By Matt Egan, CNN Business A group of Democrats in Congress is calling on President Joe Biden to keep releasing oil from America’s emergency stockpile through at least the end of the year. In a letter obtained first by CNN, eight House Democrats urged Biden on Friday to immediately scrap his current plan to halt
Continue Reading By Alicia Wallace, CNN Business Americans continue to feel slightly better about the economy as gas prices retreat from their early summer highs. Consumer sentiment in September notched up to its highest level since April, according to the latest survey from the University of Michigan. Preliminary data released Friday showed an increase in the consumer
Continue Reading By Nicole Goodkind, CNN Business US stocks fell on Friday after FedEx served investors a brutal pre-earnings announcement about the state of the global economy. The Dow closed down 140 points, or 0.5%, lower. The S&P 500 fell 0.7% and the Nasdaq Composite was down 0.9%. All three major indexes logged their fourth losing week
Continue Reading By Julia Horowitz, CNN Business The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said
Continue Reading By Chris Isidore, CNN Business FedEx warned that a global recession could be coming, as demand for packages around the world tumbles. Shares of FedEx plunged 21% Friday — the biggest one-day drop in its history — after the company warned late Thursday that a slowing economy will cause it to fall $500 million short
Continue Reading By Samantha Murphy Kelly, CNN Business When iPhone 14 users aren’t using their new Apple device, the screen is hardly asleep. It’ll remain lit with prominently displayed widgets such as alarms, calendar appointments and sports scores flittering with real-time updates, and be at the ready if you glance down or inevitably pick it back up.
Continue Reading By Nadine Schmidt and Anna Cooban, CNN Business The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany’s economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft’s subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing
Continue Reading By Clare Duffy, CNN Business Days before publicly announcing his investment in Twitter, Elon Musk texted with Jack Dorsey. The former Twitter CEO suggested he no longer believed in the company he founded, according to new court filings in the legal battle between Musk and Twitter. Musk had begun quietly building up a large stake
Continue Reading By Brian Fung, CNN Business When a Twitter whistleblower testified at an explosive Senate hearing this week, the social media company wasn’t the only one to come under fire. Lawmakers on both sides of the aisle repeatedly criticized federal regulators who for years had supposedly been keeping a close eye on the company. “I’m concerned
Continue Reading By Julia Horowitz, CNN Business The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said
Continue Reading By Nicole Goodkind, CNN Business The announcement from the White House that a tentative deal has been reached to avert the first national rail strike in three decades comes as a huge relief for businesses and investors worried about fresh supply chain disruptions. But it’s not the only potential catalyst for another market sell-off, as
Continue Reading By Sean Lyngaas, CNN Uber said Thursday that it was investigating a “cybersecurity incident” after a hacker shared evidence that they had breached the ride-hailing giant’s computer systems with journalists and security researchers. “We are currently responding to a cybersecurity incident,” Uber’s communications team said in a tweet Thursday evening. “We are in touch with
Continue Reading By Brian Fung, CNN A landmark California bill aimed at promoting children’s digital welfare became law on Thursday, as Gov. Gavin Newsom announced he had signed the legislation imposing strict requirements on websites “likely to be accessed” by kids. “We’re taking aggressive action in California to protect the health and wellbeing of our kids,” Newsom
Continue Reading By Brian Fung and Clare Duffy, CNN Business Twitter’s lawyers are set to question Elon Musk in a deposition that could last up to three day starting Sept. 26 as part of ongoing litigation over their $44 billion acquisition deal, according to a court filing Tuesday. The company’s lawyers will also depose Musk lieutenant Jared
Continue Reading By Clare Duffy, CNN Business Elon Musk’s legal team on Thursday filed a public version of its updated counterclaims in response to Twitter’s lawsuit seeking to force the billionaire to follow through with his $44 billion deal to buy the company. The amended argument, which was originally filed under seal last week, draws on claims
Continue Reading By Rishi Iyengar, CNN Business Amazon is about to make its “Thursday Night Football” streaming debut, and it’s hoping to enhance the broadcast experience enough to keep viewers coming back. The company will broadcast its first-ever NFL game on Thursday, between two early season Super Bowl favorites: the Los Angeles Chargers and the Kansas City
Continue Reading By Matt Egan, CNN Business Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Morgan Stanley was slapped with a $35 million fine from the Securities and Exchange Commission for extensive failures to safeguard personal identifying information on its clients. Since
Continue Reading By Danielle Wiener-Bronner, CNN Business McDonald’s CEO Chris Kempczinski has big concerns about surging crime in Chicago, where the fast food giant is based, saying it is impacting the company’s restaurants and making it harder to recruit corporate talent. Crime is “seeping into every corner of our city,” Kempczinski said during an event at the
Continue Reading By Paul R. La Monica, CNN Business Fans of the Manchester United Football Club are not thrilled to see their squad in the middle of the pack of the English Premier League so far this season, especially after a disappointing run in 2021. Making matters worse? The once mighty Man United’s last significant championship was
Continue Reading By Chris Isidore, CNN Business There will be no freight railroad strike early Friday. But the threat of a strike has not gone away entirely. The tentative deal reached early Thursday after a marathon 20-hour bargaining session between the railroads and the leaders of the engineers and conductors union means the strike that had been
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