legendary billionaire entrepreneur hasn’t been heard from in months. Ma hasn’t made a public appearance or social media post since late October, just over a week before a much anticipated stock market listing of Alibaba’s financial
Continue ReadingHundreds of employees at Google and its parent, Alphabet, have launched a union, a rare step for the tech industry that also represents the biggest and most organized challenge yet to the company’s executive leadership. Announced Monday morning, the Alphabet Workers’ Union will be run by employees and open both to full-time workers and contractors
Continue ReadingIt was a rocky first trading day of the year for Wall Street as stocks fell sharply and investors grew worried about the the pandemic and the economic recovery in 2021. Investors took profits off the market’s record highs set last week, and they took a more cautious position ahead of the high-stakes runoff election
Continue ReadingJanet Yellen, President-elect Joe Biden’s pick for Treasury secretary, made more than $7 million in recent years by giving speeches to Wall Street banks, major corporations and industry groups. The former chair of the Federal Reserve hauled in nearly $1 million alone in multiple speeches to Citigroup, according to financial disclosure documents filed last week.
Continue ReadingHaven, an ambitious health care company formed just three years ago as a partnership between Amazon, Warren Buffett’s Berkshire Hathaway and JPMorgan Chase, is shutting down. “Haven will end its operations at the end of February,” said Haven spokesperson Brooke Thurston in an email to CNN Business. The news was first reported by CNBC. The
Continue ReadingThe Dow tumbled more than 500 points in the early afternoon on Monday, the first trading day of the New Year, as investors grew worried about the the pandemic and the economic recovery in 2021. Investors took profits off the market’s record highs set last week, and they took a more cautious position ahead of
Continue ReadingBitcoin prices more than quadrupled in 2020 and surged to a new record above $30,000 this year, but many investors think there’s still room for the cryptocurrency to run. Anthony Scaramucci has become the latest bitcoin bull hoping to give the digital currency some legitimacy. Scaramucci’s firm, SkyBridge Capital, officially launched the SkyBridge Bitcoin Fund
Continue ReadingThe Dow tumbled more than 600 points around midday Monday, the first trading day of the New Year, as investors grew worried about the the pandemic and the economic recovery in 2021. Investors took profits off the market’s record highs set last week, and they took a more cautious position ahead of the high-stakes runoff
Continue ReadingNew year, same telecommuting headaches. Slack, a popular workplace communication platform, confirmed a service interruption for some users on Monday morning as many workers returned from the holiday break. “Customers may experience issues connecting to Slack to loading channels at this time,” the company said. “Our team is on the case and we will keep
Continue ReadingMGM Resorts International is attempting to buy the owner of British gambling brand Ladbrokes, making it the latest US casino operator to place a significant wager on the fast-growing online betting industry during the pandemic. Ladbrokes owner Entain said in a statement Monday that it has received an £8.1 billion ($11.1 billion) proposal from MGM.
Continue ReadingChipotle is adding cauliflower rice to its menu as customers’ tastes shift toward healthier options. Beginning Monday, the cilantro-lime flavored rice alternative will be available at all of Chipotle’s roughly 2,700 US and Canada locations for a limited time. The nationwide launch follows a trial last July at 55 locations in Denver and Wisconsin that
Continue ReadingInvestors are gearing up for a turbocharged 2021. Want evidence? Look at the price of Bitcoin. What’s happening: Just a few weeks ago, Wall Street watched in awe as the cryptocurrency smashed through the $20,000 mark. This weekend, it soared above $30,000 for the first time ever. The cryptocurrency is notoriously volatile, and anxiety remains
Continue ReadingYears before Vanessa Pappas became the public face of TikTok, she interviewed for a job hosting a car show at a buzzy video production company that helped internet personalities make money. It didn’t go so well. For starters: she was actually supposed to interview for a very different role at Next New Networks, overseeing the
Continue ReadingThe legendary activist investor Carl Icahn is dumping a massive chunk of his stake in Herbalife Nutrition and giving up his firm’s seats on the board. The nutritional supplements company announced Sunday that it is repurchasing some $600 million worth of shares from Icahn Enterprises, his investment company. Herbalife is buying the shares for $48.05
Continue ReadingWashington’s battle with Beijing is escalating once more on Wall Street. The New York Stock Exchange will end trading in the shares of three of China’s largest state-owned telecom companies this month. It says the move is needed to comply with an order President Donald Trump signed late last year that bans Americans from investing
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