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By Nathaniel Meyersohn, CNN Business In 2019, Costco opened a $450 million poultry processing plant in Nebraska to produce millions of its staple $4.99 Kirkland Signature rotisserie chickens. It was a rare step for a retail company to take but a sign of just how valuable rotisserie chickens are to Costco’s business. The company has
Continue ReadingBy Sean Lyngaas, CNN Business Hackers have stolen the equivalent of $100 million from a California-based cryptocurrency firm in the latest big-money hack in the digital currency industry. The unidentified thieves hit a “bridge” — a program that allows for the transfer of cryptocurrency — the victimized firm, Harmony, announced on Twitter Thursday night. “Harmony
Continue ReadingCNN By Jordan Valinsky, CNN Business Clearly, this isn’t your father’s RadioShack. The zombie retailer’s Twitter account contains a stream of explicit comments, vulgarities and a bunch of drug references. Many companies have edgy social media presences, but not like this. So what’s going on? RadioShack is trying to sell you cryptocurrency — with an
Continue ReadingCNN By Parija Kavilanz, CNN Business Americans are cutting back at the gas pump — and not just the amount of fuel they put in their tanks. Consumers are also changing the way they fill their grocery bags with rest-stop food and other essentials. The trigger: soaring inflation. The average price of gas is hovering
Continue ReadingBy Julia Horowitz, CNN Business Some investors look to copper prices as a bellwether for the global economy. If you’re one of them, you have good reason to be worried. What’s happening: Copper prices hit 16-month lows on Thursday as traders dumped the metal. They’ve dropped more than 11% in two weeks. “Copper prices are
Continue ReadingCNN, CNN BUSINESS By Laura He, CNN Business Two people died this week when a Nio electric car crashed to the ground from the third floor of a parking lot in Shanghai. One member of Nio’s staff and an employee from a partner company were killed in the accident, the Chinese electric carmaker said in
Continue ReadingBy Laura He, CNN Business Two people died this week when a Nio electric car crashed to the ground from the third floor of a parking lot in Shanghai. One member of Nio’s staff and an employee from a partner company were killed in the accident, the Chinese electric carmaker said in a statement Thursday.
Continue ReadingBy Laura He, CNN Business Peter had put his life savings of about $6 million into accounts at three small banks in China’s central Henan province. He says he hasn’t been able to access them since April. The 45-year-old entrepreneur asked us to call him Peter for security reasons. He’s from the eastern city of
Continue ReadingBy Samantha Murphy Kelly, CNN Business The latest iteration of Amazon’s Alexa voice assistant could sound eerily familiar. The company announced on Wednesday during its annual re:MARS conference, which focuses on artificial intelligence innovation, that it’s working on an update to its Alexa system that would allow the technology to mimic any voice, even a
Continue ReadingBy Matt Egan, CNN Business The oil industry pushed for an easing of tensions and a dialing back of finger-pointing from the White House during a Thursday meeting with the Energy Department as high gas prices continue to anger politicians and consumers. “Our guys raised concerns about the ongoing tone from the administration. We asked
Continue ReadingCNN By Matt Egan, CNN Business The oil industry pushed for an easing of tensions and a dialing back of finger-pointing from the White House during a Thursday meeting with the Energy Department as high gas prices continue to anger politicians and consumers. “Our guys raised concerns about the ongoing tone from the administration. We
Continue ReadingBy Matt Egan, CNN Business Former Trump economic official Gary Cohn is in favor of President Joe Biden lifting some Trump-era tariffs imposed on China to address high inflation. “These tariffs are adding to the cost of many goods that US consumers are buying,” Cohn told CNN. Cohn, now vice chairman at IBM, is a
Continue ReadingBy Reuters An Italian company’s hacking tools were used to spy on Apple and Android smartphones in Italy and Kazakhstan, Alphabet’s Google said in a report on Thursday. Milan-based RCS Lab, whose website claims European law enforcement agencies as clients, developed tools to spy on private messages and contacts of the targeted devices, the report
Continue ReadingBy Jackie Wattles, CNN Business SpaceX, Dish Network and other 5G providers are locked in a heated battle over radio frequencies, which SpaceX says it needs for its orbital internet service, Starlink, and which Dish says it needs for its own customers. SpaceX is claiming that, if federal regulators allow 5G wireless networks to use
Continue ReadingBy Frank Pallotta, CNN Business Netflix is laying off 300 employees in the midst of a rough year for the streaming giant. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” a company spokesperson told CNN Business Thursday.
Continue ReadingBy Zoe Sottile, CNN A Canadian ketchup brand has launched an unusual twist on a popular summer treat: Ketchup-flavored popsicles. The “Frenchsicle,” a unique offering from French’s Ketchup, is available in select pop-up locations until Thursday, according to a news release from French’s. The popsicle was created in collaboration with Happy Pops, a Canadian ice
Continue ReadingBy Chris Isidore, CNN Business Tesla faces billions of dollars in losses from its new plants, supply chain problems and Covid lockdowns — enough for CEO Elon Musk to mention the possibility of bankruptcy in a recent interview. “The past two years have been an absolute nightmare of supply chain interruptions, one thing after another,”
Continue ReadingCNN, CNN BUSINESS By Chris Isidore, CNN Business Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter. The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production
Continue ReadingBy Paul R. La Monica, CNN Business It wasn’t too long ago when some movie fans found that the easiest and cheapest way to watch movies in a post-Blockbuster world was to rent DVDs from Redbox kiosks at the drug store and other retailers. Ahh, the early 2010’s. The rise of Netflix and other streaming
Continue ReadingBy Parija Kavilanz, CNN Business Americans are cutting back at the gas pump — and not just the amount of fuel they put in their tanks. Consumers are also changing the way they fill their grocery bags with rest-stop food and other essentials. The trigger: soaring inflation. The average price of gas is hovering around
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