Category Archives: CNN – Business

Barry Diller’s IAC rolls dice with $1 billion stake in casino giant MGM

Barry Diller’s IAC rolls dice with $1 billion stake in casino giant MGM

IAC recently spun off its stake in Tinder-owner Match. But the company apparently has its sights set on people taking a different kind of gamble: It has bought a nearly $1 billion stake in MGM Resorts. The stake purchased by IAC, a conglomerate run by media mogul Barry Diller, amounts to about a 12% interest…MORE

Trick-or-treating is in doubt this year, so Halloween candy is coming early

Trick-or-treating is in doubt this year, so Halloween candy is coming early

No, your eyes aren’t playing tricks on you. Halloween candy displays have arrived even earlier this year. The Covid-19 pandemic, and its potential to put a damper on trick-or-treating and spooky fêtes, has candy manufacturers like Hershey hedging their bets for what is typically their biggest season. That includes dressing up fewer treats in Halloween-specific…MORE

Saudi Aramco sees ‘partial recovery’ in oil market as China picks up

Saudi Aramco sees ‘partial recovery’ in oil market as China picks up

Saudi Aramco said Sunday that its net profit plunged 73.4% in the second quarter to $6.6 billion. But CEO Amin Nasser said there are signs of improvement as coronavirus shutdowns ease. It was the second consecutive quarter of falling earnings at the world’s top oil producer — net profit in the January-March period slumped 25%.…MORE

Kodak stock dives 30% after $765 million loan is put on hold

Kodak stock dives 30% after $765 million loan is put on hold

Kodak stock plunged 30% Monday after a $765 million loan from the US government to help make drug ingredients was put on hold, as regulators are reportedly looking into allegations of insider trading. The stock was temporarily halted after plunging as much as 43% earlier in the day. “Recent allegations of wrongdoing raise serious concerns,”…MORE

Amazon may take over old JCPenneys and Sears to try and speed up deliveries

Amazon may take over old JCPenneys and Sears to try and speed up deliveries

Amazon may replace closed department stores at struggling malls. The company is in talks with Simon Property Group, the largest mall owner in the United States, to convert former or current JCPenney and Sears stores into distribution hubs to deliver packages, the Wall Street Journal reported Sunday. Both retail chains have filed for bankruptcy (Sears…MORE

Foot Locker is booming as people spend their stimulus on sneakers

Foot Locker is booming as people spend their stimulus on sneakers

Consumers have more money in their pockets thanks to government stimulus checks — and apparently many are using it at malls and online to buy new sneakers, which is good news for Foot Locker. The sneaker chain previewed its second-quarter results Monday ahead of the official release, saying sales were much better than expected and…MORE

Will Richard Branson ever be Richard Branson again?

Will Richard Branson ever be Richard Branson again?

Richard Branson loves a challenge. The Virgin Group founder has built a reputation, and his more than $4 billion fortune, on the back of his willingness to take bold risks and venture into new areas of business. “Virgin loves to take on seemingly insurmountable problems, and try to overcome them,” he said in 2018. But…MORE

BBC apologizes for use of N-word in news report

BBC apologizes for use of N-word in news report

The BBC has apologized for airing an uncensored racial slur in a news segment, after initially defending the use of the word in a report broadcast last month. Social Affairs Correspondent Fiona Lamdin used the N-word in a segment on an apparently racially aggravated assault in the city of Bristol, sparking more than 18,600 complaints…MORE

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