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By Michelle Toh, CNN Business War in Europe has triggered a massive flight of capital from an Asian island nearly 5,000 miles away. Over the last month, Russia’s invasion of Ukraine has heightened concerns about the risk that China could increase its military force against Taiwan, triggering what some analysts have described as an unprecedented
Continue ReadingBy Sean Lyngaas, CNN A January cybersecurity incident at popular identity authentication provider Okta may have affected hundreds of the firm’s clients, Okta acknowledged late Tuesday amid an ongoing investigation of the breach. “[W]e have concluded that a small percentage of customers — approximately 2.5% — have potentially been impacted and whose data may have
Continue ReadingBy Chris Isidore, CNN Business Workers at a Starbucks store in its Seattle hometown voted unanimously to be represented by a union, giving the organizing effort by some company employees their most one-sided victory to date. The store is a small one, with 13 employees eligible to vote, and only nine had their votes counted.
Continue ReadingBy Xiaofei Xu and Anaëlle Jonah, CNN French energy giant TotalEnergies said on Tuesday that it would stop buying Russian oil and oil products by the end of 2022 at the latest, according to a press release from the company. “Given the worsening situation in Ukraine and the existence of alternative sources of supply for
Continue ReadingBy Chris Isidore, CNN Business You might not know Sean O’Brien. But he is poised to shake up the US economy in a way no one else has in recent memory. O’Brien was sworn in Tuesday as the new general president of the 1.3-million member International Brotherhood of Teamsters, succeeding James Hoffa, son of the
Continue ReadingBy Nicole Goodkind, CNN Business Goldman Sachs CEO David Solomon will DJ at Chicago’s Lollapalooza music festival this July alongside acts like Metallica, Dua Lipa, Doja Cat, and Green Day. The 60-year-old, who moonlights as an electronic dance DJ when he’s not running one of the largest investment banks in the world, has brought in
Continue ReadingBy Matt McFarland, CNN Business Tesla opened its third assembly plant near Berlin, Germany, and made the first deliveries of its Model Y sedan there Tuesday. The world’s most valuable automaker will reportedly produce as many as 500,000 vehicles a year at the plant and plans to hire as many as 12,000 workers. The capacity
Continue ReadingBy Jennifer Korn, CNN Business BuzzFeed News announced on Tuesday that its editor in chief is stepping down and the company is offering buyouts to eligible staffers that could turn into layoffs. Editor in Chief Mark Schoofs, who replaced Ben Smith in 2020, announced his decision to the newsroom Tuesday. Samantha Henig, BuzzFeed’s vice president
Continue ReadingBy Danielle Wiener-Bronner, CNN Business A few weeks after Russian President Vladimir Putin began his assault on Ukraine, American restaurants said they would pull out of Russia. But many of them remain open. McDonald’s, Starbucks, Papa Johns and the owner of Burger King, among others, have said that they would either shut down operations in
Continue ReadingBy Rebecca Wright and Olha Konovalova, CNN The parents of Ukrainian journalist Oleksandra “Sasha” Kuvshynova say the death of their daughter, killed while reporting on the war in their homeland, has helped them to discover a lot more about her life. Her father, Andriy Kuvshynov, told CNN they always knew Sasha was a “talented girl”
Continue ReadingBy Frank Pallotta, CNN Business Disney employees staged a walkout Tuesday in protest of the company’s response to Florida’s controversial Parental Rights in Education law, which critics have dubbed the “Don’t Say Gay” bill. While many employees at Disney headquarters in Burbank, California, did protest, it did not appear to be a massive showing across
Continue ReadingBy Matt Egan, CNN Business Former Trump national security adviser H.R. McMaster is calling on Congress to swiftly fund investments in American computer chip manufacturing, a plan championed by the Biden administration to address global semiconductor shortages. “It’s absolutely critical,” McMaster, a retired Army lieutenant general, told CNN in a phone interview. “If China has
Continue ReadingBy Brian Fung, CNN Business The attorney general of Washington, D.C. announced Monday he is suing Grubhub, alleging that the company harmed consumers during the pandemic by charging hidden fees and by misleading consumers about them using so-called “dark patterns” — along with a battery of other claims. The food-delivery service, which grew in prominence
Continue ReadingOpinion by Gina Cummings for CNN Business Perspectives With inflation hitting a 40-year high in the United States, working families are swimming ever faster in the effort to stay afloat. But the water just keeps rising, as mostly stagnant wages are also rapidly losing value. The federal minimum wage has lost at least 21% of
Continue ReadingBy Paul R. La Monica, CNN Business Alibaba has a message for investors nervous about its slowing growth and geopolitical uncertainty: We think our stock is cheap and we’re putting our money where our mouth is. Shares of Alibaba rose more than 11% Tuesday after the Chinese e-commerce and cloud giant announced it was boosting
Continue ReadingBy Eoin McSweeney and Niamh Kennedy, CNN Business The Russian journalist who won last year’s Nobel Peace Prize says he will auction off his medal to support Ukrainian refugees. Novaya Gazeta editor Dmitry Muratov was compelled to sell his medal by the sight of “wounded and sick children” requiring “urgent treatment” following Russia’s invasion of
Continue ReadingCNN, CNN BUSINESS By Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime,
Continue ReadingBy Samantha Murphy Kelly, CNN Business When a mother in Washington state learned her teenage daughter was on Discord, a popular social media platform, she felt reasonably comfortable with the idea of her using it to communicate with members of her high school marching band. But in September, the mother discovered the 16-year-old was also
Continue ReadingBy Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime, all Maserati models
Continue ReadingBy Charles Riley, CNN Business Jerome Powell is trying to hike interest rates without damaging the economy. Getting it wrong means recession, and he knows it. The chairman of the Federal Reserve said Monday that the central bank is prepared to repeatedly hike interest rates — and by 0.5 percentage points if necessary— in order
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