By Paul R. La Monica, CNN Business Crypto brokerage Coinbase has been hit hard by the meltdown in bitcoin prices this year. The stock has plunged 65% so far in 2022. And the company’s latest earnings, due out after the closing bell Tuesday, are likely to be miserable. Wall Street is forecasting a more than
Continue Reading Opinion by Sarah Anderson and Rebekah Entralgo for CNN Business Perspectives Imagine if America’s ultra-wealthy invested the financial gains they made during the pandemic in affordable housing, child care centers or any of our country’s other urgent human needs. As of May, US billionaires had seen their wealth rise by more than $1.7 trillion —
Continue Reading By Oliver Darcy, CNN Business Fox News viewers will this week see former Vice President Dick Cheney look into the camera and excoriate former President Donald Trump as the greatest threat to the country “in our nation’s 246-year history.” That’s because Rep. Liz Cheney’s campaign has purchased a series of national ad spots on Fox
Continue Reading By Anna Cooban, CNN Business Nearly one third of households in the United Kingdom will face poverty this winter after paying energy bills that are set to soar again in January, campaigners say. About 10.5 million households will be in fuel poverty for the first three months of next year, according to estimates from the
Continue Reading By Matt Egan, CNN Business The world of online shopping was long immune to inflation until Covid-19 turned everything upside down. E-commerce prices began rising in June 2020, beginning an unprecedented stretch of 25 consecutive months of increases that underscored the severe price pressures hitting the US economy. That streak has finally ended. Online prices
Continue Reading By Julia Horowitz, CNN Business The most powerful business lobby in the United States is not a fan of the landmark heath care and climate package President Joe Biden is expected to shortly sign into law. “Business Roundtable opposes the ‘Inflation Reduction Act,’ which, among other things, includes tax provisions that would undermine American economic
Continue Reading Martha C. White for CNN Business With lower gas prices effectively putting more money back in their pockets, Americans continued to spend last month. But persistent inflation has reshaped their shopping habits. In July, US retail sales were flat compared to the previous month, the Census Bureau reported Wednesday. That marks a slowdown from June,
Continue Reading By Matt Egan, CNN Business The world of online shopping was long immune to inflation until Covid-19 turned everything upside down. E-commerce prices began rising in June 2020, beginning an unprecedented stretch of 25 consecutive months of increases that underscored the severe price pressures hitting the US economy. That streak has finally ended. Online prices
Continue Reading By Nicole Goodkind, CNN Business It’s August, and that means pretty much all of Wall Street is on vacation right now. The Fed has locked its doors and said, “See you in September.” And politicos are island hopping: VP Kamala Harris made a fundraising appearance on the Vineyard this week alongside the Obamas. Turns out
Continue Reading By Nicole Goodkind, CNN Business It’s August, and that means pretty much all of Wall Street is on vacation right now. The Fed has locked its doors and said, “See you in September.” And politicos are island hopping: VP Kamala Harris made a fundraising appearance on the Vineyard this week alongside the Obamas. Turns out
Continue Reading By Michelle Toh, CNN Business WhatsApp announced several new privacy updates on Tuesday, including the ability for users to check their messages without other people knowing. The platform will soon allow people to control who can see when they’re online, prevent others from taking screenshots of certain messages, and leave groups without notifying entire channels.
Continue Reading By Laura He, CNN Business Tesla’s sales of China-made vehicles plunged 64% in July from a month earlier, as the company’s ambitious upgrade of its Shanghai factory disrupted production. The sharp drop for Tesla comes as sales of new energy vehicles in China more than doubled, as the world’s largest car market aggressively promotes switching
Continue Reading By Nathaniel Meyersohn, CNN Business Inflation-weary shoppers are pulling back on buying pricey steaks and switching to cheaper chicken at the grocery store. Tyson, the meat processing giant, said Monday that “demand for chicken is extremely strong,” while demand for its higher-priced cuts of beef has softened. The company said its average sales price for
Continue Reading By Catherine Thorbecke, CNN Business Tech giant Baidu announced Monday that it has obtained permits to operate fully autonomous taxis without any human assistants on board in two of China’s megacities, marking a first for the country. Baidu, which operates China’s largest search engine, said it received the regulatory approvals for its autonomous ride-hailing service
Continue Reading Martha C. White Gas prices have been trending downward for more than 50 consecutive days, giving drivers some much-needed financial relief at the pump. But nobody’s popping the champagne just yet. While gas prices have played a large role in the current bout of historic inflation, analysts warn that a number of factors remain that
Continue Reading Martha C. White Gas prices have been trending downward for more than 50 consecutive days, giving drivers some much-needed financial relief at the pump. But nobody’s popping the champagne just yet. While gas prices have played a large role in the current bout of historic inflation, analysts warn that a number of factors remain that
Continue Reading By Peter Valdes-Dapena, CNN Business In June, Toyota issued a warning to owners of its BZ4X electric SUV that they should stop driving the vehicle and have it transported to a dealership because of a severe problem: the wheels could fall off while driving even after just a short time on the road. Toyota did
Continue Reading By Paul R. La Monica, CNN Business Meme mania has returned to the stock market with a vengeance. Shares of movie theater chain AMC, video game retailer GameStop and struggling home furnishings retailer Bed Bath & Beyond soared Monday, extending last week’s big gains. AMC was up 16% and has now spiked 70% in just
Continue Reading By Frank Pallotta, CNN Business Mike Tyson is not happy about Hulu’s new scripted limited series about his life. The former heavyweight champion on Saturday voiced his displeasure over Hulu’s new series “Mike,” which debuts on August 25 and stars Trevante Rhodes, from 2016’s “Moonlight,” as the famed boxer. “Don’t let Hulu fool you. I
Continue Reading By Matt Egan, CNN Business Even as some business groups cry foul over the tax provisions in the Inflation Reduction Act, economists at Goldman Sachs say the landmark bill will barely put a dent in massive corporate profits. To pay for historic climate investments, the legislation that passed the Senate on Sunday imposes a 15%
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