CNN Business is your source for the latest news on global markets, finance and tech. Here are some of the top stories you need to know today:
Meme stocks mania ebbs
Shares of companies like GameStop and AMC are down sharply, as the frenzy that drove them to record highs earlier this year fades. Investors who bet on these stocks are facing losses and margin calls, while regulators are scrutinizing their trading activity.
Taiwan Semiconductor ups its Arizona investment to $40 billion ahead of Biden’s visit
The world’s largest chipmaker has announced that it will invest $40 billion in its new factory in Arizona, up from $12 billion previously. The move comes ahead of President Biden’s visit to the state, where he is expected to promote his infrastructure and social spending plans.
Microsoft could soon have its first union
A group of Microsoft workers has filed a petition with the National Labor Relations Board to form a union, which would be the first of its kind at the tech giant. The workers say they want more say in how the company operates and treats its employees, especially on issues like diversity, ethics and privacy.
The last time the US faced a debt fight this bad it lost its AAA rating
The US government is once again running out of money to pay its bills, as Congress remains deadlocked over raising the debt ceiling. The last time this happened, in 2011, Standard & Poor’s downgraded the US credit rating for the first time in history, triggering market turmoil and higher borrowing costs.
US trade deficit edged up to $78.2 billion in October
The US trade gap widened slightly in October, as imports rose faster than exports. The trade deficit reflects the strong demand for foreign goods in the US economy, which is recovering from the pandemic faster than some of its trading partners. However, it also poses challenges for US manufacturers and workers who face global competition.
The world will gain enough renewable energy in 5 years to power China: IEA
The International Energy Agency has forecast that renewable energy capacity will grow by 50% between 2021 and 2026, adding enough power to supply China’s electricity needs. The IEA says that solar and wind are leading the green energy boom, thanks to falling costs and supportive policies.
