Category Archives: CNN – Business

Private equity firm acquires Michaels in $5 billion deal

Private equity firm acquires Michaels in $5 billion deal

Private equity giant Apollo Global Management is acquiring arts and crafts retailer Michaels in a $5 billion deal. Apollo will buy all outstanding Michaels shares for $22 each — a 47% premium to Friday’s closing stock price, and well above the stock’s pandemic-era low of around $1. Michaels, which operates more than 1,250 stores in…MORE

Fighting climate change is now a job for the Bank of England

Fighting climate change is now a job for the Bank of England

Central banks are usually tasked with keeping inflation in check, while promoting economic growth and employment. Now, add fighting the climate crisis to the list. On Wednesday, the Bank of England was given a new mandate to support the UK government’s ambition to become a net zero economy by 2050. “I am today updating the…MORE

Alamo Drafthouse, the fan-favorite movie theater chain, files for bankruptcy

Alamo Drafthouse, the fan-favorite movie theater chain, files for bankruptcy

Alamo Drafthouse, the movie theater chain beloved by fans for its boozy milkshakes, theme nights and strict no-talking rules, has filed for bankruptcy protection. The Austin-based company, which owns about 40 theaters in the United States, filed for Chapter 11 and agreed to sell “substantially all its assets” to a group of lenders. Alamo put…MORE

Americans’ wages have gone up, but the news is not all good

Americans’ wages have gone up, but the news is not all good

The average paycheck for American workers has gotten bigger during the pandemic. Ordinarily that would be cause to jump for joy. But the reason for this increase is grim: Millions of low-income jobs are gone, and that has pushed average pay higher. “When the bottom drops out, the average is different,” Elise Gould, senior economist…MORE

Vaccines and stimulus are a powerful cocktail for the US recovery

Vaccines and stimulus are a powerful cocktail for the US recovery

Those betting on an economic boom in the United States this spring and summer just got a dose of very good news. What’s happening: President Joe Biden has announced that the United States will have enough vaccine supply for every adult by the end of May after Merck agreed to help manufacture a recently authorized…MORE

Leaving Las Vegas: Sands is selling its casinos in a $6.25 billion deal

Leaving Las Vegas: Sands is selling its casinos in a $6.25 billion deal

Las Vegas Sands Corp., the upscale resort and casino company founded by the late Sheldon Adelson, is leaving its namesake city and selling its two Nevada properties in a $6.25 billion deal. Apollo Global Management and Vici Properties are partnering to buy the Venetian, a 7,000 room resort on the Las Vegas Strip, and the…MORE

Exclusive: Wall Street is in for a rude awakening, former NY Fed president says

Exclusive: Wall Street is in for a rude awakening, former NY Fed president says

Wall Street threw a fit last week when Treasury rates spiked. The stock market tanked and investors feared the economy was overheating. Former New York Fed President Bill Dudley is warning that the temper tantrums are only just beginning. “They want the economy to overheat,” Dudley told CNN Business, referring to the Fed. “And my…MORE

UK says the biggest companies must pay more tax

UK says the biggest companies must pay more tax

Britain will hike taxes on its biggest companies in 2023 as it begins to restore government finances in the wake of the pandemic, the worst economic slump in more than three centuries and the messy Brexit divorce from its largest trading partner. Speaking in parliament on Wednesday, UK finance minister Rishi Sunak pledged another £65…MORE

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