By Julia Horowitz, CNN Business The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said
Continue Reading By Nicole Goodkind, CNN Business The announcement from the White House that a tentative deal has been reached to avert the first national rail strike in three decades comes as a huge relief for businesses and investors worried about fresh supply chain disruptions. But it’s not the only potential catalyst for another market sell-off, as
Continue Reading By Sean Lyngaas, CNN Uber said Thursday that it was investigating a “cybersecurity incident” after a hacker shared evidence that they had breached the ride-hailing giant’s computer systems with journalists and security researchers. “We are currently responding to a cybersecurity incident,” Uber’s communications team said in a tweet Thursday evening. “We are in touch with
Continue Reading By Brian Fung, CNN A landmark California bill aimed at promoting children’s digital welfare became law on Thursday, as Gov. Gavin Newsom announced he had signed the legislation imposing strict requirements on websites “likely to be accessed” by kids. “We’re taking aggressive action in California to protect the health and wellbeing of our kids,” Newsom
Continue Reading By Brian Fung and Clare Duffy, CNN Business Twitter’s lawyers are set to question Elon Musk in a deposition that could last up to three day starting Sept. 26 as part of ongoing litigation over their $44 billion acquisition deal, according to a court filing Tuesday. The company’s lawyers will also depose Musk lieutenant Jared
Continue Reading By Clare Duffy, CNN Business Elon Musk’s legal team on Thursday filed a public version of its updated counterclaims in response to Twitter’s lawsuit seeking to force the billionaire to follow through with his $44 billion deal to buy the company. The amended argument, which was originally filed under seal last week, draws on claims
Continue Reading By Rishi Iyengar, CNN Business Amazon is about to make its “Thursday Night Football” streaming debut, and it’s hoping to enhance the broadcast experience enough to keep viewers coming back. The company will broadcast its first-ever NFL game on Thursday, between two early season Super Bowl favorites: the Los Angeles Chargers and the Kansas City
Continue Reading By Matt Egan, CNN Business Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Morgan Stanley was slapped with a $35 million fine from the Securities and Exchange Commission for extensive failures to safeguard personal identifying information on its clients. Since
Continue Reading By Danielle Wiener-Bronner, CNN Business McDonald’s CEO Chris Kempczinski has big concerns about surging crime in Chicago, where the fast food giant is based, saying it is impacting the company’s restaurants and making it harder to recruit corporate talent. Crime is “seeping into every corner of our city,” Kempczinski said during an event at the
Continue Reading By Paul R. La Monica, CNN Business Fans of the Manchester United Football Club are not thrilled to see their squad in the middle of the pack of the English Premier League so far this season, especially after a disappointing run in 2021. Making matters worse? The once mighty Man United’s last significant championship was
Continue Reading By Chris Isidore, CNN Business There will be no freight railroad strike early Friday. But the threat of a strike has not gone away entirely. The tentative deal reached early Thursday after a marathon 20-hour bargaining session between the railroads and the leaders of the engineers and conductors union means the strike that had been
Continue Reading By Nicole Goodkind, CNN Business The announcement from the White House that a tentative deal has been reached to avert the first national rail strike in three decades comes as a huge relief for businesses and investors worried about fresh supply chain disruptions. But it’s not the only potential catalyst for another market sell-off, as
Continue Reading By Catherine Thorbecke, CNN Business If you’ve ever worried you weren’t getting enough emails from businesses trying to sell you things, you’re in luck. Amazon announced at its annual sellers conference, Amazon Accelerate, that US merchants will soon be able to send free marketing emails to reach some of their existing customers on the platform.
Continue Reading By Catherine Thorbecke, CNN Business Zoom was hit by a brief outage Thursday morning, potentially disrupting some of the many users who have come to rely on it for meetings during the pandemic. There were tens of thousands of user reports of issues with Zoom starting a little bit before 11 a.m. ET, according to
Continue Reading By Clare Duffy, CNN Business After years of larger competitors copying TikTok, the short-form video app is now copying a newer rival. TikTok on Thursday announced a new, real-time sharing feature modeled after BeReal, a social media platform that has recently gained traction among college students and other young people. The feature, called TikTok Now,
Continue Reading By Kate Trafecante, CNN Patagonia’s founder is transferring ownership of the company after nearly 50 years into two entities that will help fight the climate crisis. Patagonia is a private company based in Ventura, California, that sells outdoor apparel and equipment. Yvon Chouinard founded the company in 1973. Patagonia said in a press release on
Continue Reading By Matt McFarland, CNN Business US commuter railroads and passengers are breathing a sigh of relief as freight rail companies and the unions that represent their workers averted a potential freight strike that would have crippled their services. Labor unions and management from railroads including Union Pacific, CSX and Norfolk Southern struck a tentative deal
Continue Reading By Clare Sebastian, CNN There are new signs of strain in the Russian economy as energy prices fall and nearly seven months of war in Ukraine prove increasingly costly. Russia’s budget surplus all but disappeared over the summer, according to data published by the Russian finance ministry this week. At the end of June, the
Continue Reading By Jordan Valinsky, CNN Business Kanye West said he’s terminating his rocky two-year-old partnership with the Gap because of “substantial noncompliance.” His lawyer Nicholas Gravante said in a statement Thursday that West was left with “no choice but to terminate their collaboration” because he alleges the retailer breached their partnership by not opening branded Yeezy
Continue Reading By Anna Bahney, CNN Business Mortgage rates jumped again, surpassing the 6% mark and reaching the highest level since the fall of 2008. The 30-year fixed-rate mortgage averaged 6.02% in the week ending September 15, up from 5.89% the week before, according to Freddie Mac. That is significantly higher than this time last year, when
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