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By Chris Isidore, CNN Business Upstart electric truck maker Nikola is dropping its $2 billion patent infringement lawsuit against Tesla in which it charged that its larger, more established rival stole parts of Nikola’s design for a heavy duty truck. The suit was originally filed in 2018, when Tesla was still losing money, running short
Continue ReadingBy Matt Egan, CNN Business American Express and BlackRock are the latest major companies to urge employees to start 2022 by working remotely as Covid-19 cases skyrocket. “We have seen an exponential increase in the spread of the Omicron variant across the world,” AmEx CEO Stephen Squeri said in a memo to employees on Tuesday.
Continue ReadingBy Charles Riley, CNN Business The United States is now the world’s leading exporter of liquified natural gas as Europe’s energy crisis and shortages in China send demand for American shipments soaring. LNG exports from the United States topped 7 million tonnes (7.7 million tons) in December, according to ship-tracking data from ICIS LNG Edge,
Continue ReadingBy Anneken Tappe, CNN Business A closely watched barometer for the job market offered a happy surprise for the new year: The ADP Employment Report was doubly as strong as expected in December. Economists had predicted 400,000 private sector jobs were added last month, but the report came in at a whopping 807,000. It was
Continue ReadingCNN, CNN BUSINESS By Anna Cooban, CNN Business Sony has announced plans to launch an electric car company later this year as it unveiled a new sports utility vehicle concept. The Japanese tech company will set up a new operating subsidiary called “Sony Mobility Inc.” in the coming months and is considering the commercial launch
Continue ReadingBy Anna Cooban, CNN Business Sony has announced plans to launch an electric car company later this year as it unveiled a new sports utility vehicle concept. The Japanese tech company will set up a new operating subsidiary called “Sony Mobility Inc.” in the coming months and is considering the commercial launch of an electric
Continue ReadingBy Julia Horowitz, CNN Business Markets climbed a wall of worry to new heights in 2021. Buoyed by gains at the end of the year, Wall Street is now even more certain there will be an encore performance. What’s happening: The risks identified over the past 12 months — looming interest rate hikes, rising inflation,
Continue ReadingBy Chris Isidore, CNN Business A surge in Covid cases and severe winter storms created a miserable holiday travel season for hundreds of thousands of stranded airline passengers. But airlines’ staffing cuts were also to blame for the 20,000 US flight that have been canceled over the last two weeks. Airlines went into the busiest
Continue ReadingBy Michelle Toh, CNN Business China Mobile’s stock rose on its first day of trading in Shanghai, where it was forced to retreat to after being booted off Wall Street a year ago. Shares of the Chinese telecom giant were up 1.8% on Wednesday after it pulled off mainland China’s biggest listing in 10 years,
Continue ReadingCNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Business Walmart is expanding its push to deliver groceries straight into customers’ kitchen fridges, even when they aren’t home. Walmart said Wednesday that it plans to make InHome, its $148 annual delivery option, available to 30 million US households by the end of the new year, up from
Continue ReadingBy Nathaniel Meyersohn, CNN Business Walmart is expanding its push to deliver groceries straight into customers’ kitchen fridges, even when they aren’t home. Walmart said Wednesday that it plans to make InHome, its $148 annual delivery option, available to 30 million US households by the end of the new year, up from six million today.
Continue ReadingBy Peter Valdes-Dapena, CNN Business Chrysler was once one of the biggest names in the American auto industry, famous for flashy cars with chrome, fins and style that belied their relatively affordable prices. Cars like the Chrysler New Yorker, the Imperial and the classic Chrysler 300 helped it become a solid competitor to brands like
Continue ReadingCNN, CTA, SAMSUNG, GM, CHEVY By Samantha Murphy Kelly and Clare Duffy, CNN Business CES, one of the world’s biggest tech trade shows, kicks off Wednesday in Las Vegas with its first in-person event since the start of the pandemic. While the conference may look a little different in 2022, it’s still showcasing the familiar
Continue ReadingBy Samantha Murphy Kelly and Clare Duffy, CNN Business CES, one of the world’s biggest tech trade shows, kicks off Wednesday in Las Vegas with its first in-person event since the start of the pandemic. While the conference may look a little different in 2022, it’s still showcasing the familiar mix of innovative and wacky
Continue ReadingBy Sara Ashley O’Brien, CNN Business As Elizabeth Holmes heard in real time that a jury of eight men and four women had found her guilty on four counts of defrauding investors, the former Theranos CEO remained stoic. After the jurors were discharged, Holmes, wearing a mask and seemingly emotionless, went down the line of
Continue ReadingCNN, THERANOS, SKETCHES BY VICKY BEHRINGER By Sara Ashley O’Brien, CNN Business Elizabeth Holmes, the former CEO of Theranos who was convicted earlier this month on four out of 11 federal fraud and conspiracy charges, will not be sentenced until September 26, according to a new filing. The prosecution and defense had proposed September 12
Continue Readingby Vanessa Yurkevich, CNN Business A record-setting 10.7 million 20-foot containers passed through the Port of Los Angeles in 2021, up 13% from the previous record set in 2018. And that pace is set to continue, according to Gene Seroka, executive director of the Port of Los Angeles. “I don’t see us falling off a
Continue ReadingBy Paul R. La Monica, CNN Business Charlie Munger, the longtime pal of Berkshire Hathaway’s Warren Buffett, is apparently a very big fan of Alibaba… even though the 98-year-old has recently praised the Communist government of China for cracking down on the Chinese e-commerce company and cloud giant. Munger, who is a vice chairman at
Continue ReadingBy Jordan Valinsky, CNN Business Kentucky Fried Chicken is going to sell a new menu item that contains no chicken — but tastes like it does. The new plant-based fried chicken nugget alternative, called Beyond Fried Chicken, will be added to menus nationwide beginning Monday, Jan. 10 for a limited time. It marks the first
Continue ReadingCNN, WFOR By Nathaniel Meyersohn, CNN Business At-home Covid-19 rapid test kits were already in short supply at stores. Now, a popular version is getting more expensive. Walmart and Kroger are raising prices on BinaxNOW test kits, made by Abbott Laboratories, after an agreement with the White House to sell the kits at cost expired.
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