By Matt Egan for CNN Business Fed Chairman Jerome Powell conceded that the Federal Reserve’s aggressive interest rate hikes won’t solve two of the biggest problems facing families: high prices for gas and groceries. During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid
Continue Reading By Paul R. La Monica, CNN Business Who says pleasing fickle investors on Wall Street is hard? FedEx delivered its biggest daily stock jump since the mid-1980s last week, surging more than 14% on June 14 after doing two relatively easy things: The company increased its dividend by a whopping 53% and reached a deal
Continue Reading By Frank Pallotta, CNN Business The Obamas are heading to Audible. Higher Ground — Barack and Michelle Obama’s production company — signed an exclusive multi-year first-look production deal with Audible, Amazon’s audiobook and podcast service. It gives Audible first dibs on Higher Ground content and includes multiple audio projects that will be distributed worldwide. Financial
Continue Reading Opinion by Tom Stalnaker, Khalid Usman and Andrew Buchanan for CNN Business Perspectives After two years of enduring masks, social distancing and quarantines, there’s not much that can come between consumers and their summer vacations this year. Outbreaks of Covid-19 no longer seem to stop them from traveling — and based on recent demand for
Continue Reading Lucy Bayly, CNN Business Federal Reserve Chairman Jerome Powell wants to increase joblessness in the US in order to save the economy. But Beyoncé may beat him to it. The multi-hyphenate artist’s latest single, “Break My Soul,” which dropped late Monday, begs listeners to “release” themselves from their 9-5, saying “I just quit my job,
Continue Reading By Paul R. La Monica, CNN Business The red-hot housing market is starting to show signs of cooling off. Prices have spiked to levels unaffordable for many prospective buyers, and mortgage rates have jumped following the Federal Reserve’s rate hikes and a surge in bond yields. But will the housing slowdown hurt the broader economy
Continue Reading By Laura He, CNN Business Some Chinese property developers are going to extreme lengths to attract buyers. From accepting grain or garlic as part payment, to offering live pigs as an incentive to buyers, the unusual sales tactics underline the dire state of China’s vast real estate industry. A collapse in sales has accelerated since
Continue Reading By Swati Gupta and Rhea Mogul, CNN Millions of people across India and Bangladesh have been affected by raging floods and landslides that left more than 100 people dead and entire communities devastated. The South Asian nations, home to more than 1.3 billion people, have been particularly badly hit by the rains, prompting some of
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 Matt Egan, CNN Corporate America is frustrated with the Federal Reserve for waiting too long to attack inflation, according to former Trump economic adviser Gary Cohn. Cohn, who is frequently in touch with CEOs, told CNN that businesses have been experiencing wage inflation and surging input costs for more than a year. “I think
Continue Reading by Chris Isidore Tesla is moving ahead with plans to layoff about 10% of its salaried staff, CEO Elon Musk said Tuesday. But he also expects the company’s overall workforce will be larger a year from now than it is today. Musk has been sending out conflicting signals on his staffing plans for the last
Continue Reading Lucy Bayly, CNN Business Federal Reserve Chairman Jerome Powell wants to increase joblessness in the US in order to save the economy. But Beyoncé may beat him to it. The multi-hyphenate artist’s latest single, “Break My Soul,” which dropped late Monday, begs listeners to “release” themselves from their 9-5, saying “I just quit my job,
Continue Reading By Catherine Thorbecke, CNN Business Uber is restarting shared rides in a handful of major US cities after a more than two-year hiatus due to the pandemic, the company announced on Tuesday. The revamped rideshare carpool option, dubbed UberX Share, is now available in nine cities, including New York, Los Angeles and Chicago. The company
Continue Reading By Clare Duffy, CNN Business Twitter’s board of directors has unanimously recommended that the social media company’s shareholders vote to approve its sale to Elon Musk, according to a regulatory filing on Tuesday. Twitter plans to hold a special shareholder meeting for a vote on the acquisition, one of the final steps needed to close
Continue Reading By Clare Duffy, CNN Business Twitter’s board of directors has unanimously recommended that the social media company’s shareholders vote to approve its sale to Elon Musk, according to a regulatory filing on Tuesday. Twitter plans to hold a special shareholder meeting for a vote on the acquisition, one of the final steps needed to close
Continue Reading By Frank Pallotta, CNN Business “How was your weekend? I certainly had an interesting one because some of my staff had a memorable one.” That’s how Stephen Colbert opened his monologue Monday after members of his “Late Show” production team were arrested last week at the US Capitol. “This was first-degree puppetry,” Colbert said. Colbert
Continue Reading By Frank Pallotta, CNN Business “How was your weekend? I certainly had an interesting one because some of my staff had a memorable one.” That’s how Stephen Colbert opened his monologue Monday after members of his “Late Show” production team were arrested last week at the US Capitol. “This was first-degree puppetry,” Colbert said. Colbert
Continue Reading By Kathryn Vasel, CNN Business You’re in the middle of a job interview, a question comes your way and you’ve got… nothing. It happens. Even if you’ve prepared for hours, a question can come out of the blue and leave you stumped. But you don’t want to let one fumble derail your entire interview. Here’s
Continue Reading By Chris Isidore, CNN Business One of Elon Musk’s children has petitioned a California court to recognize her new name and gender, saying she no longer wishes to be related to her famous and wealthy father “in any way, shape or form.” Musk’s daughter turned 18 earlier this year and made the filing with a
Continue Reading By Chris Isidore, CNN Business One of Elon Musk’s children has petitioned a California court to recognize her new name and gender, saying she no longer wishes to be related to her famous and wealthy father “in any way, shape or form.” Musk’s daughter turned 18 earlier this year and made the filing with a
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