By Paul R. La Monica, CNN Business A group of cryptocurrency investors took the notion “We the people” from the US Constitution to the next level. They pooled money to try to buy a rare copy of the document — and they claimed to have raised $40 million to do so. But despite the huge
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By Matt McFarland, CNN Business When a dozen small children crossed in front of our Tesla with “full self-driving,” I had good reason to be nervous. I’d spent my morning so far in the backseat of the Model 3 using “full self-driving,” the system that Tesla says will change the world by enabling safe and
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One of the perks of owning a Tesla is using your smartphone as a key to open and drive your car. It does away with carrying a separate key fob in your pocket. But what if your smartphone app glitches? You could be stuck not being able to use your car, which seems to be
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By Matt Egan, CNN Business Nearly a dozen Congressional Democrats are urging President Joe Biden to combat high gas prices by not only releasing barrels from the US Strategic Petroleum Reserve but by banning US oil exports, according to a letter viewed by CNN. The letter sent Monday to Biden adds to the pressure the
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren wants federal regulators to investigate whether any laws were broken by the shell company that is facilitating former President Donald Trump’s return to Wall Street. In a letter to the Securities and Exchange Commission, Warren cited a report by The New York Times that found Trump
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By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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By Matt Egan, CNN Business Not even coffee is immune to the powerful forces of extreme weather and inflation. Coffee futures climbed on Thursday to the highest level since January 2012. It’s just the latest spike for a commodity that has seen its value surge more than 80% so far this year. Unfortunately, this means
Continue Reading By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
Continue Reading By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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By Jill Disis, CNN Business Paytm is starting to stage a recovery from its disastrous stock market debut last week, but the digital payments firm faces an uphill battle winning over investors worried about its ability to turn a profit in the face of growing competition. Shares of the Indian company — trading under the
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By Parija Kavilanz, CNN Business Victoria’s Secret says that nearly 50% of its holiday merchandise is stuck in transit as Black Friday quickly approaches and gift shopping speeds up. The company said it ordered 200 million units of merchandise for the fourth quarter holiday sales period, but 90 million of those items are delayed because
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By Nathaniel Meyersohn, CNN Business By now, everyone knows about supply chain chaos and rising inflation that are disrupting the holiday shopping season. The Grinch is loose this Christmas. But there’s good news for shoppers looking to avoid empty shelves and high prices: Products can be found— and for cheap. You just have to know
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By Paul R. La Monica, CNN Business Alibaba reported sales and earnings for the third quarter that missed forecasts and warned that results for the year will be below estimates as well. The stock sank on the news. Shares of Alibaba were down 10% in early trading Thursday. The Chinese e-commerce giant reported sales growth
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By Duarte Mendonca, CNN Cathay Pacific has fired three pilots after they were infected with coronavirus in the German city of Frankfurt. The Hong Kong airline said in a statement that an internal investigation had found that the pilots were involved in a “serious breach” of Covid-19 procedures during “overseas layovers.” Other Cathay staff who
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Opinion by Catherine Franssen for CNN Business Perspectives As supply chain disruptions continue to impact businesses around the globe, consumers could have a tough time holiday shopping this year — whether due to a lack of inventory, higher prices or both. And given the nearly two years of constant stress and exhaustion around Covid-19, shoppers
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By Julia Horowitz, CNN Business The price of oil has shot up this fall, boosting profits for major producers but hurting the wallets of drivers who need to fill up their tanks. Just a few days back, gas prices in California hit their highest level ever. This week, however, some of the pressure has started
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By Vanessa Yurkevich, CNN Business Thanksgiving dinner will cost 14% more this year, according to new survey by the American Farm Bureau Federation. Dinner for a family of 10 will cost on average $53.31 — up $6.41 from last year’s average of $46.90 which was down 4% from 2019, the lowest in 10 years. Several
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By Danielle Wiener-Bronner, CNN Business Starbucks is leaning into tech with its new concept store. Essentially, it’s a mashup of a regular Starbucks pickup store and an Amazon Go store, where customers grab items without having to wait in line to pay. No freebies though — you’ll be charged when you exit. And you’ll still
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By Julia Horowitz, CNN Business When Germany announced this week that it had suspended the process of certifying a controversial new Russian gas pipeline called Nord Stream 2, the response in energy markets was immediate. European natural gas futures finished almost 18% higher on Tuesday and rose again on Wednesday. UK wholesale prices also surged.
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By Diksha Madhok, CNN Business It’s turning into a monumental year for India’s stock market, as yet another big startup makes its public debut. But Paytm, which started trading in Mumbai on Thursday, spoiled the party: Its shares opened below the 2,150 rupees ($28.60) issue price, before closing down 27% at 1,564 rupees ($21). The
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