By Sharon Browne-Peter Burberry reported record profits for the year ended in April despite taking a recent sales hit from its biggest market, China. The British luxury brand, known for its signature beige check and trench coats, reported a 23% increase in revenue for the year, while profits rose 38% to £523 million ($649 million).
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Opinion by Rosabeth Moss Kanter for CNN Business Perspectives To attract workers in today’s tight labor market, companies are touting better workplace amenities. Amazon is running ads about the company’s pay and benefits. Levi Strauss is offering to cover travel costs for workers seeking abortions. Airbnb is allowing its employees to permanently work remotely. This
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By Nicole Goodkind, CNN Business The old joke goes like this: Two friends are at a resort and one says, “The food here is really terrible.” The other replies, “And the portions are so small!” Today, it’s investors who dislike the taste of the Federal Reserve’s interest rate hikes — but seemingly want more anyway.
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By Paul R. La Monica, CNN Business Target’s earnings didn’t hit the mark. Far from it. The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street’s forecasts. The company blamed higher expenses due to continued supply chain disruptions. Consumers also are holding back on nonessential purchases because
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By Anna Cooban, CNN Business The European Union has unveiled a €210 billion ($221 billion) plan to wean itself off Russian oil and gas. Presenting its “REPowerEU” plan on Wednesday, the European Commission said it would attempt to slash consumption of Russian gas across the bloc by 66% by the end of this year —
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By Julia Horowitz, CNN Business The mood hanging over financial markets is anxious and gloomy, whether you’re a professional investor or a casual trader. The CNN Business Fear & Greed Index is in “extreme fear” territory. According to the most recent survey from the American Association of Individual Investors, 49% of members think the stock
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By Matt Egan, CNN Business The mood in the C-Suite is darkening. CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic, The Conference Board said Wednesday. For the first time during the economic expansion, CEO confidence is now in negative territory. Worse, business leaders are bracing for a potential
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By Julia Horowitz, CNN Business Prices are rising at the fastest pace in decades, creating a cost-of-living crisis that’s forcing people around the world to make tough choices about what to buy. The United Kingdom is no exception: inflation hit a 40-year high of 9% in April and is forecast to peak above 10% toward
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By Laura He, CNN Business China is trying once again to lift the spirits of its huge tech industry after a bruising regulatory offensive that has weakened some of its biggest businesses at a time of stalling economic growth. In a rare public display of support for the private sector, Vice Premier Liu He said
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COLUMBIA, Mo. (KMIZ) The City of Columbia is conducting a community engagement project to figure out the best way to spend the second half of its American Rescue Plan funding. The city has spent half of the $25 million in ARPA funds, but still has areas in need of the funds. For over a year
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By Chris Isidore, CNN Business AerCap Holdings, the aircraft leasing giant that is the world’s largest owner of jets, lost 113 planes when Russia seized them in response to sanctions triggered by the war in Ukraine. The seizures of the planes and 11 jet engines by Russian authorities caused AerCap to take a $2.7 billion
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By Sara Ashley O’Brien, CNN Business Apple notified corporate employees that it is delaying a requirement for most staffers to be in the office at least three days a week amid an increase in Covid-19 cases in the San Francisco Bay Area, where the company is based. In a message to staffers obtained by CNN
Continue Reading By Sara Ashley O’Brien, CNN Business Apple notified corporate employees that it is delaying a requirement for most staffers to be in the office at least three days a week amid an increase in Covid-19 cases in the San Francisco Bay Area, where the company is based. In a message to staffers obtained by CNN
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By Chris Isidore, CNN Business How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold.
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By Matt Egan and Chris Isidore, CNN Business The average price for gasoline in California hit $6 a gallon Tuesday for the first time — and analysts at JPMorgan are warning that price could be the national average before the end of the summer. The startling forecast comes as US gas prices have surged to
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By Matt McFarland, CNN Business Traffic deaths in the United States continue to spike, as the National Highway Traffic Safety Administration estimated Tuesday that there were 42,915 such fatalities in 2021. That would be the most traffic deaths in 16 years, NHTSA said. Estimated deaths increased 10.5% from 2020, but the number of deaths per
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By Peter Valdes-Dapena, CNN Business After Renault announced its departure this week from the Russian auto market amid the country’s war with Ukraine, Moscow’s mayor announced its factory will be used to restart the defunct Soviet-era Moskvich car brand. Little known outside the former Soviet Union and its satellite countries, Moskvich was founded around 1930
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By Nicole Goodkind, CNN Business A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a “massive fraudulent scheme” that involved the investments of public pensions, religious organizations and other foundations. The settlements with the US Department of Justice and US Securities and Exchange Commission are
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By Jon Sarlin, CNN Business Editor’s Note: If you or someone you know is struggling with suicidal thoughts or mental health matters, please call the National Suicide Prevention Lifeline at 800-273-8255 to connect with a trained counselor or visit the NSPL site. On Twitter and Reddit, stunned Luna and TerraUSD investors tried to take stock
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By Anneken Tappe, CNN Business Hindsight is 20:20, even for the Federal Reserve. The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome
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