Category Archives: CNN – Business

OPEC warns Trump about the dangers of cheap oil

OPEC warns Trump about the dangers of cheap oil

President Donald Trump wants oil prices to keep plunging. OPEC is warning Trump to be careful what he wishes for. That’s because low prices at the pump have cost the US oil industry jobs in the past, OPEC Secretary-General Mohammad Barkindo told CNN Business on Wednesday. As a cautionary tale, Barkindo pointed out how painful…MORE

Oil price crash turns up the heat on OPEC

Oil price crash turns up the heat on OPEC

OPEC is under pressure. US crude oil prices have crashed almost 26% from their peak in October as fear of a shortfall in supply has turned into talk of a glut. They suffered their worst day since September 2015 on Tuesday, plummeting 7% to a one-year low. That fall came just 24 hours after Saudi…MORE

Bernie Sanders wants Walmart to raise worker wages

Bernie Sanders wants Walmart to raise worker wages

First Amazon. Now Walmart. Senator Bernie Sanders plans to unveil legislation on Thursday titled The Stop Walmart Act, aimed at raising wages at the retail giant. Walmart, along with Amazon, American Airlines and several other large companies, have drawn Sanders’ ire because he says they don’t pay workers a living wage. Sanders points out that…MORE

Citi to move 1,100 New York employees next year to make room for Amazon

Citi to move 1,100 New York employees next year to make room for Amazon

Citi is making room for an Amazon takeover of its iconic building in New York’s Long Island City. The bank said Tuesday that in the first half of 2019 it will move about 1,100 employees out of its space at One Court Square, one of the most recognizable towers outside Manhattan. Roughly 3,000 Citi (C)…MORE

Virginia welcomes Amazon by rebranding Crystal City ‘National Landing’

Virginia welcomes Amazon by rebranding Crystal City ‘National Landing’

Amazon is bringing 25,000 jobs and a new name to Northern Virginia. The tech behemoth on Tuesday ended a 14-month search for its second headquarters. Amazon announced a split between Long Island City in New York City and Arlington County in Northern Virginia. Residents of Crystal City, Virginia, had been anticipating Amazon’s move to the…MORE

Next up: Tesla vs the world

Next up: Tesla vs the world

Tesla’s reign as the king of electric car makers could be in jeopardy. Traditional automakers are planning big pushes into electric vehicle production, none more so than Volkswagen. At first blush it may not seem like Tesla could lose its dominance. It has sold nearly 500,000 cars worldwide, which accounts for about 20% of all…MORE

The cities that lost out on Amazon’s HQ2 still won

The cities that lost out on Amazon’s HQ2 still won

17 cities in North America didn’t land prizes in the Amazon sweepstakes, but they laid the groundwork to become tech hubs for years to come. For Austin, Atlanta, Boston, Chicago, Columbus, Ohio, Dallas, Denver, Indianapolis, Los Angeles, Miami, Montgomery County, Maryland, Newark, Philadelphia, Pittsburgh, Raleigh, Toronto, and Washington, D.C., the year-long battle for Amazon (AMZN)…MORE

GE to raise $4 billion by selling chunk of Baker Hughes

GE to raise $4 billion by selling chunk of Baker Hughes

General Electric is speeding up a plan to divorce itself from oil-and-gas giant Baker Hughes. GE (GE), which has been racing to repair a bloated balance sheet, announced a complex agreement on Tuesday to unload up to 166 million shares in oilfield services firm Baker Hughes (BHGE). The transactions would raise about $4 billion at…MORE

Amazon’s next challenge: Finding all those workers

Amazon’s next challenge: Finding all those workers

When Amazon arrives in the northern Virginia suburb of Crystal City, eventually bringing 25,000 jobs as part of its vaunted headquarters expansion, the tech behemoth will quickly become one of the region’s biggest employers. It will be as big as the Pentagon, where about 26,000 people work. It would almost match the District of Columbia’s…MORE