Mercedes just sold the world’s most expensive car for $142 million

CNN — Mercedes-Benz confirmed on Thursday that it recently sold the world’s most expensive car. A very rare 1955 Mercedes-Benz SLR coupe that had been kept in the German automaker’s collection was sold to a private owner for €135 million, the equivalent of $142 million. That price makes it the most expensive car known to … Read more

JPMorgan shareholders vote down pay bump for CEO Jamie Dimon

New York CNN Business — JP Morgan Chase investors on Tuesday voted down a multimillion-dollar payout for CEO Jamie Dimon. The pay proposal they rejected included a massive $52.6 million retention bonus as part of Dimon’s 2021 compensation package, just months after the bank’s board approved the incentive. With the bonus, Dimon’s total compensation was … Read more

Retailers call out Visa and Mastercard for fee hikes that could make inflation worse

san francisco CNN Business — Consumers could soon see even higher prices at some stores, after credit card giants Visa and Mastercard raised their “swipe fees” – generating an additional cost that some retailers could be forced to pass on to their customers. Last month, the two credit card companies raised some of their interchange … Read more

Elon Musk proves once again that rules, norms don’t apply to him

New York CNN Business — How do you regulate a man’s worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold. … Read more

Goldman Sachs gives top bankers unlimited vacation days

London CNN Business — Goldman Sachs, fighting a war for talent amid scrutiny of the bank’s notoriously grueling work culture, is implementing a more flexible vacation policy to help staff “rest and recharge.” Senior bankers will now be able to take as many vacation days as they need, Goldman Sachs (GS) said in a memo … Read more

No cars were sold in Shanghai in April as zero-Covid policy hammers activity

hong kong CNN Business — Shanghai posted zero car sales last month as China pressed ahead with its stringent pandemic control measures. The biggest metropolitan area in China, home to 25 million residents, has been under a strict lockdown for seven weeks. Authorities have ordered people to stay at home and shut down many businesses, … Read more

$5 gas could become widespread as prices hit another record

New York CNN Business — Prices at the pump continue to shatter records ahead of Memorial Day weekend. The national average for regular gas hit a fresh record of $4.48 a gallon Monday, according to AAA. That marks an increase of 15 cents in the past week and 40 cents in a month. Gas prices … Read more