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Category Archives: CNN – Business

Ouch. Investment banking revenue hasn’t been this weak since 2008

Ouch. Investment banking revenue hasn’t been this weak since 2008

Pink slips are flying on Wall Street and at leading investment banks around the world as the industry grapples with shrinking revenue and profound change to their business models. HSBC announced plans last week to slash about 35,000 jobs to combat crumbling profits. Deutsche Bank cut 18,000 jobs last summer as Germany’s biggest bank tries…MORE

Expedia plans to cut about 12% of its workforce

Expedia plans to cut about 12% of its workforce

Expedia is cutting about 12% of its workforce after a “disappointing” 2019. The company outlined its plan in a memo sent to employees, telling them that it intends to “reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization.” An Expedia Group spokesperson shared a copy of the email with…MORE

Reporters who investigated Harvey Weinstein react to his conviction

Reporters who investigated Harvey Weinstein react to his conviction

The Dow plunged more than 1,000 points on Monday, in its worst selloff in two years, yet the NBC, ABC and CBS evening newscasts all led with the verdict in the Harvey Weinstein trial. That’s a testament to how big this news was. Weinstein was the first domino in what we now know as the…MORE

The coronavirus outbreak is still rattling Asian markets

The coronavirus outbreak is still rattling Asian markets

Fears about the novel coronavirus outbreak still roiled some Asian stock markets Tuesday. Japan’s benchmark Nikkei 225 index plunged 3.3%. Markets in the country were closed Monday for a holiday when global markets suffered a sharp sell-off. Australia’s S&P/ASX 200 ended down 1.6% Tuesday. China’s Shanghai Composite dropped 0.6%. South Korea’s Kospi closed up 1.2%…MORE

Major American companies are reeling from coronavirus

Major American companies are reeling from coronavirus

A growing number of major American companies are saying coronavirus is hurting their business. Late Monday, United Airlines announced that it has suspended flights between the United States and four destinations in China, routes that represent approximately 5% of the company’s planned capacity, because of the virus. The airline said near-term demand for flights to…MORE

Nike released a touching tribute to Kobe Bryant on the day of his memorial

Nike released a touching tribute to Kobe Bryant on the day of his memorial

Sometimes you can say a lot without saying much at all. Nike released a touching tribute to Kobe Bryant on Monday, released just as the public memorial service honoring Bryant and his daughter Gianna got underway. The simple yet effective tribute featured no videos or images. Rather, with various audio clips playing in the background,…MORE

Coronavirus is fast becoming an ‘economic pandemic’

Coronavirus is fast becoming an ‘economic pandemic’

The emergence of hundreds of coronavirus cases in two major economies outside China has dashed hopes of a speedy recovery from an epidemic that has already wreaked havoc on global supply chains and hit company profits. The number of infections in South Korea, a major producer of cars, electronics and machinery, has shot up to…MORE

Coronavirus market freakout: Stocks flew way too close to the sun

Coronavirus market freakout: Stocks flew way too close to the sun

Apple dropped a bombshell last week. Yet Wall Street, in the throes of a historic meltup, reacted with a collective shrug. America’s most valuable company warned investors on February 17 that its sales would miss the mark because of chaos caused by the coronavirus outbreak in China. Yet investors, betting the coronavirus storm would soon…MORE