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By Nicole Goodkind, CNN First Republic stock plunged by nearly 50% at the close of trading on Tuesday, hitting a new record low after the embattled lender reported late Monday that its total deposits fell 41% in the first quarter, to $104.5 billion, even after a consortium of banks stepped in with $30 billion to
Continue ReadingBryan Mena, CNN US manufacturers have now mostly worked their way through their backlogged orders — and that means job cuts could be on the horizon as soon as this year. Those orders, which accumulated because of supply chain disruptions in the early days of the pandemic, have helped keep the manufacturing industry mostly insulated
Continue ReadingBy Brian Fung, CNN A federal appeals court largely sided with Apple on Monday in a closely watched case about its app store policies, a decision that could complicate future efforts to regulate app store operators and frustrate claims that Apple behaves monopolistically. The decision in the case involving Epic Games, maker of the hit
Continue ReadingBy Krystal Hur, CNN Anheuser-Busch has placed two executives who managed Bud Light’s sponsorship of two Instagram posts from a transgender woman on leave, according to the Wall Street Journal and other media reports. Ad Age was the first to report that Alissa Heinerscheid, Bud Light’s vice president of marketing, was placed on leave. Todd
Continue ReadingCNN By Oliver Darcy and Marshall Cohen, CNN Fox News and Tucker Carlson, the right-wing extremist who used his prime time perch at the talk network to exert a firm grip over the Republican Party, have severed ties, the network said in a stunning announcement that rocked the media and political worlds Monday. “We thank
Continue ReadingBy David Goldman and Oliver Darcy, CNN CNN has parted ways with longtime host Don Lemon. The announcement Monday came without explanation and astonished the media industry. “Don will forever be a part of the CNN family, and we thank him for his contributions over the past 17 years,” said CNN CEO Chris Licht in
Continue ReadingBy Oliver Darcy and Marshall Cohen, CNN Fox News and Tucker Carlson, the right-wing extremist who used his prime time perch at the talk network to exert a firm grip over the Republican Party, have severed ties, the network said in a stunning announcement that rocked the media and political worlds Monday. “We thank him
Continue ReadingBy Jon Passantino Disney is laying off several thousand workers across the company this week in the second and largest wave of cuts as part of the media giant’s previously announced plan to slash its workforce by 7,000 employees. The latest round of job cuts will impact ESPN, Disney’s entertainment division, Disney Parks, and its
Continue ReadingBy Nathaniel Meyersohn, CNN Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing hundreds of stores. The company filed for bankruptcy Sunday and said it will begin closing its remaining 360 Bed Bath & Beyond stores and 120 buybuy Baby locations. Bed Bath & Beyond already
Continue ReadingBy Jeanne Sahadi, CNN Employers who want a productive, engaged workforce could do more to train, develop and support those in their managerial ranks. That’s because managers are the secret sauce. Gallup’s Quarterly Workforce Indicator surveys consistently show that managers are a linchpin to employee engagement, retention, productivity and trust in leadership. As it turns
Continue ReadingBy Nicole Goodkind, CNN Business Last year, the S&P 500 fell 18%, but you wouldn’t know it from looking at the portfolios of US lawmakers. Overall holdings by members of the US Congress outperformed the S&P 500 by about 17.5% on average in 2022, according to Subversive Capital, a company that creates ETFs which track
Continue ReadingBy Hanna Ziady, CNN Credit Suisse bled customer deposits worth 67 billion Swiss francs ($75.2 billion) in the first three months of the year, and money is still leaving the bank as UBS races to complete a rescue of its stricken rival. The bank run was “most acute” in the days just before and just
Continue ReadingCNN By Chris Isidore, CNN Despite falling gas prices, ExxonMobil and Chevron reported bumper profits last quarter. While they were lower than last year, they still beat Wall Street forecasts, as well as where they were ahead of the spike in energy prices that followed the invasion of Ukraine more than a year ago. ExxonMobil,
Continue ReadingBy Laura He, CNN Public sector workers in an eastern Chinese city are set to be paid fully in digital yuan, as the country makes a significant push to popularize the currency. Changshu, located in the province of Jiangsu, will start the new payment process in May, according to an official document widely posted on
Continue ReadingBy Michelle Toh and Nathaniel Meyersohn, CNN Temu and Shein are taking off in the United States, topping app stores and creating a frenzy with consumers. But as the two online shopping platforms become hugely popular, they’re also facing questions over a litany of issues, including how they’re able to sell goods at such strikingly
Continue ReadingBy Ramishah Maruf and Oliver Darcy, CNN NBCUniversal CEO Jeff Shell is leaving the company after an outside investigation “into a complaint of inappropriate conduct,” its parent company Comcast announced Sunday. Shell will depart effective immediately in the wake of an investigation led by an outside counsel. “Today is my last day as CEO of
Continue ReadingBy Ramishah Maruf, CNN America’s leading specialty baby products retailer will shutter its 120 stores, a consequence of parent company Bed Bath & Beyond’s bankruptcy filing on Sunday. buybuy BABY and its website will remain open for now, along with 360 Bed Bath & Beyond stores, as the company secured a $240 million loan to
Continue ReadingBy Alex Leeds Matthews, CNN Tupperware may be on the verge of collapse, but the 77-year-old business’ potential demise isn’t necessarily a harbinger of worsening economic conditions. While sales data shows the rest of the US consumer retail sector — including some of the company’s competitors in the food storage space — seems to be
Continue ReadingBy Krystal Hur, CNN With Microsoft, Alphabet, Amazon and Meta Platforms all slated to report earnings this coming week, investors are turning their attention away from bank earnings to Big Tech. That’s because just a handful of large-cap tech stocks powered the S&P 500’s gains during the first quarter despite banking turmoil, uncertainty about the
Continue ReadingBy Samantha Murphy Kelly, CNN Business A complex but concerning method of gaining control over a user’s iPhone and permanently locking them out the device appears to be on the rise. Some iPhone thieves are exploiting a security setting, called the recovery key, that makes it nearly impossible for owners to access their photos, messages,
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