Category Archives: CNN – Business

American paychecks just aren’t getting much bigger — unless you’re rich

American paychecks just aren’t getting much bigger — unless you’re rich

Income inequality in the United States worsened in 2019. Earners at the top of the income ladder received the largest increase in their paychecks, according to a report from the Economic Policy Institute. Wages at the 95th percentile grew by 4.5% last year, while the median increase was just 1%. That’s nothing new: The median…MORE

Victoria’s Secret is going private. It’s only worth $1.1 billion

Victoria’s Secret is going private. It’s only worth $1.1 billion

Victoria’s Secret, the troubled lingerie brand owned by L Brands, is being sold to a private equity firm in a $525 million deal. Sycamore Partners and L Brands will split control of the brand: The private equity firm is buying a 55% stake, while L Brands is taking control of the remaining 45%, but Victoria’s…MORE

Morgan Stanley is buying E-Trade for $13 billion

Morgan Stanley is buying E-Trade for $13 billion

Morgan Stanley is buying online broker E-Trade for $13 billion in an all-stock deal, a move that shows how serious the Wall Street giant is about catering to everyday consumers. Shares of E-Trade rose 24% in early trading on the news while Morgan Stanley fell more than 4%. The deal comes nearly three months after…MORE

Goldman Sachs warns of stock market correction

Goldman Sachs warns of stock market correction

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Stocks keep reaching record highs. Goldman Sachs is worried that leaves investors vulnerable to surprises. The investment bank told clients this week that a near-term correction, in which the market slides at…MORE

UBS, the world’s largest wealth manager, is getting a new CEO

UBS, the world’s largest wealth manager, is getting a new CEO

There’s another leadership change atop a major Swiss bank. UBS, the world’s largest wealth manager, has announced that Sergio Ermotti is stepping down as CEO. He’ll be replaced by Ralph Hamers, the current chief executive of Dutch bank ING. Axel Weber, the chairman at UBS, said in a statement that Hamers “is the right CEO…MORE

Qantas, Air France, KLM tally up coronavirus costs

Qantas, Air France, KLM tally up coronavirus costs

Qantas, Air France and KLM are taking a big hit from the novel coronavirus. The airlines on Thursday estimated the financial cost from the outbreak, which has forced airlines around the world to cancel flights in Asia. Qantas, the flagship carrier of Australia, reported the coronavirus could reduce its profit by up to 150 million…MORE

A new use for McDonald’s used cooking oil: 3D printing

A new use for McDonald’s used cooking oil: 3D printing

Professor Andre Simpson had a problem. The University of Toronto’s Scarborough campus was paying through the nose for a crucial material for its 3D printer. Few would have guessed McDonald’s would come to the rescue. Simpson is director of the school’s Environmental NMR Center dedicated to environmental research. Central to this research is an analytical…MORE