Business News

Will backlash against Amazon’s NYC tax breaks kill other deals?

Will backlash against Amazon’s NYC tax breaks kill other deals?

Is the Amazon-New York City split up on Valentine’s Day the start of a new trend? Critics of the deal think so. They say it’s the beginning of the end of state and local governments showering companies with billions of dollars in tax breaks and other incentives. “Anything is possible: today was the day a…

Payless is closing all its 2,100 US stores

Payless is closing all its 2,100 US stores

Payless is the latest retail chain to close up shop in the United States. The discount shoe store will close all 2,100 of its locations in the United States and Puerto Rico in the coming months, a spokesperson told CNN Business on Friday. Liquidation sales will begin on Sunday and stores will begin closing in…

Amazon invests money in electric pickups

Amazon invests money in electric pickups

Amazon is putting money into electric trucks. The online retailer led a $700 million investment in Michigan-based electric pickup maker Rivian, the companies said Friday. Rivian unveiled an all-electric pickup and an SUV at the 2018 Los Angeles Auto Show in November and plans to begin production of the vehicles in a factory in Normal,…

Ex-Goldman Sachs banker charged in 1MDB case will be sent to the United States

Ex-Goldman Sachs banker charged in 1MDB case will be sent to the United States

Roger Ng, a former Goldman Sachs banker charged by the US Justice Department for his role in Malaysia’s multi-billion dollar embezzlement scandal, will be sent to the United States to appear in federal court. Ng waived an extradition hearing in Malaysia on Friday, according to his lawyer, Marc Agnifilo. He’ll enter a not guilty plea…

This is the CVS of the future

This is the CVS of the future

This is what it looks like when a drug store chain and a health insurer merge. In November, CVS completed its $69 billion acquisition of Aetna, the largest health care deal in history. Now, CVS is piloting three “HealthHub” stores in Houston with a suite of health care services that could be the drug store…

Even GE’s Boston headquarters is shrinking

Even GE’s Boston headquarters is shrinking

General Electric is once again downsizing, this time shrinking the scale of its once-ambitious plan for a fancy headquarters along the Boston waterfront. The struggling light bulb and jet engine maker announced on Thursday it ditched a plan to build a 12-story office building in the Fort Point neighborhood of Boston. Instead, GE and Massachusetts…

Prada asks Ava DuVernay and Theaster Gates to lead diversity efforts after blackface backlash

Prada asks Ava DuVernay and Theaster Gates to lead diversity efforts after blackface backlash

Prada has tapped “Selma” director Ava DuVernay and artist Theaster Gates to advise the Italian fashion house on diversity issues after the company released a holiday collection featuring blackface imagery. In December, Prada faced backlash over its Pradamalia line, which included monkey-like figurines with black faces and large red lips. When civil rights attorney Chinyere…

The era of big passenger jets is over

The era of big passenger jets is over

The double-decker A380 was loved by passengers, aviation enthusiasts and executives at Airbus. But the world’s largest commercial plane never won over the group that really mattered: airlines. Airbus pulled the plug on its superjumbo program on Thursday, announcing that it would deliver the final A380s to airlines such as Emirates by 2021. The decision…

End of the superjumbo: Airbus is giving up on the A380

End of the superjumbo: Airbus is giving up on the A380

Airbus is ending the A380 program, pulling the plug on its iconic superjumbo jet that once promised to revolutionize commercial air travel but failed to deliver on outsized expectations. The European plane maker said Thursday that it will stop delivering A380s in 2021 after Dubai-based airline Emirates slashed its orders for the huge jetliner. “We…

Levi’s wants to be more than a jeans company, so it’s going public

Levi’s wants to be more than a jeans company, so it’s going public

Levi Strauss plans to hit the public market for the first time in 34 years, a promising sign for a troubled retail sector. The 165-year-old company, which invented the blue jean, filed for an IPO on Wednesday. Levi’s said it could raise up to $100 million in the public offering, and will be listed on…

More Americans are behind on their car loans than ever before

More Americans are behind on their car loans than ever before

Americans are falling behind on car loan payments in record numbers. More than 7 million car loans were past due by at least 90 days in the fourth quarter, according to data released this week from the New York Federal Reserve. That’s 1.3 million more past-due loans than during the previous peak in 2011, which…

Carlos Ghosn won’t get his $34 million payout from Renault

Carlos Ghosn won’t get his $34 million payout from Renault

Carlos Ghosn won’t be getting a golden parachute from Renault. The French carmaker said Wednesday that it would not be paying its former CEO and chairman roughly €30 million ($34 million) he was due in deferred compensation and other benefits. Ghosn resigned from Renault last month after he was charged in Japan with financial misconduct…

Sears’ brand has been badly damaged. Now it has to win back customers

Sears’ brand has been badly damaged. Now it has to win back customers

The Sears brand, once the mightiest in retail, is only worth a fraction of what it once was. As the company prepares for life after bankruptcy, a key to that future is whether the brand still has enough value to bring back the customers it needs. The company has been writing down the value of…

Tariffs prompt US Steel to restart work on Alabama mill

Tariffs prompt US Steel to restart work on Alabama mill

US Steel says it is restarting construction on an Alabama mill to take advantage of higher steel prices. The company had stopped work on a furnace at the plant in 2015 because of unfavorable market conditions. But US Steel said it resumed construction because of the Trump administration’s trade policies, as well as incentives from…

Nissan cuts profit forecast in its first report since ousting Carlos Ghosn

Nissan cuts profit forecast in its first report since ousting Carlos Ghosn

Life after Carlos Ghosn is off to a rocky start for Nissan. The Japanese automaker slashed its annual profit and sales forecasts on Tuesday in its first earnings report since the arrest and ouster of Ghosn, who ran the company for nearly two decades. Nissan now expects to sell 5.6 million vehicles worldwide in the…

Why flowers get so expensive on Valentine’s Day

Why flowers get so expensive on Valentine’s Day

At Kroger, a dozen roses at stores usually cost around $10. During the Valentine’s Day stretch, they go for double. Why are flowers so expensive around Valentine’s Day? The rush for flowers creates international logistics bottlenecks and elevated transportation costs for a limited supply of perishable flowers. “It’s an old economic adage. Supply and demand,”…

Climate groups threaten lawsuit to force Shell to ditch oil

Climate groups threaten lawsuit to force Shell to ditch oil

Climate activists are preparing legal action aimed at forcing Royal Dutch Shell to exit the oil business. A coalition of environmental groups in the Netherlands said Tuesday that they will hand over a court summons on April 5 if Shell does not change its business model to comply with the Paris climate accord. The groups…

Toys ‘R’ Us wants to return to the United States

Toys ‘R’ Us wants to return to the United States

The new owners of Toys “R” Us want to bring the brand back to the United States. But they can’t say when it will happen. The troubled toy company found another life last month as Tru Kids Brands, roughly half a year after Toys “R” Us closed the last of its stores in the United…

60% of UK trade is still exposed to a Brexit shock

60% of UK trade is still exposed to a Brexit shock

If nothing changes in the next 45 days, the United Kingdom will crash out of the European Union with as much as 60% of its trade at risk of disruption. Leaving the European Union without a deal means losing preferential access to the bloc’s vast market, putting nearly half of UK trade at risk from…

Siemens CEO on Brexit: Nobody invests into uncertainty

Siemens CEO on Brexit: Nobody invests into uncertainty

The CEO of Siemens says the United Kingdom must provide clarity on trade or risk further declines in investment. “Nobody puts money [into] uncertainty. That’s not the way it works,” Siemens boss Joe Kaeser told CNN Business’ Emerging Markets Editor John Defterios on Monday. The United Kingdom is scheduled to leave the European Union on…