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Business News

China still needs Australia to power its economic recovery

China and Australia spent much of last year in a tense standoff on trade. But as the recovery of the world’s second largest economy gathers pace, China needs more iron ore and Australia is still its main supplier. Beijing on Monday reported that China’s GDP grew 2.3% last year, averting the recession that gripped much…

Tesla has started deliveries of the Chinese-made Model Y

Tesla has begun rolling out locally made Model Y crossover vehicles in China, reaching an important milestone in the world’s largest auto market. The electric carmaker announced the news on Twitter on Monday, releasing photos of the SUV being purchased from a company showroom. The Model Y is the second vehicle Tesla has made and…

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…

Corporate earnings don’t look great. But the drought may be over soon

It’s report card season for Corporate America. Companies are starting to release their earnings for the fourth quarter of last year, and so far it doesn’t look like many blue chip stocks are going to get a passing grade. There’s good news though: 2021 is likely to be a lot better. Big banks JPMorgan Chase,…

Chris Cramer, veteran journalist and pioneering former CNN executive, dies aged 73

Chris Cramer, the passionate and forthright leader at the helm of CNN International for 11 years, has died, aged 73. He was an early champion of recognizing the impacts of Post-Traumatic Stress Disorder (PTSD) among journalists and his lasting legacy is an industry with far greater awareness of the dangers journalists face around the world.…

Analysis: TV news is realigning, with Fox’s ratings sagging and CNN’s soaring

A realignment in TV news is under way. Fox News Channel’s ratings have sagged ever since Election Day. And CNN’s ratings have surged to historic levels. These shifts are related, but complicated. It’s not as simple as “X is up so Y is down.” People who don’t normally watch a lot of cable news are…

It’s 53% alcohol and tastes like fire. Here’s how this liquor brand took over China

When Costco opened its first store in China in 2019, it wasn’t just the hot rotisserie chickens and discounted Birkin bags that lured frenzied crowds. A fiery, throat-tingling liquor called Kweichow Moutai also flew off shelves. At 1,498 yuan, or $209 for a half-liter bottle, it might not sound like the kind of bargain Costco…

James Murdoch criticizes ‘media property owners’ who have ‘unleashed insidious’ forces with election denialism claims

James Murdoch, the youngest son of billionaire media mogul Rupert Murdoch, assailed “media property owners” and outlets that have promoted disinformation and conspiracy theories about the results of the 2020 election. Murdoch did not explicitly mention Fox News, which is controlled by his father and his brother Lachlan Murdoch. But it was clear that, even…

NRA files for bankruptcy

The National Rifle Association of America, the nation’s foremost gun lobby, has filed for voluntary bankruptcy in Texas, the organization said Friday. The group said it plans to leave New York and reincorporate as a Texas nonprofit, in an move it is calling “Project Freedom.” The NRA said it’s in its “strongest financial condition in…

Fast food workers go on strike in honor of Martin Luther King Jr.

An estimated 1,000 fast food workers across the United States went on strike Friday over low wages, staging protests in honor of Martin Luther King Jr. ahead of the federal holiday next week. The demonstrations were set to take place in more than 15 cities, including Atlanta, Chicago, St. Louis and Los Angeles. The strike…

Oil giant splits from powerful lobbying group over climate change

The American Petroleum Institute, the nation’s largest and most powerful oil lobby, is losing one of its biggest members over a disagreement about addressing the climate crisis. France’s Total announced Friday it is quitting the API because of the lobby’s stances on regulation and carbon pricing as well as its support for politicians who oppose…

Wikileaks asks reporters for help in desperate bid to score Julian Assange last-minute pardon

In a last-minute bid to persuade President Donald Trump to pardon Julian Assange, Wikileaks has reached out to several high-profile reporters asking for help in its efforts to rescue its founder from potential life in prison. The messages sent to reporters over Twitter direct message said that Assange’s partner, Stella Moris, had directed Wikileaks to…

Vaccination megasites pop up in empty malls

Now that Covid-19 vaccination efforts are ramping up, local health officials are on the hunt for locations that can quickly be converted into vaccination clinics, and malls across the country, battered by declines in in-person shopping, are starting to play a role. Mall operators are sitting on plenty of abandoned retail space that might be…

The online shopping exec Walmart hired to take on Amazon is leaving

The executive hired to help boost Walmart’s e-commerce business to compete with Amazon is leaving the company. Marc Lore, who joined the company in 2016 after selling his online startup Jet.com to Walmart, is retiring at the end of January, the company announced Friday. Lore, the chief executive of Walmart’s US e-commerce arm, initially led…

Lawmakers ask travel companies to step up security ahead of inauguration

US lawmakers are asking for help from travel companies including bus operators, car rental companies and hotels to prevent an attack on the inauguration and investigate last week’s Capitol insurrection. Washington, DC, and states across the country are heightening security and preparing reinforcements this week ahead of potential armed protests from Saturday until at least…

JPMorgan Chase just reported a record quarterly profit. But its CEO is still nervous

The economy may not have fully recovered yet, but that’s no problem for America’s biggest bank. JPMorgan Chase reported a record profit of $12.1 billion for the fourth quarter Friday — easily topping Wall Streets forecasts. Still, JPMorgan Chase CEO Jamie Dimon still sounded a bit nervous about the near-term economic outlook, citing the lingering…

Wells Fargo can’t seem to escape its troubled past

Wells Fargo is still being haunted by its history of ripping off customers. More than four years after the Wells Fargo fake-accounts scandal erupted, the bank reported Friday another $321 million of quarterly losses tied to customer refunds. That brings Wells Fargo’s 2020 total for what it calls customer “remediation” to a staggering $2.2 billion.…

Retail sales decline for third straight month

US retail sales dropped last month, the Commerce Department said Friday, marking the third straight month without any growth. Retail sales fell 0.7% in December from the month prior. Economists surveyed by Refinitiv expected sales to be flat. America’s economic recovery took a hit in the final months of 2020, and the retail sector hasn’t…

Even $1,400 checks aren’t exciting Wall Street

News that President-elect Joe Biden is asking Congress to pass a $1.9 trillion stimulus package would normally give markets a big boost. Not this time. US stocks slid on Thursday, and futures indicate they could lose more ground Friday. The S&P 500 has shed 0.8% this week, setting it up for its first weekly decline…

Marvel’s ‘WandaVision’ looks to make Disney+ even mightier

“WandaVision,” Marvel Studios’ first original series for Disney+, hits streaming this weekend. That’s excellent news for Disney+, considering that Marvel is the company’s mightiest brand. And it’s bad news for Disney’s rivals, since the new service has notched 86 million subscribers, even without an exclusive original series from Hollywood’s biggest blockbuster franchise. Sure, Disney+ has…

Xiaomi and other Chinese companies slapped with US restrictions as Trump’s term winds down

The Trump administration is inflicting even more damage on Chinese businesses — including smartphone maker Xiaomi — with just days to go before President-elect Joe Biden takes office. The US Defense Department on Thursday added nine Chinese firms, including Xiaomi, to a list of companies the agency claims are owned or controlled by China’s military.…

The power of pets: Chewy and Petco have become Wall Street darlings

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: Costco has some sad news for analog photographers, Taco Bell is bringing back potatoes, and Petco is taking on Chewy. Let’s get into it. PICTURE THIS  Costco is…

Watch out, Chewy. This 55-year-old pet store is coming for you

Petco is hoping the third time is the charm. The 55-year-old pet retailer launched its third IPO in company history Thursday — and this time it’s taking aim at fast-growing online rivals like Chewy. The red-hot IPO market welcomed Petco back to the public markets with open arms. After raising $817 million, Petco’s shares surged…

TikTok launches incubator for Black creators

TikTok is launching an incubator program to support 100 Black creators, a strategy to attract audiences that’s become popular with other social media sites. The incubator announced Wednesday, called “TikTok for Black Creatives,” is designed to invest in emerging Black creators and musical artists on the video platform. The three-month program will supply funds that…

US debt surged by $7 trillion under Trump. It will go much higher under Biden

President Donald Trump certainly lived up to his self-proclaimed status as the King of Debt during his term in office. The national debt spiked by $7 trillion during Trump’s tenure — and it’s about to soar much higher under his successor. Armed with a slim majority in the US Senate, President-elect Joe Biden is expected…

Capitol riot denialism is already here

Law enforcement agencies are rounding up suspected rioters, combing through social media evidence, and uncovering the true depth of the plot to overtake the Capitol and stop the certification of Joe Biden’s election. The story is getting bigger every day. But there is also a concerted effort underway, all across the pro-Trump media landscape, to…

Bitcoin prices roar back towards $40,000

The bitcoin roller coaster continues. The price of the top cryptocurrency hit an all-time high of nearly $42,000 less than a week ago before quickly falling back to around $30,000 — more than a 20% plunge. But it has roared back in recent days and is once again trading just shy of $40,000. The drastic…

Before Substack, there was Medium — and its network is about to get bigger

Substack has become synonymous with writers looking to go independent. But for many years prior, there was a different go-to place for self-publishing: Medium. Medium, launched in 2012 by Twitter cofounder Ev Williams, has been the platform of choice for public figures to air newsworthy moments: Hillary Clinton used it to endorse President-elect Joe Biden…

No alcohol and no checked guns: Airlines tighten security for Inauguration Day

Airlines and the Transportation Security Administration are stepping up security for flights to and from Washington, DC, amid threats of additional violence. The FBI has received information indicating “armed protests” have been planned at all 50 state capitols and the US Capitol in Washington in the days leading up to President-elect Joe Biden’s January 20…

BlackRock now has a whopping $8.7 trillion in assets

The record stock market run is great news for BlackRock: The owner of the super popular iShares family of exchange-traded funds reported earnings and revenue for the fourth quarter Thursday that easily topped forecasts. BlackRock, the world’s largest money management firm, ended the year with nearly $8.7 trillion in total assets — an increase of…

Christopher & Banks is going out of business

Christopher & Banks is joining the long list of retailers filing for bankruptcy and disappearing from America’s malls. The womenswear company filed for Chapter 11 on Thursday, a result of “financial distress resulting from the pandemic and its ongoing impact,” it said. Christopher & Banks, which has approximately 400 locations in 44 states, said it…

Huge step in the wrong direction: Unemployment claims soar

The American jobs crisis is escalating again. States have ratcheted up their virus-prevention measures to combat rising infection rates, and the job market has taken it on the chin. Another 965,000 people filed for first-time unemployment benefits on a seasonally adjusted basis in the United States last week, the Labor Department reported Thursday. That was…

Costco is shutting down all of its photo centers

Costco is closing its photo centers at all of its roughly 800 stores next month, ending a number of services that have a decidedly retro vibe. Four services will no longer be available to shoppers when the centers will shut down on February 14, including ink refills, the ability to take passport photos, photo restoration…

Taco Bell is bringing back potatoes

Taco Bell knows you’re upset about losing potatoes. It’s sorry it hurt you. And it’s bringing them back. Last year, Taco Bell cut a number of items from its menu, including two dishes that featured its seasoned potato bites: Cheesy Fiesta Potatoes and the Spicy Potato Soft Taco. Those two items will be back in…

Delta turned record profit into a record loss in one year

Delta Air Lines closed the books on the worst year in its history. Thursday, Delta reported a record $6.8 billion loss for 2020, excluding special items. Including those items, its net loss for the year was $12.4 billion. A year earlier, Delta had reported record revenue and operating profits. Delta, the first major air carrier…

Germany’s recession wasn’t as bad as 2009

Germany’s economy held up better in the pandemic than it did during the global financial crisis, despite a second wave of lockdowns in the fourth quarter and the reversal of more than a decade’s growth in employment and trade. The country’s Federal Statistics Office on Thursday forecast a 5% contraction in the economy in 2020…

Impeachment has forced Wall Street onto the sidelines

Stocks rallied to record highs as a mob descended on the US Capitol. But now that President Donald Trump has become the first American president in history to be impeached twice, investors are taking a moment to recalibrate. “Everyone’s trying to balance what this means in the short term,” JJ Kinahan, chief market strategist at…

The US box office just had a horrible year. 2021 may not be much better

With the coronavirus pandemic shuttering theaters for months on end and major blockbusters delayed into an unforeseeable future, 2020 was one of the worst years in domestic box office history. The domestic box office, which includes the United States and Canada, ended 2020 with $2.2 billion in revenue, according to Comscore. That’s a massive 80%…

New rule could make it harder for banks to cut ties with oil and coal companies

Big banks, climate activists and banking reform advocates don’t agree on much, but they joined forces to denounce a proposed Trump administration rule that would make it harder for banks to cut ties with the fossil fuel industry. The rule, adopted Thursday by the Office of the Comptroller of the Currency, requires large banks to…

Xi Jinping wants Starbucks and Howard Schultz to help repair US-China ties

China’s leader has called on Starbucks’ former chairman Howard Schultz to help promote US-China relations, according to Chinese state media. State-run news agency Xinhua reported on Thursday that Chinese President Xi Jinping had written to Schultz, encouraging the American billionaire and the global coffee giant he ran for years to improve economic and trade ties.…

China is winning the trade war and its exports have never been higher

China was already outperforming every other major world economy last year as the coronavirus pandemic upended the globe. It looks like the country’s relatively sure footing also gave it the edge in its trade war with the United States. The world’s second biggest economy closed out 2020 with an overall trade surplus of $78 billion…

Chobani reinvented yogurt. Its next target is coffee

When Chobani started selling Greek yogurt in 2007, it upended the market. Now, it wants to do the same for iced coffee. This week, Chobani is launching a new line of refrigerated, ready-to-drink coffees. The new product comes in four flavors: one black cold brew option, one with oat milk, one with sweet creamer, and…

Businesses can’t sever ties with Trump fast enough

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: The Trump business backlash continues, there’s a Keurig for ice cream and Las Vegas can’t catch a break. Let’s get into it. TRUMP BACKLASH What a week.…

Billionaire GOP donor says he feels ‘betrayed’ by Trump and vows to support Biden

Billionaire Republican donor and Home Depot co-founder Ken Langone said he feels “betrayed” by President Donald Trump after the attempt to overturn the election, and he vowed to do everything he can to support Joe Biden as the new president. Langone, who voted for Trump in 2016 and gave him credit for improving the economy,…

Dollar General will pay its workers to get a Covid-19 vaccine

Dollar General wants its employees to get Covid-19 vaccines, so it’s offering to pay them to do it. The chain said Wednesday that it will give its workers a one-time payment equivalent to four hours of pay after receiving a completed vaccination. “We do not want our employees to have to choose between receiving a…

The big winners from Tesla stock surge: lithium miners and battery makers

The incredible stock market surge for Tesla isn’t just making Elon Musk and Tesla investors rich. Traders betting on lithium miners and battery makers are also benefiting from Tesla’s success. Lithium is a key component for batteries in electric cars. The Global X Lithium & Battery Tech ETF, a fund that owns Tesla and other…

Dubai real estate developer wants to do more business with Trump

Corporate America may be running away from President Donald Trump but at least one of his international business partners is standing by him. Hussain Sajwani, the chairman of property developer DAMAC, said he wants to expand his relationship with the Trump Organization despite the president’s role in stoking a violent siege last week of the…

Amazon is removing QAnon merchandise from its site

Amazon said it is banning QAnon merchandise from its marketplace in response to the extremist group’s role in attacking the US Capitol. The company is in the process of removing QAnon products, but said it may take a few days to complete. QAnon, the far-right conspiracy theory group whose believers view President Donald Trump as…

Circle K’s owner offers $20 billion for France’s biggest retailer

Convenience store operators are having a moment. Canada’s Couche-Tard, the owner of Circle K, said in a statement on Wednesday that it’s offering €20 ($24.35) a share to acquire France’s biggest supermarket chain, Carrefour. The offer, which Couche-Tard expects to be mostly in cash, values Carrefour at €16.2 billion ($19.7 billion) and represents a 29%…

Volkswagen and Audi are starting to challenge Tesla

The world’s largest carmaker is starting to gain ground on Tesla. Volkswagen sold 231,600 battery electric vehicles in 2020, according to figures published by the company on Wednesday. While that’s still less than half the number of sales Tesla made, it represents an increase of 214% on the previous year and shows Germany’s huge auto…

Intel ousts CEO and names successor

Intel has named Pat Gelsinger as its new chief executive officer, replacing Bob Swan after a rocky two-year run. The chipmaker recruited Gelsinger from VMWare, calling him a “highly respected CEO and industry veteran” in a release. Gelsinger, who has been VMWare’s CEO for about the past decade, will take the helm at Intel on…

Life may get back to normal this year. But the economy probably won’t

It’s tempting to think now that 2020 is over, the economy will soon snap back to normal. But that’s still far off: Americans aren’t spending as much as they used to. Millions remain unemployed. For an economy that runs on consumer spending, that’s a huge issue. The recovery — and the return to public life…

New York City moves to end contracts with the Trump Organization

New York City is seeking to terminate its business relationships with the Trump Organization in response to last week’s attack on the US Capitol. On the day President Donald Trump faces a second impeachment for his role inciting the rioters who ransacked the Capitol, officials in New York City announced plans to immediately end the…

Investors bet on a rapid vaccine rollout. That’s now at risk

Faith in massive Covid-19 vaccination efforts has been a key reason stocks have kicked off 2021 by notching a string of record highs. But early evidence shows that the vaccination drive in many countries is stumbling out of the gate, posing a risk to market expectations that the economy — and therefore corporate earnings —…

Las Vegas, the hardest-hit metro economy in America, just suffered another blow

In the run-up to the Consumer Electronics Show last year, Gina Muoio was pulling 60-to-80-hour weeks at the Mandalay Bay Convention Center in Las Vegas. Muoio worked as an event coordinator for a third-party electrical vendor and carefully choreographed the power needs for exhibitors, presenters and attendees at trade shows held in the massive hall.…

A global chip shortage is hitting carmakers at the worst possible time

The world’s largest carmakers are facing a critical shortage of semiconductors that threatens to hamstring production just as the industry tries to stage a comeback from a sales slump caused by the pandemic. Volkswagen, Ford, Fiat Chrysler and Nissan are among major automakers suffering from the global shortage of chips, which are used in a…

Australian company renames racially offensive cheese brand

An Australian food company has officially renamed a famous snack brand after years of complaints that it shared its name with a racial slur. “Coon Cheese,” which has been sold in Australia for more than 80 years, will now be known as “Cheer Cheese,” its manufacturer said Wednesday. The new brand will roll out to…

UK to fine companies that fail to disclose imports tied to China’s Xinjiang region

The British government will fine companies which hide connections to China’s Xinjiang region where Uyghurs and other minorities are allegedly subject to forced labor, under a raft of new measures. UK Foreign Secretary Dominic Raab on Tuesday announced the new measures, which the Foreign Office says are designed to ensure that all British organizations “are…

Visa and Plaid scrap $5.3 billion merger agreement

Visa and fintech startup Plaid have terminated their $5.3 billion merger agreement after facing a legal challenge from the Department of Justice. The proposed deal was announced a year ago, but in November the DOJ sued to block the acquisition on antitrust grounds. In a statement announcing merger’s end Tuesday, Visa CEO Al Kelly cited…

Voice of America reassigns White House reporter who tried to ask Mike Pompeo a question

The Voice of America has effectively demoted a reporter who tried to ask questions of Secretary of State Mike Pompeo after he delivered a speech praising American freedoms and condemning repressive regimes such as China and Iran. Patsy Widakuswara, who covers the White House, was reassigned on Monday hours after trying to engage with Pompeo,…

Etsy removes ‘Camp Auschwitz’ shirt from its website following Capitol siege

Etsy removed a “Camp Auschwitz” t-shirt from its website after a rioter was spotted wearing a shirt with the same message during the US Capitol siege. The e-commerce company removed the item immediately upon learning that the shirt was for sale and banned the shop that listed it, a spokesperson for Etsy told CNN Business.…

GM is starting its own electric delivery van company

General Motors is starting a new vehicle brand to sell electric delivery vans in the United States and Canada beginning in 2021. Called BrightDrop, the new brand has been working with FedEx to test the new delivery system, and FedEx Express will be its first customer. In addition to the vans, BrightDrop will also offer…

New York Times faces new pushback on ‘Caliphate’ podcast

The New York Times is facing fresh blowback for how it handled the fallout over falsehoods unearthed in “Caliphate,” the paper’s award-winning, 12-part podcast about the Islamic State. A group of 24 public radio stations sent a letter on Monday to The Times audio department with concerns about “lapses in judgment” in its response last…

PayPal ditches Christian crowdfunding site used by the Proud Boys

PayPal is cutting ties with Christian crowdfunding site GiveSendGo following the January 6 US Capitol siege. The site, which the far-right extremist Proud Boys group has used for fundraising, calls itself the “#1 free Christian Fundraising Site,” and it was used to raise funds for pro-Trump rioters who attended last week’s violent siege. “The account…

CNN’s Sara Sidner cries during Covid-19 report: ‘We are literally killing each other’

CNN correspondent Sara Sidner has been covering Covid-19 grief firsthand, and on Tuesday, she shared the pain that comes with reporting on the deadly virus. More than 375,000 people in the United States have died from Covid-19, and Sidner, who has reported from 10 different hospitals during the pandemic, emphasized that the virus is hitting…

Boeing reports strong end to its worst year in decades

Boeing ended its worst year in more than 40 years with its best month of 2020. The company reported that it delivered 39 jets to customers in December — and deliveries are important because that’s when Boeing gets most of the money owed for a plane. But doesn’t change the full year or near-term outlook…

Why 2021 could be the year of the Dow dogs

There’s more to the market than the FAANG stocks of Big Tech. It could finally be time for dividend-paying value stocks like the so-called dogs of the Dow to shine. The dogs of the Dow refers to a list of high-yielding stocks in the blue-chip average. The theory is that if investors buy these stocks,…

Sheldon Adelson, Republican kingmaker and casino magnate, has died at 87

Sheldon Adelson, the chairman and CEO of Las Vegas Sands and a major donor to Republican politicians, died late Monday following complications related to his cancer treatment, his company said. He was 87. Adelson took a leave of absence from Sands last week to resume treatment for non-Hodgkin’s lymphoma, which his aides first disclosed in…

Yelp will tell you if local businesses are enforcing masks and social distancing

Customers observing coronavirus violations at businesses and restaurants can now complain on Yelp. The crowd-sourced review platform is expanding its Covid-19 section on profile pages to include information about enforcement of social distancing and if staff are wearing masks with new indicators activated by user reports. Yelp said Tuesday that the changes aim to “instill…

Sheldon Adelson, Republican kingmaker and casino magnate, has died at 87

Sheldon Adelson, the chairman and CEO of Las Vegas Sands and a major donor to Republican politicians, died late Monday following complications related to his cancer treatment, his company said. He was 87. Adelson took a leave of absence from Sands last week to resume treatment for non-Hodgkin’s lymphoma, which his aides first disclosed in…

For companies, breaking up with Trump is a delicate dance

Following last week’s insurrection at the US Capitol, a growing number of companies are distancing themselves from President Donald Trump and supporters who are peddling false claims about his election loss. What’s happening: Airbnb said it will try to ban Capitol rioters from staying at properties on its platform as fears grow about more violence…

Deutsche Bank won’t do any more business with Trump

Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. Germany’s biggest bank has decided to refrain from future business with the president and his company, a person familiar with the…

GoFundMe is banning fundraising for travel expenses used for potentially violent political events

GoFundMe will no longer allow people to fundraise for travel expenses used for potentially violent political events after pro-Trump protesters used the platform to rake in cash ahead of storming the US Capitol. “Due to the violence, GoFundMe has removed numerous fundraisers intended to raise money for travel expenses,” a spokesperson for the company told…

Ford Mustang Mach-E wins SUV of the Year award

The Ford Mustang Mach-E won the 2021 North American SUV of the Year Award. The award was presented in an online ceremony Monday along with the North American Truck of the Year and Car of the Year awards. The Mustang Mach-E is Ford’s first electric vehicle designed, from the beginning, to be fully electric. It’s…

Sales of unapologetically ugly Crocs soar due to Covid

Crocs’ bittersweet moment has arrived in the midst of a global pandemic. The foam clog, derided by many for being “ugly,” expects 2020 to be a record sales year. On Monday, Crocs raised its fourth-quarter (ended Dec. 31) outlook and full-year outlook for 2021, now forecasting fourth quarterly year-over-year revenue to have increased about 55%…

Donald Trump’s money faucet is getting turned off

A growing number of businesses suddenly want very little to do with Donald Trump after he incited a mob to attack the Capitol. That could make it more difficult for the Trump Organization to do business after he leaves office. “I think it’s a huge problem for him,” said Michael D’Antonio, a CNN Contributor and…

CNN announces promotions for Jake Tapper, Abby Phillip, Dana Bash and others

Some of the most respected faces of CNN’s marathon election coverage are being promoted to more prominent roles, according to a series of announcements made by the network on Monday morning. Abby Phillip, Dana Bash, Pamela Brown and Jim Acosta are all being named to anchor positions. Kaitlan Collins is becoming the network’s chief White…

Boot brand Dr. Martens is considering a London IPO

Iconic footwear brand Dr. Martens is considering a listing on the London Stock Exchange amid a bullish outlook for the UK IPO market in 2021. The company, which sells 11 million pairs of shoes a year in more than 60 countries, said in a filing on Monday that an IPO would entail the sale of…

US banks ditch products linked to Chinese stocks after NYSE ban

Wall Street banks are shaking up their offerings in Hong Kong, pulling the plug on hundreds of products to comply with the US ban on several Chinese businesses. Goldman Sachs, JPMorgan and Morgan Stanley will delist certain products over the course of this month, according to Hong Kong Stock Exchange filings. Fund manager State Street…

Dwayne ‘The Rock’ Johnson is launching an energy drink

Can you smell what “The Rock” is cooking? The wrestler-turned-actor-turned-entrepreneur is entering the energy drink business with ZOA, a health drink made with natural caffeine and superfoods. The venture partners Dwayne Johnson — aka “The Rock” — with his ex-wife and fellow fitness entrepreneur, Dany Garcia, Garcia’s husband Dave Rienzi and beverage industry veteran John…

Bitcoin plunges more than 20% in three days. It’s now in a bear market

Bitcoin prices surged to a new all-time high of nearly $42,000 on Friday, only to plunge all the way back to about $32,000 Monday morning. That’s a more than 20% drop — which means bitcoin is now in a bear market, as bizarre as it sounds. Bitcoin is still up a lot over the past…

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