Category Archives: CNN – Business

Retailers plead with Biden to fix port congestion that has upended supply chains

Retailers plead with Biden to fix port congestion that has upended supply chains

The National Retail Federation is calling on the White House to address the logjam at US ports that is snarling commerce as the economy swiftly recovers from the pandemic. “The supply chain disruption issues, especially the congestion affecting our key maritime ports, are causing significant challenges for America’s retailers,” Matthew Shay, the NRF’s president and…MORE

Grocery retailer Boxed is going public in an $887 million SPAC deal

Grocery retailer Boxed is going public in an $887 million SPAC deal

Online grocery shopping is hotter than ever, and Boxed is cashing in: It’s going public in an $887 million deal with a special purpose acquisition company. Boxed, which was founded in 2013 and has 7 million users, delivers wholesale grocery and bulk items to consumers and businesses across the country. The company will merge with…MORE

This cannabis stock is a new Reddit favorite

This cannabis stock is a new Reddit favorite

Cannabis company Tilray, which recently merged with rival Aphria, has seen its stock surge as of late thanks to — you guessed it — love from the Reddit crowd. As backers tout the growing number of states legalizing recreational and medical marijuana, some investors are holding out for the dream scenario of federal legalization —…MORE

Lordstown Motors stock plunges after CEO and CFO resign

Lordstown Motors stock plunges after CEO and CFO resign

The news just keeps getting worse for Lordstown Motors. The troubled electric truck maker said Monday that its CEO and chief financial officer were stepping down — just one week after warning that the company could go out of business. Shares of Lordstown plunged nearly 20% in early trading on the news. Lordstown didn’t give…MORE

Airline stocks have soared. They’re not in the clear yet

Airline stocks have soared. They’re not in the clear yet

Air travel in the United States is back. That’s great news for airline stocks, which have rallied this year on hopes that domestic trips would make a return. What’s happening: The Transportation Security Administration said over the weekend that it screened more than 2 million passengers on Friday — the highest number since early March…MORE

Major US mall owner files for bankruptcy

Major US mall owner files for bankruptcy

Washington Prime Group, a major mall owner of more than 100 locations across the United States, filed for bankruptcy, citing pandemic-related shutdowns. The Columbus, Ohio-based company filed for Chapter 11 late Sunday, saying Covid-19 “created significant challenges” and that the move is “necessary.” Washington Prime secured $100 million in new funding to support its day-to-day…MORE

Federal safety regulators investigating AmazonBasics products highlighted in CNN report

Federal safety regulators investigating AmazonBasics products highlighted in CNN report

The federal agency responsible for overseeing consumer product safety is investigating Amazon-branded electronic products highlighted in a CNN investigation last year, according to records and interviews. CNN reported last year that dozens of AmazonBasics electronics remained for sale on Amazon.com, despite customers reporting the products had melted, exploded or burst into flames. Lawmakers immediately called…MORE

The West is uniting to confront China. How worried should Beijing be?

The West is uniting to confront China. How worried should Beijing be?

Editor’s note: CNN will be launching the Meanwhile in China newsletter on June 21, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. United States President Joe Biden’s plan to unite Washington’s closest allies and take on China just scored a big…MORE

Bitcoin jumps as Elon Musk suggests way that Tesla could start accepting it again

Bitcoin jumps as Elon Musk suggests way that Tesla could start accepting it again

Elon Musk is sending bitcoin’s price on another volatile ride. The price of bitcoin is surging after Tesla CEO Elon Musk tweeted Sunday that the electric car company would start accepting the cryptocurrency again once at least half of it can be mined using clean energy. “When there’s confirmation of reasonable (~50%) clean energy usage…MORE