Category Archives: CNN Business

A huge backlog at China’s ports could spoil your holiday shopping this year

A huge backlog at China’s ports could spoil your holiday shopping this year

A coronavirus outbreak in southern China has clogged ports critical to global trade, causing a shipping backlog that could take months to clear and lead to shortages during the year-end holiday shopping season. The chaos began unfolding last month when authorities in the southern Chinese province of Guangdong — home to some of the world’s…MORE

Lordstown Motors backtracks, says it has no binding orders for electric truck

Lordstown Motors backtracks, says it has no binding orders for electric truck

Lordstown Motors, the struggling electric truck startup, said that it has no firm orders for its vehicles, backtracking on assurances it made earlier this week that the company had enough committed buyers for its pickup truck to keep production going through 2022. Lordstown, which is named after the former General Motors factory in Ohio that…MORE

Bank of America gives WFH employees a Labor Day deadline to return to the office

Bank of America gives WFH employees a Labor Day deadline to return to the office

Bank of America is encouraging its vaccinated employees to return to the office after Labor Day in September, the company’s CEO Brian Moynihan said in a Bloomberg Television interview Thursday. After Labor Day, “our view is all the vaccinated teammates will be back,” Moynihan said. “We’ll be able to operate fairly normally and will then…MORE

Top builder says the housing boom isn’t over just yet

Top builder says the housing boom isn’t over just yet

Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren’t over just yet. Lennar, a Miami-based builder, reported earnings and revenue after the closing bell Wednesday that topped forecasts. What’s more, Lennar…MORE

JPMorgan Chase buys robo-adviser Nutmeg ahead of UK banking launch

JPMorgan Chase buys robo-adviser Nutmeg ahead of UK banking launch

The biggest US bank is ramping up its plans to expand in the United Kingdom. JPMorgan Chase announced Thursday that it’s buying Nutmeg, the UK digital wealth manager, for an undisclosed amount. It said the new acquisition will “complement” the digital bank that it’s planning to launch in the country later this year under the…MORE

CureVac shares drop 45% after disappointing Covid vaccine results

CureVac shares drop 45% after disappointing Covid vaccine results

Shares in CureVac plummeted on Thursday after the German biotech company said that interim trial results showed its experimental Covid-19 vaccine was only 47% effective in preventing symptomatic disease. The disappointing results sent shares down 45% in afternoon trading in Germany, wiping nearly $8 billion off the company’s market value. Shares listed in the United…MORE

Gold loses its shine as Fed hints at rate hikes

Gold loses its shine as Fed hints at rate hikes

The Federal Reserve surprised the market Wednesday with projections that future interest rate hikes will come a bit sooner than expected. Gold bugs in particular were disappointed. The price of gold fell 4% Wednesday and was lower again Thursday, falling below $1,800 an ounce for the first time since early May. While it’s true that…MORE

Jobless claims unexpectedly rose last week

Jobless claims unexpectedly rose last week

Claims for unemployment benefits rose unexpectedly last week, marking the first increase in initial claims since late April. Another 412,000 workers filed for first-time benefits in the week ended June 12, adjusted for seasonal swings, the Labor Department said Thursday. Since the start of May, weekly claims had set new pandemic-era lows every week —…MORE

Blogs

What Is Black Fungus?

What Is Black Fungus?

Cases of the infection, known by doctors as mucormycosis, are mounting rapidly in coronavirus patients

Water Parks In Demand

Water Parks In Demand

Summer vacation survey shows what moms want to do–and not to do–kids want swimming and water parks