Category Archives: CNN – Business

CEOs say the trade war is killing business confidence

CEOs say the trade war is killing business confidence

Rising populism, policy uncertainty and trade conflicts have led to a sharp drop in confidence among global CEOs. The share of chief executives who think the global economy will slow over the next year has jumped to nearly 30% from 5% in 2018, according to a survey of 1,300 top business leaders by audit giant…MORE

Saudi Arabia’s top investment company looks to its home market

Saudi Arabia’s top investment company looks to its home market

The company founded by Saudi Arabia’s most prominent global investor plans to spend more of its money at home. Kingdom Holding CEO Talal Ibrahim Al Maiman said Monday the firm plans to spend $1 billion in Saudi Arabia over the next six months as the country attempts to repair its reputation with foreign investors after…MORE

The top 26 billionaires own $1.4 trillion — as much as 3.8 billion other people

The top 26 billionaires own $1.4 trillion — as much as 3.8 billion other people

The world’s billionaires are growing $2.5 billion richer every day, while the poorest half of the global population is seeing its net worth dwindle. Billionaires, who now number a record 2,208, have more wealth than ever before, according to an Oxfam International report published Monday. Since the global financial crisis a decade ago, the number…MORE

Sears’ massive legal fees are adding up at a time it desperately needs cash

Sears’ massive legal fees are adding up at a time it desperately needs cash

Sears’ creditors are waiting to learn how much money they’ll recoup from its bankruptcy case. The only thing that’s certain: Whatever they get will be reduced by the tens of millions because of legal and other professional fees that are already mounting in the case. Since the filing, those fees are already averaging about $4…MORE

Tesla is slashing its workforce by 7% to make a cheaper Model 3

Tesla is slashing its workforce by 7% to make a cheaper Model 3

Tesla has announced plans to reduce its full-time workforce by 7% as it works to increase Model 3 production and cut prices. CEO Elon Musk told workers about the job cuts Friday in a letter that Tesla posted online. The company will only retain the most critical temps and contractors, Musk said. Musk wrote in…MORE

The biggest US banks made more than $120 billion last year

The biggest US banks made more than $120 billion last year

You wouldn’t know it from watching their stocks, but the biggest US banks just had a banner year. JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) brought in more than $120 billion combined in profit last year, the result of President Donald Trump’s corporate…MORE

Japanese carmakers say Carlos Ghosn took $9 million in unauthorized payments

Japanese carmakers say Carlos Ghosn took $9 million in unauthorized payments

Jailed auto executive Carlos Ghosn is facing a new round of allegations of financial misconduct. Nissan (NSANY) and Mitsubishi Motors (MMTOF) said Friday that Ghosn, their former chairman, improperly received €7.8 million ($8.9 million) in compensation and other payments from a joint venture between the two carmakers. The companies said a joint investigation found that…MORE

Jamie Dimon gets a raise to $31 million after JPMorgan’s record year

Jamie Dimon gets a raise to $31 million after JPMorgan’s record year

JPMorgan Chase raked in a record profit last year, and chief executive Jamie Dimon is getting a pay hike. The company’s board of directors approved a $31 million pay package for 2018 that includes cash and stock awards, according to a public filing. That’s 5% more than the banker received last year. JPMorgan is one…MORE

This reformed ‘club rat’ has raised millions for clean water projects

This reformed ‘club rat’ has raised millions for clean water projects

Scott Harrison describes himself as the quintessential prodigal son. At 18, he left his conservative Christian home in New Jersey for New York City, where he became a nightclub promoter. There, he led a life of excessive drinking and drugs, model girlfriends and Rolex watches. “It led to a life that looked good on the…MORE