By Paul R. La Monica, CNN Business Tesla’s stock price is set to drop at the opening bell Thursday, but not because of anything Elon Musk tweeted about demand for electric vehicles, ‘full self-driving’ features, SpaceX updates, silly memes or his legal battle with Twitter. The electric car company completed a 3-for-1 stock split after
Continue Reading By Jessie Yeung and Shawn Deng, CNN The island of Hainan in southern China plans to ban the sale of fossil fuel-powered vehicles by 2030, aiming to become the first province in the country to do so, according to provincial authorities. In a statement, the provincial government vowed to be “at the forefront of the
Continue Reading By Danielle Wiener-Bronner, CNN Business Chick-fil-A’s grilled nuggets and grilled filets have a dairy allergen due to an accidental contamination at its supplier, according to the company. “A supplier notified us they had unintentionally added an undeclared dairy allergen in the recipe for our Grilled Filets and Grilled Nuggets,” the company said in a statement,
Continue Reading By Matt Egan, CNN Business President Joe Biden’s student loan plan is a potential game changer for Americans drowning in debt. And yet the impact on the economy at large is likely to be so tiny that it will be hard to measure. Biden announced Wednesday that his administration will forgive $10,000 for borrowers who
Continue Reading By Matt Egan, CNN Business President Joe Biden’s student loan plan is a potential game changer for Americans drowning in debt. And yet the impact on the economy at large is likely to be so tiny that it will be hard to measure. Biden announced Wednesday that his administration will forgive $10,000 for borrowers who
Continue Reading By Parija Kavilanz, CNN Business Party City expects Halloween will be back with a vengeance this year — in a good way. The seller of themed party products, clothing, decorations and other paraphernalia said it has upped its seasonal hiring ahead of the costumed festivities because it anticipates Halloween sales to be much more robust
Continue Reading By Paul R. La Monica, CNN Business Some would argue that Wall Street is just one big casino. And for investors wagering on gambling stocks, it’s been a big losing bet so far this year. Shares of sports betting giant DraftKings are down about 35% in 2022. UK-based Flutter Entertainment, which owns DraftKings rival FanDuel,
Continue Reading By Kathryn Vasel, CNN Business Having kids is a major life change — and it can also be very expensive. And over the past several years, more workers are seeking out company benefits that help cover some of the costs. Some companies are offering coverage for things like egg freezing, in vitro fertilization and breast
Continue Reading Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, later this week. Wall Street will be closely watching the Jackson Hole Economic Symposium — which will return to an in-person format after two years of being held virtually — searching for clues about where the
Continue Reading By Anna Cooban, CNN Business The United Kingdom will have to find an answer to soaring energy bills soon or risk a humanitarian crisis. But freezing gas and electricity prices over the next two winters could cost the government over £100 billion ($118 billion), more than it spent paying millions of people’s salaries during the
Continue Reading By Jordan Valinsky, CNN Business Two months ago, Australian media site Crikey called “Murdoch” an “unindicted co-conspirator” in the Jan. 6 attack on the US Capitol. Fox Corp. CEO Lachlan Murdoch’s lawyers have been battling Crikey ever since. On Monday, Crikey published an open letter and took out a full-page ad in the New York
Continue Reading Opinion by Derrick Johnson and Wisdom Cole for CNN Business Perspectives With the simple stroke of a pen, President Biden has the unique opportunity to unlock financial freedom for countless Black Americans and low-income communities. But according to CNN reporting, he might cancel just $10,000 of student loan debt per borrower for those earning less
Continue Reading By Julia Horowitz, CNN Business When Russian President Vladimir Putin launched his unprovoked invasion of Ukraine in late February, investors were as shocked as much of the rest of the world. They rushed to digest the consequences, as the war disrupted supply chains and triggered unprecedented Western sanctions, straining a global economy already under pressure.
Continue Reading By Frank Pallotta, CNN Business Hollywood loves a comeback story, and MoviePass, one of the industry’s most notorious flops, is trying to write one of the most epic sequels in history. The revolutionary movie ticketing service, which sent shock waves through Hollywood in 2017 before collapsing in 2019, has risen from the dead after its
Continue Reading By Chris Isidore, CNN Business The only thing that climbed as high as gas prices earlier this year was the disapproval of President Joe Biden, as Americans blamed him for record prices at the pump. But Biden had relatively little control over the prices set primarily by global markets. If Biden got too much blame
Continue Reading By Anna Bahney, CNN Business Rents hit a record high in July for the 17th month in a row, putting ever more pressure on renters. The national median rent hit a new record high of $1,879 a month in July, up 12.3% from a year ago, according to Realtor.com. While rents have been hitting new
Continue Reading By Michelle Toh, CNN Business People on the frontlines of Europe’s gas crisis are scrambling to get solar panels for their homes and businesses as they confront a “perfect storm” that’s sending energy prices to record levels. In the first six months of this year, Germany saw a 22% jump in the installation of solar
Continue Reading By Rhea Mogul, Junko Ogura and Tetsu Sukegawa, CNN Prime Minister Fumio Kishida said Wednesday Japan will restart idled nuclear plants and consider developing next-generation reactors, in a policy reversal that will see the nation turn back toward atomic energy as fuel prices soar worldwide. Kishida told reporters he had instructed officials to come up
Continue Reading By Diksha Madhok, CNN Business Asia’s richest man has launched a hostile bid to take over an influential broadcaster in India and gain a firmer footing in the country’s vibrant media space. AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate, said in a statement late on Tuesday that it has acquired a 29%
Continue Reading By Alicia Wallace, CNN Business Business activity at private US companies in early August dropped off at some of the sharpest rates seen since the beginning of the pandemic as rising interest rates and high inflation crimped consumer spending, according to data released Tuesday. The latest S&P Global preliminary flash composite purchasing managers index, or
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