By Chris Isidore, CNN Business US airlines just had one of the most lucrative quarters in history. Passengers are suffering for it. The record revenue many airlines reported in April, May and June came via very high airfares and packed airplanes. A series of service disruptions caused by staffing shortages has made flying even worse.
Continue Reading By Chris Isidore, CNN Business Shares of luxury electric car maker Lucid plunged more than 10% Thursday after the company disclosed it will make roughly half the cars this year it had planned to build. The company said it is dealing with the serious supply chain problems that have disrupted other automakers’ production as well.
Continue Reading By Nathaniel Meyersohn, CNN Business Early in the pandemic, people realized they were going to be spending a lot more time at home. So they decided to upgrade. Shoppers dished out for new sofas, beds and decor, remodeled their kitchens and backyards and invested in their remote work setup. Demand was so hot that it
Continue Reading Opinion by Van Jones and Jessie Buendia for CNN Business Perspectives America needs a new approach to energy. Nothing has shown that as well as the record high gas prices and temperatures hitting families across the country this summer. To cope, some Americans are cutting back on their air conditioning use, while others are reconsidering
Continue Reading By Matt Egan, CNN Business The Federal Reserve’s war on inflation will eventually kill the economic recovery from Covid-19, former Fed official Bill Dudley warns. The problem is that the Fed began its quest to tame inflation late, leaving the central bank little choice other than to slam the brakes on the economy by drastically
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped for the second week in a row, falling below 5% for the first time since mid-April. The 30-year fixed-rate mortgage averaged 4.99% in the week ending August 4, down from 5.3% the week before, according to Freddie Mac. But that is still significantly higher than this time
Continue Reading By Michelle Toh, CNN Business Alibaba just posted flat revenue growth for the first time since becoming a public company, but investors don’t seem to mind. Shares of the Chinese tech and e-commerce giant jumped more than 6% in premarket trading in New York on Thursday. Its stock in Hong Kong had earlier closed up
Continue Reading By Julia Horowitz, CNN Business Robinhood got off to a rocky start when it made its Wall Street debut one year ago, but hopes for the buzzy trading app were high as armchair investors piled into the market hoping to mint quick fortunes. The stock market was booming, and monthly active users more than doubled
Continue Reading By Anna Cooban, CNN Business Central bankers in the United Kingdom have announced the biggest increase in interest rates in 27 years, as spiraling inflation continues to cripple millions of households’ finances. The Bank of England raised the cost of borrowing by 50 basis points to 1.75% — the sixth time the central bank has
Continue Reading By Julia Horowitz, CNN Business Robinhood got off to a rocky start when it made its Wall Street debut one year ago, but hopes for the buzzy trading app were high as armchair investors piled into the market hoping to mint quick fortunes. The stock market was booming, and monthly active users more than doubled
Continue Reading By Laura He, CNN Business China’s live-fire military drills around Taiwan are threatening to disrupt trade and commercial travel in East Asia, forcing vessels to reroute away from one of the world’s busiest waterways and putting further pressure on strained global supply chains. On Thursday, China kicked off drills involving the navy, air force and
Continue Reading By Laura He, CNN Business China’s live-fire military drills around Taiwan are threatening to disrupt trade and commercial travel in East Asia, forcing vessels to reroute away from one of the world’s busiest waterways and putting further pressure on strained global supply chains. On Thursday, China kicked off drills involving the navy, air force and
Continue Reading By Sonia Moghe, CNN The accountant now in charge of overseeing right-wing conspiracy theorist Alex Jones’ company Free Speech Systems through its bankruptcy was questioned Wednesday by attorneys for families of Sandy Hook shooting victims over $62 million in funds Jones has drawn from the company over the years. Free Speech Systems, which runs Jones’
Continue Reading By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue Reading by Matt Egan, CNN Walmart is laying off about 200 corporate employees, a person familiar with the matter told CNN, in a move that comes days after the retail giant issued a rare profit warning. In a statement, Walmart confirmed it is “updating our structure and evolving select roles to provide clarity and better position
Continue Reading By Jackie Wattles, CNN Business Chunks of space debris were reportedly found on farmland in the Australia mountains, and this week NASA and Australian authorities confirmed that the objects are “likely” a scrap of hardware from a SpaceX Dragon capsule that was intentionally jettisoned as the spacecraft reentered the Earth’s atmosphere last May. SpaceX did
Continue Reading By Oliver Darcy, CNN Business The dishonesty of right-wing conspiracy theorist Alex Jones was spotlighted in a Texas court on Wednesday as a lawyer for a pair of Sandy Hook parents cross-examined the Infowars founder and fact-checked his answers in real-time. The jury hearing the case will determine how much Jones will have to pay
Continue Reading By Parija Kavilanz, CNN Business Imagine taking heaps and heaps of earth-polluting, unusable plastic waste and actually transforming it into something constructive? Plastic pollution is a proliferating and increasingly overwhelming problem. By 2040, estimates indicate that as much as 710 million tons of solid plastic waste will clog up the earth’s ecosystem, in oceans, rivers
Continue Reading By Parija Kavilanz, CNN Business Imagine taking heaps and heaps of earth-polluting, unusable plastic waste and actually transforming it into something constructive? Plastic pollution is a proliferating and increasingly overwhelming problem. By 2040, estimates indicate that as much as 710 million tons of solid plastic waste will clog up the earth’s ecosystem, in oceans, rivers
Continue Reading By Sara Ashley O’Brien, CNN Business Tinder’s newest CEO is out after less than a year on the job, marking the second high-profile female executive to depart its parent company, Match Group, in a matter of months. Match Group’s newly tapped CEO Bernard Kim announced Tinder CEO Renate Nyborg’s departure on Tuesday in a letter
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