By Nicole Goodkind, CNN Business JPMorgan Chase kicked off the second quarter earnings season with bad news: The bank temporarily suspended share buybacks and fell short of analysts’ expectations for earnings and revenue growth. Profit declined 28% from a year earlier to $8.65 billion and the bank reported earnings of $2.76 per share versus the
Continue Reading By Alicia Wallace, CNN Business A leading inflation indicator surged in June, showing that prices continue to remain stubbornly high. The Producer Price Index, a measure of the change in prices paid to US producers of goods and services, hit 11.3% in June compared to the same period a year ago and jumped 1.1% from
Continue Reading By Julia Horowitz, CNN Business Central banks have made clear that after a sluggish start, they’re serious about putting a lid on inflation. Now, as prices soar even faster than expected, they’re weighing increasingly drastic options. What’s happening: Investors see a growing probability that the Federal Reserve could hike interest rates by a full percentage
Continue Reading By Chris Isidore, CNN Business Maybe this counts as good news in a time of painful price increases for necessities such as food, fuel and housing: The cost of a US postage stamp just increased by a mere 2 cents. That raises the cost of mailing a first-class letter by 3.4%, to 60 cents —
Continue Reading By Danielle Wiener-Bronner, CNN Business The biggest trend in snacking is something small: Chip bags and sodas are going mini. PepsiCo is seeing “huge growth [in] small-format” snacks, as well as for mini cans of its full-sugar products, CEO Ramon Laguarta said Tuesday on an earnings call. The reason? “Portion control,” Laguarta said. PepsiCo has
Continue Reading By Danielle Wiener-Bronner, CNN Business The biggest trend in snacking is something small: Chip bags and sodas are going mini. PepsiCo is seeing “huge growth [in] small-format” snacks, as well as for mini cans of its full-sugar products, CEO Ramon Laguarta said Tuesday on an earnings call. The reason? “Portion control,” Laguarta said. PepsiCo has
Continue Reading By Laura He, CNN Business China’s real estate crisis is escalating, raising concerns about growing risks in the banking system. Desperate homebuyers across dozens of cities are refusing to pay mortgages on unfinished homes, according to state media reports and economists at international banks. In China, real estate firms are allowed to sell homes before
Continue Reading By Anna Cooban and Livvy Doherty, CNN Business Emirates airline has blasted one of the world’s busiest airports for its “incompetence” in failing to handle a surge in passengers. The Dubai-based airline on Thursday slammed demands made by London’s Heathrow airport earlier this week that carriers stop selling any more tickets for this summer. The
Continue Reading By Sean Lyngaas, CNN In the days before the January 6, 2021, insurrection, Chinese hackers sent out a flurry of malicious emails to prominent White House correspondents and other journalists at major US news outlets in an apparent intelligence collection effort, US cybersecurity firm Proofpoint said Thursday. As Chinese hackers scrambled to ascertain whether there
Continue Reading By Anna Bahney, CNN Business Rent continued to skyrocket to new record highs in Manhattan last month. The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in
Continue Reading By Lucy Bayly and Alicia Wallace, CNN Business Inflation surged to a new pandemic-era peak in June, with US consumer prices jumping by 9.1% year-over-year, according to fresh data released Wednesday by the Bureau of Labor Statistics. That’s the highest level in more than 40 years and higher than the previous reading, when prices rose
Continue Reading By Frank Pallotta, CNN Business You’ll soon be able to sign up for a cheaper version of Netflix with ads — though that option is still in its “early days.” Netflix will partner with Microsoft on this new ad-supported subscription plan, the two companies announced Wednesday. The partnership follows the surprising announcement in April that
Continue Reading By Allison Morrow, CNN Business Bill Gates is moving $20 billion of his wealth into the endowment of the Bill and Melinda Gates Foundation, which is ramping up its spending in the face of global challenges including the pandemic and the war in Ukraine. The foundation, one of the world’s largest philanthropies, plans to increase
Continue Reading By Alexandra Peers, CNN Business A bottle of Champagne has sold for $2.5 million, eclipsing the auction record for bubbly and likely becoming the most expensive bottle of wine ever sold. But there’s a fizzy gimmick: the magnum of Champagne Avenue Foch, 2017, comes with a single NFT that includes the digital art and intellectual
Continue Reading By Jeanne Sahadi, CNN Business Before the pandemic, many corporate leaders believed that allowing their employees to work from home would hurt productivity. But, in many cases, the pandemic proved otherwise. “Productivity [did not suffer] despite many companies going fully remote. Many thrived through that process and continue to hire at record pace,” said Ben
Continue Reading By Alicia Wallace, CNN Business Americans are feeling slightly better about the economy, but painfully high inflation is still keeping consumer sentiment at close to an all-time low, according to preliminary survey data released by the University of Michigan on Friday. The preliminary index for the university’s Surveys of Consumers rose to 51.1 in July
Continue Reading By Danielle Wiener-Bronner, CNN Business Food prices are still on the rise, but some relief may be on the horizon. In the 12-months ending in June, overall food prices rose 10.4%, the biggest annual increase since February 1981, according to data released Wednesday by the Bureau of Labor Statistics. Grocery prices jumped 12.2% in the
Continue Reading By Nathaniel Meyersohn, CNN Business In 1969, real estate investor Don Fisher opened a store in San Francisco aimed at teens and college kids, offering Levi’s blue jeans alongside records and tapes. Fisher planned to call the store Pants and Discs, but his wife Doris came up with the winning name: “The Gap,” shorthand for
Continue Reading Opinion by Suzanne DiBianca for CNN Business Perspectives The US Supreme Court’s ruling limiting the EPA’s authority to regulate greenhouse gas emissions is a wake-up call for Congress to pass urgent and meaningful legislation on climate and clean energy. The ruling not only impedes the federal government’s ability to slow climate change — it also
Continue Reading By Julia Horowitz, CNN Business When the latest data on consumer prices in the United States landed Wednesday, the headline number was ugly. Inflation surged to 9.1% in June, according to data from the Bureau of Labor Statistics. That was higher than economists polled by Refinitiv were forecasting. It was also much higher than the
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