Business News

Jet Airways founder out as Indian banks try to rescue the failing airline

Jet Airways founder out as Indian banks try to rescue the failing airline

The founder of India’s Jet Airways has been forced out as part of a government-backed bailout. Naresh Goyal will quit as chairman and resign from the board, the embattled airline said as it announced a deal that will allow its banks to take control and overhaul the company. The carrier has been struggling for months…

American Airlines is canceling 90 flights a day because of 737 Max grounding

American Airlines is canceling 90 flights a day because of 737 Max grounding

American Airlines plans to cancel flights well into April because of the Boeing 737 Max grounding. American, the world’s largest airline, said Sunday it is canceling about 90 flights a day out through April 24. Before Sunday’s announcement, American had only canceled flights through March 28. The airline is hopeful that that the 737 Max…

Trump will nominate former campaign adviser Stephen Moore to Federal Reserve

Trump will nominate former campaign adviser Stephen Moore to Federal Reserve

President Donald Trump said Friday he plans to nominate his former campaign adviser, Stephen Moore, to the Federal Reserve Board. “It is my pleasure to announce that @StephenMoore, a very respected Economist, will be nominated to serve on the Fed Board. I have known Steve for a long time — and have no doubt that…

Shaq is joining Papa John’s board of directors

Shaq is joining Papa John’s board of directors

Papa John’s has found its next spokesman: Shaquille O’Neal. But the company hopes Shaq can help Papa John’s beyond hawking pizza. O’Neal, the NBA Hall-of-Famer, will join Papa John’s board of directors. O’Neal will also invest in nine Papa John’s stores in Atlanta and become an ambassador for the brand in advertisements. The company will…

Most of America’s coal plants are more expensive to run than wind and solar

Most of America’s coal plants are more expensive to run than wind and solar

The simple laws of economics threaten to doom America’s remaining coal power plants. Wind and solar costs have plunged so rapidly that 74% of the US coal fleet could be phased out for renewable energy — and still save customers money, according to a report released on Monday by Energy Innovation, a nonpartisan think tank.…

Indonesia’s Garuda is canceling its $4.9 billion order for the Boeing 737 Max

Indonesia’s Garuda is canceling its $4.9 billion order for the Boeing 737 Max

Indonesian airline Garuda said Friday that it’s canceling a multibillion-dollar order for Boeing’s 737 Max 8 passenger jet after the plane was involved in two deadly crashes in less than five months. “Our passengers have lost confidence to fly with the Max 8,” Garuda spokesperson Ikhsan Rosan told CNN. The Indonesian carrier ordered 50 of…

MillerCoors sues Anheuser-Busch over corn syrup Super Bowl ad

MillerCoors sues Anheuser-Busch over corn syrup Super Bowl ad

The maker of Miller Lite and Coors Light doesn’t see the funny side of Bud Light’s corn syrup Super Bowl ads. MillerCoors filed suit against Anheuser-Busch, the brewer of Bud Light, over the commercials, which it says are “false and misleading.” It wants them blocked and its rival to set the record straight. Bud Light’s…

Business and labor unions say the UK is facing a ‘national emergency’

Business and labor unions say the UK is facing a ‘national emergency’

British business and labor unions have set aside their differences to make a joint appeal to Prime Minister Theresa May to change course on Brexit or risk a massive economic shock. Top officials at the Confederation of British Industry and the Trades Union Congress said Thursday that Britain faces a “national emergency” if politicians allow…

China and women’s clothes: How Levi’s strategy won over Wall Street

China and women’s clothes: How Levi’s strategy won over Wall Street

Levi Strauss racked up $5.6 billion in sales last year. But chief executive Chip Bergh has a mission to make Levi’s a $10 billion brand one day. To hit that ambitious target and match up against bigger rivals, Levi’s needs a new playbook. Levi’s hopes tapping the public market will fund its efforts to expand…

America imported no oil from Venezuela last week. Here’s why that’s a big deal

America imported no oil from Venezuela last week. Here’s why that’s a big deal

America’s once-robust imports of crude oil from Venezuela have ground to a halt because of Trump administration sanctions and chaos gripping the OPEC nation. The United States imported exactly zero barrels of crude from Venezuela last week, according to government statistics. That’s never happened since the US Energy Information Administration began tracking this weekly metric…

Brexit is costing the UK economy $1 billion a week. And it could get worse

Brexit is costing the UK economy $1 billion a week. And it could get worse

Brexit has been delayed, and may eventually be called off. But it’s already done major damage to the UK economy. The vote to leave the European Union in June 2016 caused the pound to weaken dramatically and ushered in years of uncertainty that has reduced economic activity and triggered a slump in investment. The economy…

Levi’s is going public with a $6.6 billion valuation

Levi’s is going public with a $6.6 billion valuation

Levi Strauss shares are in demand as the blue jeans maker returns to the stock market after a 34-year absence. The clothing retailer priced its initial public offering on Wednesday at $17 per share, valuing the company at about $6.6 billion. That’s higher than the price range of $14 to $16 that the company had…

Justice Department issues subpoenas in criminal investigation of Boeing

Justice Department issues subpoenas in criminal investigation of Boeing

US Justice Department prosecutors have issued multiple subpoenas as part of an investigation into Boeing’s Federal Aviation Administration certification and marketing of 737 Max planes, sources briefed on the matter told CNN. The criminal investigation, which is in its early stages, began after the October 2018 crash of a 737 Max aircraft operated by Lion…

Starbucks is modernizing its stores

Starbucks is modernizing its stores

For years, Starbucks has invested in making sure its stores are seen as a third place for people to spend time, following home and work. It still wants to be a third place. But it’s time for an update. The company said on Wednesday that it will modernize its stores to focus on “convenience, comfort…

AT&T chief: China isn’t beating the United States on 5G — yet

AT&T chief: China isn’t beating the United States on 5G — yet

There’s a lot of concern from the Trump administration and policymakers about America’s ability to compete with China on building the next generation of wireless networks, but AT&T chief Randall Stephenson said Wednesday that China isn’t beating the United States on 5G — yet. While AT&T, which owns CNN’s parent company WarnerMedia, has 5G up…

Starbucks to test recyclable, compostable cups

Starbucks to test recyclable, compostable cups

After years of looking for greener alternatives to its paper cup — which is lined with plastic — Starbucks is testing out something new. The company announced on Wednesday that it is testing out a compostable cup in five locations — New York, San Francisco, Seattle, Vancouver and London. Starbucks showed one of the cups…

Fed signals no rate cuts are coming in 2019

Fed signals no rate cuts are coming in 2019

The Federal Reserve on Wednesday voted to hold interest rates steady and shaved its growth forecast. Fed officials, who gathered in Washington for their two-day policy setting meeting, unanimously recommitted to remain “patient,” agreeing to indefinitely stick with an extended pause on rate changes. They signaled that the Fed wouldn’t hike rates in 2019. The…

Ford announces plans to build electric vehicles in Michigan

Ford announces plans to build electric vehicles in Michigan

Ford plans to start building electric and self-driving cars at plants in Michigan. The company announced a $900 million investment there Wednesday, and plans to add 900 jobs in the state. Last year, Ford pledged $11 billion to transform its business and produce more electric and self-driving cars. The Michigan plans are part of that…