Category Archives: CNN – Business

Brexit is costing the UK economy $1 billion a week. And it could get worse

Brexit is costing the UK economy $1 billion a week. And it could get worse

Brexit has been delayed, and may eventually be called off. But it’s already done major damage to the UK economy. The vote to leave the European Union in June 2016 caused the pound to weaken dramatically and ushered in years of uncertainty that has reduced economic activity and triggered a slump in investment. The economy…MORE

Levi’s is going public with a $6.6 billion valuation

Levi’s is going public with a $6.6 billion valuation

Levi Strauss shares are in demand as the blue jeans maker returns to the stock market after a 34-year absence. The clothing retailer priced its initial public offering on Wednesday at $17 per share, valuing the company at about $6.6 billion. That’s higher than the price range of $14 to $16 that the company had…MORE

Justice Department issues subpoenas in criminal investigation of Boeing

Justice Department issues subpoenas in criminal investigation of Boeing

US Justice Department prosecutors have issued multiple subpoenas as part of an investigation into Boeing’s Federal Aviation Administration certification and marketing of 737 Max planes, sources briefed on the matter told CNN. The criminal investigation, which is in its early stages, began after the October 2018 crash of a 737 Max aircraft operated by Lion…MORE

Starbucks is modernizing its stores

Starbucks is modernizing its stores

For years, Starbucks has invested in making sure its stores are seen as a third place for people to spend time, following home and work. It still wants to be a third place. But it’s time for an update. The company said on Wednesday that it will modernize its stores to focus on “convenience, comfort…MORE

AT&T chief: China isn’t beating the United States on 5G — yet

AT&T chief: China isn’t beating the United States on 5G — yet

There’s a lot of concern from the Trump administration and policymakers about America’s ability to compete with China on building the next generation of wireless networks, but AT&T chief Randall Stephenson said Wednesday that China isn’t beating the United States on 5G — yet. While AT&T, which owns CNN’s parent company WarnerMedia, has 5G up…MORE

Starbucks to test recyclable, compostable cups

Starbucks to test recyclable, compostable cups

After years of looking for greener alternatives to its paper cup — which is lined with plastic — Starbucks is testing out something new. The company announced on Wednesday that it is testing out a compostable cup in five locations — New York, San Francisco, Seattle, Vancouver and London. Starbucks showed one of the cups…MORE

Fed signals no rate cuts are coming in 2019

Fed signals no rate cuts are coming in 2019

The Federal Reserve on Wednesday voted to hold interest rates steady and shaved its growth forecast. Fed officials, who gathered in Washington for their two-day policy setting meeting, unanimously recommitted to remain “patient,” agreeing to indefinitely stick with an extended pause on rate changes. They signaled that the Fed wouldn’t hike rates in 2019. The…MORE

Ford announces plans to build electric vehicles in Michigan

Ford announces plans to build electric vehicles in Michigan

Ford plans to start building electric and self-driving cars at plants in Michigan. The company announced a $900 million investment there Wednesday, and plans to add 900 jobs in the state. Last year, Ford pledged $11 billion to transform its business and produce more electric and self-driving cars. The Michigan plans are part of that…MORE

$1.3 trillion and 7,000 finance jobs are leaving Britain because of Brexit

$1.3 trillion and 7,000 finance jobs are leaving Britain because of Brexit

Banks and other financial companies are shifting more assets and jobs out of the United Kingdom as the country lurches towards Brexit. Financial services companies in Britain have announced plans to move £1 trillion ($1.3 trillion) into the European Union, according to consultancy EY. That’s up from an earlier estimate of £800 billion ($1.1 trillion).…MORE

FedEx faces more trade headwinds

FedEx faces more trade headwinds

Growing trade tensions continue to be bad news for FedEx. The delivery company on Tuesday posted weak results and warned of more trouble ahead. Shares fell 5% in after-hours trading. FedEx reported net income in the most recent quarter of $797 million — more than a 20% drop compared to a year earlier. The company…MORE