Category Archives: CNN – Business

Quickly catch up on the day’s business news

Here’s what you might have missed Wednesday from CNN Business: This ruling could upend the smartphone industry: A US judge ruled that Qualcomm, the most important technology company most people have never heard of, has violated antitrust law by charging companies sky-high prices to license its technology. Here’s why the ruling is such a big…MORE

Saudi Arabia wants to buy tons of American natural gas

Saudi Arabia has placed a huge bet on American natural gas. In a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas export project that’s under development. If completed, the purchase from San Diego-based…MORE

All 12 resolutions at Amazon’s annual shareholder meeting fail

Amazon faced an unprecedented number of shareholder resolutions at its annual meeting on Wednesday. All of them failed, which is typical for shareholder meetings. Regardless, the high number of proposals reflect the increasing scrutiny Amazon faces as it spreads across industries. Specific vote counts won’t be released for several days, but may still demonstrate substantial…MORE

Wall Street’s love affair with Tesla is over

Tesla was once the darling of Wall Street. Not anymore. The automaker’s stock has plunged nearly 40% since the start of 2019, erasing most of the gains it made over the past several years. This week, Tesla shares fell below the $200 mark for the first time since 2016. The outlook isn’t nearly as bright…MORE

Brexit fears are back and the pound is paying the price

Political turmoil over Brexit has sent the pound plummeting close to its lowest level this year. Sterling dropped as much as 0.65% against the US dollar on Wednesday to just above $1.26 before recovering slightly. The currency has shed about 2.8% this month, and is on track for a record 13 straight days of declines…MORE

UPS is turning trash into gas to clean up its emissions

One company’s trash is another company’s alternative fuel source. UPS announced on Wednesday it’s buying 170 million gallons of renewable natural gas — a fuel that is produced naturally from bio sources like landfills, dairy farms and wastewater treatment facilities. The purchase, which UPS described as the largest of its kind in US history, will…MORE

End of an era: 133 year-old Avon may sell to Body Shop parent

Avon is nearing a sale. The cosmetics brand is close to being purchased by Natura Cosmeticos, the latter company said Wednesday. The deal would be all-stock, Natura said. “The parties are currently … negotiating final contractual terms of the Transaction,” said the Brazil-based Natura in a press release. If the boards of the two companies…MORE

Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk

Britain’s second biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers. The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government’s Insolvency Service. British Steel was reportedly…MORE

Quickly catch up on the day’s business news

Here’s what you might have missed Tuesday from CNN Business: Why Huawei is a target: To many observers, the ban on US companies doing business with the Chinese telecom giant came as a surprise. Here’s exactly what landed Huawei such hot water with US officials. Kohl’s struggles: At a time when traditional retailers are closing…MORE