Category Archives: CNN – Business News

Dow slides on trade war worries

Dow slides on trade war worries

Stocks finished the week lower on Friday. The Dow closed 160 points, or 0.6%, lower, while the S&P 500 dropped 0.5%. The Nasdaq Composite finished down 0.8%. All three indexes dropped week-on-week, falling for the first time in three weeks. The Dow fell 1.1% from last week, while the S&P came off 0.5%. The Nasdaq…MORE

A rogue trader’s oil bets cost his employer $320 million

A rogue trader’s oil bets cost his employer $320 million

A rogue trader in Singapore cost Japan’s Mitsubishi at least $320 million when unauthorized bets on the oil market went wrong. Mitsubishi Corp. reported the loss on Friday. In a statement, the company said the employee had been hired by one of its subsidiaries, Petro-Diamond Singapore (PDS), to oversee oil trade with China. The employee…MORE

Employees and investors are forcing companies to act on climate change

Employees and investors are forcing companies to act on climate change

Happy Friday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Nearly 1,000 Amazon employees will walk out in protest Friday at what they say is their company’s inaction on climate change, despite CEO Jeff Bezos’ new plan to make Amazon…MORE

China depends on foreign oil. The Saudi attack is a wake-up call

China depends on foreign oil. The Saudi attack is a wake-up call

Last weekend’s drone attack on Saudi Arabian oil facilities sent shockwaves through global energy markets and the price of crude spiking. While Saudi authorities have pledged that production will soon be back on track and oil prices have fallen, the attack underscored China’s particular vulnerability to disruption in oil supplies. As the world’s largest crude…MORE

India slashes business taxes in a bid to boost growth

India slashes business taxes in a bid to boost growth

India is slashing taxes on companies and manufacturers to try and revive its struggling economy. Profits made by Indian companies will now be taxed at a rate of 22%, down from 30%, as long as they don’t apply for other incentives or exemptions, Finance Minister Nirmala Sitharaman announced on Friday. New manufacturing firms incorporated after…MORE

Asian stocks higher as India slashes taxes, China cuts new interest rate

Asian stocks higher as India slashes taxes, China cuts new interest rate

Asian stocks were mostly higher on Friday after China and India took steps to shore up economic growth. India’s benchmark Sensex index surged 5.3%, after a cut to the country’s corporate tax rates sent its markets spiking. Indian companies will be taxed at a rate of 22% instead of 30%, the government announced Friday. The…MORE

News outlets chase leads as whistleblower mystery deepens

News outlets chase leads as whistleblower mystery deepens

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The Washington Post’s editorial board posed a question on September 5: “Is Trump strong-arming Volodymyr Zelensky for political gain?” That was the first time I heard about the Ukraine issue that’s now front and center…MORE

These are the companies supporting the global climate strike

These are the companies supporting the global climate strike

A handful of brands and retailers are backing the global climate strikes, as a message to government leaders that it’s time to do something about the climate crisis. The American Sustainable Business Council, along with nonprofit 350.org and leading businesses such as Ben & Jerry’s, Lush Cosmetics and Patagonia are supporting the student-organized climate strikes…MORE

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