By Peter Valdes-Dapena, CNN Business General Motors is investing $760 million in its Toledo Propulsion Systems factory, which builds transmissions for gas-powered vehicles, so that it can make electric drive units for electric vehicles, too. The drive units will be used in GM electric trucks, the automaker said, including the GMC Hummer EV, which is
Continue Reading Opinion by Fatih Birol for CNN Business Perspectives The global energy crisis sparked by Russia’s invasion of Ukraine is causing hardship around the world and shining a spotlight on the flaws in today’s energy system. Volatile prices are hurting consumers and businesses while greenhouse gas emissions are rising and air pollution is leading to millions
Continue Reading By Julia Horowitz, CNN Business When the UK government, led by new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also
Continue Reading By Allison Morrow, CNN Business Bill Ackman, the billionaire hedge fund manager and activist investor, has an alternative idea to fight inflation: Increase immigration. He criticized the Federal Reserve’s interest-rate hikes in a series of tweets Thursday and Friday as a blunt tool that will destroy consumer demand and trigger a recession. “Inflation can be
Continue Reading By Matt Egan, CNN Business Even Goldman Sachs is succumbing to the gloomy mood on Wall Street by abandoning its previously optimistic stance and warning that US stocks will end the year deeply in the red. Goldman Sachs took an ax late Thursday to its stock market forecast, slashing its year-end target for the S&P
Continue Reading By Jordan Valinsky, CNN Business McDonald’s will have to defend itself against a $10 billion lawsuit from media mogul Byron Allen over an allegation that the fast food chain doesn’t advertise with Black-owned media. A federal court ruled last week said that Allen and his company, Allen Media Group, can try to prove in court
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Matt Egan Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp drop in
Continue Reading By Frank Pallotta, CNN Business Slugger Aaron Judge is chasing baseball history. So where can you watch it? The New York Yankees outfielder is on the brink of hitting the most home runs in American League history as he sits on 60 for the season. The current record is 61, which was set in 1961
Continue Reading By David Goldman, CNN Business US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P
Continue Reading By Alicia Wallace, CNN Business In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a “softening labor market.” Data, however, doesn’t mince words. The Fed’s latest economic projections, released Wednesday
Continue Reading By Julia Horowitz, CNN Business It should be the perfect time to own gold. The yellow metal has historically rallied when inflation is high, since it’s a physical investment that can serve as a store of value. It’s also usually a firm favorite during periods of geopolitical uncertainty, when it’s seen as a safe haven.
Continue Reading By Jordan Valinsky, CNN Business Apple Music is replacing Pepsi as the new sponsor for the NFL’s Super Bowl halftime show. The multi-year partnership was announced Friday and financial terms weren’t disclosed. In a statement, the NFL said that it “couldn’t think of a more appropriate partner” for the show. The halftime show is most-watched
Continue Reading By Casey Tolan, CNN Marco Rubio hopes to sway voters interested in Chick-fil-A, Ram trucks, and Duck Dynasty. John Fetterman is searching for fans of microbreweries, Teslas, and the Dave Matthews Band. And Michael Bennet wants to reach people who like Taylor Swift and Lizzo — while avoiding devoted listeners of Jason Aldean. Candidates in
Continue Reading By Anna Cooban, CNN Business A huge gamble by the UK government aimed at rescuing the economy from recession and boosting long-term growth sent the pound plunging on Friday. Announcing the biggest tax cuts in 50 years at the same time as boosting spending, Finance Minister Kwasi Kwarteng said the government needed a “new approach
Continue Reading By Michelle Toh, CNN Business Leaders of America’s biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan CEO Jamie Dimon, Citi CEO Jane Fraser, and Bank of America CEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine
Continue Reading By Oliver Darcy, CNN Business Conspiracy theorist Alex Jones tangled Thursday in an explosive courtroom exchange with an attorney for families of Sandy Hook victims who have sued him in Connecticut, prompting an admonishment from the judge and warning that they could be held in contempt if they violate court rules moving forward. The warning
Continue Reading By David Goldman, CNN Business Boeing and its former CEO Dennis Muilenburg agreed to pay hefty fines to settle charges from the Securities and Exchange Commission that they misled the public about the safety of the 737 Max following two fatal crashes in 2018 and 2019. The SEC alleges that, following an October 2018 crash
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