By Julia Horowitz, CNN Business The biggest US banks move trillions of dollars around the world every day. That gives them a unique lens on how the economy is functioning, both in the United States and globally. And despite concerns about inflation, workers quitting, supply chain issues and slowing growth, bank executives just delivered a
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By Charles Riley, CNN Business William Shatner is firing a rhetorical rocket back at Prince William after the future king criticized space tourism. Shatner, who blasted into space earlier this week on one of Amazon founder Jeff Bezos’ rockets, said the British royal has “got the wrong idea” by saying that solving problems on Earth
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By Michelle Toh, CNN Business Evergrande‘s unraveling is still commanding global attention, but its troubles are part of a much bigger problem. For weeks, the ailing Chinese real estate conglomerate has made headlines as investors wait to see what will happen to its enormous mountain of debt. As the slow-moving crisis unfolds, analysts are pointing
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By Chris Isidore, CNN Business A federal grand jury has indicted a former key executive of Boeing for fraud, alleging he deceived the Federal Aviation Administration while it was first certifying the 737 Max jet that would go on to have two fatal crashes caused by design flaws. The charges are the first criminal charges
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By Sean Lyngaas, CNN Missouri Gov. Mike Parson on Thursday called for an investigation of a journalist for finding, helping fix and reporting about a vulnerability in a government website that exposed the Social Security numbers of teachers in the state. Parson said he had notified the Cole County prosecutor and that the Missouri State
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren voiced her support Thursday for striking John Deere workers, saying that the recent spate of high-profile strikes signals a shift in the balance of power between business and workers. “Workers have gotten the short end of the stick for decades now,” Warren told CNN in a
Continue Reading By Matt Egan, CNN Business Democratic Senator Elizabeth Warren voiced her support Thursday for striking John Deere workers, saying that the recent spate of high-profile strikes signals a shift in the balance of power between business and workers. “Workers have gotten the short end of the stick for decades now,” Warren told CNN in a
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By Julia Chatterley In its efforts to battle rising inflation, the Federal Reserve may start rolling back some of its massive pandemic-related stimulus. In minutes from its September meeting released Wednesday, the Federal Reserve signaled that it could begin tapering its monthly purchases of Treasury and mortgage-backed securities as soon as November. The bond purchases
Continue Reading By Alicia Wallace, CNN Business Pork, much like everything else these days, has gotten more expensive due in part to the supply chain issues and inflationary pressures spurred by the pandemic. And now comes another wildcard: The pork industry’s ability — and desire — to adapt to a new animal welfare law in California, its
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By Alexis Benveniste, CNN Business Butterball issued a recall on more than 14,100 pounds of ground turkey products Wednesday after consumers told food safety regulators that they found pieces of blue plastic embedded in their raw ground turkey. The items being recalled are the company’s 2.5-pound “farm to family Butterball all natural Ground Turkey” trays
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By Anna Bahney, CNN Business The days of ultra-cheap mortgages could be numbered, as rates rose back above the 3% mark last week. The average interest rate on a 30-year fixed-rate mortgage rose to 3.05% in the week ending October 14, according to Freddie Mac, the highest rate since April. The 15-year fixed-rate mortgage rose
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By Hannah Ryan, CNN Business Prince William has criticized billionaires who are focused on space tourism, saying they should instead be investing more time and money in saving Earth. The Duke of Cambridge spoke about the current rush for space travel in an interview with the BBC’s Newscast podcast, which aired on Thursday. He said:
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By Danielle Wiener-Bronner, CNN Business A year after announcing plans to introduce the McPlant burger, McDonald’s is ready to test it out in the United States. The McPlant, featuring a plant-based patty created in partnership with Beyond Meat, will be available at eight restaurants for a limited time starting November 3, McDonald’s said Thursday. The
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By Paul R. La Monica, CNN Business Several of America’s largest financial firms reported strong earnings and revenue Thursday thanks to solid demand for loans, better credit quality and a boom in mergers and initial public offerings. Morgan Stanley, Citigroup, Bank of America and even troubled Wells Fargo posted healthy results that surpassed analysts’ expectations.
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By Jordan Valinsky, CNN Business The ongoing supply chain crisis isn’t going to end anytime soon, according to a new survey of chief financial officers. The majority of the CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well into” 2022. They warned their companies are experiencing supply
Continue Reading By Jordan Valinsky, CNN Business The ongoing supply chain crisis isn’t going to end anytime soon, according to a new survey of chief financial officers. The majority of the CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well into” 2022. They warned their companies are experiencing supply
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By Chris Isidore, CNN Business About 10,000 members of the United Auto Workers union went on strike against farm and construction equipment maker John Deere early Thursday morning. The UAW had reached a tentative agreement on a new six-year contact with the company two weeks ago, only to see 90% of the rank-and-file members of
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By Chris Isidore, CNN Business Wells Fargo’s third-quarter earnings were up 59% after it freed up money it had set aside to cover loan losses. The bank said it reduced the money it set aside to cover loan losses by $1.7 billion. It had raised those loan loss reserves early in 2020, when the future
Continue Reading By Chris Isidore, CNN Business Wells Fargo’s third-quarter earnings were up 59% after it freed up money it had set aside to cover loan losses. The bank said it reduced the money it set aside to cover loan losses by $1.7 billion. It had raised those loan loss reserves early in 2020, when the future
Continue Reading By Hannah Ryan, CNN Business Prince William has criticized billionaires who are focused on space tourism, saying they should instead be investing more time and money in saving Earth. The Duke of Cambridge spoke about the current rush for space travel in an interview with the BBC’s Newscast podcast, which aired on Thursday. He said:
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