By Catherine Thorbecke, CNN Business Google plans to shut down its cloud gaming service Stadia in January, a little more than three years after it launched, citing lackluster demand from customers. Phil Harrison, the vice president and general manager of Stadia, said in a blog post Thursday that the consumer gaming service “hasn’t gained the
Continue Reading By Matt Egan, CNN Business US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm
Continue Reading By Anna Bahney, CNN Business Think mortgage rates are high now? Connie Strait remembers when she was starting her career in real estate in the early 1980s and buyers were contending with rates three times higher. Strait recalled one couple who were actually relieved when they locked in a 30-year fixed-rate mortgage at 19% in
Continue Reading By Paul R. La Monica, CNN Business Maybe that October market rally has some legs after all? Stocks were mostly unchanged Wednesday, even as a fresh batch of economic data revealed continued strength in the job market and America’s services sector. That’s led to new worries that the Federal Reserve’s aggressive rate hikes, meant to
Continue Reading By Parija Kavilanz, CNN Business So much for impulse buying at H&M. The next time you shop there, specifically online, and then regret bagging that crop top or cheap ripped flared jeans, you might have to pay to return it. The Swedish fast-fashion seller said it is gearing up to test return fees on merchandise
Continue Reading By Reuters and Anna Cooban, CNN Business The German government announced plans to borrow €200 billion ($195 billion) to cap natural gas prices for households and businesses. That’s a bigger price tag than the £150 billion ($165 billion) the UK government is expected to borrow to finance its own price cap. Germany, Europe’s biggest economy,
Continue Reading By Jackie Wattles, CNN Satellites that are no longer in service must get out of the sky far more quickly under a new rule adopted by US federal regulators Thursday — and it’s all in the name of combating the garbage in Earth’s orbit. Unused satellites in low-Earth orbit, which is the area already most
Continue Reading By Nathaniel Meyersohn, CNN Business Bed Bath & Beyond is losing shoppers and money at a rapid clip, and the company will need to quickly reverse course to avoid bankruptcy. The struggling chain announced Thursday that sales at stores open for at least a year plunged 26% during its latest quarter ending August 27. The
Continue Reading By Catherine Thorbecke, CNN Business Amazon on Wednesday said it is raising the average starting pay for its warehouse workers and delivery drivers to more than $19 an hour, up from $18 previously, at a time when union pushes continue to spread across several of its facilities. With the increase, which takes effect next month,
Continue Reading By Jennifer Korn, CNN Business Google on Wednesday said it has begun rolling out an option for users to request excluding search results featuring their phone numbers and other sensitive personal information, potentially adding an extra layer of protection for private data online. The new feature, called “Results about you,” helps streamline the process for
Continue Reading By Brian Fung, CNN The United States has soundly defeated Russia in an election to control a United Nations body responsible for shaping global internet development, a contest viewed as geopolitically symbolic amid wider US-Russia tensions and an answer to fears of growing censorship online by authoritarian regimes. On Thursday, members of the International Telecommunication
Continue Reading By Paul R. La Monica, CNN Business The third quarter is about to end — and investors are wishing the past nine months good riddance. Stocks fell Thursday, giving up much of Wednesday’s big gains. The Dow fell nearly 460 points, or 1.5%. The Dow is now back in a bear market, more than 20%
Continue Reading By Anna Bahney, CNN Business Mortgage rates surged for the sixth week in a row, moving closer to 7%. The 30-year fixed-rate mortgage averaged 6.70% in the week ending September 29, up from 6.29% the week before, according to Freddie Mac. That’s the highest level since July 2007. Mortgage rates have more than doubled since
Continue Reading By Chris Isidore, CNN Business High prices and rising interest rates are putting used cars out of reach for a growing number of car shoppers. That’s bad news for CarMax, the nation’s largest used car dealer. CarMax reported Thursday that its earnings plunged 54% as the number of cars it sold in the quarter fell
Continue Reading By Nathaniel Meyersohn, CNN Business You may not be anywhere close to ready for the holidays — but retail chains certainly are. Christmas trees are already on sales floors at Costco and Lowe’s, Walmart’s year-end holiday sales start October 1 and Target is offering its “earliest access ever” to holiday deals beginning October 6. Amazon
Continue Reading By Catherine Thorbecke, CNN Business Amazon said Thursday it plans to hire 150,000 new employees across the United States to meet demand ahead of the busy holiday shopping season. The openings, which include full-time, seasonal and part-time roles, range from packing and picking to sorting and shipping, the company said. The announcement comes just days
Continue Reading By Alicia Wallace, CNN Business The number of first-time claims for unemployment benefits dropped considerably last week, underscoring how employers are holding on tightly to workers as the labor market remains full of opportunities for job hunters. Initial claims for unemployment insurance were 193,000 for the week ended September 24, down 16,000 from a downwardly
Continue Reading By Alicia Wallace, CNN Business The US economy shrank by 0.6% during the second quarter of the year, according to the latest gross domestic product estimate from the Bureau of Economic Analysis released Thursday. That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the
Continue Reading By Nicole Goodkind, CNN Business The global bond market is having a historically awful year. The yield on the 10-year US Treasury bond, a proxy for borrowing costs, briefly moved above 4% on Wednesday for the first time in 12 years. That’s a bad omen for Wall Street and Main Street. What’s happening: This hasn’t
Continue Reading By Nathaniel Meyersohn, CNN Business We have all heard of Band-Aid, Tylenol, Benadryl and Johnson’s baby powder. We have never heard of the new made-up word Kenvue. But Kenvue will be the new corporate parent of these familiar consumer health brands next year. Johnson & Johnson, the owner of these labels, is in the process
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