Business News

Bitcoin prices roar back towards $40,000

Bitcoin prices roar back towards $40,000

The bitcoin roller coaster continues. The price of the top cryptocurrency hit an all-time high of nearly $42,000 less than a week ago before quickly falling back to around $30,000 — more than a 20% plunge. But it has roared back in recent days and is once again trading just shy of $40,000. The drastic…

Before Substack, there was Medium — and its network is about to get bigger

Before Substack, there was Medium — and its network is about to get bigger

Substack has become synonymous with writers looking to go independent. But for many years prior, there was a different go-to place for self-publishing: Medium. Medium, launched in 2012 by Twitter cofounder Ev Williams, has been the platform of choice for public figures to air newsworthy moments: Hillary Clinton used it to endorse President-elect Joe Biden…

No alcohol and no checked guns: Airlines tighten security for Inauguration Day

No alcohol and no checked guns: Airlines tighten security for Inauguration Day

Airlines and the Transportation Security Administration are stepping up security for flights to and from Washington, DC, amid threats of additional violence. The FBI has received information indicating “armed protests” have been planned at all 50 state capitols and the US Capitol in Washington in the days leading up to President-elect Joe Biden’s January 20…

BlackRock now has a whopping $8.7 trillion in assets

BlackRock now has a whopping $8.7 trillion in assets

The record stock market run is great news for BlackRock: The owner of the super popular iShares family of exchange-traded funds reported earnings and revenue for the fourth quarter Thursday that easily topped forecasts. BlackRock, the world’s largest money management firm, ended the year with nearly $8.7 trillion in total assets — an increase of…

Christopher & Banks is going out of business

Christopher & Banks is going out of business

Christopher & Banks is joining the long list of retailers filing for bankruptcy and disappearing from America’s malls. The womenswear company filed for Chapter 11 on Thursday, a result of “financial distress resulting from the pandemic and its ongoing impact,” it said. Christopher & Banks, which has approximately 400 locations in 44 states, said it…

Huge step in the wrong direction: Unemployment claims soar

Huge step in the wrong direction: Unemployment claims soar

The American jobs crisis is escalating again. States have ratcheted up their virus-prevention measures to combat rising infection rates, and the job market has taken it on the chin. Another 965,000 people filed for first-time unemployment benefits on a seasonally adjusted basis in the United States last week, the Labor Department reported Thursday. That was…

Costco is shutting down all of its photo centers

Costco is shutting down all of its photo centers

Costco is closing its photo centers at all of its roughly 800 stores next month, ending a number of services that have a decidedly retro vibe. Four services will no longer be available to shoppers when the centers will shut down on February 14, including ink refills, the ability to take passport photos, photo restoration…

Taco Bell is bringing back potatoes

Taco Bell is bringing back potatoes

Taco Bell knows you’re upset about losing potatoes. It’s sorry it hurt you. And it’s bringing them back. Last year, Taco Bell cut a number of items from its menu, including two dishes that featured its seasoned potato bites: Cheesy Fiesta Potatoes and the Spicy Potato Soft Taco. Those two items will be back in…

Delta turned record profit into a record loss in one year

Delta turned record profit into a record loss in one year

Delta Air Lines closed the books on the worst year in its history. Thursday, Delta reported a record $6.8 billion loss for 2020, excluding special items. Including those items, its net loss for the year was $12.4 billion. A year earlier, Delta had reported record revenue and operating profits. Delta, the first major air carrier…

Germany’s recession wasn’t as bad as 2009

Germany’s recession wasn’t as bad as 2009

Germany’s economy held up better in the pandemic than it did during the global financial crisis, despite a second wave of lockdowns in the fourth quarter and the reversal of more than a decade’s growth in employment and trade. The country’s Federal Statistics Office on Thursday forecast a 5% contraction in the economy in 2020…

Impeachment has forced Wall Street onto the sidelines

Impeachment has forced Wall Street onto the sidelines

Stocks rallied to record highs as a mob descended on the US Capitol. But now that President Donald Trump has become the first American president in history to be impeached twice, investors are taking a moment to recalibrate. “Everyone’s trying to balance what this means in the short term,” JJ Kinahan, chief market strategist at…

The US box office just had a horrible year. 2021 may not be much better

The US box office just had a horrible year. 2021 may not be much better

With the coronavirus pandemic shuttering theaters for months on end and major blockbusters delayed into an unforeseeable future, 2020 was one of the worst years in domestic box office history. The domestic box office, which includes the United States and Canada, ended 2020 with $2.2 billion in revenue, according to Comscore. That’s a massive 80%…

New rule could make it harder for banks to cut ties with oil and coal companies

New rule could make it harder for banks to cut ties with oil and coal companies

Big banks, climate activists and banking reform advocates don’t agree on much, but they joined forces to denounce a proposed Trump administration rule that would make it harder for banks to cut ties with the fossil fuel industry. The rule, adopted Thursday by the Office of the Comptroller of the Currency, requires large banks to…

Xi Jinping wants Starbucks and Howard Schultz to help repair US-China ties

Xi Jinping wants Starbucks and Howard Schultz to help repair US-China ties

China’s leader has called on Starbucks’ former chairman Howard Schultz to help promote US-China relations, according to Chinese state media. State-run news agency Xinhua reported on Thursday that Chinese President Xi Jinping had written to Schultz, encouraging the American billionaire and the global coffee giant he ran for years to improve economic and trade ties.…

China is winning the trade war and its exports have never been higher

China is winning the trade war and its exports have never been higher

China was already outperforming every other major world economy last year as the coronavirus pandemic upended the globe. It looks like the country’s relatively sure footing also gave it the edge in its trade war with the United States. The world’s second biggest economy closed out 2020 with an overall trade surplus of $78 billion…

Chobani reinvented yogurt. Its next target is coffee

Chobani reinvented yogurt. Its next target is coffee

When Chobani started selling Greek yogurt in 2007, it upended the market. Now, it wants to do the same for iced coffee. This week, Chobani is launching a new line of refrigerated, ready-to-drink coffees. The new product comes in four flavors: one black cold brew option, one with oat milk, one with sweet creamer, and…

Businesses can’t sever ties with Trump fast enough

Businesses can’t sever ties with Trump fast enough

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. In today’s business news: The Trump business backlash continues, there’s a Keurig for ice cream and Las Vegas can’t catch a break. Let’s get into it. TRUMP BACKLASH What a week.…

Dollar General will pay its workers to get a Covid-19 vaccine

Dollar General will pay its workers to get a Covid-19 vaccine

Dollar General wants its employees to get Covid-19 vaccines, so it’s offering to pay them to do it. The chain said Wednesday that it will give its workers a one-time payment equivalent to four hours of pay after receiving a completed vaccination. “We do not want our employees to have to choose between receiving a…

The big winners from Tesla stock surge: lithium miners and battery makers

The big winners from Tesla stock surge: lithium miners and battery makers

The incredible stock market surge for Tesla isn’t just making Elon Musk and Tesla investors rich. Traders betting on lithium miners and battery makers are also benefiting from Tesla’s success. Lithium is a key component for batteries in electric cars. The Global X Lithium & Battery Tech ETF, a fund that owns Tesla and other…

Dubai real estate developer wants to do more business with Trump

Dubai real estate developer wants to do more business with Trump

Corporate America may be running away from President Donald Trump but at least one of his international business partners is standing by him. Hussain Sajwani, the chairman of property developer DAMAC, said he wants to expand his relationship with the Trump Organization despite the president’s role in stoking a violent siege last week of the…

Amazon is removing QAnon merchandise from its site

Amazon is removing QAnon merchandise from its site

Amazon said it is banning QAnon merchandise from its marketplace in response to the extremist group’s role in attacking the US Capitol. The company is in the process of removing QAnon products, but said it may take a few days to complete. QAnon, the far-right conspiracy theory group whose believers view President Donald Trump as…

Circle K’s owner offers $20 billion for France’s biggest retailer

Circle K’s owner offers $20 billion for France’s biggest retailer

Convenience store operators are having a moment. Canada’s Couche-Tard, the owner of Circle K, said in a statement on Wednesday that it’s offering €20 ($24.35) a share to acquire France’s biggest supermarket chain, Carrefour. The offer, which Couche-Tard expects to be mostly in cash, values Carrefour at €16.2 billion ($19.7 billion) and represents a 29%…