Category Archives: CNN – Business

China’s Luckin Coffee plunges 75% on accounting probe

Luckin Coffee has become a phenomenon in China — and with Wall Street investors — due to stunning growth. But it turns out some of its sales may have been fake. Shares of Luckin Coffee plunged 80% in early trading Thursday after the company disclosed in a regulatory filing with the Securities and Exchange Commission…MORE

‘Complete waste of time.’ UK media slam government coronavirus briefings

‘Complete waste of time.’ UK media slam government coronavirus briefings

Prime Minister Boris Johnson’s government can typically find a safe space in the digital and print editions of many of the most popular British newspapers. But some of the UK government’s biggest cheerleaders are now tearing into it over its response to the coronavirus pandemic, slamming confusing and conflicting messaging from senior members of Johnson’s…MORE

A 3,000% jump in jobless claims has devastated the US job market

A 3,000% jump in jobless claims has devastated the US job market

The last three weeks have marked one of the most devastating periods in history for the American job market, as first-time claims for unemployment benefits have surged more than 3,000% since early March. Businesses continue to lay off and furlough workers amid the coronavirus outbreak. 6.6 million US workers filed for their first week of…MORE

Boeing offering buyouts as it projects recovery will take years

Boeing offering buyouts as it projects recovery will take years

Boeing is offering employees buyouts as its CEO said it will take years for the airlines and aerospace industry to recover from the coronavirus crisis. In a memo to employees, Boeing CEO Dave Calhoun said the company is offering voluntary layoff packages that will provide exiting employees with pay and benefits. Calhoun said the company…MORE

The coronavirus won’t end moviegoing, but it could change it

The coronavirus won’t end moviegoing, but it could change it

Last year was a good year for the film industry. The global box office brought in over $40 billion worldwide, even though the domestic box office was down. Disney notched seven films that made more than $1 billion globally. And one of those films, “Avengers: Endgame,” broke “Avatar’s” record as the highest-grossing blockbuster of all…MORE

US unemployment report is much worse than economists predicted

US unemployment report is much worse than economists predicted

Mass layoffs tied to the coronavirus pandemic sparked a surge in the number of Americans who filed for their first week of unemployment benefits — the latest sign that the US economy is in for a deep recession as shutdowns aimed at containing the virus continue. The data: Over 6.6 million people filed claims for…MORE

A wave of oil bankruptcies is on the way

A wave of oil bankruptcies is on the way

The first domino in the oil industry has fallen. Whiting Petroleum, once a rising star in the shale industry, filed for Chapter 11 protection Wednesday. The oil driller survived for years at $50-a-barrel oil. But the recent collapse to $20 proved unbearable, sparking the first major oil bankruptcy of the current crisis. Whiting surely won’t…MORE

How quickly can the US economy bounce back? That depends on the virus

How quickly can the US economy bounce back? That depends on the virus

A month ago, the big question about the economy was: Will we have a recession? How quaint that seems now. That was before airlines canceled thousands of flights, sports leagues paused their seasons and restaurants and retailers shut their doors. Schools and day cares hadn’t closed down, and social interaction was not yet limited to…MORE

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