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By Rishi Iyengar and Allison Morrow, CNN Business Elon Musk escalated a public feud with Twitter’s CEO early Tuesday, saying his acquisition of the social media company “cannot move forward” until he sees more information about the prevalence of spam accounts. Without citing a source, Musk claimed in a tweet that Twitter is “20% fake/spam
Continue ReadingOpinion by Abby Maxman for CNN Business Perspectives Forces like climate change, Covid-19 and geopolitical conflict were already spurring a global food crisis. But now the war in Ukraine has made a dire situation even worse. In this world of plenty, 811 million people are going to bed hungry at night and 44 million people
Continue ReadingBy Chris Isidore, CNN Business The CEO of Ryanair let loose a scathing, obscenity-laden attack on Boeing management Monday, saying company executives need either an immediate “reboot, or a boot up the a**.” “At the moment we think Boeing management is running around like headless chickens, not able to sell aircraft, and then even the
Continue ReadingCNN, CNN BUSINESS By Samantha Murphy Kelly, CNN Business After Jason Moore, from Portland, Oregon, saw headlines from national news sources on Google News about the Buffalo shooting at a local supermarket on Saturday afternoon, he did a quick search for the incident on Wikipedia. When no results appeared, he drafted a single sentence: “On
Continue ReadingBy Donie O’Sullivan, CNN Business On Saturday afternoon, an anonymous user on the online forum 4chan wrote, “just 20 mins ago I just witnessed a mass shooting at a tops supermarket live on twitch with like 20 other viewers.” The hate-filled forum 4chan, where all users post anonymously, appears to be at the center of
Continue ReadingBy Nicole Goodkind, CNN Business The first rule of running the Federal Reserve is: You do not criticize the Federal Reserve. An unspoken edict amongst former Fed chairs has been to not speak ill of their successors to preserve the apolitical nature of and trust in the institution. But former Fed Chair Ben Bernanke broke
Continue ReadingBy Nathaniel Meyersohn, CNN Business Walmart is creating a new program to fast-track recent college graduates into store manager positions — salaried roles that pay upwards of $200,000 a year. Facing a competitive labor market, Walmart is piloting a “College2Career” training program open to recent college graduates and current students set to graduate that aims
Continue ReadingCNN, CNNBUSINESS By Matt Egan, CNN Business The stock market selloff hit pause Friday, but the Dow Jones Industrial Average couldn’t avoid its longest weekly losing streak in nearly a century. The Dow ended Friday nine points higher but finished the week down about 3%. This was its eighth-straight weekly loss, the longest weekly losing
Continue ReadingBy Paul R. La Monica, CNN Business Stocks have been tumbling all year. The Nasdaq, down nearly 25% in 2022, is in a bear market. The S&P 500 is on a six-week losing streak and about 16% below its all-time high. But could stocks still have a lot more room to fall? Some would argue
Continue ReadingBy Matt Egan, CNN Business Prices at the pump continue to shatter records ahead of Memorial Day weekend. The national average for regular gas hit a fresh record of $4.48 a gallon Monday, according to AAA. That marks an increase of 15 cents in the past week and 40 cents in a month. Gas prices
Continue ReadingBy Jeanne Sahadi, CNN Business Divorce. Job loss. Business failure. Eviction. Bankruptcy. Poverty. Few people get through life without experiencing a financially traumatic situation of some kind — whether as a child watching your parents go through it or experiencing it yourself as an adult. Look no further than the pandemic to see countless recent
Continue ReadingBy Nicole Goodkind, CNN Business Wide leg jeans, butterfly clips and half-point rate increases: The 1990s are back. Earlier this month Federal Reserve chair Jerome Powell announced a half-percentage-point increase in interest rates, the largest hike in over two decades. Powell also indicated that he wouldn’t hesitate to do it again — a move straight
Continue ReadingBy Allison Morrow, CNN Business Goldman Sachs, fighting a war for talent amid scrutiny of the bank’s notoriously grueling work culture, is implementing a more flexible vacation policy to help staff “rest and recharge.” Senior bankers will now be able to take as many vacation days as they need, Goldman Sachs said in a memo
Continue ReadingCNN By Julia Horowitz, CNN Business The mood hanging over financial markets is anxious and gloomy, whether you’re a professional investor or a casual trader. The CNN Business Fear & Greed Index is in “extreme fear” territory. According to the most recent survey from the American Association of Individual Investors, 49% of members think the
Continue ReadingBy Julia Horowitz, CNN Business US banks had a stellar run in late 2020 and 2021. Stocks in the sector soared roughly 80%, powered by the strong economic recovery and the promise of higher interest rates, which would allow them to make more money on loans. Now, it’s like the rally never happened. Bank shares
Continue ReadingBy Allison Morrow and Chris Isidore, CNN Business JetBlue is going hostile in its effort to acquire Spirit, the latest twist in an industry battle for the low-cost carrier. Spirit previously rejected a takeover offer from JetBlue, favoring an earlier deal to merge with fellow budget airline Frontier. Now, JetBlue is appealing directly to Spirit’s
Continue ReadingBy Michelle Toh, CNN Business One of China’s top investment bankers says the country’s stock markets appear to be nearing “the bottom.” Chinese markets have been battered in recent months by the impact of Beijing’s “zero Covid” policy, a real estate slump, aggressive regulation and jitters about the country’s close ties with Russia. So far
Continue ReadingCNN, UKRAINE ARMED FORCES SOUTHERN OPERATIONAL COMMAND, AZOV REGIMENT, RUSSIA 24, RADIO FREE EUROPE, RADIO LIBERTY, TELEGRAM By Mark Thompson, CNN Business Renault is selling its business in Russia, including a controlling stake in Lada, becoming the latest carmaker to exit the country over its assault on Ukraine. In a statement on Monday, the French
Continue ReadingBy Mark Thompson, CNN Business Renault is selling its business in Russia, including a controlling stake in Lada, becoming the latest carmaker to exit the country over its assault on Ukraine. In a statement on Monday, the French company said it had agreed to sell Renault Russia to the city of Moscow and its stake
Continue ReadingBy Laura He, CNN Business China has reported disappointing economic data for the month of April, underscoring the extensive damage Covid lockdowns have wreaked on the country. The world’s second largest economy reported shocking drops in retail sales and factory production, widely missing market expectations. Retail sales plunged 11.1% in April from a year ago,
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