Another key inflation indicator flashed a warning sign in May: Producer prices jumped a record amount last month. The economy is reopening fully and soaring demand, together with supply chain issues and materials shortages, is pushing prices higher. That trend, which has been taking place all year, continued in May. Between May 2020 and May
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A French court has ordered IKEA to pay a €1 million ($1.2 million) fine after finding the Swedish retailer guilty of improperly using employee data. The judgment was announced Tuesday by a court in Versailles. The French subsidiary of IKEA was on trial alongside 15 people including former executives over an alleged “spying system” deployed
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Australia and the United Kingdom announced a free trade agreement Tuesday as Britain begins to forge new economic relationships following its departure from the European Union. The main elements of the deal were agreed by UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street on Monday night.
Continue Reading Best Buy wants to sell you a new outdoor grill for summer cookouts, a backpack for a return to the office, and luggage for future vacations as it extends its product options beyond electronics. The chain announced Tuesday that it will sell grills, outdoor firepits and patio sets from brands such as Weber and Traeger
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The news just keeps getting worse for Lordstown Motors. The troubled electric truck maker said Monday that its CEO and chief financial officer were stepping down — just one week after warning that the company could go out of business. Shares of Lordstown plunged nearly 20% in early trading on the news. Lordstown didn’t give
Continue Reading Special-purpose acquisition companies, or SPACs, were one of the stock market’s hottest trends in early 2021, drawing in billionaires, celebrities and athletes. Then, in early spring, enthusiasm began to wane, as “blank check” firms — which raise money from investors and then go hunting for takeover targets — started to receive greater scrutiny from lawmakers
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The United States and the European Union have resolved a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China’s rising economic influence. US officials confirmed on Tuesday they struck a truce to end the dispute over government subsidies for the world’s
Continue Reading The United States and the European Union are poised to resolve a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China’s rising economic influence. The United States and the European Union are expected to announce a resolution of the dispute over
Continue Reading A once-in-century pandemic. Political polarization. The fight for social justice. An existential climate crisis. The modern CEO faces a minefield of vexing challenges every day. “We’re only at the tip of the iceberg,” Tim Ryan, US chairman of PricewaterhouseCoopers, told CNN Business. That’s why PwC, the 160-year-old accounting and consulting giant, is embarking on a
Continue Reading Stephen Colbert has come a long way since doing a monologue in a bathtub. The host welcomed back a full house to the Ed Sullivan Theater, home of CBS’ “The Late Show,” on Monday. It was the first time in 15 months that Colbert presented the show in front of a live audience. CNN Business
Continue Reading The Ever Given is no longer blocking the Suez Canal, but the crisis is far from over for companies forced to endure a protracted legal battle in hopes of recovering goods worth hundreds of millions of dollars that have been stuck on the impounded container ship for months. IKEA and Lenovo are among the companies
Continue Reading American citizen Nathan Maung, who has been detained in Myanmar since March 9, was released and deported to the United States on Tuesday after charges against him were dropped, his lawyer said. Nathan Maung is co-founder and editor​-in-chief of the Myanmar online news site Kamayut Media and had spent more than two months incarcerated in
Continue Reading Australia and the United Kingdom are set to announce a free trade agreement Tuesday as Britain continues to forge new economic relationships post-Brexit. Australian Prime Minister Scott Morrison and British Prime Minister Boris Johnson will detail the plan during London morning hours at 10 Downing Street, a Morrison spokesperson told CNN Business. “Their agreement is
Continue Reading A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Another biotech company just touted superb results for trials of its Covid-19 vaccine. Vermont just became the first state to reach an “80% vaccinated” goal. And in a back-to-normal symbol in the entertainment industry, “The
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The National Retail Federation is calling on the White House to address the logjam at US ports that is snarling commerce as the economy swiftly recovers from the pandemic. “The supply chain disruption issues, especially the congestion affecting our key maritime ports, are causing significant challenges for America’s retailers,” Matthew Shay, the NRF’s president and
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Washington Prime Group, a major mall owner of more than 100 locations across the United States, filed for bankruptcy, citing pandemic-related shutdowns. The Columbus, Ohio-based company filed for Chapter 11 late Sunday, saying Covid-19 “created significant challenges” and that the move is “necessary.” Washington Prime secured $100 million in new funding to support its day-to-day
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Attorney General Merrick Garland says he will work to put the Justice Department’s new pledge against spying on journalists into regulation, so that the promise has some teeth. Garland met with executives from CNN, The New York Times and The Washington Post on Monday afternoon in the wake of startling disclosures about the seizure of
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YouTube is banning several types of advertisers from one of the most prominent spots on its homepage. The video streaming platform said Monday that it will ban ads related to gambling, alcohol and prescription drugs, as well as political and election ads, from its masthead — the banner displayed at the top of its website
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Online grocery shopping is hotter than ever, and Boxed is cashing in: It’s going public in an $887 million deal with a special purpose acquisition company. Boxed, which was founded in 2013 and has 7 million users, delivers wholesale grocery and bulk items to consumers and businesses across the country. The company will merge with
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Corporate America must be compelled to fess up about the financial risks posed by the climate crisis, a coalition of state attorneys general told the Securities and Exchange Commission on Monday. In a comment letter obtained exclusively by CNN Business, California and nearly a dozen other states warn that the SEC’s current disclosure rules are
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