Opinion by Johnny C. Taylor, Jr. for CNN Business Perspectives As restaurants, malls and movie theaters fill back up with people, the workplace has remained nearly empty. This is partly driven by how engrained remote work has become in society. People have invested in creating workspaces in their homes, relocated to smaller towns and even
Continue Reading By Julia Horowitz, CNN Business The most powerful business lobby in the United States is not a fan of the landmark heath care and climate package President Joe Biden is expected to shortly sign into law. “Business Roundtable opposes the ‘Inflation Reduction Act,’ which, among other things, includes tax provisions that would undermine American economic
Continue Reading By Laura He, CNN Business China’s central bank cut interest rates on Monday as new data showed the economy losing steam last month because of renewed Covid lockdowns and a deepening property downturn. The People’s Bank of China reduced the main rate at which it provides short-term liquidity to banks, from 2.1% to 2%. The
Continue Reading By Rhea Mogul, CNN Standing in front of the historic Red Fort in Delhi, Prime Minister Narendra Modi on Monday pledged to transform India into a developed country in the next 25 years. “The way the world is seeing India is changing. There is hope from India and the reason is the skills of 1.3
Continue Reading By Ramishah Maruf, CNN Thousands of mental health therapists at the country’s largest non-profit HMO are poised to strike this week, holding daily picket lines and rallies outside Kaiser Facilities throughout California. The unionized psychologists, therapists, chemical dependency counselors and social workers are demanding that Kaiser Permanente provide “desperately needed” services to its patients, claiming
Continue Reading By Ramishah Maruf, CNN Byron Allen began his career as a standup comic and is now a media tycoon who owns dozens of outlets including the Weather Channel. He has recently added another network to his portfolio — the Black News Channel. Allen is acquiring the assets of the Black News Channel after a bankruptcy
Continue Reading By Alexandra Peers, CNN Business Credit agencies know a lot about Americans. The agencies accumulate information, such as Social Security numbers, birthdays, how much savings people have, how much debt they’re in and how late they pay their bills. That data is boiled down to a number ranging from 300-850 that estimates the risk of
Continue Reading By Allison Morrow and Nicole Goodkind, CNN Business Confused about inflation? You’re not alone. Inflation is, paradoxically, both incredibly simple to understand and absurdly complicated. Let’s start with the simplest version: Inflation happens when prices broadly go up. That “broadly” is important: At any given time, the price of goods will fluctuate based on shifting
Continue Reading By Paul R. La Monica, CNN Business Robinhood, as its name suggests, was designed to take the power of the stock market away from the rich fat cats on Wall Street and hand it over to regular people. Now, ironically, Robinhood may need to join forces with one of the very titans of Wall Street
Continue Reading By Danielle Wiener-Bronner, CNN Business In 2020, something incredible happened in the dairy aisle: Velveeta started flying off the shelves. Sales of the processed cheese product, which food snobs love to hate, have been in decline for years. Then the pandemic hit, and suddenly stressed-out, homebound people wanted Velveeta for their queso, fudge and extra-cheesy
Continue Reading By Nathaniel Meyersohn, CNN Business Have you ever stepped into an Abercrombie, Victoria’s Secret, Vitamin Shoppe or another store and wondered: “What’s that smell?” Scent is a subtle, often underrated, component of companies’ attempts to entice customers and get them to linger around longer. These retail chains and other companies, including restaurants, fast-food chains, airlines,
Continue Reading By Oliver Darcy, CNN Business Jeffrey Toobin said Friday that he will depart CNN, where he served most recently as chief legal analyst, putting an end to a 20-year run at the network in which he provided no-holds barred commentary and suffered a setback over a scandal in which he inadvertently exposed himself to co-workers
Continue Reading By Matt McFarland, CNN Business Rivian lost a whopping $1.7 billion in the second three months of the year, but some auto industry experts say it’s no cause for concern. Huge losses are to be expected when a new automaker grows. Building millions of vehicles requires investing billions in equipment and employees. Entire factories need
Continue Reading Martha C. White for CNN Business Consumer sentiment in August continued to rebound from its June trough, but Americans’ feelings about the economy remain profoundly depressed from a year earlier, weighed down by uncertainty about inflation and the job market. The nation’s collective outlook rose marginally this month, according to the latest University of Michigan
Continue Reading By Jordan Valinsky, CNN Business Peloton is slashing jobs again, and this time it’s also hiking prices on some of its products. It’s part of a major cost-cutting strategy as the beleaguered fitness company continues to make changes under its new CEO Barry McCarthy. Peloton is laying off nearly 800 employees, McCarthy said in a
Continue Reading By Kara Scannell, CNN Business A New York state judge denied the Trump Organization and its former chief financial officer Allen Weisselberg’s motions to dismiss tax fraud charges during a hearing Friday. Judge Juan Merchan said he would grant a hearing to hear arguments over whether statements Weisselberg made while in custody the day of
Continue Reading By Michelle Toh and Benjamin Brown, CNN Business Germany’s Rhine river is getting too dry, snarling supply chains and creating more problems for its struggling economy. Water in the river has dropped to “exceptionally low” levels in some areas, disrupting shipping on the country’s most important inland waterway, German officials told CNN on Friday. A
Continue Reading By Anna Cooban, CNN Business Britons are bracing themselves for more tough times ahead as the economy starts to shrink and a new forecast suggests average annual energy bills could exceed £5,000 ($6,000) next year. Official data published on Friday showed that the country’s GDP dropped by 0.1% in the second quarter of this year.
Continue Reading By Jordan Valinsky, CNN Business Johnson & Johnson is abandoning talc-based baby powder next year and instead will make it with cornstarch. Its talc-based powder, which hasn’t been sold in the United States and Canada since 2020, is at the center of tens of thousands of lawsuits filed by women who have developed ovarian cancer
Continue Reading By Nicole Goodkind, CNN Business There appears to be some confusion about the trajectory of prices in the US. That’s partially because month-over-month inflation eased in July while year-over-year, it remained near historic highs. That raises an important question for consumers and investors alike: Is inflation peaking or not? The answer, according to the market
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