By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Eric Cheung and Will Ripley, CNN Business Many Asian countries introduced tougher Covid-19 restrictions than in other continents, a reality that has caused concerns about elevated levels of stress, anxiety and isolation. Now, a number of young entrepreneurs are leveraging technology to provide greater access to mental healthcare there. In July, Singapore-based Intellect raised
Continue Reading By Catherine Thorbecke, CNN Business Uber is launching an in-house advertising division and rolling out its own form of targeted digital ads as it seeks to develop new revenue sources. The ridehailing giant announced the launch of its “enterprise-wide” advertising unit on Wednesday, saying it will be helmed by Amazon advertising veteran Mark Grether. Uber
Continue Reading By Chris Isidore, CNN Business Tesla posted a solid quarter of earnings and record revenue, but now says it will fall short of its target for a 50% growth in the number of cars it sells this year. As recently as July it said it was still aiming for a target of a 50% growth
Continue Reading By Chris Isidore, CNN Business It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. But the good news for drivers — and Biden — is that several factors are pointing to lower prices ahead at the pump. The
Continue Reading By Chris Isidore, CNN Business Tesla posted improved third quarter earnings that were generally in line with Wall Street forecasts, but profits were still just short of where they were at the start of the year before supply chain problems ate into its production and sales. In its earnings summary issued to investors Wednesday, Tesla
Continue Reading By Jeanne Sahadi, CNN Business There’s really nothing nice to say about inflation when it comes to your bottom line. It’s hard on your wallet. It’s hard on your savings because it reduces the buying power of the dollars you socked away. And it’s hard on your paycheck, because chances are your last raise did
Continue Reading By Alicia Wallace, CNN Business Economic factors, not just lockdown-induced forced proximity, played a key role in last year’s “baby bump,” according to the economists behind a new working paper released earlier this week. Economists from UCLA, Northwestern and Princeton universities found that pandemic trends, such as increased work flexibility, helped push up US birth
Continue Reading By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower
Continue Reading By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower
Continue Reading By Nathaniel Meyersohn, CNN Business The proposed $25 billion Kroger-Albertsons grocery giant merger is already running into significant opposition from progressive lawmakers and others. Sen. Elizabeth Warren of Massachusetts on Wednesday called on the Federal Trade Commission to block the deal. “More mergers and less competition would mean even higher prices—and layoffs for employees,” Warren
Continue Reading By Matt McFarland, CNN Business Waymo, the robotaxi provider of Google’s parent company Alphabet, said Wednesday that it will expand its ridehail service to Los Angeles. Waymo declined to say when fully autonomous car rides will be available to the public in the country’s second largest metropolitan area. Waymo will begin with approximately a dozen
Continue Reading By Jordan Valinsky, CNN Business Nestlé is issuing a voluntary recall for its refrigerated, ready-to-bake Nestlé Toll House Stuffed Chocolate Chip Cookie Dough with Fudge Filling because of the “potential presence of white plastic pieces.” The products in question were made between June and September 2022 and were sold in the continental United States as
Continue Reading By Anna Bahney, CNN Home building pulled back in September, as buyers faced spiking mortgage rates that have made homes increasingly unaffordable. September housing starts, a measure of new home construction, dropped 8.1% from August, and were down 7.7% from a year ago, according to the US Census Bureau. After a big drop earlier this
Continue Reading By Angela Dewan, CNN Finally, some good news in the battle against greenhouse gasses: Carbon dioxide (CO2) emissions from the burning of fossil fuels are on track to rise less than 1% this year. That’s despite widespread concerns of a rush back to coal, oil and gas amid a global energy crunch and Russia’s war
Continue Reading By Paul R. La Monica, CNN Business October 19, 1987. A brief but violent stock market crash. Can it happen again? Probably not. The Dow plummeted 22.6% on that day, a date that has since been immortalized as Black Monday. To put that into context, a drop of that magnitude would be a nearly 7,000
Continue Reading By Paul R. La Monica, CNN Business October may be famous for historically horrifying stock market crashes like the ones in 1929, 1987 and 2008. But so far this month, there’s nothing for investors to be scared of on Wall Street. Stocks enjoyed another solid rally Monday, continuing a hot streak for the markets this
Continue Reading By Hanna Ziady, CNN Business Rising food and energy costs drove UK inflation back to a 40-year high in September, but it could be nearing a peak as cash-strapped households pull back on spending amid broader economic turmoil. The annual rate of inflation rose to 10.1% in September, up from 9.9% in the 12 months
Continue Reading By Michelle Toh, CNN Business Hong Kong wants international firms to know it means business. The city’s leader, Chief Executive John Lee, announced Wednesday that the government would earmark 30 billion Hong Kong dollars ($3.8 billion) for a new fund aimed at bringing more businesses in. The fund will seek to attract companies to set
Continue Reading