By Julia Horowitz, CNN Business Looming interest rate hikes are slamming US tech stocks, which dropped sharply last week as investors reassessed how higher borrowing costs could hit their portfolios. But it’s not the only sector to take a beating. What’s happening: Shares of US homebuilders including Toll Brothers, Lennar and PulteGroup were among the
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By Jordan Valinsky, CNN Business Savannah Guthrie, host of NBC’s morning show ‘Today,’ announced Monday that she has Covid-19 — just a few days after her co-anchor Hoda Kotb announced she was positive for the virus. Kotb, meanwhile, returned to Studio 1A this week after recording two negative tests less than a week after her
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By Charles Riley, CNN Business The UK government is coming under mounting pressure to increase taxes on oil and gas companies, including BP and Shell. The aim: to help British households cope with skyrocketing energy bills. The main opposition Labour Party this weekend called on Prime Minister Boris Johnson to impose a windfall tax on
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By Allison Morrow, CNN Business No one likes paying more for stuff. That’s why inflation, especially the sharp price increases we’ve seen in recent months, feels like a dirty word. But on the whole, inflation can actually be a good thing for many working-class Americans — especially those with fixed-rate debt like a 30-year mortgage.
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By Michelle Toh, CNN Business Asia’s biggest billionaire, Mukesh Ambani, has snapped up a controlling stake in the Mandarin Oriental in New York City for just over $98 million. Ambani’s conglomerate, Reliance Industries, announced Saturday the acquisition of the hotel’s parent company, a Cayman Islands-based firm controlled by the Investment Corporation of Dubai. That company
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By Laura He, CNN Business China’s largest private education provider laid off 60,000 employees last year as it grappled with fallout from Beijing’s sweeping overhaul of the industry. Yu Minhong — the billionaire founder of New Oriental Education — confirmed the massive shakeup in a post on his WeChat account over the weekend, adding the
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Bob Saget was “an ever-present figure in American living rooms,” as Phil Mattingly said on CNN Sunday night. That’s why Saget’s sudden death at age 65 prompted breaking news bulletins,
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Bob Saget was “an ever-present figure in American living rooms,” as Phil Mattingly said on CNN Sunday night. That’s why Saget’s sudden death at age 65 prompted breaking news bulletins,
Continue Reading By Ramishah Maruf, CNN Business There are difficult bosses. Then there are bosses who dump over 500 pounds of greasy pennies onto an ex-employee’s driveway. The US Department of Labor filed a lawsuit late last month against a Georgia auto repair shop for violating federal labor law, after its owner retaliated against a former employee
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By Ramishah Maruf, CNN Business Katie Harbath worked for 10 years inside Facebook, where she was most recently the company’s public policy director managing elections. Now, she’s the founder and CEO of Anchor Change, and on “Reliable Sources” Sunday, she spoke out about her old company and its role in democracy. Harbath said Facebook shouldn’t
Continue Reading By Ramishah Maruf, CNN Business Katie Harbath worked for 10 years inside Facebook, where she was most recently the company’s public policy director managing elections. Now, she’s the founder and CEO of Anchor Change, and on “Reliable Sources” Sunday, she spoke out about her old company and its role in democracy. Harbath said Facebook shouldn’t
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By Allison Morrow, CNN Business Confused about inflation? You’re not alone. Inflation is, paradoxically, both incredibly simple to understand and absurdly complicated. Let’s start with the simplest version: Inflation happens when prices broadly go up. That “broadly” is important: At any given time, the price of goods will fluctuate based on shifting tastes. Someone makes
Continue Reading By Allison Morrow, CNN Business Confused about inflation? You’re not alone. Inflation is, paradoxically, both incredibly simple to understand and absurdly complicated. Let’s start with the simplest version: Inflation happens when prices broadly go up. That “broadly” is important: At any given time, the price of goods will fluctuate based on shifting tastes. Someone makes
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By Paul R. La Monica, CNN Business The prospect of higher interest rates this year is spooking investors in tech stocks and other high growth sectors. But it’s a different story for big banks. Bank stocks are off to a solid start in 2022, extending gains from the second half of last year. The Invesco
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By Ramishah Maruf, CNN Business Wonder what those green and yellow tiles all over your social media feeds are? It’s Wordle, a new no-frills word game that has charmed the internet. Think of it as Mastermind, but with words instead of colored pegs. Or a mini crossword without clues. You start by choosing any five-letter
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By Samantha Murphy Kelly and Clare Duffy, CNN CES, the closely-watched annual consumer electronics show, looked drastically different this year. Sure, some things were familiar: companies showed off the latest batch of flashy TVs. The onslaught of oddball gadgets got odder. And there was no shortage of next-level health trackers, including a lightbulb that tracks
Continue Reading By Samantha Murphy Kelly and Clare Duffy, CNN CES, the closely-watched annual consumer electronics show, looked drastically different this year. Sure, some things were familiar: companies showed off the latest batch of flashy TVs. The onslaught of oddball gadgets got odder. And there was no shortage of next-level health trackers, including a lightbulb that tracks
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By Nathaniel Meyersohn, CNN Business Looking to buy Nike sneakers, Adidas sweats, Crocs clogs, Polo shirts or Canada Goose parkas? You’re likely to have better luck these days snagging them from their own stores or on their websites than at mom-and-pops and smaller chains. These major brands and other top shoe and clothing labels are
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By Allison Morrow, CNN Business If you haven’t secured a raise in a while, now’s the time to make your move. Yes, inflation is high, supply chains are still a mess, unionization efforts are taking root across industries and retail theft is on the rise — all legitimate headaches for employers. But Corporate America has
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By Ramishah Maruf, CNN Business Amazon is shortening its Covid-19 isolation policy to seven days from 10, for a total of up to 40 hours of paid leave, the company announced to employees Friday. The policy change is effective immediately and applies to all its US employees regardless of vaccination status. The decrease in paid
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