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CNN By Danielle Wiener-Bronner, CNN Business Starbucks is reopening in Shanghai, a sign of hope as the city slowly emerges from its strict Covid restrictions. Shanghai lifted its two-month lockdown on Wednesday. So far the coffee chain has reopened about 600 of its 940 stores in the city, according to Starbucks spokesperson Jaime Riley. Employees
Continue ReadingBy Melissa Alonso and Andy Rose, CNN A judge has denied former vice-presidential nominee and Alaskan governor Sarah Palin’s bid for a new trial in her defamation case against the New York Times, according to a written decision filed Tuesday in the US District Court for the Southern District of New York. Palin sued the
Continue ReadingBy Gregory Wallace and Pete Muntean, CNN White House officials met Tuesday with travel industry leaders who pressed the Biden administration to end its requirements that vaccinated international travelers take a coronavirus test before flying to the United States. Airlines for America, representing major US air carriers, and the US Travel Association, representing the broad
Continue ReadingBy Brian Fung and Ariane de Vogue, CNN The Supreme Court of the United States temporarily blocked a sweeping Texas law on Tuesday that restricts the ability of Facebook, Twitter and YouTube to moderate content on their platforms. By a 5-4 vote, the justices granted an emergency request from the tech industry to block a
Continue ReadingCNN By Brian Fung and Ariane de Vogue, CNN The Supreme Court of the United States temporarily blocked a sweeping Texas law on Tuesday that restricts the ability of Facebook, Twitter and YouTube to moderate content on their platforms. By a 5-4 vote, the justices granted an emergency request from the tech industry to block
Continue ReadingBy Alicia Wallace, CNN Business The US cannabis industry is flush with fledgling companies and many unfamiliar brands. In that mix, however, is a 154-year-old company that is a household name: Scotts Miracle-Gro. Over the past decade, the lawn and garden giant has quietly entrenched itself in the young and fast-growing industry. Its Hawthorne Gardening
Continue ReadingBy Frank Pallotta, CNN Business Netflix’s world may be upside-down, but “Stranger Things” is still super popular. The latest season of the science-fiction horror series debuted this weekend to record numbers, becoming Netflix’s biggest debut ever for an English-language TV show. Netflix said that “Stranger Things 4 — Volume 1” clocked in at 286.7 million
Continue ReadingBy Brian Stelter, CNN Business Will June’s public hearings by the January 6 committee, some in prime time, shock viewers and sway public opinion? Will the Supreme Court’s impending abortion ruling reshape state and national politics? Will Elon Musk complete his takeover of Twitter? Will Covid case counts disrupt plans or come to be accepted
Continue ReadingBy Anna Cooban, CNN Business Russia is about to shut off its natural gas supplies to Shell’s German customers. Gazprom, the Russian state energy giant, said on Tuesday it would suspend natural gas exports to Shell starting Wednesday because the company had failed to make payments in rubles. “Shell Energy Europe Limited has notified Gazprom
Continue ReadingBy Paul R. La Monica, CNN Business Investors have learned a bunch of hard lessons so far in 2022. The stock market doesn’t always go up. And factors such as the economy, earnings and valuations, which might sound like quaint relics of a bygone era, still matter even in a world seemingly dominated by memes
Continue ReadingBy Jordan Valinsky, CNN Business Roughly 100 Sears Hometown locations are permanently closing in the coming weeks, representing roughly half of its remaining retail footprint. The closures were announced on each individual store’s Facebook page rather than a single press release. The locations are spread over about 30 US states, according to multiple reports. “Unfortunately
Continue ReadingBy Nathaniel Meyersohn, CNN Business A shakeup may be in the works at Unilever, the consumer goods giant behind brands like Dove soap, Hellmann’s mayonnaise and Vaseline. Unilever announced Monday that Nelson Peltz, one of the most influential corporate raiders on Wall Street, will join the company’s board of directors and disclosed that Peltz’s fund
Continue ReadingBy Alicia Wallace, CNN Business Inflation may be showing signs that it’s easing, but the high-cost environment still has American consumers wary about the direction of the economy. The Conference Board’s consumer confidence index dipped slightly to 106.4 in May, down from a revised 108.6 in April, according to data released Tuesday. The decline was
Continue ReadingBy Anna Bahney, CNN Business US home prices continued to surge higher in March, as buyers raced to lock in homes before the average mortgage rate hit 5%. Home prices rose 20.6% in March from the year before, an even higher rate than the 20% growth seen in February, according to the S&P CoreLogic Case-Shiller
Continue ReadingCNN By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend,
Continue ReadingBy Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
Continue ReadingBy Allison Morrow, CNN Business The machines are officially winning. Investors who’ve relied on a standard 60/40 portfolio this year have taken a bath as stocks and bonds have tumbled. Crypto traders aren’t faring well, either. Even gold, the go-to safe haven in volatile times, is underperforming. But for a small subset of specialized hedge
Continue ReadingBy Diksha Madhok, CNN Business India’s appetite for cheap Russian oil is swelling, even as the West continues to hit Moscow with unprecedented sanctions. Russian Crude flows to India are expected to reach 3.36 million metric tonnes in May, according to estimates from Refinitiv. This is nearly 9 times higher than the 2021 monthly average
Continue ReadingBy Matt Egan, CNN President Joe Biden plans to discuss high inflation in a meeting on Tuesday with Federal Reserve Chairman Jerome Powell, a White House official tells CNN. Biden is scheduled to meet with Powell at a time when prices are rising rapidly on everything from gasoline and food to housing. The president plans
Continue ReadingBy Niamh Kennedy, CNN The European Union has agreed on a partial ban on Russian oil imports, according to European Council chief Charles Michel. “Agreement to ban export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,”
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