Money

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

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.

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

By Chris Isidore, CNN Business Tesla faces billions of dollars in losses from its new plants, supply chain problems and Covid lockdowns — enough for CEO Elon Musk to mention the possibility of bankruptcy in a recent interview. “The past two years have been an absolute nightmare of supply chain interruptions, one thing after another,”

By Paul R. La Monica, CNN Business It wasn’t too long ago when some movie fans found that the easiest and cheapest way to watch movies in a post-Blockbuster world was to rent DVDs from Redbox kiosks at the drug store and other retailers. Ahh, the early 2010’s. The rise of Netflix and other streaming

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

By Matt Egan, CNN Business Federal Reserve Chairman Jerome Powell told lawmakers on Thursday that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street. Powell said that although it’s “certainly possible” to get inflation under control without causing job losses, that may not be the case. “There is a risk

By Hannah Ritchie, CNN Mining in Western Australia, a multi-billion dollar industry which helps power the nation’s economy, is plagued by an “abhorrent and systemic” culture of sexual abuse, according to a parliamentary inquiry published Thursday. After an investigation lasting almost a year, a committee led by state lawmakers detailed widespread sexual harassment, degradation, assault

By Jordan Valinsky, CNN Business Nike is the latest Western brand to leave Russia. In a statement, the clothing manufacturer said that it has “made the decision to leave the Russian marketplace” and that its “priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway is betting that the oil boom isn’t going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway made

By Alicia Wallace, CNN Business Mortgage rates continue to climb as the Federal Reserve seeks to tame unwieldy inflation. The 30-year fixed-rate mortgage averaged 5.81% in the week ending June 23, edging up from 5.78% the week before, according to Freddie Mac. This time last year, rates averaged 3.02%, and the last time rates were

By Michelle Toh, CNN Business Tesla cars are being kept off some roads in China as authorities bar them from sensitive areas, reportedly including a seaside resort town where a top leadership gathering could take place next month. The reports suggest that the automaker continues to face deep mistrust from officials about whether its vehicles

By Julia Horowitz, CNN Business Fears of a recession and the Federal Reserve’s aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn’t gotten as much attention as the bleeding in stocks or cryptocurrencies, but it’s been painful. What’s happening: A major exchange-traded fund that tracks blue chip bonds