By Oliver Darcy, CNN Business The Department of Defense fought to prevent Mark Esper, the former secretary of defense, from revealing in his forthcoming book that former President Donald Trump had proposed launching missiles into Mexico to destroy drug labs. The passage in the book, “A Sacred Oath,” which is out Tuesday, was a “major”
Continue Reading By Oliver Darcy, CNN Business The Department of Defense fought to prevent Mark Esper, the former secretary of defense, from revealing in his forthcoming book that former President Donald Trump had proposed launching missiles into Mexico to destroy drug labs. The passage in the book, “A Sacred Oath,” which is out Tuesday, was a “major”
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By Jennifer Korn and Clare Duffy, CNN Business A wave of new legislation taking aim at abortion rights across the country is raising concerns about the potential use of personal data to punish people who seek information about or access to abortion services online. In some of the most restrictive states, digital rights experts warn
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By Brian Fung, CNN A federal judge in San Francisco has dismissed former President Donald Trump’s lawsuit against Twitter that sought to reinstate his banned account on the platform, according to a court filing. The decision is a victory for Twitter, which had asked Judge James Donato, of the US District Court for the Northern
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By Brian Fung, CNN For years, video gamers have blamed shortages of PC graphics cards on cryptocurrency enthusiasts, who have snapped up growing numbers of the devices to generate digital coins. The pandemic, along with the Trump administration’s tariffs on Chinese imports, have only made the situation worse, leading to skyrocketing retail and aftermarket prices.
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By Alicia Wallace, CNN Business Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which includes credit cards, surged by 21.4%. Despite robust wage growth — over the past 12
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By Danielle Wiener-Bronner, CNN Business Starbucks isn’t pleased that the White House left management out of a meeting with union representatives. On Thursday, union organizers representing workers at Starbucks, REI and Amazon, among others, met with Vice President Kamala Harris and Labor Secretary Marty Walsh at the White House. President Joe Biden also stopped by
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By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities imposed a lockdown
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By Danielle Wiener-Bronner, CNN Business Kraft Heinz is using the metaverse to help get Lunchables, Velveeta and ketchup onto shelves faster. Last month, the company announced a deal with Microsoft to help secure its supply chain by, among other things, using automation to speed up operations and replicate the company’s facilities online. Kraft created “digital
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By Matt Egan, CNN Business US Treasury Secretary Janet Yellen told lawmakers on Tuesday the Covid-19 pandemic and the war in Ukraine may continue to add turbulence to the world economy. “There is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic,” Yellen said during a
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By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
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By Paul R. La Monica, CNN Business Investors are very nervous about what’s next for America’s economy, with market fear gauges spiking. But there are still some bright spots for investors seeking companies that may still report healthy earnings even in a further-weakened economy. The market is grappling with a lot: interest rate hikes to
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By Kathryn Vasel With the job market still going strong, millions of workers have switched jobs in the past year. In March, a record 4.5 million people quit their jobs, according to the Labor Department, many of whom left to seek higher pay, better benefits and flexibility or new career opportunities. But sometimes new roles
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By Allison Morrow, CNN Business Around the world, warning signs of a recession are flashing. Wall Street is on edge. Central banks are hiking interest rates to try to rein in inflation. And geopolitical upheaval is exacerbating supply chain headaches that began in 2020. “We will get a major recession,” Deutsche Bank economists warned last
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By Frank Pallotta, CNN Business “Doctor Strange in the Multiverse of Madness,” the latest film in the Marvel Cinematic Universe, made an estimated $185 million domestically for its opening this weekend, according to Disney. That number hit the high end of expectations, which had the film making around $170 million to $185 million in North
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By Frank Pallotta, CNN Business After the pandemic pummeled its business, the movie industry is counting on a comeback. The good news for theaters is they couldn’t ask for a better film to kick off the summer. Marvel’s “Doctor Strange in the Multiverse of Madness” hits theaters this weekend. It’s one of the most anticipated
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By Paul R. La Monica, CNN Business Stocks ended the day lower in a volatile session Friday. A solid jobs report was not enough to fully convince investors to look for bargains following Thursday’s more-than-1,000-point plunge. The Dow fell nearly 100 points, or 0.3%. Nike was one of the biggest drags on the blue chips,
Continue Reading By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
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By Julia Horowitz, CNN Business This newsletter yesterday highlighted warnings that market enthusiasm after the Federal Reserve’s latest meeting was misplaced. Investors quickly came to the same conclusion. What’s happening: After the S&P 500 rallied 3% on Wednesday, logging its best day in almost two years, it plunged 3.6% in an ugly trading session on
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By Anna Cooban, CNN Business Adidas on Friday blamed poor sales in China for a sharp drop in first quarter profit. The German sportswear giant reported net profit of €310 million ($327 million) in the first three months of 2022, down 38% on the same period last year. The company said the decline was caused
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