Money

By Rob McLean, CNN Business Johnson & Johnson said Thursday that Joaquin Duato will transition to the role of CEO on January 3, replacing Alex Gorsky. Gorsky, who has served as CEO and chairman since 2012, will become executive chairman at that time, according to a news release. Duato has worked for Johnson & Johnson

By Chris Isidore, CNN Business This quarter was supposed to be when computer chip supply and auto production were returning to normal. Instead, the surge in Covid cases, especially in Southeast Asia, is causing a new round of parts shortages and auto plant shutdowns around the globe. That could keep already astronomical car prices high.

By Allison Morrow, CNN Business Febreze has come up with a new way to deceive your houseguests into thinking you’re a person who actually cleans: A “scratch ‘n sniff”-like fabric spray. Using “breakthrough touch-activated scent technology,” Febreze is rolling out Unstopables [sic] Touch Fabric Spray (more on the strange name later). The regular Febreze spray

By David Goldman, CNN Business Wells Fargo has decided to allow some customers to keep their personal lines of credit, partially reversing a controversial decision after a month of outrage from consumers and advocates. The bank last month decided to shut down all of its existing personal lines of credit, which Wells Fargo noted could

By Jordan Valinsky, CNN Business Chipotle is testing plant-based chorizo in Denver and Indianapolis — its first new protein made from alternative ingredients in seven years. The company developed its chorizo alternative internally, shunning Beyond Meat and Impossible, which have recently struck deals with other fast food-chains for meat alternatives on their menus. Chipotle currently

By Jordan Valinsky, CNN Business Toys “R” Us is getting another lease on life thanks to Macy’s. The two companies are partnering to sell toys on Macy’s website. The brands are also opening Toys “R” Us shop-in-shops at 400 department stores next year. It’s the second attempt to revitalize the Toys “R” Us brand within

By Jeanne Sahadi, CNN Business As if the pandemic hasn’t been hard enough on retirees, those living on low to moderate incomes have been hit with the one-two financial punch of rising inflation and low interest rates. Those senior citizens found themselves paying more for essentials, while earning next to nothing on their savings and

By Diksha Madhok, CNN Business Hong Kong has some of the toughest Covid-19 quarantine rules on the planet, capturing everyone from journalists to Olympic athletes. Not Hollywood actress Nicole Kidman, however. On Thursday, Hong Kong confirmed that the Oscar winner was granted a special exemption from the quarantine rules. Four members of her crew have

By Hanna Ziady, CNN Business Goldman Sachs is buying a Dutch investment firm for €1.6 billion ($1.9 billion) in a bid to grow its asset management business and boost the bank’s prospects outside the United States. The US investment bank revealed Thursday that it has agreed to buy NN Investment Partners, which has $355 billion

By Anneken Tappe, CNN Business Wall Street is fighting its Federal Reserve hangover and the Dow booked its third straight day of losses after the central bank suggested Wednesday it could ease off the stimulus gas as early as year-end. So the investor angst continues, sending CNN’s Fear & Greed index back into “extreme fear”

By Julia Horowitz, CNN Business After notching a string of record highs, US stocks are stuttering. What’s happening: The Dow and S&P 500 both closed 1.1% lower on Wednesday after minutes from the most recent meeting of the Federal Reserve indicated that the central bank could announce plans to cut back on bond purchases in