By Alicia Wallace, CNN Business After spending 2020 cooped up as a fast-spreading, deadly virus limited most aspects of everyday life, American consumers splurged in 2021, shelling out an average of $3,568 on entertainment, according to data released Thursday from the Bureau of Labor Statistics. That’s up 22.7% from 2020, and surpasses 2019 levels by
Continue Reading By Reuters Tesla Inc (TSLA) is considering setting up a lithium refinery on the gulf coast of Texas, as it looks to secure supply of the key component used in batteries amid surging demand for electric vehicles. The potential battery-grade lithium hydroxide refining facility, which Tesla touted as the first of its kind in North
Continue Reading By Reuters Tesla Inc (TSLA) is considering setting up a lithium refinery on the gulf coast of Texas, as it looks to secure supply of the key component used in batteries amid surging demand for electric vehicles. The potential battery-grade lithium hydroxide refining facility, which Tesla touted as the first of its kind in North
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Over the years, I have been fortunate to be able to talk to Lorne Michaels, the impresario of NBC’s “Saturday Night Live,” on many occasions, both formally and informally, for news articles and books. And one of the things I’ve learned is that when you manage a
Continue Reading Martha C. White for CNN Business With nearly two job openings available for every job seeker, the shortage of workers in the United States has many employers over a barrel in the fight to acquire and retain talent. But for candidates who are typically overlooked by hiring managers, the labor shortage offers an opportunity. Advocates
Continue Reading By Matt Egan, CNN Business Digital World Acquisition Corp., the blank-check firm seeking to merge with former President Donald Trump’s media venture, announced Friday it will avoid an imminent liquidation. Digital World failed to receive shareholder approval by Thursday’s deadline to extend its merger agreement. However, the shell company said in a Friday filing it
Continue Reading By Anna Cooban and Mark Thompson, CNN Business The death of Queen Elizabeth has come at a bad time for the United Kingdom. Against a backdrop of soaring inflation, a slumping currency and the worst cost-of-living crisis in decades, the country has lost one of its few markers of continuity and stability. The government of
Continue Reading By Anna Cooban and Mark Thompson, CNN Business The death of Queen Elizabeth has come at a bad time for the United Kingdom. Against a backdrop of soaring inflation, a slumping currency and the worst cost-of-living crisis in decades, the country has lost one of its few markers of continuity and stability. The government of
Continue Reading By Nicole Goodkind, CNN Business The US Federal Reserve is delivering a hawkish message to markets: We hear you, we see you, but you can’t stop us — aggressive rate hikes aren’t going away. Wall Street seems to be listening. Markets now see an 86% chance of a three-quarter point hike at the September Fed
Continue Reading By Chris Isidore, CNN Business Freight railroads have been around since the 19th century, but you can’t run a 21st century economy without them. The looming possibility of a strike by unions representing more than 90,000 workers at the nation’s freight railroads has businesses nationwide worried. The unions are poised to go on strike on
Continue Reading By Matt Egan, CNN The Biden administration is not debating whether to unleash another round of emergency oil from the national stockpile at this time, an administration official told CNN on Thursday. In response to the war in Ukraine, US President Joe Biden announced a plan on March 31 to release one million barrels of
Continue Reading By Matt Egan, CNN The blank-check firm attempting to bring former President Donald Trump’s media venture public has adjourned its special shareholder meeting until October 10. The development is the latest in a series of delay tactics from Digital World Acquisition Corp. and comes as the shell company struggles to win shareholder approval to extend
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Jackie Wattles, CNN Business NASA has two new dates in mind — September 23 or September 27 — for the next attempt at launching its massive new moon rocket on an uncrewed test mission. But there are still several things that could stand in the way of getting the Artemis I mission off the
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian and Mercedes have signed a “memorandum of understanding” to work together on production of electric vans and to begin making them in Europe. Together, the companies will create a factory in Europe dedicated to producing electric vehicles. The companies will jointly invest in changing an existing Mercedes production site
Continue Reading By Paul R. La Monica, CNN Business Movie theater chain AMC is a top pick for meme investors, but the stock hasn’t exactly turned out to be the feel good hit of this summer. Shares of AMC were trading around $18 just before the company decided to issue a new class of preferred shares to
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Anna Bahney, CNN Business Mortgage rates reached their highest level since 2008, inching closer to 6% this week, as it became clearer to investors that aggressive rate hikes from the Federal Reserve would continue. The 30-year fixed-rate mortgage averaged 5.89% in the week ending September 8, up from 5.66% the week before, according to
Continue Reading Martha C. White for CNN Business At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right
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