By Paul R. La Monica, CNN Business President Joe Biden faces a number of economic concerns, from supply chain disruptions to inflation. But the White House will soon need to tackle another major financial issue: whether or not to nominate Federal Reserve chairman Jerome Powell for a second term. Powell’s tenure as Fed chair is
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By Matt Egan, CNN Business Former President Donald Trump is planning a return to Wall Street. Trump, whose companies have a long history of filing for bankruptcy, announced a deal Wednesday night to bring a new media company public through what’s known as a SPAC, or a Special Purpose Acquisition Corporation. Trump Media & Technology
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By Jeanne Sahadi, CNN Business If you’re thinking of buying a home or refinancing one, a big question will be whether to get a 30-year mortgage or opt for a shorter term loan. Most people get a 30-year fixed rate mortgage, which offers lower monthly payments. But there are some instances when it might make
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By Matt McFarland, CNN Business Tesla owners can buy the company’s “full self-driving” software for $10,000, but they may have to pay with their privacy. As part of the wider rollout of Tesla’s “full self-driving” option, which began earlier this month, drivers may forfeit some privacy protections around location sharing and in-car recordings that they
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Story by Sara Ashley O’Brien, CNN Business Video by Sean Clark, Frank Fenimore & Matt Gannon, CNN Business When Amazon opened a sprawling warehouse in her community in March 2020, Jennifer Bates never guessed she’d find herself testifying before members of Congress one year later about the “grueling” conditions she experienced working inside it. Bates,
Continue Reading Story by Sara Ashley O’Brien, CNN Business Video by Sean Clark, Frank Fenimore & Matt Gannon, CNN Business When Amazon opened a sprawling warehouse in her community in March 2020, Jennifer Bates never guessed she’d find herself testifying before members of Congress one year later about the “grueling” conditions she experienced working inside it. Bates,
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By Danielle Wiener-Bronner, CNN Business The global supply chain is struggling under the weight of a series of disruptions, including a shortage of truck drivers and other workers as well as massive port congestion. The issues are forcing large and small companies alike to re-think what they need to do to keep manufacturing facilities humming.
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By Hanna Ziady, CNN Business Facebook failed to provide crucial details about its “Cross-Check” program that reportedly shielded millions of VIP users from the social media platform’s normal content moderation rules, according to the company’s oversight board. The tech giant “has not been fully forthcoming on Cross-Check,” the oversight board said in a report published
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By Julia Horowitz, CNN Business When WeWork’s plans for a blockbuster initial public offering imploded in 2019, the company became a poster child for the excesses of venture capital and startup culture in the post-2008 era. “What happened to WeWork is not just a failure of this particular set of individuals,” wrote Shira Ovide, a
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By Chris Isidore, CNN Business Southwest Airlines says that its recent service problems, which prompted it to cancel more than 2,000 flights over a four-day period, cost the airline $75 million. That’s just one of the headwinds facing the discount airline. Southwest warned Thursday that it believes revenue will take a $100 million hit this
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By Michelle Toh, CNN Business Evergrande has made a crucial payment that allows it to stay out of default, at least for now, according to Chinese state media. State-run financial newspaper Securities Times reported Friday that the embattled property conglomerate had made an $83.5 million interest payment on a dollar-denominated bond that was due last
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By Rob McLean and Jill Disis, CNN Business Spanx, one of America’s most prominent shapewear companies, is now worth $1.2 billion after inking a deal with Blackstone. The private equity firm will take a majority stake in the brand, the two companies announced Wednesday. While they did not disclose how much Blackstone paid for its
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By Hanna Ziady, CNN Business Unilever is hiking prices to cope with soaring supply chain costs and expects inflation to accelerate into next year. The owner of Dove and Ben & Jerry’s said Thursday that it increased prices by 4.1% in the third quarter to “offset rising commodity and other input costs.” The pricing action
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By Jessie Yeung and Esha Mitra, CNN Record-breaking rains and heavy flooding have killed at least 150 people in India and Nepal over the past few days, according to disaster management officials. According to Nepal’s Home Ministry, 77 people died this week from floods and landslides, after heavy rainfall that began on Monday. Some 22
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By Rhea Mogul and Esha Mitra, CNN India has administered more than 1 billion Covid-19 vaccine doses, a remarkable feat just months after a second wave of infection killed thousands of people across the country. But as India celebrated passing the milestone on Thursday, some experts warned the pandemic threat was not over — in
Continue Reading By Michelle Toh, CNN Business A fire-sale deal that would have eased a punishing cash crunch at Chinese real estate giant Evergrande has collapsed, pushing the troubled company closer to a potential collapse. Evergrande announced Wednesday that it had terminated an agreement to sell a controlling stake in its property management unit to rival Chinese
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Robert Iddiols and Charles Riley, CNN Business The United Kingdom and New Zealand have struck a free trade agreement that will reduce tariffs on bulldozers, wine, buses and clothing. The draft deal, which follows 16 months of negotiations, is the latest to be brokered by the United Kingdom after its departure from the European Union.
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By Chris Isidore, CNN Business Tesla reported record earnings that blew past Wall Street forecasts, as the company was able to shake off the effects of a shortage of computer chips and other raw materials that has dogged the auto industry in recent months. The company reported operating earnings of $2.1 billion, up 30% from
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By Peter Valdes-Dapena, CNN Business For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And they
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By Peter Valdes-Dapena, CNN Business For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And they
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