Category Archives: CNN – Business News

Saudi Arabia: We can ‘easily’ cut oil supply further if global economy stalls

Saudi Arabia: We can ‘easily’ cut oil supply further if global economy stalls

Saudi Arabia’s energy minister says that OPEC and its allies are prepared to quickly respond to a global economic slowdown. Khalid Al Falih told CNN Business’ Emerging Markets Editor John Defterios that while he doesn’t “see a big economic recession,” corrective actions are “easily within our control.” “If we see a slowdown … it’s going…MORE

California utility PG&E replaces CEO amid bankruptcy worries

California utility PG&E replaces CEO amid bankruptcy worries

Embattled utility PG&E, facing potentially billions of dollars in liability over California’s deadly wildfires last year, has replaced its CEO. The company said Sunday night that CEO Geisha Williams has stepped down. She will be replaced temporarily by John Simon. The PG&E (PCG) board said it would look to hire a new chief executive with…MORE

Ford unveils its most powerful Mustang yet

Ford unveils its most powerful Mustang yet

Ford unveiled the most powerful factory-produced Mustang the company has ever made at the Detroit Auto Show Monday. The new Shelby GT500 has a supercharged V8 engine that will produce more than 700 horsepower. More testing and validation needs to be done before an exact horsepower figure can be announced, the company said. What we…MORE

Walter Shipley, who helped create what is now JPMorgan Chase, has died

Walter Shipley, who helped create what is now JPMorgan Chase, has died

Walter V. Shipley, the architect of several bank mega mergers that reshaped the industry, has died. He was 83. Shipley was the chairman and CEO of Chase Manhattan Bank. He led several mergers in the ’80s and ’90s. JP Morgan Chase CEO Jamie Dimon announced Shipley’s passing in a letter to employees Saturday. “On Friday,…MORE

Toyota brings back the fast and sporty Supra

Toyota brings back the fast and sporty Supra

Toyota is seeking to once again make a name for itself among drivers looking for more than just a safe and dependable way to get to work. Hearkening back to the days when its cars were also known for performance and excitement, the auto maker announced the return of its two-seat sports car, the Toyota…MORE

The other Sears that isn’t in bankruptcy

The other Sears that isn’t in bankruptcy

There’s another Sears, with 650 stores nationwide, that isn’t in bankruptcy. But it’s in trouble, too. Sears Hometown and Outlet stores was spun-off by the now-bankrupt Sears Holdings in 2012. The hope was that the $447 million deal would shield the specialty chain from Sears’ problems, while giving the parent company an infusion of cash.…MORE

Starbucks’ new Bali store is designed for tourists

Starbucks’ new Bali store is designed for tourists

Starbucks wants its new location to be a tourist destination. The Starbucks Dewata Coffee Sanctuary, which opens January 13 in Bali, Indonesia, is more than just a coffee shop. It has an 1,000-square-foot coffee farm out front and a nursery where customers can plant seeds. People can take coffee tasting and preparation classes and virtually…MORE

Bud Light packages will now show nutritional information

Bud Light packages will now show nutritional information

Bud Light wants to win over calorie-conscious beer drinkers. Anheuser-Busch, the maker of Budweiser, Michelob Ultra, Stella Artois and other beers, said Friday that it would add nutritional information to Bud Light packages. Bud Light will be the first US beer to display ingredients and nutritional facts on its carton. The move could help Bud…MORE

Why retailers are fleeing Fifth Avenue

Why retailers are fleeing Fifth Avenue

Midtown Manhattan has been one of the most coveted spots in the world for fashion houses. Now, it’s emptying out. Calvin Klein announced Thursday that it would close its Madison Avenue store in the spring. It joins an exodus that includes Ralph Lauren (RL), Lord & Taylor and Henri Bendel. Gap (GPS) also said over…MORE

Volkswagen sold over 10 million cars last year. Only 1% were electrified

Volkswagen sold over 10 million cars last year. Only 1% were electrified

Volkswagen sold a record 10.8 million cars in 2018. Only 100,000 were electrified. The annual sales figures reported by Europe’s market leader on Friday underscore the huge challenge faced by global automakers as they pour tens of billions of dollars into electric cars and related technologies. Carmakers around the world regard the demise of the…MORE

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