Money

By Matt McFarland, CNN Business Rivian, an electric vehicle startup backed by Amazon and Ford, said Friday that it has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering. Bloomberg, which first reported the news, said Rivian is seeking a valuation of roughly $80 billion, and eyeing an IPO around

By Matt Egan, CNN Business The Taliban’s rule of Afghanistan faces an imminent threat: The war-torn nation’s banking system is on the verge of collapse. Nearly two weeks after the Taliban seized power, Afghanistan’s banks remain shuttered. That has left many people in the country without access to cash. “No one has money,” one current

By Paul R. La Monica, CNN Business Who says you can’t go home again? Portuguese soccer star Cristiano Ronaldo is rejoining Manchester United, the British soccer club he played for from 2003 through 2009. The news sent shares of Manchester United, which is publicly traded in the United States, surging 8%. Manchester United announced the

By Lauren Gunn, CNN Business British Airways is planning to launch a new, low-cost short-haul carrier as it seeks to compete with Ryanair and EasyJet in the one area of aviation that appears to be recovering well from the pandemic. In a memo to staff first reported by travel website Headforpoints.com, CEO Sean Doyle said

By Chris Isidore and Gregory Wallace, CNN Business This summer, flying Southwest Airlines has been a toxic mix of canceled flights, long delays and disgruntled pilots and flight attendants. Apologizing to its passengers for its bad service, the company is promising to fix the problem by cutting the number of flights it operates this fall.

By Paul R. La Monica, CNN Business The Gap’s remarkable turnaround under CEO Sonia Syngal is continuing, thanks in part to Kanye West, TikTok and Simone Biles. Gap shares were up about 3% Friday morning after the retailer reported earnings and sales for its most recent quarter that topped forecasts and issued an upbeat outlook

By Jordan Valinsky, CNN Business This summer’s viral craze of stacking milk crates in a pyramid and trying to climb them like stairs has been banned the app that helped give life to it. TikTok has deleted search results for the hashtag “milk crate challenge” and explained in a statement that the challenge was publicizing

By Anneken Tappe, CNN Business Federal Reserve Chairman Jerome Powell said Friday that the economic recovery is continuing apace, high inflation is just temporary, and the Fed will soon wind down the emergency economic stimulus program. But, in his highly anticipated speech at the virtual Jackson Hole Symposium, Powell tempered his optimism with some words

By Anneken Tappe, CNN Business The Federal Reserve‘s favorite measure of inflation rose to its highest level since 1991 in July, the Bureau of Economic Analysis said Friday. The price index for American consumer spending, also known as the PCE index, rose at a rate of 4.2% in the year ended July, the fastest pace

Opinion by Jim Andrew and David Banks for CNN Business Perspectives Already pushed to the brink from agricultural demands and other human uses, water in many parts of the world is running dry at an alarming rate. The Colorado River, for example, which supplies water to more than 40 million people in the US and

By Julia Horowitz, CNN Business Since its inception in 1913, the US Federal Reserve — the most important institution in charge of managing America’s economy — has learned a lot about what it should and shouldn’t do during a crisis. Just ask a Fed historian. What’s happening: Central bankers are gathering Friday for a virtual

By Michelle Toh, CNN Business Apple CEO Tim Cook just celebrated 10 years on the job. He also marked the occasion this week by collecting — and selling off — three quarters of a billion dollars’ worth of stock. The transactions were revealed in a regulatory filing Thursday, which showed that Cook had acquired and

By Oliver Darcy, CNN Business South Dakota Gov. Kristi Noem, whose profile has risen in conservative media during the pandemic, is lashing out at one of right-wing media’s most popular bloggers for what she described as comments that were full of “horrible misogyny.” Noem, a Republican viewed as a potential 2024 presidential candidate, garnered praise

By Jordan Valinsky, CNN Business Peloton is cutting the price of its original at-home exercise bike for the second time in a year, a sign that the trendy fitness company is facing fiercer competition from rivals producing significantly cheaper products and people returning to gyms. Beginning Thursday, its core bike will cost $1,495 — a

By Paul R. La Monica, CNN Business America’s red hot housing market may be finally cooling off. But don’t tell that to Williams-Sonoma. The news from Home Depot last week that fewer customers shopped at the retailer in the second quarter than a year ago was viewed as a sign that sales may be peaking.