By Catherine Thorbecke, CNN Business After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in
Continue Reading By Nathaniel Meyersohn, CNN Business Middle-income shoppers have tightened their spending on clothing and home furnishings. That’s squeezing Macy’s, Kohl’s, Target and other chains. Macy’s sales dropped 3.1% last quarter from a year ago, while Kohl’s tanked 6.9%. Kohl’s also withdrew its financial guidance, citing “significant macroeconomic headwinds” and the abrupt departure of the chain’s
Continue Reading By Alicia Wallace, CNN Business Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season. The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of
Continue Reading By Julia Horowitz, CNN Business The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Now, Britons must also stomach higher taxes and reductions to public services as the government tries to get its finances on more solid footing — underscoring
Continue Reading By Hanna Ziady, CNN Business The UK government is hiking a windfall tax on oil and gas companies and extending the levy to electricity generators, as it scrambles to balance its budget amid an economic downturn. It is also investing in nuclear power for the first time in decades. UK finance minister Jeremy Hunt announced
Continue Reading By Paul R. La Monica, CNN Business The Chinese consumer is still under a lot of pressure. E-commerce giant Alibaba reported third quarter sales Thursday that rose just 3% from a year ago, slightly missing analysts’ forecasts. Alibaba has been hit hard this year due to a slowdown in China’s economy. The pandemic has weighed
Continue Reading By Matt Egan, CNN Business Democratic Sens. Elizabeth Warren and Dick Durbin are demanding FTX founder Sam Bankman-Fried hand over a trove of documents that will shed light on the extraordinary and swift downfall of his crypto exchange. In a letter obtained first by CNN, the lawmakers call for a “complete and transparent accounting” of
Continue Reading By Allison Morrow, CNN Business A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a
Continue Reading By Natalia V. Osipova and Catherine Thorbecke, CNN Business As US wildfires have grown larger and deadlier in recent years, one company is using drones and fire-starting “dragon eggs” to help prevent extreme blazes and save firefighters’ lives. Drone Amplified, a Nebraska-based startup, is using unmanned aerial technology to improve one of the oldest and
Continue Reading By Natalia V. Osipova and Catherine Thorbecke, CNN Business As US wildfires have grown larger and deadlier in recent years, one company is using drones and fire-starting “dragon eggs” to help prevent extreme blazes and save firefighters’ lives. Drone Amplified, a Nebraska-based startup, is using unmanned aerial technology to improve one of the oldest and
Continue Reading By Brian Fung, CNN Business With Republicans projected to take control of the House as a result of the midterm elections, tech giants such as Amazon, Google and Meta, who’ve been in the crosshairs of Democrats in recent years, are soon set to face a very different — but no less hostile — political climate
Continue Reading By Jeanne Sahadi, CNN Business Stocks and bonds have been turning in volatile, bearish performances this year in an economy marked by high inflation and rising interest rates. But that hasn’t deterred most retirement savers, especially the youngest ones. 401(k) participants have held relatively steady in their savings contribution rates and in their portfolio allocations,
Continue Reading By Anna Cooban and Diksha Madhok, CNN Business Indian billionaire Gautam Adani’s business empire is planning to raise nearly $2.5 billion in a new share offering as it pushes to expand into new areas. Adani Enterprises, the flagship company of the Adani Group, said in a stock exchange filing on Friday that its board had
Continue Reading By Jordan Valinsky, CNN Business Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. In the letter to CEO Michael Rapino, the Democrat from Minnesota and chair of the Senate Judiciary Subcommittee
Continue Reading By Rachel Metz, CNN Business Elon Musk has been saying for months that he wants to stamp out spam and fake accounts on Twitter, but a subtle change he’s planning to make to the platform could complicate that goal. In a tweet this week, Musk said Twitter will stop showing notations such as “Twitter for
Continue Reading By Nicole Goodkind, CNN Business American shoppers continue to defy gravity against the backdrop of persistently elevated inflation. Retail sales surged by 1.3% in October. That’s the biggest monthly gain since February and better than the 1% economists had expected. But a look under the hood tells a different story. Both Walmart (WMT) and Target
Continue Reading By Parija Kavilanz, CNN Business Parents shopping for their kids this holiday season need to be alert and carefully examine toys before they buy them because recalled and counterfeit toys are being sold online, a consumer report said Thursday. The 37th annual “Trouble in Toyland” toy safety report by Denver-based US Public Interest Research Group
Continue Reading By Chris Isidore, CNN Business More than 2,000 employees at 112 Starbucks locations are set to go on a one-day strike Thursday, according to the union which has been organizing stores for the last year. The union says it is striking to protest the retaliation taken against union supporters nationwide. It is also protesting what
Continue Reading By Diksha Madhok, CNN Business Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. In a statement on Thursday, state-owned investment company Temasek said it had decided to write down the value of its full investment in the exchange to zero, “irrespective of the outcome of
Continue Reading By Allison Morrow, CNN Business A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a
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