Business News

Danish retail billionaire loses 3 children in Sri Lanka attacks

Danish retail billionaire Anders Holch Povlsen lost three children in the attacks in Sri Lanka on Sunday, according to a spokesperson for his company. Povlsen is the owner of Bestseller, a Danish clothing company, as well as the biggest shareholder in online retailer Asos. “We can confirm that Anders lost three children in the attack,”…

Carlos Ghosn is charged for the fourth time

Carlos Ghosn has been indicted on fresh charges of breach of trust. The Tokyo Prosecutors’ Office said Ghosn is suspected of funneling $5 million of Nissan’s money to a car dealership he controlled. The new indictment is the fourth set of formal charges made by Japanese prosecutors against the former chairman of Nissan and Renault.…

Sri Lanka’s economy is fragile, and it depends on tourism

A series of deadly attacks could deal a body blow to one of Asia’s fragile economies. Bombs ripped through churches and luxury hotels in Sri Lanka on Easter Sunday, killing at least 290 people and injuring hundreds. Targets included the upmarket Shangri-La hotel in the capital, Colombo. A number of those killed in the eight…

Huawei sales; Iran sanctions; Tesla trouble

1. Huawei sales: Chinese tech giant Huawei reported Monday that its sales jumped 39% to 179.7 billion yuan ($26.8 billion) in the first quarter. The private company did not reveal its profits, but it did say that its net profit margin had increased slightly to 8%. Huawei sells more telecommunications equipment than any other company…

Tesla investigates after car appears to explode in China

Tesla is investigating after one of its vehicles appeared to explode in China. A short video of surveillance footage posted on Chinese social media site Weibo showed white smoke emerging from what looks like a white Tesla car parked at a lot in Shanghai. After a few seconds, the electric vehicle bursts into flames and…

John Oliver goes long on the Mueller report

John Oliver had plenty to say about the biggest story of the week: the release of the Mueller report. The HBO talk show host spent half of Sunday night’s episode of “Last Week Tonight” explaining the findings of the Mueller report. Oliver’s discussion was the latest installment of what the show has been calling “Stupid…

Slowing US growth could be good for investors. Here’s why

1. US first quarter GDP: The first report card of the year for the American economy is due on Friday. Hold tight. Investors will be watching closely after worries about a global and US economic slowdown weighed on their minds at the start of the year. The Federal Reserve Bank of Atlanta estimates 2.8% real…

Tesla announces shakeup to its board of directors

Tesla revealed Friday that four directors will leave the company — shrinking the size of its board to seven eventually. The electric-car maker said that it wants to “streamline” corporate oversight because its board has grown by four members over the past five years. That has led to “the duplication of certain areas of experience…

Disney is having an amazing April. Now here comes ‘Avengers: Endgame’

Disney’s awesome month is about to get even better. In April, the company unveiled Disney+ to incredible fanfare and sent its stock soaring. Then it unleashed a new “Star Wars” trailer that lit up social media and showed that fans aren’t tired of the franchise just yet. And early ticket sales for “Avengers: Endgame” almost…

Soylent was a tech company that sold food. Now it wants to go mainstream

Soylent is making a play for the mainstream. With new products and a growing retail presence, Soylent has evolved from a tech company that sold food, as CEO Bryan Crowley put it in an interview with CNN Business, to a food company that is enabled by tech and science. Soylent’s latest product, Soylent Squared, is…

The Mueller Report is already a best-seller

Three versions of “The Mueller Report” soared to the top of Amazon and Barnes & Noble’s best-selling book charts in the 24 hours after a redacted version of Robert Mueller’s findings were released on the web. Several different publishers are rushing competing versions of the report out to bookshelves. They’re betting that some people will…

Mueller’s findings are fresh fuel for the never-ending information wars

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Mueller and the information wars You would have been foolish to think that the Mueller report would unify the country around a common set of facts. That’s not how things work in 2019. As the…

Sears sues former CEO Eddie Lampert for ‘thefts’ of company assets

The remains of defunct Sears Holdings is suing Eddie Lampert, the man who was its previous CEO and primary shareholder, alleging he improperly stripped the company of assets as it hurdled toward bankruptcy. Lampert was able to buy the operating assets of Sears in a bankruptcy court auction earlier this year, keeping a portion of…

Here’s why McDonald’s is ditching its fancy burgers

McDonald’s is streamlining its menu by revamping its Quarter Pounder and abandoning its craft burgers. The company said Wednesday that it will “move away” from its Signature Crafted Recipes line — which includes items like a mushroom and swiss cheese burger and one with bacon, cheddar and fried onions — on its national menu to…

Netflix to open production hub in New York City

Netflix is opening a production hub in New York City that will bring “up to $100 million in investments to the city,” New York Governor Andrew Cuomo announced Thursday. The streaming video company’s new Manhattan offices will take up approximately 100,000 square feet in New York’s Flatiron District. These offices will house 127 new jobs…