CNN – Business/Consumer

By Matt Egan, CNN Business Afghanistan’s currency has tumbled to record lows this week as the Taliban seizes control of the impoverished nation and a shortage of US dollars sets off panic. The afghani traded to 86 per US dollar on Wednesday, down sharply from about 80 a week ago, according to Refinitiv. The currency

By Paul R. La Monica, CNN Business The S&P 500 and the Dow are still near all-time highs despite Tuesday’s big selloff. The Nasdaq isn’t far from a record either. All three indexes are up between 14% and 18% this year. But September, historically the worst month for stocks, is looming. After that comes October,

By Nathaniel Meyersohn, CNN Business Old Navy will end its practice of separate plus-size sections for women’s clothing in stores and online and begin offering all of its women’s apparel in sizes 0 to 30. The move comes as online fashion brands such as Eloquii, Dia & Co., Elvi and Torrid gain success targeting younger

By Matt Egan, CNN Business The International Monetary Fund, under pressure from the Biden administration, said Wednesday it will no longer release $450 million in funds that were scheduled to be sent to Afghanistan next week. The move comes after the Treasury Department and congressional Republicans voiced concern about releasing the funds given the toppling

By Jordan Valinsky, CNN Business Mastercard is getting rid of magnetic stripes on its credit and debit cards over the next 10 years, part of a broader push from the company to use “more capable and secure” alternatives to the old-fashioned swipe. The company said it’s the first payments network to phase out magnetic stripes,

Opinion by Mark Zandi for CNN Business Perspectives The US economy’s immediate prospects appear inextricably tied to how the wave of infections and hospitalizations set off by the Delta variant of Covid-19 plays out. While it seems unlikely that the variant would become so disruptive that it undermines the recovery, there are mounting reasons to

By Julia Horowitz, CNN Business The economic recovery from the pandemic has produced a red-hot global housing market, sending prices soaring and generating angst for would-be first-time buyers. But signs are growing that demand could be tapering off as expenses rise. What’s happening: High construction costs and supply shortages are weighing on confidence among builders,

By Diksha Madhok, CNN Business Tencent reported a 29% rise in second-quarter profit, even as Beijing expands its scrutiny of the private sector. The Chinese gaming and social media giant said Wednesday that revenue jumped 20% to 138.3 billion yuan ($21.3 billion) for the three months ended June, compared to the same period last year,

By Charles Riley, CNN Business Nando’s has been forced to close dozens of restaurants in the United Kingdom due to shortages of the chain’s signature peri peri chicken. Some 45 outlets were shuttered across England, Scotland and Wales, a spokesperson for Nando’s told CNN Business on Wednesday. The company has dispatched some of its employees

By Julia Horowitz, CNN Business The swift fall of Afghanistan to Taliban fighters has triggered a humanitarian crisis, with thousands trying to flee the country. It’s also brought renewed focus on Afghanistan’s vast untapped mineral wealth, resources that could transform its economic prospects if ever developed. Afghanistan is one of the poorest nations in the

By Laura He, CNN Business Chinese President Xi Jinping this week issued a bold new pledge to redistribute wealth in the country, piling more pressure on the country’s richest citizens and businesses. Xi told top leaders from the ruling Chinese Communist Party on Tuesday that the government must establish a system to redistribute wealth in

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. As US government officials prepare to brief the public about Covid-19 vaccine booster shots, there is an emerging consensus coming from influential corners of the national news media: people should

By Peter Valdes-Dapena, CNN Business Nissan unveiled the redesigned 2023 Nissan Z sports car Tuesday night, a somewhat retro-styled model the company hopes will continue the brand’s turnaround after the turmoil of the last few years. Nissan had been dealing with struggling sales due to an aging lineup and the arrest of its chairman, Carlos

By Chauncey Alcorn, CNN Business Serena Williams is pairing up with Nike to try to bring more people of color into the world of fashion design. On Tuesday, the 39-year-old tennis legend joined Nike in unveiling a collection of women’s athleisure wear and accessories, created by a group of 10 up-and-coming designers known as the

By Matt Egan, CNN Business Fintech lenders helped speed the delivery of forgivable government loans to small businesses crushed by the pandemic. But these tech-savvy lenders may also have opened the door to widespread fraud and misuse of taxpayer money. Fintechs are almost five times more likely than traditional banks to have made “highly suspicious”

By Nathaniel Meyersohn, CNN Business The jobs that major chains in the United States are having the most trouble filling right now aren’t inside their stores ringing up customers and stocking shelves. They’re at their warehouses selecting items, packing boxes and loading trucks. Amazon, Walmart, Dollar Tree and other retailers are dangling wage hikes, signing