By Allison Morrow, CNN Business Two years ago, when the pandemic ushered in the sharpest economic downturn on record, it sparked a tidal wave of layoffs. The subsequent recession was painful but mercifully short — technically, it lasted only two months. Since then, the economy has come roaring back. Unemployment in the US is near
Continue Reading By Anna Cooban and Uliana Pavlova, CNN Business The semiconductor industry just can’t catch a break. After grappling with pandemic-fueled supply bottlenecks, chipmakers are facing a new headache: Russia, one of the world’s biggest suppliers of gases used to make semiconductors, has started to limit exports. Moscow began restricting exports of inert, or “noble” gases,
Continue Reading By Brian Stelter, CNN Business President Biden has given very few interviews this year. That fact makes his half-hour sit-down with Associated Press White House reporter Josh Boak all the more newsworthy. Thankfully The AP published the transcript in its entirety. Here are nine insights from the Oval Office interview: >> Biden’s recognition that gas
Continue Reading By Sara Ashley O’Brien, CNN Business Lyft has agreed to a $25 million settlement with shareholders over allegations that it failed to adequately disclose threats to its reputation and business ahead of going public. The “misstatements and omissions” before its initial public offering include not disclosing the “existential risk” presented by reports of drivers assaulting
Continue Reading By Oliver Darcy, CNN Business USA Today on Thursday said that it had removed 23 stories from its website after an internal investigation found that one of its journalists had apparently “fabricated” quotes in her stories. “After receiving an external correction request, USA Today audited the reporting work of Gabriela Miranda,” said an editor’s note
Continue Reading By Parija Kavilanz, CNN Business Horses, cows, goats, pigs and sheep have food and grooming needs, too, and Petco is stepping up to deliver its products and services to their owners. Petco announced Thursday it is launching a new, smaller store concept that’s specifically designed to meet the needs of both pets and farm animals
Continue Reading By Clare Duffy and Donie O’Sullivan, CNN Business Elon Musk on Thursday doubled down on his desire to relax content restrictions on Twitter during a meeting with employees, some of whom have previously raised concerns about how the billionaire might change the platform. In his first town hall event with Twitter employees since agreeing to
Continue Reading By Chris Isidore, CNN Business There’s not a lot that Joe Biden, Congress or the Federal Reserve can do to bring down the record high gas prices. High gas prices themselves might do the job for them. That’s because big swings in prices of a good or service are typically caused by an imbalance between
Continue Reading By Paul R. La Monica, CNN Business Uber CEO Dara Khosrowshahi said at a Bloomberg event earlier this month that he thinks the ridesharing and food delivery giant is “recession resistant.” That may or may not be true, but Wall Street clearly disagrees. Uber’s stock has lost more than half its value this year. But
Continue Reading By Nathaniel Meyersohn, CNN Business Decades-high inflation is changing US consumers’ grocery habits. Kroger, the nation’s largest grocery store chain, said Thursday that budget-constrained shoppers were buying fewer items in stores, favoring Kroger’s cheaper store brands instead of name brands, and switching from beef to pork. “Rising inflation has consumers rethinking their shopping and eating
Continue Reading By Anna Bahney, CNN Business Another indication the hot housing market is cooling off? New residential construction and the number of permits issued for building homes both fell in May. The number of housing starts fell for the second month in a row in May, dropping 14.4% from April and 3.5% from the year before.
Continue Reading By Jordan Valinsky, CNN Business Amazon’s Prime Day sales event will be held on July 12 and 13, the company said Thursday. Last year’s sales spectacular, which returned to its usual summer perch, was the biggest two-day sales period for third-party sellers in the company’s history. Online spending during the event surpassed $11 billion, a
Continue Reading Opinion by Desmond Lachman for CNN Business Perspectives History will not judge the Jerome Powell Federal Reserve kindly. First, it brought us multi-decade high inflation. Now, it is putting us well on the path to a hard economic landing. Last year, at a time when the US economy was recovering strongly, the Fed kept its
Continue Reading By Jordan Valinsky, CNN Business Lego is planning to spend more than $1 billion to build a factory in the United States. The company announced Wednesday plans for a 1.7-million square foot plant in Virginia, which will employ roughly 1,800 people once its completed in 2025. It will be the Danish company’s seventh global factory
Continue Reading By Frank Pallotta, CNN Business Vince McMahon, the CEO of WWE, is being investigated by the company’s board for agreeing to pay a secret $3 million settlement to a former employee he allegedly had an affair with, according to a Wall Street Journal report. The separation agreement, which was reportedly made in January, prevents the
Continue Reading By Brian Fung, CNN European Union officials on Thursday announced new, voluntary commitments by companies including Google, Facebook-parent Meta, Twitter and TikTok to limit the spread of fake and misleading content. Under the newest version of a code of conduct originally established in 2018, nearly three dozen entities vowed to step up efforts to detect
Continue Reading By Frank Pallotta, CNN Business Pixar is one of the most popular brands in animation as well as one of the most important studios in Disney’s media kingdom. But it has been a while since audiences could go to a theater to see one of its films. After releasing its last three features directly on
Continue Reading By Anna Bahney, CNN Business Mortgage rates surged by more than half a percentage point this week amid rising inflation and an interest rate hike by the Federal Reserve, according to Freddie Mac. The jump is the largest one-week increase since 1987. The 30-year fixed-rate mortgage averaged 5.78% in the week ending June 16, up
Continue Reading By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the
Continue Reading By Jennifer Korn, CNN Business Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase. But last week, Jia was one
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