By Danielle Wiener-Bronner, CNN Business Two of Paul Newman’s daughters have filed a lawsuit against the Newman’s Own Foundation, alleging that the charity has gone against their late father’s wishes by not giving enough funds to charitable organizations of their choosing. Newman, the celebrated actor, started Newman’s Own food company in 1982. Its first product
Continue Reading By Paul R. La Monica, CNN Business Dollar stores, as their name suggests, offer inexpensive products for bargain-hungry shoppers. But even Dollar General and Dollar Tree, which have thrived this year as rampant inflation has helped boost sales, are starting to feel the pinch of a slowing economy. Dollar General and Dollar Tree both reported
Continue Reading By Catherine Thorbecke, CNN Business Amazon on Wednesday said it is shuttering its telehealth service, Amazon Care, as the company rethinks its approach for expanding into the health care industry. Launched in 2019, Amazon Care promised to virtually connect patients with a clinician “24/7, 365 days a year,” according to its website, and also offered
Continue Reading By Chris Isidore, CNN Business People hoping to get their holiday shopping delivered on time could be caught in the middle of a growing battle between FedEx and thousands of contractors who deliver most FedEx packages. Many of the contractors used by the company’s FedEx Ground division say they are losing money, even as revenue
Continue Reading By Chris Isidore, CNN Business Few companies flourished more amid the pandemic’s economic upheaval than Peloton. With people unable (or unwilling) to go to the gym, consumers rushed to buy its exercise equipment and, more importantly, sign up for its online classes. Peloton posted its first quarterly profits in calendar year 2020 as revenue jumped
Continue Reading By Jordan Valinsky, CNN Business Peloton’s rough road to recovery continues. The fitness company’s quarterly revenue came in below Wall Street estimates, signaling that its recently launched turnaround effort will take more time to revive sagging sales. Losses amounted to $1.2 billion for the three-month period ending June 30. Revenue also fell nearly 30%, to
Continue Reading By Anna Bahney, CNN Business Mortgage rates jumped higher this week as investors tried to make sense of data that gave mixed signals about the health of the US economy. The 30-year fixed-rate mortgage averaged 5.55% in the week ending August 25, up from 5.13% the week before, according to Freddie Mac. That is significantly
Continue Reading By Anna Bahney, CNN Business Mortgage rates jumped higher this week as investors tried to make sense of data that gave mixed signals about the health of the US economy. The 30-year fixed-rate mortgage averaged 5.55% in the week ending August 25, up from 5.13% the week before, according to Freddie Mac. That is significantly
Continue Reading By Matt Egan, CNN Business The pandemic continues to cast a shadow over the workforce. Long Covid, a combination of symptoms that emerge months or even years after recovering from the virus, is keeping up to 4 million Americans from working, according to a new study. The Brookings Institution report, released Wednesday, finds that about
Continue Reading By Julia Horowitz, CNN Business When consumers were stuck inside during the early stages of the Covid-19 pandemic, there weren’t many places to spend money. So they turned their attention to technology, scooping up new gaming consoles, monitors and PCs that made living and working from home a bit easier. Now, as people return to
Continue Reading By Alicia Wallace, CNN Business The US economy shrank at a slightly slower rate than estimated during the second quarter, according to updated data released Thursday by the US Bureau of Economic Analysis. The nation’s gross domestic product — the broadest measure of economic activity — shrank 0.6% at an annualized rate from April through
Continue Reading By Rachel Metz, CNN Business Mark Zuckerberg has bet his company’s future on an ambitious long-term vision of people carrying out greater portions of their lives in virtual spaces through digital alter egos. But an image Zuckerberg recently posted to his Facebook page served as a reality check of sorts for virtual reality, at least
Continue Reading By Brian Fung, CNN Business An explosive whistleblower disclosure by Twitter’s former head of security this week exposes the company to new federal investigations and potentially billions of dollars in fines, tougher regulatory obligations or other penalties from the US government, according to legal experts and former federal officials. Twitter faces tremendous legal risks stemming
Continue Reading By Laura He, CNN Business China has unveiled 19 new measures to shore up its economy and “secure drinking water” supply as the country continues to struggle with its worst heatwave in 60 years and rigid Covld lockdowns. The new measures announced by China’s cabinet on Wednesday amount to more than 1 trillion yuan ($146
Continue Reading By Paul R. La Monica, CNN Business Tesla’s stock price is set to drop at the opening bell Thursday, but not because of anything Elon Musk tweeted about demand for electric vehicles, ‘full self-driving’ features, SpaceX updates, silly memes or his legal battle with Twitter. The electric car company completed a 3-for-1 stock split after
Continue Reading By Jessie Yeung and Shawn Deng, CNN The island of Hainan in southern China plans to ban the sale of fossil fuel-powered vehicles by 2030, aiming to become the first province in the country to do so, according to provincial authorities. In a statement, the provincial government vowed to be “at the forefront of the
Continue Reading By Brian Fung and Clare Duffy, CNN Business Twitter’s former head of security, who filed a whistleblower disclosure about the company, will testify in a Senate hearing next month, the same day that Twitter shareholders are set to vote on whether to approve Elon Musk’s takeover deal. Peiter “Mudge” Zatko, whose disclosure was first reported
Continue Reading By Clare Duffy, CNN Business Elon Musk’s lawyers repeatedly referenced claims from a Twitter whistleblower in court on Wednesday, in an early preview of how the billionaire’s side might use the new allegations in his legal battle with the social media company over their $44 billion acquisition agreement. The hearing, which was focused on how
Continue Reading By Danielle Wiener-Bronner, CNN Business Chick-fil-A’s grilled nuggets and grilled filets have a dairy allergen due to an accidental contamination at its supplier, according to the company. “A supplier notified us they had unintentionally added an undeclared dairy allergen in the recipe for our Grilled Filets and Grilled Nuggets,” the company said in a statement,
Continue Reading By Matt Egan, CNN Business President Joe Biden’s student loan plan is a potential game changer for Americans drowning in debt. And yet the impact on the economy at large is likely to be so tiny that it will be hard to measure. Biden announced Wednesday that his administration will forgive $10,000 for borrowers who
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