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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By Chris Isidore, CNN Business More than 10,000 workers at John Deere will end a five-week strike and return to work after voting nearly two-to-one in favor of an offer very similar to one they rejected at the start of this month. The United Auto Workers union announced Wednesday that 61% of members at Deere
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By Peter Valdes-Dapena, CNN Business Vinfast, a car company based in Vietnam, unveiled a pair of electric SUVs Wednesday that it plans to begin selling in the United States next year. A subsidiary of Vietnam’s enormous VinGroup conglomerate — which owns companies in technology, healthcare, amusement parks and even a university — Vinfast unveiled its
Continue Reading By Peter Valdes-Dapena, CNN Business Vinfast, a car company based in Vietnam, unveiled a pair of electric SUVs Wednesday that it plans to begin selling in the United States next year. A subsidiary of Vietnam’s enormous VinGroup conglomerate — which owns companies in technology, healthcare, amusement parks and even a university — Vinfast unveiled its
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By Rhea Mogul, CNN A comedian’s powerful monologue addressing some of India’s most sensitive issues including rape and farmers’ protests has split opinion in the country, with right-wing activists calling for his arrest while supporters rally to his defense. Comedian Vir Das performed “I come from two Indias” — a speech chronicling what he perceives
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By Chris Isidore, CNN Business The Hoffa era is about to come to an end at the Teamsters union. And that could have a big impact on UPS, by far the union’s largest employer, and the millions of consumers and businesses that count on the nation’s largest trucking company. The union has been led for
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By Anna Bahney, CNN Business Home prices all over the country have seen stratospheric increases within the past year, as demand for homes spiked and inventory tanked. But higher prices are expected to push the limits of conforming loans to what experts anticipate may be record increases in 2022, with the maximum loan limit at
Continue Reading By Anna Bahney, CNN Business Home prices all over the country have seen stratospheric increases within the past year, as demand for homes spiked and inventory tanked. But higher prices are expected to push the limits of conforming loans to what experts anticipate may be record increases in 2022, with the maximum loan limit at
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By Parija Kavilanz, CNN Business TJ Maxx’s stores have been popular in the pandemic with shoppers looking to score bargains on designer brands — but it’s been raising prices on some of those upscale products. “Our strategy to surgically raise retail [prices] on select items is well underway, and we believe it is working very
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