By Allison Morrow, CNN Business A little over a decade ago, the dominant narrative about the housing market was that Millennials simply weren’t buying. They were either too cheap, lazy, or itinerant to commit to something as weighty as a mortgage. Cut to 2020 and that narrative got flipped on its head. It wasn’t that
Continue Reading By Allison Morrow, CNN Business A little over a decade ago, the dominant narrative about the housing market was that Millennials simply weren’t buying. They were either too cheap, lazy, or itinerant to commit to something as weighty as a mortgage. Cut to 2020 and that narrative got flipped on its head. It wasn’t that
Continue Reading By Clare Duffy, CNN Business In 2009, after Twitter was sued by then-St. Louis Cardinals manager Tony La Russa for being impersonated on the platform, the young company introduced a new feature: a blue and white check mark. The check indicated that Twitter had verified the accounts of artists, athletes, government officials and agencies and
Continue Reading By Parija Kavilanz, CNN Business Families may not skimp on holiday gifts for their loved ones this year, but they’ll likely slim down their list of recipients, turn to credit cards and dip into savings to afford them, according to an industry forecast Thursday. So who will be on the list? The kids, the grandparents,
Continue Reading By Danielle Wiener-Bronner, CNN Business When Popeyes launched its crispy chicken sandwich in 2019, the menu item sold out in just two weeks. When it came back, it was a massive hit — the sandwich was so popular it helped lift sales for the chicken chain. Popeyes has sold nuggets and fish sandwiches modeled on
Continue Reading By Catherine Thorbecke, CNN Business Amazon is pressing pause on corporate hiring and expects to keep the policy in place for months, in the latest sign that even the biggest tech companies are rethinking staffing in an uncertain economic climate. The e-commerce giant has decided to implement a “pause on new incremental hires in our
Continue Reading By Catherine Thorbecke, CNN Business Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft co-founders Logan Green and
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Gov. Michael Parson visited a growing Columbia business Thursday morning.
Continue Reading By Oliver Darcy, CNN Business Shepard Smith will exit CNBC later this year after the business-focused news network announced on Thursday that it will cancel his show as it undergoes a “strategic realignment” under new leadership. The end of “The News with Shepard Smith,” which will air its final episode later this month, comes a
Continue Reading By Anna Cooban, CNN Business Commodities giant Glencore has been ordered to pay a record £281 million ($314 million) penalty by a UK court for bribing officials across Africa to gain access to oil. The UK government’s Serious Fraud Office (SFO), which brought the case against Glencore Energy UK, said on Thursday that the penalty
Continue Reading By Allison Morrow, CNN Business A new CNN poll shows that three-quarters of likely voters feel like the US economy is in a recession. It’s probably not, but that’s not the point. The technical definition of a recession is two consecutive quarters of economic contraction, which the US economy recorded in the first half of
Continue Reading By Parija Kavilanz, CNN Business Who can resist a sandwich — especially if it’s free? November 3rd marks National Sandwich Day (yes, it’s a thing.) That means it is time to spotlight the humble meal that’s probably most appreciated by kids, parents and working professionals for being a quick and easy way to stuff the
Continue Reading By Anna Bahney, CNN Business If you bought your first home during the past year, consider yourself one of the fortunate few. Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were
Continue Reading By Brian Fung, CNN TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The update aligns with what TikTok executives have said publicly. But the addition reflects the intense scrutiny TikTok has faced over its international data flows.
Continue Reading By Anna Bahney, CNN Business Mortgage rates fell this week after surpassing 7% for the first time in 20 years last week. The 30-year fixed-rate mortgage averaged 6.95% in the week ending November 3rd, down from 7.08% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage
Continue Reading By Frank Pallotta, CNN Business In 2019, Netflix said in a letter to shareholders “we… are advertising free,” and added that being commercial-free is a “deep part of our brand proposition.” That all changed Thursday when the streaming leader launched “Basic with Ads,” the platform’s much anticipated ad-supported subscription plan. The new tier will cost
Continue Reading By Kristina Sgueglia, CNN The New York Attorney General’s office announced it has secured $523 million from Teva Pharmaceuticals and affiliates for its role in the opioid crisis, effectively marking the end of the state’s litigation against opioid manufacturers and distributors not currently in bankruptcy proceedings. The funds — secured as part of Teva’s $4
Continue Reading By Anna Bahney, CNN Business If you bought your first home during the past year, consider yourself one of the fortunate few. Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were
Continue Reading By Matt Egan, CNN Business Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in
Continue Reading By Julia Horowitz, CNN Business Federal Reserve Chair Jerome Powell has the power to make or break markets these days. On Wednesday, he opted to disappoint. What’s happening: The central bank announced its fourth straight interest rate hike of three-quarters of a percentage point, continuing its aggressive and unprecedented campaign to get inflation under control.
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