Business News

We all need to embrace the Fake Commute

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. In today’s business news: There’s a new top cop on Wall Street, the rise of the fake commute and Parler makes a reappearance. WELCOME, SHERIFF GARY Joe Biden just announced a new…

Yellen to urge lawmakers to ‘act big’ on relief spending

Janet Yellen, President-elect Joe Biden’s nominee for Treasury secretary, is expected to urge lawmakers to “act big” on relief spending during her confirmation hearing Tuesday, underscoring the urgency and scope of the incoming administration’s $1.9 trillion stimulus package. “Neither the President-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,”…

Bulletproof vests and gas masks: Journalists prep for Inauguration Day

At the end of December, Los Angeles Times Washington Bureau Chief Kimbriell Kelly was looking at getting Moleskine notebooks as gifts for her staff. A couple weeks later, she was procuring goods of a decidedly different kind: gas masks, helmets and body armor for LA Times staff members who will be attending Wednesday’s inauguration of…

Wall Street has a new top cop. And Elizabeth Warren is a big fan of him

A new sheriff is coming to Wall Street — and, for a change, he’s not a friendly face. In a win for Elizabeth Warren and progressives, President-elect Joe Biden announced Monday he is tapping Gary Gensler to lead the Securities and Exchange Commission. Gensler made few friends, and plenty of enemies, during his time as…

Scottish fishermen say ‘Brexit carnage’ threatens to kill their business

Scottish fisherman parked their trucks near UK Prime Minister Boris Johnson’s office at 10 Downing Street on Monday to protest post-Brexit red tape they say has made it almost impossible to sell British seafood to the European Union. Many of them drove several hours from Scotland, where the fishing industry is in crisis because paperwork…

Stimulus is nice. But here’s what Biden really needs to fix the economy

Joe Biden last week proposed a $1.9 trillion stimulus bill, part of a historically ambitious plan to combat an economic crisis. But many economists and business leaders agree that no amount of government assistance to individuals and small businesses can fix the economy until the underlying cause of the problems — the Covid-19 pandemic —…

French politics kills Canadian bid to create one of the world’s top supermarket groups

The French government has put an abrupt end to a $20 billion takeover of the country’s biggest retailer by Canada’s largest convenience store operator. In a joint statement on Saturday, French supermarket chain Carrefour and Couche-Tard, the owner of Circle K, said that talks about a €16.2 billion ($19.5 billion) transaction “are no longer continuing.”…

Here’s what’s open and closed for Martin Luther King Jr. Day 2021

Martin Luther King Jr. Day is a national holiday, and with it comes some business closings. The main entities closed for the day will be corporate offices, government agencies and banks, but here is a list of what to expect. Most retail and grocery stores, restaurants are open If you need to run errands, you’re…

Ford closes German plant for 1 month as global chip crisis worsens

Ford has ordered a month-long production halt at one of its plants in Germany, the latest sign that a global shortage of computer chips is putting carmakers under increasing pressure and threatening their recovery from the pandemic. The US automaker said it would idle its factory in Saarlouis, Germany, from Monday until February 19 because…

Amazon Prime show ‘Tandav’ faces calls for a ban in India

Amazon wants India to play a key role in its ambitions to conquer streaming video. But the company now faces a political backlash over one of its new original shows. Authorities are looking into claims that Amazon’s new Prime Video series “Tandav” includes religiously insensitive content. Several Indian politicians say they have complained to the…

Samsung heir Jay Y. Lee sentenced to 2 1/2 years in prison for bribery and embezzlement

Samsung vice chairman Lee Jae-yong is going back to prison, casting the future of leadership at the massive tech company in doubt. The Seoul High Court in South Korea sentenced Lee to 2 1/2 years behind bars on Monday after finding him guilty of embezzlement and bribery. He was taken into custody following the verdict.…

The final days of Trump’s presidency inspire hour-by-hour countdowns

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Were there hour-by-hour countdowns to the end of the Bush presidency? The end of the Obama years? No, definitely not to this extent. Trump’s time in office is ending in ignoble fashion. There are countdowns…

China’s economy grows 2.3% in 2020 as recovery quickens

China’s economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic. The world’s second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday. It’s China’s slowest annual growth rate in decades — not since 1976 has the…

Oscar Mayer hiring team to drive its Wienermobile across the US

Frankly, this could very well be someone’s dream job. Kraft Heinz is looking to hire a new team of Hotdoggers (yes, that’s what the job posting says) to drive its famous hot dog-shaped Wienermobile across the country for a year. An ideal Hotdogger is an “outgoing, creative, friendly, exuberant, college graduate who has an appetite…

Jamie Lynn Spears blames Elon Musk and Tesla for killing her cats

Jamie Lynn Spears called Tesla “a secret cat-killer” and told CEO Elon Musk that he owes her a couple new feline friends. The actress, singer and sister of Britney Spears said in a since-deleted Instagram video that her cats were run over by a Tesla they never heard coming. Teslas, like other electric cars, run quieter…

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