By Anneken Tappe, CNN Business American consumers are feeling good again. Supply chain issues and sky-high inflation have done little to knock consumer confidence as people plan to spend big on big-ticket purchases, such as houses, cars and major appliances. And that’s a strong signal that consumer spending will continue through the holiday season and
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By Peter Valdes-Dapena, CNN Business General Motors has said it intends to sell nothing but electric-powered vehicles by 2035, but it’s still 2021, and gasoline consumption isn’t over at GM just yet. On the same day GM announced investments in electric vehicle charging, it also unveiled a new 670 horsepower Chevrolet Corvette with a new
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By Matt Egan, CNN Business The Biden administration’s Covid-19 vaccine mandate for federal contractors will further disrupt already stressed-out supply chains, Raytheon Technologies warned Tuesday. Raytheon, a conglomerate that makes jet engines, missiles and drones, joins a growing list of business groups expressing concern about the December 8 deadline for employees of federal contractors to
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By Amy Woodyatt, CNN Business The chief executive and founder of shapewear company Spanx has surprised employees with two first-class plane tickets and $10,000 each to celebrate the company’s $1.2 billion deal with Blackstone. Spanx founder Sara Blakely surprised employees with the news, she revealed in a post on her verified Instagram account Friday. In
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By Moira Ritter, CNN Business UPS just posted its best year ever — and 2021 isn’t even over yet. Next year could be even better for UPS, because it’s hiking its rates substantially in 2022. In the midst of gridlocked supply chains and inflation woes, UPS continues to benefit from the increase in online shopping
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By Moira Ritter, CNN Business UPS just posted its best year ever — and 2021 isn’t even over yet. Next year could be even better for UPS, because it’s hiking its rates substantially in 2022. In the midst of gridlocked supply chains and inflation woes, UPS continues to benefit from the increase in online shopping
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By Jordan Valinsky, CNN Business The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann
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By Matt Egan, CNN Business Blackstone CEO Stephen Schwarzman warned Tuesday that high energy prices will likely set off social unrest around the world. “We’re going to end up with a real shortage of energy. And when you have a shortage, it’s going to cost more. And it’s probably going to cost a lot more,”
Continue Reading By Amy Woodyatt, CNN Business The chief executive and founder of shapewear company Spanx has surprised employees with two first-class plane tickets and $10,000 each to celebrate the company’s $1.2 billion deal with Blackstone. Spanx founder Sara Blakely surprised employees with the news, she revealed in a post on her verified Instagram account Friday. In
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By Walé Azeez, CNN Business Up to 2 million UK workers will be getting bigger paychecks starting in April following a hike to the minimum wage. The minimum hourly wage for people over the age of 23 will increase by 6.6% to £9.50 ($13), the government said ahead of its budget announcement on Wednesday. The
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By Kathryn Vasel, CNN Business The job search process usually involves a lot of waiting around. Did they get my application? Did that interview go well? How long will it take them to get back to me? Even if a company is moving fast to fill a role it can still take some time to
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By Paul R. La Monica, CNN Business Hasbro brushed off global supply chain concerns and reported solid sales and earnings for the third quarter, thanks in large part to strong demand for its Dungeons & Dragons and Magic: The Gathering role playing games. The toy giant said Tuesday that third quarter revenue was up 11%
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By Alexis Benveniste, CNN Business No one would mistake Kellogg’s Pop-Tarts for a bowl of fruit — they are an indulgent treat, loaded with sugar and processed ingredients. But a new lawsuit claims Pop-Tarts are masquerading as a health food. A class action lawsuit, filed by Illinois resident Anita Harris in August, alleges the brand’s
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By Julia Horowitz, CNN Business The exclusive group of American companies worth more than $1 trillion just added another member. What’s happening: Shares of Tesla rallied more than 12% Monday to nearly $1,025 after Hertz announced that it had locked in a record order of 100,000 of the company’s electric cars for its fleet. It’s
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By Rob McLean and Jill Disis, CNN Business The shell company that plans to merge with former US President Donald Trump’s new media firm is losing some steam after last week’s trading bonanza. Shares of Digital World Acquisition Corp. plunged nearly 30% Tuesday after falling 11% on Monday. Digital World Acquisition Corp. skyrocketed by as
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By Jordan Valinsky, CNN Business Elon Musk is rapidly approaching a net worth of $300 billion, as Tesla’s market cap soars past $1 trillion. That’s enough to surpass one of his biggest rivals: ExxonMobil. As of Monday’s close, Musk’s net worth was $289 billion, according to the Bloomberg Billionaires Index, which surpasses the $272 billion
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By Anneken Tappe and Diksha Madhok, CNN Business China’s real estate crisis isn’t showing any sign of letting up. Embattled conglomerate Evergrande rattled global markets in September by warning it could default on its huge debts. Since then, more developers have made similar public confessions, unnerving investors and raising fears of contagion across the vast
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By Matt Egan, CNN Business Jonathan Greenblatt, the CEO of the Anti-Defamation League, blasted Facebook on Monday following the publication of a series of articles revealing the company’s struggles to stop hate speech, human trafficking and coordinated groups that sowed discord ahead of the January 6 insurrection. “The kind of monopolistic indifference the company has
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By Chris Isidore, CNN Business Tesla just became the sixth company in US history to be worth $1 trillion. Shares popped more than 12% Monday to close at about $1,025, boosted by two spots of good news: Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam
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By Paul R. La Monica, CNN Business Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both closed at record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sent the company’s market share past the $1 trillion level. The Dow ended the day up
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