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 […]
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 […]
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 […]
Washington, DC CNN — Tesla and CEO Elon Musk will spend this week in court to defend the massive compensation package that helped make him the world’s richest man. The week-long trial in Delaware Court of Chancery will examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The automaker said […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN Business — The third-quarter corporate earnings season is wrapping up: We now have reports from […]
New York CNN Business — Between warnings of a recession, high inflation and layoff fears, the news is bleak. Why not have some chocolate? Chocolate makers are reporting booming sales as stressed out customers reach for something sweet to take the edge off. In the third quarter, sales of Hershey’s (HSY) chocolates, which include Reese’s, […]
New York CNN Business — Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday. Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that […]
London CNN Business — BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying profit […]
Stellantis said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy. The European carmaker said in a statement it had fully impaired the value of its investment in the venture in its results for the fist half of 2022, adding that it will continue to […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. New York CNN Business — The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. And it’s […]
