By Jennifer Korn and Clare Duffy, CNN Business Update: This story was originally published on May 6. It has been updated to reflect the Supreme Court’s final decision. The Supreme Court’s Friday ruling to overturn Roe v. Wade is almost certain to spark a wave of new state legislation taking aim at abortion rights, and
Continue Reading By Paul R. La Monica, CNN Business It was a bad news is good news day on Wall Street again. Stocks soared and finished the week with solid gains after a key economic report showed a record low in consumer confidence levels. Investors cheered the drop in the University of Michigan’s consumer sentiment reading in
Continue Reading By Alicia Wallace, CNN Business US consumer sentiment hit a new record low in June amid growing concerns about inflation, according to a closely followed University of Michigan survey released Friday. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago.
Continue Reading By Nathaniel Meyersohn, CNN Business In 2019, Costco opened a $450 million poultry processing plant in Nebraska to produce millions of its staple $4.99 Kirkland Signature rotisserie chickens. It was a rare step for a retail company to take but a sign of just how valuable rotisserie chickens are to Costco’s business. The company has
Continue Reading By Sean Lyngaas, CNN Business Hackers have stolen the equivalent of $100 million from a California-based cryptocurrency firm in the latest big-money hack in the digital currency industry. The unidentified thieves hit a “bridge” — a program that allows for the transfer of cryptocurrency — the victimized firm, Harmony, announced on Twitter Thursday night. “Harmony
Continue Reading By Jordan Valinsky, CNN Business Clearly, this isn’t your father’s RadioShack. The zombie retailer’s Twitter account contains a stream of explicit comments, vulgarities and a bunch of drug references. Many companies have edgy social media presences, but not like this. So what’s going on? RadioShack is trying to sell you cryptocurrency — with an attitude.
Continue Reading By Parija Kavilanz, CNN Business Americans are cutting back at the gas pump — and not just the amount of fuel they put in their tanks. Consumers are also changing the way they fill their grocery bags with rest-stop food and other essentials. The trigger: soaring inflation. The average price of gas is hovering around
Continue Reading By Julia Horowitz, CNN Business Some investors look to copper prices as a bellwether for the global economy. If you’re one of them, you have good reason to be worried. What’s happening: Copper prices hit 16-month lows on Thursday as traders dumped the metal. They’ve dropped more than 11% in two weeks. “Copper prices are
Continue Reading By Laura He, CNN Business Two people died this week when a Nio electric car crashed to the ground from the third floor of a parking lot in Shanghai. One member of Nio’s staff and an employee from a partner company were killed in the accident, the Chinese electric carmaker said in a statement Thursday.
Continue Reading By Laura He, CNN Business Two people died this week when a Nio electric car crashed to the ground from the third floor of a parking lot in Shanghai. One member of Nio’s staff and an employee from a partner company were killed in the accident, the Chinese electric carmaker said in a statement Thursday.
Continue Reading By Laura He, CNN Business Peter had put his life savings of about $6 million into accounts at three small banks in China’s central Henan province. He says he hasn’t been able to access them since April. The 45-year-old entrepreneur asked us to call him Peter for security reasons. He’s from the eastern city of
Continue Reading By Samantha Murphy Kelly, CNN Business The latest iteration of Amazon’s Alexa voice assistant could sound eerily familiar. The company announced on Wednesday during its annual re:MARS conference, which focuses on artificial intelligence innovation, that it’s working on an update to its Alexa system that would allow the technology to mimic any voice, even a
Continue Reading By Matt Egan, CNN Business The oil industry pushed for an easing of tensions and a dialing back of finger-pointing from the White House during a Thursday meeting with the Energy Department as high gas prices continue to anger politicians and consumers. “Our guys raised concerns about the ongoing tone from the administration. We asked
Continue Reading By Matt Egan, CNN Business The oil industry pushed for an easing of tensions and a dialing back of finger-pointing from the White House during a Thursday meeting with the Energy Department as high gas prices continue to anger politicians and consumers. “Our guys raised concerns about the ongoing tone from the administration. We asked
Continue Reading By Matt Egan, CNN Business Former Trump economic official Gary Cohn is in favor of President Joe Biden lifting some Trump-era tariffs imposed on China to address high inflation. “These tariffs are adding to the cost of many goods that US consumers are buying,” Cohn told CNN. Cohn, now vice chairman at IBM, is a
Continue Reading By Reuters An Italian company’s hacking tools were used to spy on Apple and Android smartphones in Italy and Kazakhstan, Alphabet’s Google said in a report on Thursday. Milan-based RCS Lab, whose website claims European law enforcement agencies as clients, developed tools to spy on private messages and contacts of the targeted devices, the report
Continue Reading By Jackie Wattles, CNN Business SpaceX, Dish Network and other 5G providers are locked in a heated battle over radio frequencies, which SpaceX says it needs for its orbital internet service, Starlink, and which Dish says it needs for its own customers. SpaceX is claiming that, if federal regulators allow 5G wireless networks to use
Continue Reading By Frank Pallotta, CNN Business Netflix is laying off 300 employees in the midst of a rough year for the streaming giant. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” a company spokesperson told CNN Business Thursday.
Continue Reading By Zoe Sottile, CNN A Canadian ketchup brand has launched an unusual twist on a popular summer treat: Ketchup-flavored popsicles. The “Frenchsicle,” a unique offering from French’s Ketchup, is available in select pop-up locations until Thursday, according to a news release from French’s. The popsicle was created in collaboration with Happy Pops, a Canadian ice
Continue Reading By Chris Isidore, CNN Business Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter. The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production fell 15% to
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