Opinion by Mike Zaffaroni for CNN Business Perspectives The last time the American economy experienced explosive inflation, my company, Liberty Landscape Supply, wasn’t even in business yet. In fact, the prices for many of our core products have remained the same since I bought the company in 2007. But now we are preparing for the
Continue Reading By Brian Fung, CNN Business Elon Musk issued his most direct threat yet to walk away from his purchase of Twitter on Monday, openly accusing the social media company of breaching the merger agreement by not providing the data he has requested on spam and fake accounts. In a letter to Twitter’s head of legal,
Continue Reading By Peter Valdes-Dapena, CNN Business Rimac Group, the Croatian maker of exotic electric supercars that now controls Bugatti, announced that it received €500 million, or about $536 million in new investment. Among those involved in the new investment round is Porsche, which already owns about one quarter of the company. Rimac was founded in 2009
Continue Reading By Paul R. La Monica, CNN Business So much for Amazon eating Chewy’s kibble. The pet supply e-tailer reported surprise profit and sales numbers that topped forecasts after the closing bell Wednesday. Shares of Chewy soared almost 25% on the news in late afternoon trading Thursday. Chewy is bucking what has been a downward trend
Continue Reading By Anna Bahney, CNN Business Mortgage rates fell slightly this week, marking the third consecutive week of declines. But with rates hovering above 5% and home prices well above where they were this time last year, prospective buyers are finding it increasingly difficult to afford a home. The 30-year, fixed-rate mortgage averaged 5.09% in the
Continue Reading By Matt Egan, CNN Business The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning. Current and former energy officials tell CNN they worry that Russia’s invasion of Ukraine in the wake of years of underinvestment in the energy
Continue Reading By Kathryn Vasel, CNN Business You’ve just volunteered to help show a new colleague the ropes. But now you’re trying to figure out when you can actually make the time to fit it all in. This happens a lot — especially to women. Managers often ask for volunteers or in some cases, assign workers to
Continue Reading By Julia Horowitz, CNN Business Fears about whether America could fall into a recession are dominating conversations among investors and pose a risk to the Biden administration ahead of midterm elections this fall. In the meantime, the US economy is humming along — though there are signs it is sliding into a lower gear. That
Continue Reading By Julia Horowitz, CNN Business The CEO of the biggest US bank estimates that Americans are still sitting on $2 trillion in pandemic-era savings that can power the economy even as inflation bites. But what happens once that stash of cash is diminished? What’s happening: Consumers in the United States should maintain healthy spending patterns
Continue Reading By Anneken Tappe, CNN Business America’s employers are expected to have added hundreds of thousands of jobs in May, even in the face of high inflation, a potential recession and a new phase in the pandemic economy. The closely watched monthly employment report from the Bureau of Labor Statistics is due to be released Friday
Continue Reading By Paul R. La Monica, CNN Business Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve. “Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle
Continue Reading By Anna Cooban, CNN Business Queen Elizabeth II is celebrating 70 years on the throne this weekend with a busy schedule of ceremonies, parades and parties. As Britain enjoys a bumper four-day holiday weekend, royal watchers in the United States can tune in for the festivities. Big Royal occasions often garner huge TV audiences around
Continue Reading By Parija Kavilanz, CNN Business Prices are rising for just about everything, forcing millions of Americans to make increasingly difficult choices. More than 8 in 10 consumers are planning to rethink or even reduce their product spending in the next three to six months, according to a new report from market research firm The NPD
Continue Reading By Mark Thompson, CNN Business OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a
Continue Reading By Mark Thompson, CNN Business OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a
Continue Reading By Michelle Toh and Wayne Chang, CNN Business “Top Gun: Maverick” is now showing Taiwan’s official flag after an outcry, putting its release in mainland China in jeopardy. The box office mega-hit — which is by far Tom Cruise’s biggest-ever commercial debut — now features his character sporting the flag on his iconic bomber jacket,
Continue Reading By Catherine Thorbecke, CNN Business A former employee at digital marketplace OpenSea has been hit with the first-ever charges related to an alleged insider trading scheme involving digital assets, authorities announced Wednesday. Nathaniel Chastain, a former product manager at OpenSea, was charged with one count of wire fraud and one count of money laundering related
Continue Reading By Matt McFarland, CNN Business General Motors announced Wednesday that it’s cut the price of the most affordable Chevrolet Bolt to $26,595, making it the cheapest electric vehicle in the US. The Bolt’s new price slightly undercuts the electric Nissan Leaf, which has a suggested retail price of $27,400. The Bolt’s price has fallen 27%
Continue Reading Catherine Thorbecke, CNN Business For much of her first decade at Facebook, Sheryl Sandberg’s public stature grew alongside the size and influence of the company she helped run. As second-in-command to Facebook cofounder Mark Zuckerberg, she oversaw the massive growth of its core advertising business while positioning herself as an icon of corporate feminism. When
Continue Reading By Brian Fung and Rishi Iyengar, CNN Business Sheryl Sandberg is stepping down as chief operating officer of Facebook-parent Meta, the company confirmed on Wednesday. In a post on Facebook, Sandberg did not disclose the reason for her departure from the company, which will take place in the fall. Sandberg said she planned to focus
Continue Reading