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By Oliver Darcy, CNN Business (CNN) — Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $350 million. The acquisition of the one-time media powerhouse by its three creditors — made up of Fortress,
Continue ReadingCNN By Hanna Ziady, CNN London (CNN) — Business rivalry seemingly isn’t enough for two of the tech industry’s most powerful billionaires. Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a
Continue ReadingBy Hanna Ziady, CNN London (CNN) — Business rivalry seemingly isn’t enough for two of the tech industry’s most powerful billionaires. Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a cage
Continue ReadingBy Jordan Valinsky, CNN Business New York (CNN) — Bud Light is trying to revive its slumping brand with a new marketing campaign aimed at – appropriately – overcoming adversity. The struggling beer brand unveiled a new ad following its Dylan Mulvaney controversy: The transgender influencer posed with a custom can of Bud Light, and
Continue ReadingBy Vanessa Yurkevich, CNN New York (CNN) — Spirit AeroSystems, a key supplier to Boeing, shut down its factory in Wichita, Kansas, on Thursday after workers represented by the International Association of Machinists and Aerospace Workers voted to strike. The suspended production comes after employees voted down Spirit AeroSystems’ “best and final offer” and then
Continue ReadingBy Alicia Wallace, CNN Business Minneapolis (CNN) — US home prices fell in May at the largest annual rate in more than a decade, according to a National Association of Realtors report released Thursday. The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction
Continue ReadingCNN By Parija Kavilanz, CNN New York (CNN) — Loveable or creepy? Depends on who you ask. Furby, the ’90s toy phenomenon that divided kids and parents into opposing camps when it first hit stores and quickly became a craze, is making yet another comeback. Furby-maker Hasbro said Thursday it is reintroducing the bug-eyed, gibberish-talking
Continue ReadingBy Parija Kavilanz, CNN New York (CNN) — Loveable or creepy? Depends on who you ask. Furby, the ’90s toy phenomenon that divided kids and parents into opposing camps when it first hit stores and quickly became a craze, is making yet another comeback. Furby-maker Hasbro said Thursday it is reintroducing the bug-eyed, gibberish-talking furball.
Continue ReadingBy Brian Fung, CNN (CNN) — Three US senators are pressing Facebook-parent Meta, Google-parent Alphabet and Twitter about whether their layoffs may have hindered the companies’ ability to fight the spread of misinformation ahead of the 2024 elections. In a letter to the companies dated Tuesday, the lawmakers warned that reported staff cuts to content
Continue ReadingCNN By Brian Fung, CNN (CNN) — Microsoft (MSFT) and the video game giant Activision Blizzard (ATVI) will face off Thursday against the US government in a high-stakes battle over one of the largest technology acquisitions in history. The showdown in federal court will have the CEOs of both companies taking the stand to defend
Continue ReadingBy Brian Fung, CNN (CNN) — Microsoft (MSFT) and the video game giant Activision Blizzard (ATVI) will face off Thursday against the US government in a high-stakes battle over one of the largest technology acquisitions in history. The showdown in federal court will have the CEOs of both companies taking the stand to defend their
Continue ReadingBy Brian Fung, CNN (CNN) — Microsoft (MSFT) and the video game giant Activision Blizzard (ATVI) will face off Thursday against the US government in a high-stakes battle over one of the largest technology acquisitions in history. The showdown in federal court will have the CEOs of both companies taking the stand to defend their
Continue ReadingCNN By Danielle Wiener-Bronner, CNN New York (CNN) — If you have a sweet tooth, take note: Cocoa prices have been soaring — and that could drive chocolate prices higher. Higher prices can be helpful for struggling cocoa farmers. But those prices, along with high prices of other key chocolate ingredients, might not be great
Continue ReadingBy Jordan Valinsky, CNN New York (CNN) — Bed Bath & Beyond will live on. The brand, that is, not the stores. The retailer’s name, intellectual property and digital assets were purchased by Overstock.com for $21.5 million, according to court documents released Thursday. However, the deal won’t keep its stores open, which are currently closing
Continue ReadingBy Brian Fung, CNN (CNN) — Three US senators are pressing Facebook-parent Meta, Google-parent Alphabet and Twitter about whether their layoffs may have hindered the companies’ ability to fight the spread of misinformation ahead of the 2024 elections. In a letter to the companies dated Tuesday, the lawmakers warned that reported staff cuts to content
Continue ReadingBy Hanna Ziady, CNN London (CNN) — The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. The move will pile pain on people with mortgages and put more downward pressure on house prices. The decision in favor of a 13th consecutive hike takes
Continue ReadingBy Anna Cooban, CNN London (CNN) — Turkey’s central bank almost doubled interest rates to 15% Thursday in a dramatic reversal of its unorthodox policy of cutting the cost of borrowing to tame painfully high inflation. Annual consumer price inflation has come down from a two-decade high of 85.5% in October but was still 39.6%
Continue ReadingBy Matt Egan, CNN New York (CNN Business) — The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. In the years since, Americans have faced periodic shortages of antibiotics, common pain relievers, baby formula and key components needed
Continue ReadingBy Hanna Ziady, CNN London (CNN) — Business rivalry seemingly isn’t enough for two of the tech industry’s most powerful billionaires. Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a cage
Continue ReadingCNN By Hanna Ziady, CNN London (CNN) — Business rivalry seemingly isn’t enough for two of the tech industry’s most powerful billionaires. Now Elon Musk and Mark Zuckerberg say they want to settle their scores in a cage fight. Twitter owner and Tesla (TSLA) CEO Musk recently tweeted that he would be “up for a
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