Hong Kong CNN — China’s economy is faltering. Unemployment is skyrocketing. Endless Covid lockdowns are wreaking havoc on businesses and people’s lives. The property sector is in crisis. Ties between Beijing and major global powers are under strain. The list of problems faced by the world’s second-largest economy goes on – and many of those […]
CNN — Snap’s bad year continues. Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. In a letter to investors, Snapchat’s parent company […]
CNN — When she took the keys to 10 Downing Street in the wake of Boris Johnson’s political demise, Liz Truss promised to “ride out the storm” of Britain’s economic crisis. Just over six weeks later, she was engulfed by a hurricane of her own making. It was a humiliating end to a calamitous premiership […]
Washington, DC CNN — Tesla buyers may be able to take advantage of new federal tax credits for electric vehicles next year, the automaker’s executives said Wednesday. The credits can be as large as $7,500 for new vehicles and $4,000 for used vehicles. Tesla’s eligibility for the previous tax credits ended in Jan. 2020 when […]
New York CNN Business — Even the uber-rich are on edge now about the economy. Elon Musk and Jeff Bezos, two of the wealthiest people on the entire planet (who generally don’t agree on much of anything), are both signaling some tension about a looming recession. Bezos earlier this week commented that it’s time to […]
New York CNN Business — Barilla can’t avoid a class-action lawsuit over allegedly deceptive advertising about the pasta’s origins, a federal judge ruled this week. At issue is the brand’s slogan “Italy’s No. 1 brand of pasta,” which the lawsuit says can lead customers to believe it’s actually made in Italy. The customers that filed […]
New York CNNBusiness — Billionaires are no match for the Twitterverse. Luxury goods mogul and LVMH CEO Bernard Arnault has dumped his private jet after Twitter users took to tracking his every plane trip to make an example of how the rich and their rarefied lifestyles are polluting the environment. Renault, 73, the world’s second-richest […]
New York CNN Business — Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down […]
London and Paris CNN Business — Only about half the trains on regional and intercity lines were running Tuesday in France and Eurostar canceled some services between London and Paris, as a strike by energy workers spilled over into other sectors of the economy. One in two trains were canceled on some suburban rail lines […]
London CNN Business — The decision by Jeremy Hunt, the new UK finance minister, to jettison the bulk of Prime Minister Liz Truss’ much-maligned plans to boost growth has come as a huge relief to investors, easing their worries about the sustainability of government finances. But even if “Trussonomics” has been tossed out and a […]