By Nathaniel Meyersohn, CNN Business Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks. That’s left Walmart and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. To help clear out the backlog, Walmart is cutting prices
Continue Reading By Nathaniel Meyersohn, CNN Business Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks. That’s left Walmart and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. To help clear out the backlog, Walmart is cutting prices
Continue Reading By Alicia Wallace, CNN Business Americans grew even more pessimistic about the US economy over the past month, according to the latest survey on consumer attitudes, intentions and expectations from The Conference Board. The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, which was adjusted downward by 0.3 points.
Continue Reading By Nathaniel Meyersohn, CNN Business Diapers are a notoriously large expense for caregivers of newborns, toddlers and adults suffering from incontinence. Infants require up to 12 diapers per day, at a cost of $70 to $80 per month per child. That’s roughly $930 per year, according to the National Diaper Bank Network, a non-profit working
Continue Reading By Alexandra Peers, CNN Business Be careful what you sign — and read the fine print. That’s just one of the lessons from a convoluted lawsuit involving Sotheby’s and 45 yellow diamonds. Sotheby’s may be liable for $4 million of disappeared diamonds, a state appellate court ruled this month, after the auction house allegedly released
Continue Reading By Danielle Wiener-Bronner, CNN Business Major US poultry processors engaged in a 20-year-long conspiracy to suppress worker pay, the Department of Justice alleged Monday. The processors — Cargill, Wayne Farms and Sanderson Farms — allegedly worked with a data consulting firm to exchange information about pay, ultimately robbing workers of the opportunity to earn competitive
Continue Reading By Paul R. La Monica, CNN Business The first half of 2022 was awful for stocks. But investors have seen a rebound in July and the markets are currently enjoying their best month of the year. So far in July, the Dow is up 3.9% so far, the S&P 500 has jumped 4.8% and the
Continue Reading By Ramishah Maruf, CNN Google has fired the engineer who claimed an unreleased AI system had become sentient, the company confirmed, saying he violated employment and data security policies. Blake Lemoine, a software engineer for Google, claimed that a conversation technology called LaMDA had reached a level of consciousness after exchanging thousands of messages with
Continue Reading By Frank Pallotta, CNN Business Disney+ just got a little more adult. The streaming service added its first R-rated films in the US on Friday with “Deadpool,” “Deadpool 2” and “Logan.” The movies star Marvel superheroes, but as their ratings suggest, they’re decidedly not kid-friendly. That’s a notable shift in the content strategy for Disney+:
Continue Reading By Sara Ashley O’Brien, CNN Business In early March, after two ultra-fast delivery startups shut down in New York City in a single week, a self-proclaimed pioneer in the space appeared to see an opportunity for some media attention. Getir, a Turkish startup founded in 2015, had recently raised $768 million in funding valuing it
Continue Reading By Brian Fung, CNN T-Mobile has agreed to pay $350 million to settle multiple class-action suits stemming from a data breach disclosed last year affecting tens of millions of people. In the proposed settlement announced Friday, T-Mobile also agreed to spend an extra $150 million on cybersecurity through the end of 2023. Court documents outlining
Continue Reading By Chris Isidore, CNN Business The Securities and Exchange Commission apparently isn’t done with Elon Musk and his tweets quite yet. Tesla disclosed in a quarterly regulatory filing Monday that it received a new subpoena from the SEC on June 13, related to “our governance processes around compliance with the SEC settlement.” That settlement, which
Continue Reading By Frank Pallotta, CNN Business The NFL launched a streaming service Monday. That sounds like a football fan’s dream, but it’s probably not what you think. For $4.99 a month or $39.99 a year, the new NFL+ service will offer access to live local and prime time games. That’s the same content the league had
Continue Reading By Stefano Pozzebon, CNN South American countries are bracing for an autumn of discontent, as spiking global fuel prices threaten to provoke more protests in the upcoming months. Rising fuel prices have already brought about protests in Argentina, Ecuador and Panama. Their neighbors could be particularly susceptible to rising prices at the pump, because the
Continue Reading By Julia Horowitz, CNN Business There’s no denying that the US economy is at a strange juncture that’s left even top experts scratching their heads. “If you’re not a little confused about the economy, you’re not paying attention,” former White House economic adviser Jason Furman, who now teaches at Harvard, recently tweeted. Consumers are extremely
Continue Reading By Paul R. La Monica, CNN Business Is the United States heading for a recession? Or is the economy already in one? It — almost — doesn’t matter. For many Americans, it already feels like a recession. Soaring prices for, well, just about everything, make it tougher to pay for everyday expenses and monthly bills.
Continue Reading By Anna Cooban, CNN Business Elon Musk has denied having an affair with Nicole Shanahan, the wife of Google’s co-founder, Sergey Brin. Over the weekend, the Wall Street Journal reported that Musk — a longtime friend of Brin’s — had a brief relationship with Shanahan in December 2021 while she and Brin were separated but
Continue Reading By Vanessa Yurkevich, CNN Business Extreme drought and inflationary pressures are forcing US farmers in Western states to sell off their cattle herds in greater numbers, at levels not seen in over a decade. Nearly 80% of the western region of the US is experiencing extreme drought conditions — and has been for nearly a
Continue Reading By Ramishah Maruf, CNN Google has fired the engineer who claimed an unreleased AI system had become sentient, the company confirmed, saying he violated employment and data security policies. Blake Lemoine, a software engineer for Google, claimed that a conversation technology called LaMDA had reached a level of consciousness after exchanging thousands of messages with
Continue Reading By Ramishah Maruf, CNN Long-time New Yorker media reporter Ken Auletta heard whispers of Harvey Weinstein’s sexual abuse of women 20 years ago — but he couldn’t write the story because sources were unwilling to go on the record. Now Auletta has finally written the definitive account of Weinstein’s crimes in his new book, “Hollywood
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