By Julia Horowitz, CNN Business The US dollar is rising at a blistering clip, reaching its strongest level against other major currencies in almost two decades. That’s helpful for American tourists traveling abroad this summer. But on Wall Street, it’s growing cause for concern. “A very strong US dollar provides yet another headwind for earnings,”
Continue Reading By Livvy Doherty, CNN Business Heathrow Airport is asking airlines to stop selling any more tickets for travel this summer, as it announces a cap on passengers allowed to fly from the airport. The London airport will limit passengers to 100,000 a day until September 11, as it struggles to cope with high demand and
Continue Reading By Jordan Valinsky, CNN Business Peloton will stop making its own bikes and treadmills, a drastic change for the struggling company aimed at cutting costs and ensuring its ability to remain afloat. Calling the change a “natural progression” in a statement Tuesday, Peloton said Taiwanese manufacturer Rexon Industrial Corp. will become the primary manufacturer of
Continue Reading By Laura He, CNN Business Chinese authorities will start refunding bank customers whose accounts have been frozen for months, following some of the biggest protests the country has seen since the start of the pandemic. Customers from four rural banks in the central province of Henan, and one in neighboring Anhui province, will be repaid
Continue Reading By Nicole Goodkind, CNN Business For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity — meaning the two currencies are worth the same. The euro hit $1 on Tuesday, down about 12% since the start of the year. Fears of recession on the continent
Continue Reading By Michelle Toh, CNN Business Disney is bringing BTS to its streaming services, adding the world’s biggest band to its roster of digital stars. In an announcement shared first with CNN Business, the entertainment giant said Monday that it would add new original shows featuring members of the South Korean pop group to Disney+. That
Continue Reading By Clare Duffy, CNN Business Elon Musk wants to cancel his deal to buy Twitter, but the social media company is having none of it. On Friday, Musk moved to terminate the $44-billion acquisition agreement, alleging that Twitter breached the deal by failing to hand over data he says he needs to evaluate the number
Continue Reading By Brian Fung, CNN Business Hundreds of thousands of leaked Uber documents obtained by The Guardian and shared with a consortium of news outlets show how during its most aggressive period of growth, the ride-hailing company reportedly employed secret technology to thwart police investigations, sought favors from high-ranking government officials and even perceived a silver
Continue Reading By Brian Fung, CNN Business Hundreds of thousands of leaked Uber documents obtained by The Guardian and shared with a consortium of news outlets show how during its most aggressive period of growth, the ride-hailing company reportedly employed secret technology to thwart police investigations, sought favors from high-ranking government officials and even perceived a silver
Continue Reading By Lucy Bayly, CNN Business Consumer expectations for prices to continue rising over the next year increased to the highest level on record, according to the latest Survey of Consumer Expectations from the Federal Reserve Bank of New York, released on Monday. Median short-term inflation expectations ticked up to 6.8% in June from 6.6% in
Continue Reading By Julia Horowitz, CNN Business Since the West hit Russia with bruising sanctions following its invasion of Ukraine, a frightening question has loomed: What if Russia turns off natural gas to Europe? It’s a nightmare scenario that would plunge the region’s economy into a deep recession. That possibility is the subject of fresh hand-wringing as
Continue Reading Opinion by Joseph H. Davis for CNN Business Perspectives The United States economy is in jeopardy. Higher prices for essentials like food and energy are crimping household incomes, while stronger consumer demand has pushed up the prices for a range of goods and services, from travel to apartments. Given this backdrop, many economists believe that
Continue Reading Opinion by Joseph H. Davis for CNN Business Perspectives The United States economy is in jeopardy. Higher prices for essentials like food and energy are crimping household incomes, while stronger consumer demand has pushed up the prices for a range of goods and services, from travel to apartments. Given this backdrop, many economists believe that
Continue Reading By Nicole Goodkind, CNN Business For the first time in 20 years, the exchange rate between the euro and the US dollar is nearly the same — the two currencies are less than one cent away from parity. The euro hovered around $1.004 on Monday afternoon, down about 12% since the start of the year.
Continue Reading By Jordan Valinsky, CNN Business McDonald’s and Wendy’s are both giving away free fries this week. On Wednesday, in celebration of the (apparently real) National French Fry Day, McDonald’s will give away free orders of large fries — with no purchase necessary. However, the free fries can only be ordered through the McDonald’s app, and
Continue Reading By Julia Horowitz, CNN Business When Elon Musk announced his intention to buy Twitter almost 90 days ago, the world — and financial markets — looked different. The S&P 500 was 14% higher and had yet to enter a bear market. The war in Ukraine and inflation concerns had pushed investors into selling mode, but
Continue Reading By Jordan Valinsky, CNN Business Bad news for Twitter could turn out to be good news for former President Donald Trump. Shares of Digital World Acquisition Corp., the special purpose acquisition company that has agreed to merge with Trump Media & Technology Group, surged 15% in premarket trading Monday morning after Elon Musk said he
Continue Reading By Chris Isidore, CNN Business Elon Musk mocked Twitter’s efforts to force him to purchase the company — in a tweet, of course. Early Monday, Musk tweeted four images of him laughing next to captions that read: “They said I couldn’t buy Twitter. Then they wouldn’t disclose bot information. Now they want to force me
Continue Reading By Laura He, CNN Business Chinese stocks fell on Monday as the threat of new Covid restrictions and a renewed regulatory offensive against big tech companies sapped investor confidence. Casinos in the gambling hub of Macao were ordered to close for the first time since February 2020 because of a Covid outbreak, sending shares of
Continue Reading By Nectar Gan, CNN Chinese authorities on Sunday violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis. Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits,
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