New York CNN Business — Paramount has ended its agreement to sell Simon & Schuster to Penguin Random House and will not appeal the recent federal court ruling blocking the merger of the publishing companies. Penguin, a subsidiary of German media giant Bertelsmann, is obligated to pay Paramount, Simon & Schuster’s parent company, a $200 […]
New York CNN Business — America faces a growing risk of a crippling national freight rail strike in two weeks. The rank-and-file members of the nation’s largest rail union, which represents the industry’s conductors, rejected a tentative labor deal with freight railroads, the union announced Monday. The nation’s second-largest rail union, which represents engineers, ratified […]
New York CNN Business — Death is in the air on Twitter. On the platform Thursday evening, where #RIPTwitter was the top trend worldwide, users wrote what they feared might be their last posts, offering apprehensive goodbyes and listing the other (more stable) social media platforms where they can still be found. They were reacting […]
New York CNN Business — In a surprise reversal, Qatar announced a ban of alcoholic beer at the eight stadiums hosting the World Cup. That leaves fans with just one “beer” choice — albeit one that isn’t boozy. Soccer fans will still be able to purchase Bud Zero, an alcohol-free lager that Anheuser-Busch says tastes […]
New York CNN Business — A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a […]
CNN — After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in an interview on […]
New York CNN Business — Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small […]
New Delhi CNN Business — Shares of Taiwan Semiconductor Manufacturing Company surged on Tuesday after Warren Buffett’s Berkshire Hathaway disclosed that it had purchased a $4.1 billion stake in one of the world’s largest chipmakers. In a filing with the United States’ Securities and Exchange Commission on Monday, Berkshire Hathaway (BRKA) said it acquired about […]
CNN — A cruise ship with hundreds of Covid-positive passengers docked in Sydney, Australia, after being hit by a wave of infections. The Majestic Princess cruise ship was about halfway through a 12-day voyage when an outbreak of cases was noticed, Carnival Australia president Marguerite Fitzgerald told reporters in a media briefing on Saturday. The […]
Editor’s Note: This is an updated version of an article that first published on June 13, 2022. The “crypto winter” that hit earlier this year walloped digital asset prices and served as a healthy reminder that cryptocurrencies are highly risky, volatile investments. But now, in the wake of crypto exchange FTX’s implosion, crypto investors were […]