Cnn business news 24 august 2019
Here are the top stories from CNN Business News on August 24, 2019:
Market News
- Dow Jones Industrial Average falls 800 points: The Dow Jones Industrial Average plummeted 800 points, or 2.9%, to close at 25,628. The S&P 500 fell 2.5% to 2,882, and the Nasdaq Composite dropped 2.2% to 7,946.
- Global stocks tumble: Global stocks fell sharply, with the MSCI All-Country World Index declining 2.4%. The yield on the 10-year US Treasury note fell to 1.65%.
Economy
- US economy grows at 2.1% annual rate: The US economy grew at a 2.1% annual rate in the second quarter, according to the Bureau of Economic Analysis. This is down from a 3.1% growth rate in the first quarter.
- US-China trade tensions escalate: The US and China imposed new tariffs on each other's goods, escalating their trade tensions. The US imposed a 10% tariff on $300 billion worth of Chinese goods, while China retaliated with a 5% to 10% tariff on $75 billion worth of US goods.
Tech
- WeWork files for IPO: WeWork, the shared workspace company, filed for an initial public offering (IPO) that could raise up to $4.9 billion. The company has faced criticism over its financials and corporate governance.
- Google to invest $10 billion in India: Google announced plans to invest $10 billion in India over the next five to seven years, focusing on digital payments, e-commerce, and other areas.
Business
- Boeing to cut production of 737 Max: Boeing announced plans to cut production of its 737 Max aircraft by 40% due to the ongoing grounding of the plane following two fatal crashes.
- Walmart to acquire Cornershop: Walmart agreed to acquire Cornershop, a Chilean grocery delivery company, for $225 million. The deal is part of Walmart's efforts to expand its e-commerce capabilities.
Other News
- FedEx to end Express delivery service in China: FedEx announced plans to end its Express delivery service in China due to regulatory issues and increased competition.
- Amazon to launch new delivery service: Amazon announced plans to launch a new delivery service called "Amazon Logistics" that will allow the company to deliver packages directly to customers.
These are just some of the top stories from CNN Business News on August 24, 2019. If you'd like to know more about any of these stories or would like to see additional news, feel free to ask!