Money

By Jackie Wattles, CNN Virgin Orbit — the rocket company founded by British billionaire Richard Branson — is laying off the vast majority of its workforce as company leadership struggles to secure additional funding. About 675 employees will be terminated by April 3, according to a public document filed Thursday, amounting to around 85% of

By Oliver Darcy, CNN News organizations have a message for Elon Musk: We are not going to pay you for checkmarks on Twitter. The New York Times, Los Angeles Times, the Washington Post, BuzzFeed, POLITICO, and Vox all scoffed at the notion on Thursday that they would pay Twitter for the feature, which has been

By Peter Valdes-Dapena, CNN Business Spikes in car thefts of certain Hyundai and Kia models, a trend that began in the American midwest and was spread by how-to videos on social media, has reached America’s biggest city. About 100 of these particularly vulnerable Hyundai and Kia vehicles were stolen in the month of December alone

By Danielle Wiener-Bronner, CNN Starbucks’ investors have voted in favor of an independent review of the company’s aggressive anti-union efforts. During the company’s annual shareholder meeting last week, investors approved a proposal to have the board of directors “commission and oversee an independent, third-party assessment of Starbucks’ adherence to its stated commitment to workers’ freedom

By Oliver Darcy, CNN Business ABC News on Thursday stunned staffers, laying off several senior executives and restructuring its newsroom amid a broader workforce reduction being carried out by its parent company Disney, people familiar with the matter told CNN. “Throughout the company, teams are being impacted by the downsizing that was announced several weeks

By Nathaniel Meyersohn, CNN Bed Bath & Beyond will sell up to $300 million of its stock to repay creditors and fund its business as it struggles to avoid bankruptcy. If it’s not able to raise sufficient money from the offering, the home furnishings giant said Thursday it expects to “likely file for bankruptcy.” Bed

By Matt Egan, CNN The banking crisis that caused US officials to launch emergency interventions is unlikely to have significant direct costs for the federal government, according to Moody’s Investors Service. The credit ratings firm said late Wednesday that at this stage, the biggest bank failures since 2008 are not expected to meaningfully hurt America’s

By Oliver Darcy, CNN Wall Street Journal Editor-in-Chief Emma Tucker told staff in a memo Thursday that she was “very concerned” for the safety of Russia-based reporter Evan Gershkovich, who was arrested Wednesday by security forces in the city of Yekaterinburg. “I am very sorry to let you know you that one of our reporters

By Kara Scannell, CNN Sam Bankman-Fried, the founder of failed cryptocurrency trading platform FTX, pleaded not guilty to five new federal charges of fraud and conspiracy, including one count of conspiring to bribe Chinese government officials. An attorney for Bankman-Fried entered the plea on his behalf of his client, who was seated beside him in

By Hanna Ziady, CNN President Vladimir Putin has conceded that Western sanctions designed to starve the Kremlin of funds for its invasion of Ukraine could deal a blow to Russia’s economy. “The illegitimate restrictions imposed on the Russian economy may indeed have a negative impact on it in the medium term,” Putin said in televised

By Oliver Darcy and Marshall Cohen, CNN Fox News CEO Suzanne Scott sounded the alarm inside the company about the financial fallout that the right-wing network would suffer if it continued aggressively fact-checking then-President Donald Trump’s lies after the 2020 election, according to messages that became public Wednesday. In one instance, Scott emailed Meade Cooper,

By Peter Valdes-Dapena, CNN Business Soon, you’ll be able to plug in your Lamborghini. Closing out a half century of purely gasoline-powered V12 cars going back to the brand’s earliest models, Luxury Italian sports car designer Lamborghini has unveiled its first supercar with a charging port. The Lamborghini Revuelto is a plug-in hybrid and, while

By Anna Cooban, CNN Adidas is backpedaling fast over its latest attempt to protect its iconic three-stripe mark. The German sportswear company said Wednesday it was dropping its opposition to an attempt by a Black Lives Matter campaign group to trademark a logo featuring three parallel stripes. “Adidas will withdraw its opposition to the Black

By Danielle Wiener-Bronner, CNN Senator Bernie Sanders, who has roundly criticized former Starbucks CEO Howard Schultz over the company’s blatant attempts to shut down its own workers’ unionization efforts, finally got to question Schultz during a hearing before the Senate Health, Education, Labor, and Pensions Committee on Wednesday. Over the course of roughly two hours

By Julia Horowitz, CNN The Bank of England has called for urgent action to address a weak spot in the UK financial system as persistent worries about the global banking sector threaten to unleash fresh market turmoil. The central bank said Wednesday that UK banks had enough financial resources to avoid shocks but the pensions

By Peter Valdes-Dapena, CNN Business The big Kia Telluride SUV, with three roomy rows of seats, has been a major hit for the South Korean car brand. So, for those ready to switch to electric vehicles, KIa just unveiled its all-electric big SUV. The Kia EV9, like the Telluride, has lots of seats and they

By Nathaniel Meyersohn, CNN America’s biggest companies rushed to strengthen their gun safety policies after the mass shooting at a high school in Parkland, Florida, in 2018. Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores. Citigroup put new restrictions on gun sales by business customers. A year later, after mass shootings at a

By Matt Egan, CNN Two potential ownership groups are vying to buy the NFL’s Washington Commanders. Canadian billionaire Steve Apostolopoulos has officially submitted a $6 billion to buy the Commanders, a person familiar with the matter told CNN on Tuesday. The bid creates a head-to-head race for the Commanders between the Canadian businessman and a

By Anna Cooban, CNN The United States is now the biggest supplier of crude oil to the European Union. In December, 18% of the bloc’s crude imports came from America, EU data office Eurostat said Tuesday. That is a big turnaround. Russia was until recently the bloc’s top supplier of crude, accounting for as much

By Allison Morrow, CNN Federal prosecutors tacked on a 13th criminal charge against Sam Bankman-Fried, accusing the FTX co-founder of bribing “one or more” Chinese government officials with $40 million worth of cryptocurrency. In the indictment, prosecutors allege that Bankman-Fried sought to pay off Chinese officials in an effort to unfreeze accounts belonging to his

By Jeanne Sahadi, CNN Just as stock market turmoil is a good reminder to make sure your investment portfolio is diversified, a few surprise bank failures is a good excuse to find out whether your financial accounts — not just your checking and savings accounts — are all protected in the event that an institution

By Hanna Ziady, CNN Bank of England governor Andrew Bailey has said investors are hunting for “points of weakness” in banking, as fears linger that the crisis in the sector could engulf more lenders. On Monday, European bank shares rose, boosted by news that First Citizens Bank in the United States would buy most of

By Chris Isidore, CNN Chipotle Mexican Grill will pay a total $240,000 in salary and back pay to the former employees of an Augusta, Maine, restaurant that the company shuttered after the workers tried to unionize. The settlement payouts — which are based on pay rates, average hours and seniority — will range between $5,800

By Jon Passantino, CNN Disney CEO Bob Iger on Monday said his company will begin laying off staff starting this week, the first of three rounds of expected cuts following his announcement in February that the company would axe 7,000 jobs. The cuts to Disney’s global workforce are part of a multibillion-dollar cost-cutting initiative aimed

By Jennifer Korn, Ramishah Maruf and Camila Bernal, CNN Taylor Swift fans headed to court in Los Angeles Monday to face off against Ticketmaster after the ticketing giant fumbled online sales to the mega-star’s latest tour. Ticketmaster and parent-company Live Nation face a lawsuit from Swifties across the country filed in December for “unlawful conduct”

By Matt Egan, CNN Silicon Valley Bank imploded due to mismanagement and a sudden panic among depositors, a top Federal Reserve official plans to tell lawmakers at a hearing on Tuesday. In prepared testimony released on Monday, Michael Barr, the Fed’s vice chair for supervision, details how SVB leadership failed to effectively manage interest rate

By Allison Morrow, CNN Federal regulators sued Binance, the world’s largest cryptocurrency exchange, and its CEO for allegedly violating US trading laws and secretly coaching “VIP” customers on how to evade compliance controls. The Commodity Futures Trading Commission, which regulates US derivatives trading, said the company and CEO Changpeng Zhao have circumvented US laws by

By Mark Thompson and Julia Horowitz, CNN Europe’s banks are not yet in the clear, a top EU regulator said Monday, two weeks after the collapse of Silicon Valley Bank in the United States unleashed turmoil in the global banking sector. José Manuel Campa, the head of the European Banking Authority (EBA), told a German

By Jennifer Korn Elon Musk and William Shatner clashed on Twitter over the weekend after the Star Trek actor complained about being forced to pay to keep his blue checkmark on the platform. In a tweet on Saturday, Shatner expressed frustration with Twitter’s plan to remove blue checkmarks from the accounts of celebrities, journalists, government