By Oliver Darcy, CNN Business Michelle Gotthelf, the former editor in chief of the New York Post’s digital operation, filed a lawsuit on Tuesday against the tabloid, alleging she was wrongfully fired earlier this month after she reported to her boss that a longtime lieutenant of Rupert Murdoch sexually harassed her. Gotthelf alleged that the
Continue Reading
By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
Continue Reading
By Nathaniel Meyersohn, CNN Business Kohl’s can’t catch a break from Wall Street. For the second time in as many months and third time in a year, an activist investor is putting pressure on the department store chain to make changes or sell the company. Activist hedge fund Macellum Advisors, which owns about 5% of
Continue Reading By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
Continue Reading
By Anneken Tappe, CNN Business Wall Street had another day in the red at the start of this shortened trading week as investors grapple with earnings seasons and rising Treasury bond yields. All three major indexes spent the entire day sharply lower. The Dow closed 1.5%, or some 540 points, lower, after falling as many
Continue Reading
By Anna Cooban, CNN Business The BBC has warned that it will be forced to slash services and cancel shows after the UK government froze its main source of funding, resulting in a budget shortfall of roughly $388 million. Tim Davie, director general of the public service broadcaster, told BBC Radio 4 on Tuesday that
Continue Reading
By Matt Egan, CNN Business Goldman Sachs is now calling for oil prices to hit $100 a barrel later this year and continue rising in 2023, signaling higher prices at the pump are on the way. In a Monday evening report to clients, the Wall Street bank backed up its bullish call by citing “robust
Continue Reading
By Paul R. La Monica, CNN Business Goldman Sachs had a phenomenal year. But like many of its competitors on Wall Street, the numbers just weren’t good enough to satisfy fickle investors. The investment banking powerhouse said Tuesday that it earned $3.9 billion in the fourth quarter, or $10.81 a share. But analysts had been
Continue Reading
By Julia Horowitz, CNN Business Every year, BlackRock CEO Larry Fink, one of the most powerful people in global finance, pens a letter to chief executives that’s required reading for business leaders. Fink’s insistence that companies need to disclose more about their climate plans and seriously consider their role in society has helped change what’s
Continue Reading
By Anneken Tappe, CNN Business Climate change policies have become front and center for companies — not only because of ethics and reputation, but also because their employees demand it. More than three-quarters of global executives said climate change policies affect their ability to attract and retain talent, according to Deloitte’s 2022 CxO Sustainability Report.
Continue Reading
By Jordan Valinsky, CNN Business Peloton says inflation and supply chain challenges have forced the company to hike the price of its flagship bike, just five months after cutting it drastically to boost sagging sales. Beginning January 31, customers will be required to pay $250 for delivery and setup for Peloton’s $1,495 bike — a
Continue Reading
By Matt Egan, CNN Business President Joe Biden’s 2022 is off to a dreadful start. Prices at the pump could make it even worse. Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they’re starting to creep higher again. The energy resurgence
Continue Reading
By Matt Egan, CNN Business President Joe Biden’s 2022 is off to a dreadful start. Prices at the pump could make it even worse. Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they’re starting to creep higher again. The energy resurgence
Continue Reading
By Charles Riley, CNN Business People are paying a lot more for food, gas, cars and services, and inflation isn’t over yet as the pandemic continues to distort the economy. So should governments consider setting the price of essential goods? It’s been done before, typically during times of crisis, but for most mainstream economists, the
Continue Reading
By Wayne Chang and Teele Rebane, CNN Business Hong Kong police have arrested and charged two former Cathay Pacific staffers for violating the city’s quarantine rules, underscoring the challenges the city’s flagship airline and its staff face under some of the world’s most restrictive anti-pandemic policies. The government on Monday confirmed the arrests of two
Continue Reading
By Laura He, CNN Business China is urging central banks in the West not to hike interest rates too fast to fight inflation as it goes in the other direction to battle a sharp economic slowdown. Chinese President Xi Jinping on Monday called on major world economies to spur growth by coordinating their policies as
Continue Reading
By Michelle Toh, CNN Business Starbucks is joining forces with Chinese tech giant Meituan to expand delivery options in its second biggest market. The coffee chain announced Tuesday that it has teamed up with the popular food delivery app to roll out new offerings for customers in China. Now, consumers in mainland China will be
Continue Reading
Opinion by Marco Lambertini, Gim Huay Neo and Elizabeth Mrema for CNN Business Perspectives Almost two years since the start of the Covid-19 pandemic, scientific breakthroughs powered by international collaboration have helped us create vaccines and other treatments that can help tackle the health crisis. But our broken relationship with the natural world continues to
Continue Reading
By Laura He, CNN Business China’s economy expanded 8.1% last year, far exceeding the government’s own targets. But weakening growth in the closing months of 2021 suggests that trouble is still on the horizon as the country contends with a deepening real estate crisis, renewed Covid outbreaks and Beijing’s strict no-tolerance approach to controlling the
Continue Reading
By Laura He, CNN Business Evergrande’s international creditors are losing patience. A group of the company’s overseas bondholders are threatening to take legal action over its “opaque” debt restructuring process, the latest sign of trouble for the embattled Chinese developer. They said in a statement Thursday they’ve had to “seriously consider enforcement actions” after Evergrande
Continue Reading