Category Archives: CNN – Business

Nikola: Former executive chairman misled investors numerous times

Nikola: Former executive chairman misled investors numerous times

Electric truck company Nikola is throwing its founder and former executive chairman Trevor Milton under the proverbial hydrogen-powered bus. In a filing late Thursday with the Securities and Exchange Commission, Nikola acknowledged seven “inaccurate” statements that Milton, who left the company in September, allegedly made between July 2016 and July 2020 about the company’s progress…MORE

Oil is up nearly 70% since the election, a record in the modern era

Oil is up nearly 70% since the election, a record in the modern era

The oil market is starting the Biden era with a bang. And that means Covid-weary Americans returning to the roads this spring and summer will be greeted with higher prices at the pump. US oil prices have skyrocketed 69% since November’s election based on Thursday’s close at $63.50 a barrel. That’s easily the biggest post-election…MORE

American consumer spending jumped in January thanks to stimulus checks

American consumer spending jumped in January thanks to stimulus checks

US consumer spending jumped at its quickest pace since June as stimulus checks put more cash into Americans’ wallets. Incomes rose 10% in January — the biggest increase since April of last year, when expanded unemployment benefits and stimulus checks from the CARES Act put more cash in American’s wallets, the Commerce Department reported Friday.…MORE

Beyond Meat strikes partnerships with McDonald’s and Yum Brands

Beyond Meat strikes partnerships with McDonald’s and Yum Brands

Beyond Meat has inked two new major new deals, with McDonald’s and Yum Brands, that will bring new plant-based items to fast food menus. The separate distribution agreements announced Thursday will result in “craveable and innovative” new menu choices, the company said — including McDonald’s upcoming McPlant burger as well as plant-protein based pizza toppings,…MORE

Netflix says it needs more Latinx programming after an internal diversity audit

Netflix says it needs more Latinx programming after an internal diversity audit

Netflix has made progress adding diverse content created by and starring women, Black and Asian people on its platform in recent years, but the streaming service and film studio hasn’t had the same success yet with increasing Latinx representation, according to a new study it commissioned. The Netflix diversity audit was conducted last year by…MORE

Birkenstock sold to group backed by Europe’s richest man

Birkenstock sold to group backed by Europe’s richest man

German footwear brand Birkenstock is selling a majority stake to L Catterton, a private equity firm backed by Bernard Arnault’s LVMH. The company said in a statement on Friday that L Catterton affiliates including Arnault’s family investment company, Financière Agache, will also invest in the maker of the iconic flat sandals. Arnault is Europe’s richest…MORE

India exits recession but rapid growth is still a long way off

India exits recession but rapid growth is still a long way off

India’s economy is out of recession but still a long way from returning to rates of growth seen before the pandemic. Asia’s third biggest economy recorded a rise in gross domestic product of 0.4% in the final three months of 2020, compared with the same period a year earlier, according to official statistics published on…MORE

Stocks are falling. But it’s not all bad news

Stocks are falling. But it’s not all bad news

A burst of anxiety is ricocheting across financial markets as Wall Street sets expectations for the next phase of the pandemic, which could take hold this spring and summer as vaccinations rise and coronavirus cases fall. What’s happening: US stock indexes, which have repeatedly hit all-time highs in recent weeks, took a leg lower on…MORE

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