Alibaba’s strong earnings show Chinese consumers are still spending

New York CNN Business — China’s economy has slumped as Covid cases emerged in the world’s most populous country. But Chinese consumers stuck at home are still spending. E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Shares of Alibaba (BABA) were up nearly 15% in late morning trading after … Read more

US home sales fell again in April as prices hit another record high

CNN — Home sales fell for the third consecutive month in April as rising mortgage rates and affordability challenges pushed many would-be home buyers out of the market. Still, prices continued to climb, reaching an all-time high. The median price of a home in April was a record $391,200, rising 14.8% from a year ago, … Read more

The baby formula shortage is getting worse

New York CNNBusiness — For months stores nationwide have been struggling to stock enough baby formula. Manufacturers say they’re producing at full capacity and making as much formula as they can, but it’s still not enough to meet current demand. The out-of-stock rate for baby formula hovered between 2% and 8% in the first half … Read more

Judge says Trump’s appraiser was ‘not consistent’ in adhering to internal quality controls

CNN — The Trump Organization’s long-time appraiser inconsistently applied its internal quality-control practices when valuing properties for former President Donald Trump’s real estate business, a state judge said Wednesday. The finding increases the scrutiny on Trump’s long-time appraiser and raises questions about the accuracy of his work as New York Attorney General Letitia James’ investigation … Read more

Elon Musk to buy Twitter in $44 billion deal

New York CNN — Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly $44 billion deal that has the potential to expand the billionaire’s business empire and put the world’s richest man in charge of one of the world’s most influential social networks. The deal, which will take the … Read more

Tesla plans another stock split

New York CNN Business — Tesla is asking its shareholders for permission to split its stock for the second time in two years. This split would come in the form of a dividend, which would pay shareholders additional shares. Most dividends pay cash to investors. The electric car maker did not give details about how … Read more

Paytm to Zomato, India’s tech IPO boom has rapidly turned to bust

New Delhi CNN Business — In November last year, one of India’s most prominent tech entrepreneurs stood at the Bombay Stock Exchange and cried with joy. I am “just overwhelmed,” said Vijay Shekhar Sharma, while wiping tears from his eyes. He was addressing an audience at the listing ceremony of One97 Communications, the parent company … Read more

Eargo 6: a modern adaptable hearing aid

CNN — Hearing aids have traditionally gotten a bad rap: clunky, tinny, inconvenient and expensive. As a result, millions of Americans who suffer from hearing loss have come to expect a poor hearing aid experience as par for the course. But as innovation brings continual improvements to everything from the smartphones in our pockets to … Read more

Derek Jeter steps down as Miami Marlins CEO

CNN — Derek Jeter has stepped down as the CEO of the Miami Marlins, citing philosophical differences with the Major League Baseball (MLB) club. Jeter, along with the Marlins, announced the news Monday. “Today I am announcing that the Miami Marlins and I are officially ending our relationship and I will no longer serve as … Read more