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Hong Kong/London (CNN Business) Dow futures plunged and oil fell 5% on Friday as the emergence of a new Covid-19 variant rattled global markets. Hang Seng Index HSI Nikkei 225 N225 Asian stocks led the way, with Hong Kong'sdropping 2.7%, while Japan'swas down 2.5%. European markets sold off heavily at the open too, with major indexes including the FTSE 100, France's CAC40 and Germany's DAX all down about 3%. Brent crude, the global oil benchmark, fell 4.3%. Investors were "spooked" by the discovery of the new Covid-19 variant in South Africa, Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, said in a research note on Friday.
Persons: France's, Germany's DAX, Dow INDU, Brent, Jeffrey Halley, Read Organizations: CNN Business, Dow, HSI, Kong'sdropping, Asia Pacific Locations: Hong Kong, London, South Africa, Oanda
Hong Kong (CNN Business) Shares of SoftBank (SFTBF) plunged about 5% in Tokyo on Friday after Chinese regulators reportedly asked Didi to delist from the United States because of concerns about data security. The Japanese company's Vision Fund is a major shareholder in the Chinese ride-hailing service with a stake of over 20%. SoftBank shares opened lower on Friday as Asian markets were slammed by fears of a new coronavirus variant that appears to be spreading rapidly in parts of South Africa. But the losses accelerated after Bloomberg reported , citing anonymous sources, that the Cyberspace Administration of China (CAC) has asked Didi's top executives to work out a plan to delist the company from the New York Stock Exchange. Didi, SoftBank and the CAC didn't immediately respond to CNN Business' requests for comments on the report.
Persons: Didi, SoftBank, Read Organizations: CNN, Bloomberg, Cyberspace Administration of China, New York Stock Exchange, CAC, CNN Business Locations: Hong Kong, Tokyo, United States, South Africa
(CNN Business) Amazon (AMZN) is facing strikes by warehouse workers and delivery drivers across Europe as its busiest weekend of the year begins. Labor unions in Germany, Italy and France are calling for the company to pay its workers fairly and respect their right to join unions. The strikes have been called to coincide with Amazon's annual Black Friday event, which kicks off a four-day shopping bonanza that culminates in Cyber Monday. The action is part of a wider global protest organized by a group called Make Amazon Pay. The international coalition is also demanding that Amazon "pays its fair share of taxes and commits to real environmental sustainability."
Persons: Read Organizations: CNN, Labor, Amazon Locations: Europe, Germany, Italy, France, United States, Canada, Brazil, United Kingdom
New York (CNN Business) Procter & Gamble Co. issued a recall for more than a dozen Old Spice and Secret-branded aerosol deodorants and sprays, warning that the products could contain benzene, a cancer-causing agent. The recall notice , published earlier this week, noted that the affected products likely will not expose people to levels of benzene high enough to cause health issues. The company added it has not "received any reports of adverse events," but it's moving forward with the recall out of "an abundance of caution." P&G PG wants people who purchased the affected products — which were sold in stores across the United States, as well as online — to throw them away, and the company is offering full refunds. Customers can fill out an online form or contact a hotline at 888-339-7689 Monday through Friday from 9 am to 6 pm ET.
Organizations: CNN Business, Procter, Gamble Co Locations: York, United States
New York (CNN Business) This Thanksgiving weekend is offering a box office feast with two genres that have been lacking on the menu so far this year: family movies and non-franchise films aimed at adults. As for MGM's " House of Gucci ," a true crime film starring Lady Gaga and Adam Driver, that film could slide into the No. In order for theaters to truly recover, family films and films that aren't reboots, prequels or sequels are important to the box office. Both films this weekend are exclusive to theaters and could give a much needed box office jolt to theaters. "For cinemas to truly rally, Hollywood needs multiple genres to pop, not just superheros saving the day."
Persons: Hamilton, Lin, Manuel Miranda, Gucci, Lady Gaga, Adam Driver, Jeff Bock Organizations: CNN, CNN Business Locations: York
Hong Kong/Washington (CNN Business) The Biden administration is piling more pressure on Chinese companies it claims could undermine US national security. The US Commerce Department on Wednesday added a dozen Chinese companies to a trade blacklist, saying that some of the firms have supported the modernization of China's army. The Commerce Department also cited concerns about China's "ability to break encryption or develop unbreakable encryption." And it said that several entities from China and Pakistan were added to the list for contributing to Pakistan's nuclear activities or ballistic missile program. Tensions between the United States and China that escalated under former President Donald Trump have continued to simmer under President Joe Biden.
Persons: Biden, Donald Trump, Joe Biden, Xi Jinping, Read Organizations: CNN, US Commerce Department, Commerce Locations: Hong Kong, Washington, China, Pakistan, United States, Beijing
London (CNN Business) Almost 2 million workers in Europe's biggest economy are set for a big pay rise. following lengthy coalition negotiations. As part of the coalition agreement, the country plans to raise its minimum wage to €12 ($13.46) an hour, from the current rate of €9.60 ($10.77) an hour. The move could boost the income of nearly 2 million people in Germany who earn minimum wage salaries, or about 5% of workers, according to Carsten Brzeski, an economist at ING. The minimum wage was already set to rise to €10.45 ($11.72) in July 2022.
Persons: Olaf Scholz, Angela Merkel, Carsten Brzeski, Read Organizations: London, CNN, ING Locations: Germany
London (CNN Business) Shops in the United Kingdom could run short of wine and liquor ahead of Christmas because there aren't enough drivers to make deliveries. The warning was made in a letter sent by the UK Wine and Spirit Trade Association (WTSA) to UK Transport Secretary Grant Shapps last week. It was signed by 48 members of the industry association, including champagne and cognac makers Moet Hennessy, owned byand Laurent-Perrier. The drinks industry urged the government to extend by one year a temporary visa program allowing drivers from abroad to meet the shortfall. "We are already seeing major delays on wine and spirit delivery times which is pushing up costs and limiting the range of products available to UK consumers," WSTA chief executive Miles Beale said in a statement.
Persons: LVMH LVMHF, Laurent, Perrier, Grant Shapps, Moet Hennessy, byand Laurent, Miles Beale, Read Organizations: London, CNN, Spirit Trade Association, Transport, Government Locations: United Kingdom
(CNN Business) Swedish retailer Ikea is becoming a landlord in Japan with a tiny apartment it will rent out in Tokyo. The 10-square-meter (107-square-foot) apartment is located in the Shinjuku district and will cost just 99 yen ($0.86) per month to rent, according to details released by Ikea this week. Only one unit is available, and it is fully furnished with Ikea furniture and accessories. The apartment will then be rented out with a lease through January 15, 2023, said Ikea. Ten square meters isn't much, but Ikea say they have worked hard to make the most of the available area.
Organizations: CNN Business, Ikea Locations: Japan, Tokyo, Shinjuku
New York (CNN Business) This Black Friday could very likely be the start of the final holiday shopping season for Sears and Kmart, two brands that once proudly dominated the US retail landscape. At the time, the holding company — given the overly optimistic name Transformco — still had 223 Sears and 202 Kmart stores nationwide. That was already down 87% from the 3,500 stores between the two brands when they merged together in 2005 to form Sears Holdings. Today there are only 21 full-line Sears stores left in the mainland United States, and two more in Puerto Rico, according to the store locator on the Sears website, once recent closings are eliminated. Many retail experts blame Eddie Lampert, the primary owner of Transformco and Sears Holdings, for the demise of two chains.
Persons: , Reshmi Basu, Eddie Lampert, Mark Cohen, Marcus, Taylor, Lampert, he's, Sears, It's, Neil Saunders, There's, Greg Portell, Kearney, They're, Sebastian Spering Kresge Organizations: CNN, Sears, Kmart, Sears Holdings, Columbia University, Walmart, JCPenney, Target Locations: York, United States, Puerto Rico, Guam, Virgin, Detroit
Hong Kong (CNN Business) Ships in Chinese waters are disappearing from global trackers, creating yet another headache for the global supply chain . Usually, shipping data companies are able to track ships worldwide because they are fitted with an Automatic Identification System, or AIS, transceiver. In the past three weeks, the number of vessels sending signals from the country has plunged by nearly 90%, according to data from the global shipping data provider VesselsValue. The global supply chain is already under "great stress," he added. Experts worry that a lack of shipping data out of China could strain the global supply chain.
Persons: Charlotte Cook, they've, Anastassis, Touros, Cook, Georgios Hatzimanolis, Xi Jinping, Xi, Donald Trump, Wang Qishan Organizations: CNN, Ships, AIS, VesselsValue, Shipping, China's Ministry of Foreign Affairs, Information Office, Anastassis Touros, Marine, Bloomberg, Economy, Cyberspace Administration Locations: China, Hong Kong, Port, Shanghai, Beijing, VesselsValue, Ningbo, Zhoushan, Singapore
Hong Kong (CNN Business) JPMorgan has made significant inroads in China over the last couple of years. Speaking at an event in Boston on Tuesday,CEO Jamie Dimon said he "made a joke" during a recent trip to Hong Kong, referencing the ruling Chinese Communist Party's 100th anniversary. "I can't say that in China," Dimon added with a chuckle. Dimon cited that trip on Tuesday, saying, "Obviously, I don't have freedom of speech in China ... like I have in Hong Kong. Dimon also dismissed criticism that JPMorgan "shouldn't do business in China" because of opposition to some of its policies.
Persons: Jamie Dimon, Dimon, Carrie Lam, We've, I'd, wouldn't Organizations: CNN Business, JPMorgan, Communist, Communist Party, JPMorgan Chase, Boston College Locations: Hong Kong, China, Boston, Hong, American, United States, America, Russia, We're, Pakistan, Egypt
London (CNN Business) A resurgence of coronavirus cases across Europe is feeding fears that the region's strong economic recovery from the pandemic could be jeopardized by another tough winter. The Purchasing Managers' Index from IHS Markit, a key gauge of the economy, rose in November after slipping to a six-month low in October, according to data released Tuesday. Skyrocketing infections in Germany have also sparked questions about whether the region's largest economy could reimpose sweeping restrictions. Consumer confidence in the euro zone fell "markedly" in November, according to the European Commission. IHS Markit reported that companies' expectations this month for future economic output "deteriorated to the lowest since January."
Persons: Chris Williamson Organizations: London, CNN, IHS, IHS Markit's, European Commission, IHS Markit Locations: Europe, Austria, Germany
Seoul (CNN Business) Samsung is planning to build a $17 billion semiconductor manufacturing facility in Texas as part of efforts to tackle a global shortage of chips. Announcing its largest ever investment in the United States, the South Korean electronics giant said Tuesday that the factory would create 2,000 high-tech jobs directly, and thousands more in the local economy once it is in full operation. The facility is expected to begin operations in the second half of 2024"With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain," Kinam Kim, Vice Chairman and CEO of Samsung Electronics, said in a statement. The company said that it chose the city of Taylor in Texas for its new plant based on multiple factors, including its proximity to Samsung's current manufacturing site in Austin, the local semiconductor ecosystem, and government support. The Taylor site will span more than 5 million square meters and is expected to serve as a key location for Samsung's global semiconductor manufacturing capacity, along with its latest new production line in Pyeongtaek, South Korea.
Persons: Kinam Kim, Taylor, Read Organizations: CNN Business, Samsung, Samsung Electronics Locations: Seoul, Texas, United States, Taylor, Austin, Pyeongtaek, South Korea
New Delhi (CNN Business) India is flirting with a ban on cryptocurrencies. Prime Minister Narendra Modi's government on Tuesday said that it is preparing to introduce a bill that would regulate digital currencies. A cryptically worded description of the bill posted on the Indian parliament website outlined a plan to "prohibit all private cryptocurrencies in India." The bill didn't specify what is meant by "private" cryptocurrencies, so it's not clear whether that applies to the world's most heavily traded coins, including bitcoin and ethereum. India's finance ministry did not immediately respond to questions from CNN Business about the bill.
Persons: Narendra Modi's, Modi, Read Organizations: CNN Business, Reserve Bank of India Locations: Delhi, India
Jobless claims hit lowest level since 1969
  + stars: | 2021-11-24 | by ( Anneken Tappe | Cnn Business | )   time to read: 1 min
New York (CNN Business) Weekly claims for unemployment benefits finally fell below their pre-pandemic levels, according to data from the Labor Department. Last week's jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969. Benefit claims jumped into the millions in March 2020 as the pandemic caused the US economy to shutter. It took until last week for claims to finally fall below their pre-pandemic levels of around 200,000. "Layoffs are hitting new lows amid ongoing labor shortages as employers look to hold onto hard-to-find workers," wrote Glassdoor Senior Economist Daniel Zhao in a tweetRead More
Persons: Daniel Zhao Organizations: CNN, Labor Department, Last Locations: York
The latest: US oil prices are flat on Wednesday after gaining 2.3% on Tuesday. But the coordinated release isn't expected to make a lasting difference, given the overarching market dynamicsOil supply hasn't kept up with surging demand as the global economy recovers from Covid-19. Usually, shipping data companies are able to track ships worldwide because they are fitted with an Automatic Identification System, or AIS, transceiver. But that's not happening in the world's second-largest economy, a critical player in global trade. In the past three weeks, the number of vessels sending signals from the country has plunged by nearly 90%, according to data from the global shipping data provider VesselsValue.
Persons: Chris Williamson, Ruben Segura, Jessica Hinds, Hinds, Williamson, we'll, Damien Courvalin, Goldman Sachs, Bob McNally, Matt Egan, hasn't, Laura, We're, Bell Organizations: CNN Business, Bell, IHS, IHS Markit's, Government, Bank of America, Capital Economics, PMI, IHS Markit, Federal Reserve, Investors, Rapidan Energy Group, CNN, AIS, Analysts, Deere, Federal Locations: London, Europe, Austria, Germany, France, Cayuela, China, United States, India, Japan, South Korea, United Kingdom, Covid, Beijing
increase of 6.5% in the second quarter. A key measure of inflation grew at annualized rate of 5.3% in the third quarter, data from the Bureau of Economic Analysis showed Wednesday. That compares with anincrease of 6.5% in the second quarter. An initial report last month said the economy had grown at a rate of 2% last quarter . Even so the economy grew at a much weaker pace in the third quarter than in the three months before when the pace was 6.7%.
Organizations: CNN Business Locations: York
New York (CNN Business) The supply chain crisis means last-minute gift buyers may have little choice but to go shopping the old-fashioned way this holiday season. High demand, combined with supply chain delays , materials' shortages and troubles hiring workers , are shrinking the availability of items both online and at stores. As customers get closer to the last minute, physical stores will become a more appealing option for shoppers than waiting around for delivery, analysts expect. Zipping over to the store may be a smarter bet to get what you need right away than ordering online and risking your package arrives too late. Consumers saw more than 2 billion out-of-stock messages while browsing online in October, according to Adobe Analytics.
Persons: , Rod, Read Organizations: CNN, Deloitte, Consumers, Adobe Analytics Locations: York
New York (CNN Business) Nobody in their right mind likes to pay higher prices for stuff. Consumer staples giants likeandcan benefit from rising prices — as long as they are able to pass on some of those costs to customers. Smucker, which makes a wide range of products including Jif peanut butter and Folgers coffee, has been raising prices, for example. Even some retailers are finding they can raise prices to offset higher costs and not alienate customers in the process. "Oftentimes, real asset price increases are what fuels inflation in the first place," the analysts said, "so we believe investing in these assets can work as a natural hedge against rising costs in our everyday lives."
Persons: Tucker Marshall, Carlos Alberini Organizations: CNN, GES Apparel, Guess, Horizon, Texas Pacific TPL Intercontinental Exchange ICE Archer, Midland ADM, New York Stock Exchange, Dow, Nasdaq, Wells, Investment Institute Locations: York, Texas
New York (CNN) Gap said it lost $300 million in sales heading into the holiday season because of Covid-related factory closures, and backlogs at ports that significantly stalled its ability to get merchandise into stores on time. "While we had planned into the known supply chain constraints .... the shock to our business persisted longer than anticipated as weeks turned into months, Gap CEO Sonia Syngal said Tuesday during the company's third quarter earnings call with analysts. Gap GPS shares tumbled 21% Wednesday on the news. Syngal said factories in Vietnam that produce clothing and shoes for Gap were closed for several weeks over the summer because of a second wave of a coronavirus outbreak. "The 2.5-month closure of our top manufacturing country, Vietnam, as well as port congestion both affected our ability to fully meet strong customer demand," said Syngal.
Persons: Sonia Syngal, Syngal, Read Organizations: CNN Locations: York, Vietnam
London/Istanbul (CNN Business) Turkey is plunging into a fresh currency crisis as investors dump the lira in response to the extraordinary decision by the country's central bank to slash interest rates in the face of soaring inflation. The lira stabilized on Wednesday but suffered a huge fall against the US dollar on Tuesday. Tuesday's plunge marked the 11th consecutive day of losses for the lira after the country's central bank last week cut interest rates by 100 basis points. Experts and opposition parties have accused President Recep Tayyip Erdogan of political interference by putting pressure on the central bank to lower rates. Central banks typically raise interest rates when inflation is soaring to stop the economy from overheating.
Persons: Recep Tayyip Erdogan Organizations: CNN Business Locations: London, Istanbul, Turkey
How to financially prepare to quit your job
  + stars: | 2021-11-24 | by ( Kathryn Vasel | Cnn Business | )   time to read: +7 min
"You really need to have a really strong cash reserve before you make the leap," Barrow said. "You need to try and tackle that and get rid of it before you leave the job. "It's really important that you consider that as part of your overall budget before you leave your job." Or you may be able to roll it into a new employer's plan once you find a job. "Do you have a pension that you are leaving on the table or are you not vested fully in your 401(k)?," said Barrow.
Persons: Isabel Barrow, Tami Simon, Segal, Simon, Kristen Carlisle, Carlisle, Barrow Organizations: Edelman, Consolidated Omnibus Budget, Employers Locations: Barrow, Europe
And 73 others paid less than half of the US nominal 21% corporate tax rate. It will reduce economic inequality, foster basic fairness, limit excessive tax preferences and curb corporate tax shelters, and improve the accuracy of corporate financial reporting. The tax also advances basic fairness: When the American public sees giant and highly profitable corporations paying no tax, it undermines their faith that the tax code is fair. Permitting large corporations to zero out their tax bills stacks the playing field against competitors, both large and small. Corporations and their batteries of tax advisors are highly adept at discovering and exploiting tax loopholes, but the tax will counteract that by setting a tax floor.
Persons: Reuven Avi, Yonah, Irwin, Cohn, Read Organizations: International Tax, University of Michigan, U.S . Department of, Treasury, Organisation for Economic Co, Development, Corporate America, Taxation, Corporations Locations: America
Atomo Coffee wants to do the same for coffee . It concluded that Atomo's product uses 94% less water and produces 93% fewer carbon emissions than conventional cold brew coffee. Severe drought and unusual frost conditions in Brazil, the world's largest supplier of coffee beans, have wreaked havoc on the coffee market this year. Growing coffee sustainably can contribute to biodiversity, she noted, adding that "It's overly simplistic to say that [growing coffee] always results in deforestation." "Just a bad cold brew coffee, perhaps."
Persons: isn't, Andy Kleitsch, that's, Atomo, Kleitsch, There's, Matthew Barry, Barry, Jim Watson, Tensie Whelan, We're, It's, Tom Bomford, Bomford Organizations: CNN, Foods, Euromonitor, Euromonitor International, Rabobank, Consumers, Center, Sustainable Business, NYU Stern School of Business, Rainforest Alliance, CNN Business, Fox Locations: York, Atomo's, Seattle, Brazil, New York City
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