By Matt Egan, CNN Business President Joe Biden’s $1.9 trillion American Rescue Plan is contributing to elevated inflation but it isn’t expected to overheat the economy, a new research paper from the San Francisco Federal Reserve concludes. The package signed into law in March included stimulus checks, enhanced unemployment benefits, small business loans, aid to
Continue Reading
By Samantha Murphy Kelly, CNN Business Almost immediately after Apple unveiled its new AirPods product in 2016, the memes began. There were photoshopped pictures of electric toothbrushes dangling from ears and jokes about the wireless earbuds resembling miniature hair dryers, oversized plastic earrings and Snoopy. But over the years, AirPods have emerged as a surprise
Continue Reading
By Samantha Murphy Kelly, CNN Business Google’s Pixel smartphones are taking a big step toward becoming a true Apple iPhone and Samsung Galaxy competitor. At a virtual press conference on Tuesday, the company showed off the new 6.4-inch Pixel 6 and 6.7-inch Pixel 6 Pro, which run on Android 12, Google’s most significant software update
Continue Reading
By Nathaniel Meyersohn, CNN Business Procter & Gamble, one of the country’s largest consumer goods manufacturers, said Tuesday that it’s raising prices on certain grooming, beauty and oral care products for retail customers to combat higher costs. It’s the latest round of price hikes announced by the company. Other major consumer manufacturers and stores have
Continue Reading
By Clare Duffy, CNN Business Years before Microsoft’s board investigated a romantic relationship that founder Bill Gates had with an employee, Gates was told by fellow executives to stop inappropriately emailing with a different employee, Microsoft confirmed on Monday. In 2008, when Gates was still a Microsoft employee and chairman of the board, executives discovered
Continue Reading
By Sara O’Brien, CNN Business To many people a decade or so ago, Elizabeth Holmes was the founder of high-flying blood-testing startup Theranos. To Daniel Edlin, she was the sister of his Duke University college buddy, Christian. Edlin met Holmes through Christian and later joined Holmes’ brother working for Theranos as a senior product manager
Continue Reading
By Parija Kavilanz, CNN Business Every year shoppers expect to find plenty of juicy deals when they start their end-of-year holiday gift buying. This year, those deep discounts could be harder to come by, and a stalled global supply chain is to blame. Retailers across the board are struggling with their merchandise getting stuck on
Continue Reading
By Jordan Valinsky, CNN Business Katie Couric says she has “no relationship” with Matt Lauer, her former ‘Today’ co-anchor who was fired in 2017 for inappropriate sexual behavior. She spoke out on her former show Tuesday to promote the release of her new memoir, “Going There.” In an interview with current ‘Today’ host Savannah Guthrie,
Continue Reading By Jordan Valinsky, CNN Business Katie Couric says she has “no relationship” with Matt Lauer, her former ‘Today’ co-anchor who was fired in 2017 for inappropriate sexual behavior. She spoke out on her former show Tuesday to promote the release of her new memoir, “Going There.” In an interview with current ‘Today’ host Savannah Guthrie,
Continue Reading
By Paul R. La Monica, CNN Business Cryptocurrency investors finally got what they’ve been clamoring for as the first bitcoin-linked, exchange-traded fund launched Tuesday. The ProShares Bitcoin Strategy ETF began trading at $40 a share under the ticker symbol “BITO” and finished the day up 5%. The ProShares fund is the first of what is
Continue Reading
Opinion by Denise Hamilton for CNN Business Perspectives Despite promises from across the corporate world to diversify leadership and give people of all backgrounds equal opportunities, women of color remain stuck with little to no progress in sight. A recent study from McKinsey and LeanIn.org found that while women overall have more high-ranking roles than
Continue Reading
By Parija Kavilanz, CNN Business If you’ve already started your online holiday shopping this year, you may be seeing a lot more of those three dreaded words every shopper hates: “out of stock.” There were more than 2 billion instances of a product being out of stock online across 18 categories tracked in October by
Continue Reading
By Julia Horowitz, CNN Business In late January, there was one question on the minds of investors: How did a struggling mall-based video game retailer became Wall Street’s hottest stock, seemingly overnight? Now, after months of research, the industry’s top regulator has answers — and its findings could pave the way for major reforms to
Continue Reading
By Jordan Valinsky, CNN Business Breakfast is back on the menu at Taco Bell, so it’s giving away free food to celebrate. On Thursday, the chain will offer free breakfast burritos at its United States restaurants. The giveaway, which runs between 7 a.m. to 11 a.m., serves as a reminder that breakfast has returned at
Continue Reading
By Oliver Darcy, CNN Business Some prominent conservative media figures on Monday dishonestly used the death of former US Secretary of State Colin Powell, who died of Covid-19 complications, to cast doubt on the effectiveness of the coronavirus vaccines. While Powell was fully vaccinated, he was also battling multiple myeloma, a cancer that suppresses the
Continue Reading By Oliver Darcy, CNN Business Some prominent conservative media figures on Monday dishonestly used the death of former US Secretary of State Colin Powell, who died of Covid-19 complications, to cast doubt on the effectiveness of the coronavirus vaccines. While Powell was fully vaccinated, he was also battling multiple myeloma, a cancer that suppresses the
Continue Reading
By Alexandra Meeks, Chris Isidore and Vanessa Yurkevich, CNN Business Approximately 200,000 shipping containers remain on ships off the coast of Los Angeles on Monday as pandemic-related gridlock continues to disrupt various supply chains, according to Gene Seroka, the executive director of the Port of Los Angeles. “We have about two weeks’ worth of work
Continue Reading
By Mick Krever and Charles Riley, CNN Business German media group Axel Springer said on Monday that it has fired the editor-in-chief of the Bild newspaper, Julian Reichelt, for failing “to maintain a clear boundary between private and professional matters” and being “untruthful to the executive board.” “Axel Springer SE has relieved Bild editor-in-chief Julian
Continue Reading
By Anna Bahney, CNN Business Zillow will stop buying homes through Zillow Offers for the rest of the year, as the company’s iBuying program goes from full speed to full stop. The company announced on Monday it would not contract to buy any more homes in 2021 in order to work through the backlog of
Continue Reading
By Nathaniel Meyersohn, CNN Business Amazon plans to add 150,000 temporary workers in the United States for the holiday shopping rush, a 50% increase from the company’s holiday hiring push a year ago. Amazon, like many retailers and logistics companies, is facing challenges hiring workers and is raising pay, dangling bonuses, and expanding benefits in
Continue Reading