By Anna Bahney, CNN Business Rent continued to skyrocket to new record highs in Manhattan last month. The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in
Continue Reading By Lucy Bayly and Alicia Wallace, CNN Business Inflation surged to a new pandemic-era peak in June, with US consumer prices jumping by 9.1% year-over-year, according to fresh data released Wednesday by the Bureau of Labor Statistics. That’s the highest level in more than 40 years and higher than the previous reading, when prices rose
Continue Reading By Catherine Thorbecke, CNN Business TikTok on Wednesday announced several updates intended to help users customize their viewing preferences and filter out content that may be problematic or too mature for young users, amid renewed scrutiny of the potential harms social media poses to teens. The short-form video app is tweaking its viewing experience so
Continue Reading By Catherine Thorbecke, CNN Business TikTok on Wednesday announced several updates intended to help users customize their viewing preferences and filter out content that may be problematic or too mature for young users, amid renewed scrutiny of the potential harms social media poses to teens. The short-form video app is tweaking its viewing experience so
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KANSAS CITY, Mo. (KMIZ) Belfonte Dairy is recalling “Chocolate to Die For” premium ice cream because it may contain undisclosed peanuts. The ice cream comes in a 1.5 quarts (1.41 L) container. The ice cream was produced at its Kansas City ice cream manufacturing facility. The affected products were sold and distributed to customers and
Continue Reading By Frank Pallotta, CNN Business You’ll soon be able to sign up for a cheaper version of Netflix with ads — though that option is still in its “early days.” Netflix will partner with Microsoft on this new ad-supported subscription plan, the two companies announced Wednesday. The partnership follows the surprising announcement in April that
Continue Reading By Allison Morrow, CNN Business Bill Gates is moving $20 billion of his wealth into the endowment of the Bill and Melinda Gates Foundation, which is ramping up its spending in the face of global challenges including the pandemic and the war in Ukraine. The foundation, one of the world’s largest philanthropies, plans to increase
Continue Reading By Alexandra Peers, CNN Business A bottle of Champagne has sold for $2.5 million, eclipsing the auction record for bubbly and likely becoming the most expensive bottle of wine ever sold. But there’s a fizzy gimmick: the magnum of Champagne Avenue Foch, 2017, comes with a single NFT that includes the digital art and intellectual
Continue Reading By Jeanne Sahadi, CNN Business Before the pandemic, many corporate leaders believed that allowing their employees to work from home would hurt productivity. But, in many cases, the pandemic proved otherwise. “Productivity [did not suffer] despite many companies going fully remote. Many thrived through that process and continue to hire at record pace,” said Ben
Continue Reading By Catherine Thorbecke, CNN Business Google plans to slow its pace of hiring for the remainder of the year in the latest sign of tech companies rethinking staffing amid a market downturn that has hit Silicon Valley particularly hard. Sundar Pichai, CEO of Google and parent company Alphabet, announced the news on Tuesday in an
Continue Reading By Alicia Wallace, CNN Business Americans are feeling slightly better about the economy, but painfully high inflation is still keeping consumer sentiment at close to an all-time low, according to preliminary survey data released by the University of Michigan on Friday. The preliminary index for the university’s Surveys of Consumers rose to 51.1 in July
Continue Reading By Danielle Wiener-Bronner, CNN Business Food prices are still on the rise, but some relief may be on the horizon. In the 12-months ending in June, overall food prices rose 10.4%, the biggest annual increase since February 1981, according to data released Wednesday by the Bureau of Labor Statistics. Grocery prices jumped 12.2% in the
Continue Reading By Nathaniel Meyersohn, CNN Business In 1969, real estate investor Don Fisher opened a store in San Francisco aimed at teens and college kids, offering Levi’s blue jeans alongside records and tapes. Fisher planned to call the store Pants and Discs, but his wife Doris came up with the winning name: “The Gap,” shorthand for
Continue Reading Opinion by Suzanne DiBianca for CNN Business Perspectives The US Supreme Court’s ruling limiting the EPA’s authority to regulate greenhouse gas emissions is a wake-up call for Congress to pass urgent and meaningful legislation on climate and clean energy. The ruling not only impedes the federal government’s ability to slow climate change — it also
Continue Reading By Julia Horowitz, CNN Business When the latest data on consumer prices in the United States landed Wednesday, the headline number was ugly. Inflation surged to 9.1% in June, according to data from the Bureau of Labor Statistics. That was higher than economists polled by Refinitiv were forecasting. It was also much higher than the
Continue Reading By Chris Isidore, CNN Business A bad quarter for Delta Air Lines passengers turned into a bad quarter for Delta investors, as the costs of service disruptions, coupled with high fuel prices and rising pay for employees, caused the company to fall well short of earnings forecasts. Delta posted adjusted earnings of $735 million in
Continue Reading By Laura He, CNN Business A scorching heat wave in China has forced a major manufacturing region to appeal to businesses and households to use less power, while fear of crop failure is sending pork prices soaring. Dozens of cities have been experiencing record-high temperatures at a time when the economy is still trying to
Continue Reading By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Good news and bad news, America: The US dollar and the euro are officially even, which should make your European summer vacay easier on the budget. A croissant
Continue Reading By Clare Duffy and Holmes Lybrand, CNN Business A former Twitter employee told the House committee investigating the January 6 insurrection that the company considered imposing a stricter content moderation policy following a September 2020 comment by then-President Donald Trump telling the right-wing extremist group the Proud Boys to “stand back and stand by.” Trump’s
Continue Reading By Clare Duffy and Holmes Lybrand, CNN Business A former Twitter employee told the House committee investigating the January 6 insurrection that the company considered imposing a stricter content moderation policy following a September 2020 comment by then-President Donald Trump telling the right-wing extremist group the Proud Boys to “stand back and stand by.” Trump’s
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