CNN – Business/Consumer

By Alexis Benveniste, CNN Business Hurricane Ida hit New Orleans Sunday after cutting through the Gulf of Mexico, causing massive disruptions to US oil production before making landfall. More than 95% of the Gulf of Mexico’s oil production facilities have been shut down, regulators said Sunday, indicating the massive storm is having a significant impact

By Chauncey Alcorn, CNN Business The makers of some of the most popular toys in the United States sounded the alarm this week about the global shipping crisis and labor shortages limiting their ability to keep stores stocked throughout the fall holiday shopping season. Two leading toy company CEOs who recently spoke with CNN Business

Peloton, the maker of exercise treadmills that have been recalled due to injuries, is the subject of an investigation by the Securities and Exchange Commission. The Department of Justice and the Department of Homeland Security have also subpoenaed documents from the company related to how it reported those injuries, Peloton said in a recent annual

By Allison Morrow, CNN Business It’s official: The Federal Reserve is winding down its aggressive pandemic-era stimulus measures, a process Wall Street nerds call “tapering.” But what, exactly, does that mean? The short answer: Money has essentially been free for the past year and a half, thanks to the Fed’s double-barrel shotgun approach to economic

Opinion by Bill Carter for CNN Business Perspectives A substantial slice of the nation’s attention has been diverted (riveted, really) to the drama in the offices — and on the stage — of the game show “Jeopardy!” America’s obsession with the game show and its fall from grace is not surprising. One of the last

By Clare Duffy, CNN Business A self-driving Toyota vehicle was barely moving, but it still managed to collide with a visually-impaired athlete at the Paralympic Games, raising potential concerns about the limitations of autonomous driving technology. Toyota’s CEO on Friday apologized in a video posted to YouTube after one of the company’s self-driving vehicles hit

By Anna Bahney, CNN Business The federal eviction ban, which protected millions of struggling renters while frustrating landlords across the country, has ended for the second time in just four weeks. On Thursday, the Supreme Court blocked the latest eviction moratorium, writing in an unsigned, eight-page opinion: “Congress was on notice that a further extension

By Danielle Wiener-Bronner, CNN Business When Cowbell, a comfort food restaurant in New Orleans, started requiring proof of vaccination for indoor dining, some customers were less than thrilled. Cowbell put the rule in place starting July 29, advertising the requirement with a sign on its door and a post to its website. A few weeks

By Chris Isidore, CNN Business Tesla wants to do more than sell you an electric car. It wants to start selling electricity itself — at least to some people in Texas. It has filed with the Texas Public Utility Commission to generate electricity and sell it directly to the public. Details about its exact plans

By Matt McFarland, CNN Business Rivian, an electric vehicle startup backed by Amazon and Ford, said Friday that it has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. Bloomberg, which first reported the news, said Rivian is seeking a valuation of roughly $80 billion, and eyeing an IPO around

By Matt Egan, CNN Business The Taliban’s rule of Afghanistan faces an imminent threat: The war-torn nation’s banking system is on the verge of collapse. Nearly two weeks after the Taliban seized power, Afghanistan’s banks remain shuttered. That has left many people in the country without access to cash. “No one has money,” one current

By Paul R. La Monica, CNN Business Who says you can’t go home again? Portuguese soccer star Cristiano Ronaldo is rejoining Manchester United, the British soccer club he played for from 2003 through 2009. The news sent shares of Manchester United, which is publicly traded in the United States, surging 8%. Manchester United announced the

By Lauren Gunn, CNN Business British Airways is planning to launch a new, low-cost short-haul carrier as it seeks to compete with Ryanair and EasyJet in the one area of aviation that appears to be recovering well from the pandemic. In a memo to staff first reported by travel website Headforpoints.com, CEO Sean Doyle said

By Chris Isidore and Gregory Wallace, CNN Business This summer, flying Southwest Airlines has been a toxic mix of canceled flights, long delays and disgruntled pilots and flight attendants. Apologizing to its passengers for its bad service, the company is promising to fix the problem by cutting the number of flights it operates this fall.

By Paul R. La Monica, CNN Business The Gap’s remarkable turnaround under CEO Sonia Syngal is continuing, thanks in part to Kanye West, TikTok and Simone Biles. Gap shares were up about 3% Friday morning after the retailer reported earnings and sales for its most recent quarter that topped forecasts and issued an upbeat outlook

By Jordan Valinsky, CNN Business This summer’s viral craze of stacking milk crates in a pyramid and trying to climb them like stairs has been banned the app that helped give life to it. TikTok has deleted search results for the hashtag “milk crate challenge” and explained in a statement that the challenge was publicizing

By Anneken Tappe, CNN Business Federal Reserve Chairman Jerome Powell said Friday that the economic recovery is continuing apace, high inflation is just temporary, and the Fed will soon wind down the emergency economic stimulus program. But, in his highly anticipated speech at the virtual Jackson Hole Symposium, Powell tempered his optimism with some words

By Anneken Tappe, CNN Business The Federal Reserve‘s favorite measure of inflation rose to its highest level since 1991 in July, the Bureau of Economic Analysis said Friday. The price index for American consumer spending, also known as the PCE index, rose at a rate of 4.2% in the year ended July, the fastest pace