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By Michelle Toh, CNN Hong Kong (CNN) — Warren Buffett’s conglomerate has sold its remaining shares in the world’s largest chipmaker, TSMC, after the “Oracle of Omaha” sounded alarms about its homebase of Taiwan. In a Monday filing, Berkshire Hathaway (BRKA) disclosed that it was no longer holding a stake in Taiwan Semiconductor Manufacturing Company
Continue ReadingBy Ramishah Maruf, CNN The US Virgin Islands has subpoenaed Elon Musk, requesting documents from the billionaire for the government’s lawsuit alleging JPMorgan Chase benefited financially from Jeffrey Epstein’s sex trafficking operation. The petition to serve the subpoena does not implicate Musk in any wrongdoing and merely indicates that he was a high-net-worth individual whom
Continue ReadingBy Stefano Pozzebon The Central Bank of Argentina raised its key interest rate Monday by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs. Central banks across the globe are struggling to rein in inflation, but it’s a particular problem in Argentina, where the annual inflation rate
Continue ReadingBy Matt Egan, CNN The Biden administration announced plans on Monday to buy 3 million barrels of crude oil, marking the start of a years-long process aimed at replenishing America’s depleted emergency oil stockpile. The Energy Department is soliciting offers of crude oil to refill Big Hill, one of the four major oil storage facilities
Continue ReadingBy Samantha Delouya, CNN Manufacturer 3M fired longtime executive Michael Vale on Friday, citing “inappropriate conduct and violation of company policy.” Vale was promoted to a new role as 3M’s group president and chief business and country officer just last month. In that position, Vale oversaw 3M’s safety, industrial, consumer, transportation and electronics businesses, reporting
Continue ReadingCNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Amazon is revamping its delivery operations in an effort to cut costs while speeding up shipping times to the next day or sooner. Amazon has traditionally operated one national delivery network that distributed orders from warehouses spread across the country. If a local warehouse didn’t have the product
Continue ReadingBy Nathaniel Meyersohn, CNN Amazon is revamping its delivery operations in an effort to cut costs while speeding up shipping times to the next day or sooner. Amazon has traditionally operated one national delivery network that distributed orders from warehouses spread across the country. If a local warehouse didn’t have the product a customer ordered
Continue ReadingBy Danielle Wiener-Bronner, CNN For months and months, the price of eggs was soaring. Now, they’re going splat. As of last week, Midwest large eggs — the benchmark for eggs sold in their shells — cost just $0.94 per dozen in the wholesale market, according to Urner Barry, an independent price reporting agency. That’s a
Continue ReadingBy Matt Egan, CNN Filling up at the pump might not be cheap. But gas prices are miles away from last summer’s nightmare. At this point last year, gas prices were racing toward $5 a gallon, angering Americans, alarming central bankers and threatening the entire economy. Flash forward 12 months: The national average currently stands
Continue ReadingBy Allison Morrow, CNN The former chief executive of Silicon Valley Bank plans to apologize before a Senate committee Tuesday, writing in prepared testimony that he believes no bank could have survived the run that gutted SVB in early March. “I never envisioned myself or SVB being in this situation,” former CEO Greg Becker writes,
Continue ReadingCNN By Brian Fung, CNN European regulators have approved Microsoft’s $69 billion acquisition of Activision Blizzard, handing the technology giant a victory at a time when the deal is being challenged in other countries. While the merger could harm competition in some respects, particularly in the fast-growing market for cloud gaming services, concessions by Microsoft
Continue ReadingBy Jennifer Korn For a few months in 2017, there were rumors that Sam Altman was planning to run for governor of California. Instead, he kept his day job as one of Silicon Valley’s most influential investors and entrepreneurs. But now, Altman is about to make a different kind of political debut. Altman, the CEO
Continue ReadingBy Bryan Mena, CNN Many economists are predicting a recession later in the year, but one of the industries hurt most in the pandemic is bouncing back to pre-Covid levels. Leisure and hospitality businesses are hiring, offering enhanced benefits and trying to meet persistently robust demand. This expected strength in leisure spending means big business
Continue ReadingBy Sean Lyngaas An apparent cyberattack forced the Philadelphia Inquirer to close its office through Tuesday, the newspaper’s spokesperson Evan Benn told CNN in an email on Monday. That means the Inquirer’s journalists won’t be in the office on Tuesday as they cover a key election: Philadelphia’s Democratic primary for the mayoral race. Still, the
Continue ReadingBy Alicia Wallace, CNN Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable. Household debt balances set a fresh record high of $17.05 trillion during the first quarter, growing $148 billion or 0.9% from the fourth quarter of last year, the Federal Reserve Bank
Continue ReadingBy Brian Fung, CNN European regulators have approved Microsoft’s $69 billion acquisition of Activision Blizzard, handing the technology giant a victory at a time when the deal is being challenged in other countries. While the merger could harm competition in some respects, particularly in the fast-growing market for cloud gaming services, concessions by Microsoft were
Continue ReadingBy Anna Cooban, CNN Investors are nervously awaiting the outcome of Turkey’s presidential race in a runoff vote on May 28. They sent stocks tumbling Monday and pushed the value of its currency down to a new record low against the US dollar. Turkey’s benchmark BIST-100 index sank as much as 6.4% in pre-market trade
Continue ReadingBy Julia Horowitz, CNN Questions swirl about the strength of China’s recovery from Covid lockdowns, and there’s talk of recession in the United States. Yet Europe’s economic prospects have brightened in recent months, according to the European Commission. The EU’s executive arm on Monday upgraded its growth outlook for 2023 and 2024. It now expects
Continue ReadingCNN By Julia Horowitz, CNN Questions swirl about the strength of China’s recovery from Covid lockdowns, and there’s talk of recession in the United States. Yet Europe’s economic prospects have brightened in recent months, according to the European Commission. The EU’s executive arm on Monday upgraded its growth outlook for 2023 and 2024. It now
Continue ReadingBy Laura He and Ramishah Maruf, CNN China’s Communist Party had “supreme access” to all data held by TikTok’s parent company Bytedance, including on servers in the United States, a former employer who is bringing a wrongful termination lawsuit has alleged. The allegations in the lawsuit — which Bytedance denies and has vowed to contest
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