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CNN, CNN BUSINESS By Clare Duffy, CNN Business Elon Musk has raised just over $7 billion in additional equity financing to help fund his purchase of Twitter. The new investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a new Securities and Exchange Commission disclosure Musk filed
Continue ReadingCNN By Julia Horowitz, CNN Business As the economy began bouncing back from the coronavirus pandemic, interest in investment products that promoted good environmental, social and governance practices took off. But as markets have come under pressure this year, so-called “ESG” funds have started to struggle. What’s happening: Funds that prioritize responsible investments and ESG
Continue ReadingBy Matt Egan, CNN Business The economic recovery from Covid-19 stumbled in the first quarter, but that doesn’t mean a recession is imminent. Gross domestic product unexpectedly declined at an annual rate of 1.4% during the first three months of the year — the worst quarter for the American economy since the pandemic turned the
Continue ReadingCNN, CNNBUSINESS By Anna Bahney, CNN Business Home prices rose by double-digit percentages in most major US cities at the beginning of this year. Of 185 metro areas tracked, 70% saw double-digit growth in median home prices during the first quarter of 2022 compared to a year before, according to a report from the National
Continue ReadingBy Paul R. La Monica, CNN Business The huge pandemic boom for virtual health company Teladoc appears to be over. More people are willing to leave home for doctor visits, and shares of Teladoc plunged more than 45% Thursday. The company warned of a weak sales outlook and higher costs in its earnings report after
Continue ReadingCNN By Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some
Continue ReadingBy Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some users
Continue ReadingCNN, CNNBUSINESS By Anneken Tappe, CNN Business Americans had to reach deeper into their pockets in March, as yet another key inflation index showed prices hit a fresh 40-year high. The Personal Consumption Expenditures price index increased by 6.6% for the year ended in March, the Commerce Department reported Friday. It was the highest rate
Continue ReadingBy Jack Guy, CNN Russian revenues from fossil fuel exports to the European Union soared during the first two months of the Ukraine invasion, despite some buyers shunning Russian energy and finding alternative suppliers, a report by the Centre for Research on Energy and Clean Air (CREA) shows. European Union imports of Russian fossil fuels
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates took a breather last week, dropping slightly after seven consecutive weeks of increases. The 30-year fixed-rate mortgage averaged 5.10% in the week ending April 28, a tick down from 5.11% the week before, according to Freddie Mac. But it’s still significantly higher than the rate this time last
Continue ReadingBy Brian Fung, CNN More than 55 countries and the United States announced their commitment Thursday to defending a free and open internet, agreeing to uphold digital human rights in response to rising authoritarianism in cyberspace. The agreement, known as the Declaration for the Future of the Internet, aims to forestall an emerging “splinternet” characterized
Continue ReadingBy Anna Cooban, CNN Business Some of Russia’s biggest natural gas customers in Europe’s are preparing to accept the Kremlin’s new payment terms rather than risk being cut off by Moscow, a fate suffered by Poland and Bulgaria this week. Gas distributors in Germany and Austria told CNN Business that they were working on ways
Continue ReadingBy Anna Cooban and Inke Kappeler, CNN Business Siempelkamp Giesserei has seen its fair share of crises in its 99 years. But pandemic shutdowns, supply chain disruptions and soaring energy prices have thrown the Düsseldorf metals factory into uncharted territory. “There has never been anything like this before,” Georg Geier, the company’s managing director, told
Continue ReadingBy Chris Isidore, CNN Business Southwest Airlines posted a first-quarter loss, but the company said that will be the last time it loses money for awhile. The airline had gone more than 11 years without a money-losing quarter and reported 47 straight years of annual profits before the pandemic. But Southwest said that it made
Continue ReadingBy Julia Horowitz, CNN Business Every quarter, investors on Wall Street parse earnings for intel on how much money a company brings in and the size of its profit. But this season has served as a reminder of how much traders who have piled into fast-growing tech stocks have come to value another metric. They’re
Continue ReadingBy Anneken Tappe, CNN Business America’s economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday. The nation’s gross domestic product — the broadest measure of economic activity — declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior
Continue ReadingBy Michelle Toh, CNN Business For the first time in China, people will be able to get a taxi ride without anyone behind the wheel. Baidu and autonomous driving startup Pony.ai announced Thursday that they had won the country’s first permits to provide robotaxi ride-hailing services to the public. The permits do not require an
Continue ReadingBy Michelle Toh, CNN Business Samsung reported strong results on Thursday, with profits for the first quarter climbing more than 50% compared to the same time a year ago. The South Korean tech giant pulled in 77.8 trillion Korean won ($61.3 billion) in revenue and 14.1 trillion Korean won ($11.1 billion) in operating profit, roughly
Continue ReadingBy Chris Isidore, CNN Business In the days after its November IPO, electric truck maker Rivian was briefly one of the world’s most valuable automakers despite not yet having reported a single sale. But its stock has been sliding steadily since then, which just resulted in a big loss for…..Ford? Yes, that’s right. Ford, which
Continue ReadingBy Clare Duffy, CNN Business Meta’s first earnings of 2022 may have largely fallen short of expectations, but that hasn’t really dampened the enthusiasm of its investors. Facebook’s parent company on Wednesday missed Wall Street revenue forecasts during the first three months of 2022, and posted its slowest revenue growth in years. It also narrowly
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