By Julia Horowitz, CNN Business Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors, Chrysler-owner Stellantis and Honda all recently
Continue Reading
By Jill Disis, CNN Business A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country’s vast economy and place even more strain on global supply chains. Companies in the country’s industrial heartlands have been told to limit their energy consumption in order
Continue Reading
By Amy Woodyatt, CNN Business As well as dropping people off at nightclubs, train stations and shopping centers, David Lawrie’s taxi drivers are relied upon to transport disabled passengers, and drive children to school. But as fuel stations across the UK run dry, those drivers are having to make difficult decisions about who does and
Continue Reading
By Matt Egan, CNN Business Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. The new estimate from Yellen raises the risk that the United States could default on its debt in a matter of weeks
Continue Reading
Opinion by Dana M. Peterson for CNN Business Perspectives High costs for everything, from food and gasoline to automobiles and airline tickets, have made the pandemic that much more difficult for US consumers. So of course, many were relieved to see that consumer prices rose by less than expected in August. But this unfortunately isn’t
Continue Reading
By Julia Horowitz, CNN Business Energy prices are skyrocketing around the world, with major consequences for markets as investors worry about the state of the economic recovery. What’s happening: Global markets are stumbling Tuesday as energy prices soar. One big problem has been shortages of natural gas, triggered by low stocks and a jump in
Continue Reading By Jill Disis, CNN Business A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country’s vast economy and place even more strain on global supply chains. Companies in the country’s industrial heartlands have been told to limit their energy consumption in order
Continue Reading
By Chris Isidore, CNN Business For a year and a half, a lack of computer chips has been plaguing the auto industry, forcing plants to shut down, delaying auto shipments and sending car prices through the roof. But that’s not the only problem automakers face. Industry experts say automakers are having trouble getting all manner
Continue Reading By Peter Valdes-Dapena, CNN Business Ford Motor Co. and South Korea-based energy company SK Innovations are investing $11.4 billion to build two new enormous manufacturing campuses for electric vehicles, creating more than 10,000 new jobs and representing Ford’s largest-ever single manufacturing investment in the company’s 118-year history. Ford’s share of the investment will be $7
Continue Reading
By Danielle Wiener-Bronner, CNN Business A packaging mixup has prompted a recall of a batch of DiGiorno pepperoni pizzas. Nestlé USA, which owns the frozen pizza brand, has recalled a batch of 26-ounce boxes labeled DiGiorno Crispy Pan Crust Pepperoni Pizzas because they actually contain Three Meat Crispy Pan Crust Pizza. The three meat pizza
Continue Reading
By Anneken Tappe The heads of the Boston and Dallas Federal Reserve banks announced they would be retiring early amid backlash over personal investing decisions that raised conflict-of-interest concerns. Eric Rosengren, the Boston Fed chief, cited health concerns Monday in announcing he would step down about a year earlier than planned. He was set to
Continue Reading
By Ramishah Maruf, CNN Business A German hamster is beating investors at their own game. Since June, a hamster named Mr. Goxx has been running an independent portfolio that trades cryptocurrency from a high-tech cage called the Goxx Box. His portfolio has a wide range of cryptocurrencies, including TRON, Ethereum and Bitcoin. Mr. Goxx’s trading
Continue Reading
By Clare Duffy, CNN Business Derek Jeter had a problem. In 2020, his third year as chief executive and part-owner of the Miami Marlins, the team broke their long streak of missing the playoffs. But after the team had traded away nearly every big-name player on its roster in recent years, he was looking at
Continue Reading
By Danielle Wiener-Bronner, CNN Business Given the dizzying array of options in the dairy aisle of the grocery store these days, some may think that the last thing we need is another type of milk. Yogurt maker Danone disagrees. Executives at the company, which owns plant-based dairy brands Silk and So Delicious, as well as
Continue Reading By Danielle Wiener-Bronner, CNN Business Given the dizzying array of options in the dairy aisle of the grocery store these days, some may think that the last thing we need is another type of milk. Yogurt maker Danone disagrees. Executives at the company, which owns plant-based dairy brands Silk and So Delicious, as well as
Continue Reading
Opinion by Diane Hoskins for CNN Business Perspectives Extreme weather events — including heat waves, droughts and floods — have unfolded all over the world this summer. The grave impact of climate change is upon us and will continue to have a profound impact on human life. But there are still largely untapped actions we
Continue Reading
By Matt Egan, CNN Business The V-shaped recovery in the oil patch continues to take even the biggest bulls on Wall Street by surprise. Goldman Sachs ramped up its already optimistic forecast on Sunday, calling for Brent crude to hit $90 a barrel by the end of the year. That’s up from its previous call
Continue Reading By Clare Duffy, CNN Business Derek Jeter had a problem. In 2020, his third year as chief executive and part-owner of the Miami Marlins, the team broke their long streak of missing the playoffs. But after the team had traded away nearly every big-name player on its roster in recent years, he was looking at
Continue Reading By Julia Horowitz, CNN Business Wall Street could take its cues this week from Washington, which is in the throes of a heated debate over spending on infrastructure, health care and education with the deadline to keep funding the US government just days away. What’s happening: House Speaker Nancy Pelosi is working to rally Democrats
Continue Reading
By Julia Horowitz, CNN Business Wall Street could take its cues this week from Washington, which is in the throes of a heated debate over spending on infrastructure, health care and education with the deadline to keep funding the US government just days away. What’s happening: House Speaker Nancy Pelosi is working to rally Democrats
Continue Reading