By Anna Cooban, CNN Business Britons are bracing themselves for more tough times ahead as the economy starts to shrink and a new forecast suggests average annual energy bills could exceed £5,000 ($6,000) next year. Official data published on Friday showed that the country’s GDP dropped by 0.1% in the second quarter of this year.
Continue Reading By Jordan Valinsky, CNN Business Johnson & Johnson is abandoning talc-based baby powder next year and instead will make it with cornstarch. Its talc-based powder, which hasn’t been sold in the United States and Canada since 2020, is at the center of tens of thousands of lawsuits filed by women who have developed ovarian cancer
Continue Reading By Nicole Goodkind, CNN Business There appears to be some confusion about the trajectory of prices in the US. That’s partially because month-over-month inflation eased in July while year-over-year, it remained near historic highs. That raises an important question for consumers and investors alike: Is inflation peaking or not? The answer, according to the market
Continue Reading By Laura He, CNN Business A Chinese sci-fi comedy about an astronaut stranded on the moon has shattered summer box office records in China, providing much-needed lift to the world’s second largest cinema industry that continues to grapple with Covid lockdowns. “Moon Man,” which was adapted from a webtoon of the same name by Korean
Continue Reading By Reuters Argentina’s central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data. The central bank raised the benchmark rate for the 28-day term to 69.5% from 60%, a
Continue Reading By Yoonjung Seo and Gawon Bae, CNN Business The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea’s president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant. The billionaire was twice sent to prison but had been out on parole since last year,
Continue Reading By Yoonjung Seo and Gawon Bae, CNN Business The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea’s president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant. The billionaire was twice sent to prison but had been out on parole since last year,
Continue Reading By Matt McFarland, CNN Business Rivian said Thursday that it lost $1.7 billion in the second quarter of 2022 as it works to ramp up its vehicle production amid the on-going supply chain crunch. The automaker’s losses more than doubled from the same period last year, when it lost $580 million. Rivian CEO RJ Scaringe
Continue Reading by Matt Egan, CNN Shell and Chevron both said on Thursday that the companies halted oil production at several platforms in the Gulf of Mexico following a small leak that knocked a pair of pipelines offline. Shell shuttered three deepwater platforms. In a statement provided to CNN, Shell said it is “coordinating with local authorities
Continue Reading By Anna Bahney, CNN Business Despite rising mortgage rates that dampened sales, home prices continued to climb higher in the second quarter, with many more cities seeing double-digit price gains than in the first part of the year. The median single-family existing home price in the second quarter was $413,500 — the first time this
Continue Reading By Jennifer Korn ExpressJet Airlines, which calls itself a “reboot” of the company formerly flying as Delta Connection and United Express, filed for Chapter 11 bankruptcy Monday in Delaware and ceased operations, according to the company website. “We regret that a combination of market and economic conditions lead us to take this action,” the company
Continue Reading By Jackie Wattles, CNN Business United Airlines gave a $10 million deposit to a startup developing electric aircraft — all for the goal of shuttling customers to and from the airport by air rather than gridlocked roadways. It’s not clear when or if the plan will come to fruition, as Archer, the company developing the
Continue Reading By Rachel Metz, CNN Business Mark Zuckerberg has bet his company’s future on an ambitious long-term vision of people carrying out greater portions of their lives in virtual spaces through digital alter egos. But an image Zuckerberg recently posted to his Facebook page served as a reality check of sorts for virtual reality, at least
Continue Reading By Clare Duffy, CNN Business Meta on Thursday said it is testing expanded encryption features for Messenger and Instagram, days after the company came under scrutiny for providing messages to police in an abortion-related case. Facebook’s parent company said it plans to test making chats end-to-end encrypted by default for some Messenger users and to
Continue Reading By Jordan Valinsky, CNN Business For the third year in a row, the United States Postal Service is hiking the prices of its delivery services — but just for a few months. The postal service is requesting a temporary price increase on a variety of mail services for the peak holiday season to offset rising
Continue Reading By Brian Fung, CNN The Federal Trade Commission is considering whether to write sweeping new regulations that could restrict how businesses collect and use consumer data, hinting at a possible crackdown on commercial algorithms and a sprawling economy powered by the personal information of millions of Americans. On Thursday, the FTC announced it is accepting
Continue Reading By Frank Pallotta, CNN Business In November 2019, Disney debuted Disney+, kicking off the so-called streaming wars and prompting companies across the media world to spend billions of dollars to launch services to take on Netflix. Netflix was seen as the existential threat to the legacy media industry, so following its lead on subscriber growth
Continue Reading By Jennifer Korn Nearly half of US teens say they use the internet “almost constantly,” according to a new survey released on Wednesday. The survey of 1,316 teenagers delved into the technology habits of teens and was conducted by the Pew Research Center. The percentage of teens who reported a near constant level of online
Continue Reading By Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds, which offer
Continue Reading By Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds, which offer
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