CNN – Business/Consumer

By Matt Egan, CNN Business The implosion of Lehman Brothers, 13 years ago this week, showed how the collapse of a single entity can send shockwaves around the world. Echoes from that event are resounding today as a massive property developer on the other side of the world teeters on the brink of default. The

By Matt McFarland, CNN Business Frustrated Tesla owners continue to wait for “full self-driving,” an expensive and long-delayed software feature that isn’t even guaranteed to help their cars’ resale values. Some of the company’s earliest backers of the “full self-driving” option are even beginning to lose faith in the promise of ever enjoying a truly

By Hanna Ziady, CNN Business The United Arab Emirates will pour £10 billion ($13.8 billion) into the United Kingdom over the next five years, as the Gulf state seeks to diversify its economy beyond fossil fuels. The UK Office for Investment and UAE sovereign wealth fund Mubadala announced the investment in a statement on Thursday,

By Kristin Fisher, CNN Business The four people aboard SpaceX’s Inspiration 4 mission flew higher than the International Space Station, but that still may not be enough to earn them their official commercial astronaut wings from the federal government. Astronaut wings don’t have any significance beyond their symbolic value, but they are quickly becoming the

By Julia Horowitz, CNN Business After months of speculation, Piers Morgan has made his next move: teaming up with media mogul Rupert Murdoch. The controversial British TV personality said Thursday that he’s inked a deal with Murdoch’s News Corp and Fox News Media. He’ll launch a new TV show in early 2022, and will join

By Nathaniel Meyersohn and Anneken Tappe, CNN US retail sales increased last month as consumers continued to dish out on clothing, furniture and groceries despite rising cases of the Covid-19 Delta variant. Sales beat economists’ expectations, increasing 0.7% in August from the month prior, the Census Bureau said Thursday. Economists surveyed by Refinitiv had forecast

By Hanna Ziady, CNN Business Marks & Spencer is closing 11 of its stores in France because of supply chain problems related to Brexit. The UK retailer on Thursday said “lengthy and complex” export processes introduced after Brexit had made it difficult to get fresh products such as sandwiches and salads from Britain to Europe.

By Julia Horowitz, CNN Business The Delta variant continues to be a concern for retailers. But expectations for a merry holiday season remain intact. What’s happening: US retail sales increased last month as consumers continued to dish out on clothing, furniture and groceries. Sales beat economists’ expectations, increasing 0.7% in August from the month prior,

By Charles Riley, CNN Business Cigarette giant Philip Morris International has taken control of UK inhaler maker Vectura despite objections from health care charities. The producer of Marlboro and Parliament cigarettes said in a statement on Thursday that it had secured nearly 75% of Vectura’s shares, making it the majority shareholder. More than 45% of

By Jordan Valinsky, CNN Business The newest version of Bud Light is even lighter. Anheuser-Busch has announced the launch of Bud Light Next, the company’s first-ever zero-carb beer. The beverage, which hits shelves in early 2022, comes as health-conscious customers have gravitated toward light beers in recent years — and beer in general is in

By Chris Isidore, CNN Business There is a winner in the race to build the first consumer ready electric pickup truck, and it isn’t Tesla, Ford or General Motors. It’s Rivian. Who? The startup truck maker’s first R1T pickup come off the line in a former Mitsubishi plant in Normal, Illinois on Tuesday, company CEO

By Anna Bahney, CNN Business A gargantuan residence in Los Angeles dubbed “The One” by its developer is now on track to be sold after the owner defaulted on more than $100 million in loans and debt, according to court documents. In an Instagram post last summer, Nile Niami, the project’s developer, pitched the 105,000-square-foot

By Kerry Flynn, CNN Business A contentious union election that determines the fate of future newsroom organizing came to an end Tuesday night. The results of the election for the Writers Guild of America, East council favored candidates who endorsed future organizing of and support for the digital media industry, prompting digital media workers to

By Clare Sebastian and Pamela Boykoff for CNN Business When the pandemic first hit last year, Brian Wolin was working as a chiropractor, and his brother-in-law, Evan Shulman, ran a business making luxury retail displays for brands, such as Gucci and Chanel. But once the lockdowns began, they both found themselves unable to work. That’s

By Kerry Flynn, CNN Business Live audio app Clubhouse boomed during the early months of the pandemic as people craved social connections and entertainment while spending most of their time isolated and inside. Felecia Wellington Radel joined the app last December and that same day tweeted, “Listening to people talk about Spider-Man for the past

By Nathaniel Meyersohn, CNN Business Shoppers these days may need to take a cue from a Rolling Stones hit when it comes to setting their expectations: You can’t always get what you want. For years, Amazon and the rise of online shopping trained consumers to expect everything from groceries to furniture delivered to their doorsteps

By Julia Horowitz, CNN Business Chevron, the $186 billion US oil giant, is taking steps to diversify its business away from fossil fuels as concerns about the climate crisis grow. What’s happening: This week, the company announced that it will spend $10 billion through 2028 on low-carbon energy sources like renewable diesel fuel and hydrogen,