By Laura He and Mark Thompson, CNN Business Stocks fell and oil prices plunged more than 10% on Friday as the emergence of a new Covid-19 variant rattled global markets. Asian markets led the way, with Hong Kong’s Hang Seng Index dropping 2.7%, while Japan’s Nikkei 225 was down 2.5%. European markets also sold off
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By Esha Mitra and Rhea Mogul CNN Santosh Singh’s earliest memory is of tilling soil on his family’s farm. Now, the 70-year-old farmer’s eyes gleam with pride as he recalls watching his grandson do the same. But Singh hasn’t been home to Punjab for one year since he joined farmers at one of three protest
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By Chris Isidore, CNN Business This Black Friday could very likely be the start of the final holiday shopping season for Sears and Kmart, two brands that once proudly dominated the US retail landscape. The two chains are only a shell of what they were when the holding company that owns both emerged from bankruptcy
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By Jack Guy and Junko Ogura, CNN Business Swedish retailer Ikea is becoming a landlord in Japan with a tiny apartment it will rent out in Tokyo. The 10-square-meter (107-square-foot) apartment is located in the Shinjuku district and will cost just 99 yen ($0.86) per month to rent, according to details released by Ikea this
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By Walé Azeez, CNN Business Shops in the United Kingdom could run short of wine and liquor ahead of Christmas because there aren’t enough drivers to make deliveries. The warning was made in a letter sent by the UK Wine and Spirit Trade Association (WTSA) to UK Transport Secretary Grant Shapps last week. It was
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By Julia Horowitz, CNN Business Almost 2 million workers in Europe’s biggest economy are set for a big pay rise. Three German political parties agreed to form a new government on Wednesday, with left-leaning Social Democrat Olaf Scholz set to succeed Angela Merkel as chancellor following lengthy coalition negotiations. As part of the coalition agreement,
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By Jill Disis and Kylie Atwood, CNN Business The Biden administration is piling more pressure on Chinese companies it claims could undermine US national security. The US Commerce Department on Wednesday added a dozen Chinese companies to a trade blacklist, saying that some of the firms have supported the modernization of China’s army. US officials
Continue Reading By Jill Disis and Kylie Atwood, CNN Business The Biden administration is piling more pressure on Chinese companies it claims could undermine US national security. The US Commerce Department on Wednesday added a dozen Chinese companies to a trade blacklist, saying that some of the firms have supported the modernization of China’s army. US officials
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By Michelle Toh, CNN Business Jamie Dimon is trying to take back a joke about China and its powerful political machine. Speaking at an event in Boston on Tuesday, the JPMorgan CEO said he “made a joke” during a recent trip to Hong Kong, referencing the ruling Chinese Communist Party’s 100th anniversary. “The Communist Party
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By Sara Ashley O’Brien, CNN Business For 11 weeks, the only words from Elizabeth Holmes in her criminal trial came from old TV interviews, an audio recording of an investor call and text messages presented to the jury. But over the course of two days this week, and a brief appearance the week prior, Holmes
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By Clare Duffy, CNN Business Adam Mosseri, the head of Instagram, is set to testify in a Senate subcommittee hearing in early December about the platform’s potentially harmful impact on younger users following months of scrutiny on the issue. The testimony will mark Mosseri’s first appearance before Congress. It also makes him the most high-profile
Continue Reading Opinion by Reuven Avi-Yonah for CNN Business Perspectives Corporate America has perfected the art of dodging the taxes that everyone else pays. From 2018 to 2020, 39 of the largest companies in America paid zero dollars in federal income taxes, despite reporting a combined $122 billion in profits, according to analysis from the Institute on
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By Kathryn Vasel, CNN Business Millions of Americans are leaving their jobs these days — and they don’t always have another one lined up. Whether it’s due to burnout, a desire for more flexibility or better pay, or the pursuit of an entirely different career, saying “I quit” can have long-term financial implications. “Before you
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By Danielle Wiener-Bronner, CNN Business Beyond Meat and Impossible Foods have persuaded customers to dig into cow-free burgers. Atomo Coffee wants to do the same for coffee. The startup, which launched in 2019 and offered a limited release to the public in September, makes a canned cold brew designed to taste like coffee and give
Continue Reading By Danielle Wiener-Bronner, CNN Business Beyond Meat and Impossible Foods have persuaded customers to dig into cow-free burgers. Atomo Coffee wants to do the same for coffee. The startup, which launched in 2019 and offered a limited release to the public in September, makes a canned cold brew designed to taste like coffee and give
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By Julia Horowitz, Isil Sariyuce and Jomana Karadsheh, CNN Business Turkey is plunging into a fresh currency crisis as investors dump the lira in response to the extraordinary decision by the country’s central bank to slash interest rates in the face of soaring inflation. The lira stabilized on Wednesday but suffered a huge fall against
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By Anneken Tappe, CNN Business Weekly claims for unemployment benefits finally fell below their pre-pandemic levels, according to data from the Labor Department. Last week’s jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969. Benefit claims jumped into the millions in March 2020 as the pandemic caused the
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By Parija Kavilanz, CNN Business Gap said it lost $300 million in sales heading into the holiday season because of Covid-related factory closures, and backlogs at ports that significantly stalled its ability to get merchandise into stores on time. “While we had planned into the known supply chain constraints …. the shock to our business
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By Paul R. La Monica, CNN Business Nobody in their right mind likes to pay higher prices for stuff. But if you’re an investor, there is a way to profit from inflationary trends — and it might be time to start adjusting your portfolio accordingly. Consumer staples giants like Coca-Cola and Pepsi can benefit from
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By Matt Egan Drivers hitting the road this Thanksgiving will be greeted by the highest prices at the pump in nearly a decade. The average prices consumers paid for regular gasoline stood at $3.40 a gallon on Monday, according to a new report from the government. That’s the highest price on the Monday before Thanksgiving
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