Category Archives: CNN – Business

Big chains filed for bankruptcy every week in May. Here are 6 of them

Big chains filed for bankruptcy every week in May. Here are 6 of them

Temporary store closures. Near-zero travel demand. People shopping online even more as they’re stuck home. It was the perfect storm for bankruptcy for some of the country’s most recognizable consumer brands — and several have filed recently. Retailers had already been struggling, and now they’re bearing the brunt of coronavirus’ impact. But a large gym…MORE

American spending collapsed by a record 13.6% in April

American spending collapsed by a record 13.6% in April

American consumer spending ground to a halt during the coronavirus lockdown, and that is a massive problem for the spending-addicted US economy. April’s personal consumption data showed a 13.6% drop in consumer spending, according to a Bureau of Economic Analysis report released Friday. That’s equal to $1.89 trillion, and drags spending down to a level…MORE

The economy is reopening. But the job cuts keep coming

The economy is reopening. But the job cuts keep coming

Even as parts of the global economy open back up, companies are laying off tens of thousands of workers — a sign of the damage wrought by months of shutdowns and the ongoing impact of social distancing measures. What’s happening: Automakers and air carriers announced a wave of job cuts this week, underscoring the potential…MORE

Arresting reporters at a protest is an affront to the First Amendment

Arresting reporters at a protest is an affront to the First Amendment

When a journalist is arrested at a protest, the free and fair gathering of the news is arrested, too. That’s one of the reasons why these infringements on press freedom are relatively rare in the United States — and why Friday’s brief arrest of a CNN crew in Minneapolis was so egregious. “Police may not…MORE

Peet’s Coffee owner pulls off speedy 10-day IPO despite pandemic fears

Peet’s Coffee owner pulls off speedy 10-day IPO despite pandemic fears

JDE Peet’s, the owner of Peet’s Coffee, gave Europe’s depressed IPO market a shot in the arm on Friday, raising €2.25 billion ($2.5 billion) in an Amsterdam listing that valued the firm at €15.6 billion ($17.3 billion). Shares in the company, which also owns the Jacobs, Douwe Egberts and L’OR brands, surged as much as…MORE

Renault to slash 14,600 jobs as coronavirus wreaks havoc on auto industry

Renault to slash 14,600 jobs as coronavirus wreaks havoc on auto industry

Renault is slashing 14,600 jobs as part of a major overhaul designed to reduce costs and help the French carmaker survive the coronavirus pandemic. Some 4,600 positions will be eliminated in France, with 10,000 more in other markets. The company announced Friday that it will cut fixed costs by more than €2 billion ($2.2 billion)…MORE

Trump says right-wing voices are being censored. The data says something else

Trump says right-wing voices are being censored. The data says something else

President Donald Trump has angrily complained this week about social media companies, repeatedly accusing them of censoring conservative voices and going as far as to sign an executive order Thursday seeking to limit their power. But data from Facebook, the world’s largest social media company, pours cold water on the assertion that conservative voices are…MORE

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