Money

By Paul R. La Monica, CNN Business The Gap’s remarkable turnaround under CEO Sonia Syngal is continuing, thanks in part to Kanye West, TikTok and Simone Biles. Gap shares were up about 3% Friday morning after the retailer reported earnings and sales for its most recent quarter that topped forecasts and issued an upbeat outlook

By Jordan Valinsky, CNN Business This summer’s viral craze of stacking milk crates in a pyramid and trying to climb them like stairs has been banned the app that helped give life to it. TikTok has deleted search results for the hashtag “milk crate challenge” and explained in a statement that the challenge was publicizing

By Anneken Tappe, CNN Business Federal Reserve Chairman Jerome Powell said Friday that the economic recovery is continuing apace, high inflation is just temporary, and the Fed will soon wind down the emergency economic stimulus program. But, in his highly anticipated speech at the virtual Jackson Hole Symposium, Powell tempered his optimism with some words

By Anneken Tappe, CNN Business The Federal Reserve‘s favorite measure of inflation rose to its highest level since 1991 in July, the Bureau of Economic Analysis said Friday. The price index for American consumer spending, also known as the PCE index, rose at a rate of 4.2% in the year ended July, the fastest pace

Opinion by Jim Andrew and David Banks for CNN Business Perspectives Already pushed to the brink from agricultural demands and other human uses, water in many parts of the world is running dry at an alarming rate. The Colorado River, for example, which supplies water to more than 40 million people in the US and

By Julia Horowitz, CNN Business Since its inception in 1913, the US Federal Reserve — the most important institution in charge of managing America’s economy — has learned a lot about what it should and shouldn’t do during a crisis. Just ask a Fed historian. What’s happening: Central bankers are gathering Friday for a virtual

By Michelle Toh, CNN Business Apple CEO Tim Cook just celebrated 10 years on the job. He also marked the occasion this week by collecting — and selling off — three quarters of a billion dollars’ worth of stock. The transactions were revealed in a regulatory filing Thursday, which showed that Cook had acquired and

By Oliver Darcy, CNN Business South Dakota Gov. Kristi Noem, whose profile has risen in conservative media during the pandemic, is lashing out at one of right-wing media’s most popular bloggers for what she described as comments that were full of “horrible misogyny.” Noem, a Republican viewed as a potential 2024 presidential candidate, garnered praise

By Jordan Valinsky, CNN Business Peloton is cutting the price of its original at-home exercise bike for the second time in a year, a sign that the trendy fitness company is facing fiercer competition from rivals producing significantly cheaper products and people returning to gyms. Beginning Thursday, its core bike will cost $1,495 — a

By Paul R. La Monica, CNN Business America’s red hot housing market may be finally cooling off. But don’t tell that to Williams-Sonoma. The news from Home Depot last week that fewer customers shopped at the retailer in the second quarter than a year ago was viewed as a sign that sales may be peaking.

By Jordan Valinsky, CNN Business Few things in life are worse than a soggy french fry. Wendy’s says it has a solution. The fast food chain is giving its top-selling menu item a makeover for the Covid era: a fry that retains more heat and keeps its crispiness longer compared to its predecessor. The upgraded

By Jeanne Sahadi, CNN Business The idea of making money on the side from owning a rental property can be very appealing, especially if you view the venture as a possible way to quit your day job eventually or subsidize your income when you retire. But becoming a landlord is not for the faint of

By Paul R. La Monica, CNN Business There have been multiple eulogies for Windows-based desktop personal computers and laptops in the past few years as smartphones seemingly rule the gadget landscape. But “old” tech giants Dell and HP, which both reported earnings after the close Thursday, are doing just fine in 2021. Dell said sales

By Charles Riley and Lauren Gunn, CNN Business UK food producers and supermarkets are warning that empty shelves could persist through the year-end holiday season unless the government acts to ease a shortage of workers and truck drivers caused by Brexit and the coronavirus pandemic. McDonald’s has already been forced to take milkshakes off its

By Brian Stelter, CNN Business Axel Springer, the German media conglomerate, has agreed to buy the Washington-based Politico franchise for more than $1 billion. Politico’s tech news sibling Protocol is also included in the deal, which was announced Thursday morning. Axel Springer and Politico already work together on a joint venture in Europe. Building on