By Julia Horowitz, CNN Business Almost 2 million workers in Europe’s biggest economy are set for a big pay rise. Three German political parties agreed to form a new government on Wednesday, with left-leaning Social Democrat Olaf Scholz set to succeed Angela Merkel as chancellor following lengthy coalition negotiations. As part of the coalition agreement,
Continue Reading
By Jill Disis and Kylie Atwood, CNN Business The Biden administration is piling more pressure on Chinese companies it claims could undermine US national security. The US Commerce Department on Wednesday added a dozen Chinese companies to a trade blacklist, saying that some of the firms have supported the modernization of China’s army. US officials
Continue Reading By Jill Disis and Kylie Atwood, CNN Business The Biden administration is piling more pressure on Chinese companies it claims could undermine US national security. The US Commerce Department on Wednesday added a dozen Chinese companies to a trade blacklist, saying that some of the firms have supported the modernization of China’s army. US officials
Continue Reading
By Michelle Toh, CNN Business Jamie Dimon is trying to take back a joke about China and its powerful political machine. Speaking at an event in Boston on Tuesday, the JPMorgan CEO said he “made a joke” during a recent trip to Hong Kong, referencing the ruling Chinese Communist Party’s 100th anniversary. “The Communist Party
Continue Reading
By Sara Ashley O’Brien, CNN Business For 11 weeks, the only words from Elizabeth Holmes in her criminal trial came from old TV interviews, an audio recording of an investor call and text messages presented to the jury. But over the course of two days this week, and a brief appearance the week prior, Holmes
Continue Reading
By Clare Duffy, CNN Business Adam Mosseri, the head of Instagram, is set to testify in a Senate subcommittee hearing in early December about the platform’s potentially harmful impact on younger users following months of scrutiny on the issue. The testimony will mark Mosseri’s first appearance before Congress. It also makes him the most high-profile
Continue Reading Opinion by Reuven Avi-Yonah for CNN Business Perspectives Corporate America has perfected the art of dodging the taxes that everyone else pays. From 2018 to 2020, 39 of the largest companies in America paid zero dollars in federal income taxes, despite reporting a combined $122 billion in profits, according to analysis from the Institute on
Continue Reading
By Kathryn Vasel, CNN Business Millions of Americans are leaving their jobs these days — and they don’t always have another one lined up. Whether it’s due to burnout, a desire for more flexibility or better pay, or the pursuit of an entirely different career, saying “I quit” can have long-term financial implications. “Before you
Continue Reading
By Danielle Wiener-Bronner, CNN Business Beyond Meat and Impossible Foods have persuaded customers to dig into cow-free burgers. Atomo Coffee wants to do the same for coffee. The startup, which launched in 2019 and offered a limited release to the public in September, makes a canned cold brew designed to taste like coffee and give
Continue Reading By Danielle Wiener-Bronner, CNN Business Beyond Meat and Impossible Foods have persuaded customers to dig into cow-free burgers. Atomo Coffee wants to do the same for coffee. The startup, which launched in 2019 and offered a limited release to the public in September, makes a canned cold brew designed to taste like coffee and give
Continue Reading
By Julia Horowitz, Isil Sariyuce and Jomana Karadsheh, CNN Business Turkey is plunging into a fresh currency crisis as investors dump the lira in response to the extraordinary decision by the country’s central bank to slash interest rates in the face of soaring inflation. The lira stabilized on Wednesday but suffered a huge fall against
Continue Reading
By Anneken Tappe, CNN Business Weekly claims for unemployment benefits finally fell below their pre-pandemic levels, according to data from the Labor Department. Last week’s jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969. Benefit claims jumped into the millions in March 2020 as the pandemic caused the
Continue Reading
By Parija Kavilanz, CNN Business Gap said it lost $300 million in sales heading into the holiday season because of Covid-related factory closures, and backlogs at ports that significantly stalled its ability to get merchandise into stores on time. “While we had planned into the known supply chain constraints …. the shock to our business
Continue Reading
By Paul R. La Monica, CNN Business Nobody in their right mind likes to pay higher prices for stuff. But if you’re an investor, there is a way to profit from inflationary trends — and it might be time to start adjusting your portfolio accordingly. Consumer staples giants like Coca-Cola and Pepsi can benefit from
Continue Reading
By Matt Egan Drivers hitting the road this Thanksgiving will be greeted by the highest prices at the pump in nearly a decade. The average prices consumers paid for regular gasoline stood at $3.40 a gallon on Monday, according to a new report from the government. That’s the highest price on the Monday before Thanksgiving
Continue Reading
By Nathaniel Meyersohn, CNN Business Video by Sofia Barrett, CNN Business The supply chain crisis means last-minute gift buyers may have little choice but to go shopping the old-fashioned way this holiday season. High demand, combined with supply chain delays, materials’ shortages and troubles hiring workers, are shrinking the availability of items both online and
Continue Reading
By Parija Kavilanz, CNN Business If you’re the kind of shopper who holds out for the bigger and better year-end deals after Christmas, you could be out of luck this season. Come January, those ridiculously-deep clearance sales might be much harder to find. Blame the messed up global supply chain. January is the golden month
Continue Reading By Anneken Tappe, CNN Business Weekly claims for unemployment benefits finally fell below their pre-pandemic levels, according to data from the Labor Department. Last week’s jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969. Benefit claims jumped into the millions in March 2020 as the pandemic caused the
Continue Reading
By Anneken Tappe, CNN Business US price surges eased in the third quarter of the year. But they climbed to a more than 30-year high in October — showing the pandemic price hikes are clearly not behind us yet. A deluge of economic data ahead of the Thanksgiving holiday highlights how the pandemic economy is
Continue Reading
By Julia Horowitz, CNN Business Economists around the world are closely watching a resurgence of coronavirus cases across Europe for signs of what may be to come this winter. What’s happening: The spike in cases is feeding fears that the region’s strong economic recovery from the pandemic could be in jeopardy. So far, the new
Continue Reading