Category Archives: CNN – Business

Days after ousting, Julia Angwin says she wants to remake The Markup

One way or another, Julia Angwin is determined to remake The Markup, the publication she co-founded and planned to launch this summer before being fired via email on Monday. “I want this team and I want this mission, and I want to build this,” the acclaimed technology journalist said on this week’s “Reliable Sources” podcast.…MORE

Tesla lost $702 million last quarter, snapping its profit streak

Tesla’s profit streak is over. Big time. The electric car company said Wednesday that it lost $702 million last quarter. Its revenue was also down 37% compared to the prior quarter. Wall Street was already bracing for what one analyst called an “apocalyptic” quarter — but the results were still far worse than expected. While…MORE

Who is Abigail Disney?

Despite bearing the name of one of the most successful American brands, Abigail Disney isn’t about that corporate life. “I’m kind of a lefty, New York City, Manhattan, pointy-headed intellectual type,” she told The Cut last month. “Those are the people who hate Disney and think it’s the worst thing on Earth, and that’s where…MORE

GE’s subprime mortgage unit files for bankruptcy

General Electric is trying to put its sins from the financial crisis behind it. WMC Mortgage, a defunct subprime lender that GE Capital acquired during the housing boom, filed for bankruptcy on Tuesday. The Chapter 11 filing, a rare step by a major company, comes just weeks after GE agreed to pay a $1.5 billion…MORE

McDonald’s is partnering with AARP to hire older employees

Unemployment is historically low, so McDonald’s is targeting a new employee demographic: Older Americans. The fast food chain said on Wednesday that it is partnering with AARP, a nonprofit interest group for aging Americans, to help attract workers who are aged fifty or above. That demographic makes up just 11% of the workforce at corporate-owned…MORE

Disney heir calls on company to give 50% of exec bonuses to lowest-paid employees

Abigail Disney is doubling down on her criticism of executive pay at her family’s company. Just days after calling the pay of Disney’s top brass “insane,” the granddaughter of company co-founder Roy Disney wrote an opinion piece in the Washington Post, in which she acknowledged she “struck a nerve with a Twitter thread about wage…MORE

Europe’s oil giants are getting the climate message. US companies not so much

Equinor just became the latest European energy company to cave to investor pressure over climate change. The Norwegian state producer joins major oil companies Total, Royal Dutch Shell and BP, as well as coal mining and commodities giant Glencore, in taking steps to make their businesses more green. While none of the companies have immediate…MORE

Ford invests $500 million in electric pickup truck maker Rivian

Ford is investing $500 million in electric pickup truck maker Rivian, saying the two companies will work together to develop a new battery for plug-in vehicles. Ford is playing catch-up to a number of other automakers’ efforts to develop electric vehicles. It does not currently sell any pure electric vehicles, although it sells some plug-in…MORE

Oil bidding war: Occidental trumps Chevron’s deal for Anadarko

A bidding war has emerged in America’s shale oil patch. Occidental Petroleum revealed a $76-a-share offer on Wednesday to acquire oil driller Anadarko Petroleum. The cash-and-stock offer from Occidental is about 20% richer than the $33 billion takeover deal Anadarko reached earlier this month with energy giant Chevron. Anadarko’s shares soared 11% in premarket trading…MORE

Boeing’s profit falls 21% on the 737 Max crisis

Boeing’s earnings fell 21% in the first three months of the year because of the crisis that grounded its bestselling 737 Max jet. The aircraft maker reported both lower revenue and profits compared to a year ago. Before the fatal flight that led to the jet being grounded and further deliveries of it halted, the…MORE

There is no custom code to display.