By Paul R. La Monica, CNN Business October 19, 1987. A brief but violent stock market crash. Can it happen again? Probably not. The Dow plummeted 22.6% on that day, a date that has since been immortalized as Black Monday. To put that into context, a drop of that magnitude would be a nearly 7,000
Continue Reading By Paul R. La Monica, CNN Business October may be famous for historically horrifying stock market crashes like the ones in 1929, 1987 and 2008. But so far this month, there’s nothing for investors to be scared of on Wall Street. Stocks enjoyed another solid rally Monday, continuing a hot streak for the markets this
Continue Reading By Hanna Ziady, CNN Business Rising food and energy costs drove UK inflation back to a 40-year high in September, but it could be nearing a peak as cash-strapped households pull back on spending amid broader economic turmoil. The annual rate of inflation rose to 10.1% in September, up from 9.9% in the 12 months
Continue Reading By Michelle Toh, CNN Business Hong Kong wants international firms to know it means business. The city’s leader, Chief Executive John Lee, announced Wednesday that the government would earmark 30 billion Hong Kong dollars ($3.8 billion) for a new fund aimed at bringing more businesses in. The fund will seek to attract companies to set
Continue Reading By Rhea Mogul, CNN He has about 2,500 kilometers to go until his journey is complete. But the great-grandson of India’s first prime minister appears determined. Dressed head-to-toe in white, Rahul Gandhi is walking 3,500 kilometers (2,175 miles) across India to meet voters and revive interest in the Indian National Congress, a once powerful political
Continue Reading By Matt Egan and Phil Mattingly, CNN Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to
Continue Reading By Peter Valdes-Dapena, CNN Business Foxconn, the Taiwanese company best known for building Apple’s iPhones, recently showed off two new electric vehicles at an event in Taipei as the company expanded on its plans to do for cars what it’s already done for phones. The company, officially Hon Hai Technology Group but better known as
Continue Reading By Frank Pallotta, CNN Business After two quarters of bleeding subscribers, Netflix appears to be back on track — in a big way. The streaming company reported Tuesday that it notched 2.4 million subscribers in the third quarter of 2022 — a number that far exceeded expectations of 1 million subscribers. In more good news,
Continue Reading By Frank Pallotta, CNN Business The NFL is expanding its hold on Thanksgiving weekend and building its relationship with Amazon and the world of live-sports streaming. The league announced Tuesday that it is creating the first-ever Black Friday game, which starting next year will take place the day after the NFL’s traditional Thanksgiving games and
Continue Reading by Devon M. Sayers Girl Scouts of the USA received its largest ever donation from a single individual, a gift of $84.5 million from MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, the group said in a release. The donation will be awarded to 29 local councils selected by Scott, along with the national
Continue Reading By Matt McFarland, CNN Business Gas stations with convenience stores seem like an obvious location for electric vehicle chargers. Drivers could grab a drink or snack while waiting for their vehicle to charge. But despite available federal funding to build EV chargers, many stores aren’t biting. The reason? High electric utility fees on charging stations
Continue Reading By Catherine Thorbecke, CNN Business Amazon workers in upstate New York have voted against forming a union, dealing another blow to a grassroots labor group attempting to organize several of the tech giant’s US warehouses. In total, 406 workers at the Amazon facility near Albany voted against unionizing and 206 voted for it, according to
Continue Reading By Vanessa Yurkevich, CNN Florida farmers and ranchers lost up to $1.56 billion in crops, livestock, and nursery and aquaculture products due to the devastation caused by Hurricane Ian, according to a new preliminary analysis from the University of Florida released Tuesday. The assessment done by the UF/IFAS Economic Analysis program puts the preliminary losses
Continue Reading By Hanna Ziady and Joseph Ataman, CNN Business Only about half the trains on regional and intercity lines were running Tuesday in France and Eurostar canceled some services between London and Paris, as a strike by energy workers spilled over into other sectors of the economy. One in two trains were canceled on some suburban
Continue Reading By Paul R. La Monica, CNN Business So much for Shocktober. Wall Street’s often scary month for stocks has suddenly turned into Rocktober. The Dow surged nearly 600 points, or 2%, shortly after the opening bell Tuesday before giving up some of its gains. Still, ended the day up more than 340 points, or 1.1%.
Continue Reading By Jennifer Korn Facebook and Instagram users in the United States will soon be able to pay to get a coveted blue check on their account. Meta on Friday began testing a paid verification option for US users of the two social networks, CEO Mark Zuckerberg announced on Instagram. The company plans to gradually roll
Continue Reading By Brian Fung, CNN Facebook-parent Meta plans to sell off Giphy, an online search tool for animated images, after the UK government said it would force the tech giant to unwind its acquisition of the service. It’s the first time regulators have successfully broken up a part of the technology giant since Meta’s economic dominance
Continue Reading By Jordan Valinsky, CNN Business Pizza Hut is getting more personal beyond its personal pan pizzas. For customers who find ordering a whole pie daunting, the chain is offering its version of individual slices with a new menu item called Pizza Hut Melts. For $6.99 per slice, the new option is actually two slices of
Continue Reading By Catherine Thorbecke, CNN Business The United States government is pulling out all the stops to boost domestic semiconductor manufacturing, injecting billions of dollars into the beleaguered sector and flexing all policy muscles available to give it a leg up over competition from Asia. When the pandemic hit in 2020, firms initially curtailed orders for
Continue Reading By Catherine Thorbecke, CNN Business The United States government is pulling out all the stops to boost domestic semiconductor manufacturing, injecting billions of dollars into the beleaguered sector and flexing all policy muscles available to give it a leg up over competition from Asia. When the pandemic hit in 2020, firms initially curtailed orders for
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