New York CNN Business – Bed Bath and Beyond CEO Mark Tritton is out after only three years at the helm of the rapidly sinking retailer. The beleaguered company announced multiple changes to its leadership Wednesday, including replacing Tritton. In the interim, Bed Bath and Beyond has tapped Sue Grove, an independent director on the … Read more
Redfin said it would cut about 8% of its employees and Compass said it would reduce its workforce by 10%. The cutbacks are the latest indication that the red hot housing market is showing signs of cooling. In a memo to employees Tuesday, Redfin CEO Glenn Kelman said the company wouldn’t lay people off unless … Read more
Hong Kong / London CNN Business – Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following a surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 (SPX) shed 2.7% and the … Read more
New York CNN Business – William Shatner – the 90-year-old actor, presenter, spoken word poet, author, and, more recently, the oldest person ever to travel to space – is showing no signs of slowing down. This fall, he plans to publish a book, called “Boldly Go,” which is billed as a sort of philosophical reflection … Read more
Washington CNN – In a Wednesday appearance on the ABC late-night show “Jimmy Kimmel Live !,” President Joe Biden made a dramatic claim about the US economy – and repeated himself for emphasis. “Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world, ”Biden said. Facts First: Biden’s … Read more
Hong Kong CNN Business – From big gains in tech stocks to robust trade data, China has had plenty of good news on the economic front this week. The positive developments come after the world’s second largest economy was battered by widespread Covid lockdowns, a sweeping crackdown on tech companies and a real estate slump. … Read more
New York CNN Business – The last surviving Howard Johnson’s restaurant has closed. Open for most of the past 70 years, the restaurant was located in Lake George, New York, a popular summer vacation spot near the Adirondack Mountains. The restaurant closed its doors in recent weeks and the property is up for lease, according … Read more
Editor’s Note: Mike Zaffaroni is the owner of Liberty Landscape Supply, a small business in Jacksonville, Florida, with more than 100 employees across four locations. The opinions expressed in this commentary are his own. The last time the American economy experienced explosive inflation, my company, Liberty Landscape Supply, wasn’t even in business yet. In fact, … Read more
Hong Kong CNN Business – China’s richest and most international city is trying to return to business as usual after a two-month lockdown, but some restrictions will remain in place. Shanghai authorities on Sunday pledged to allow all businesses to open up from Wednesday. The city’s deputy mayor, Wu Qing, announced the easing of restrictions … Read more
Hong Kong CNN Business – China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and … Read more