By Matt McFarland, CNN Business The US Postal Service said Wednesday that at least 40% of its new delivery vehicles will be electric, up from the 10% it had once committed to, following a backlash from the Biden administration and others. Under the revised plan, the Postal Service would buy 33,800 electric vehicles, 25,000 of
Continue Reading By Chris Isidore, CNN Business Lockdowns caused by the Covid surge in China caused sales and profits to fall at Tesla compared to the first three months of the year, the first time since the pandemic surfaced in early 2020 that the company did not report a record profit. Tesla reported adjusted income of $2.6
Continue Reading By Jeanne Sahadi, CNN Business There really was no place for 401(k) investors to hide in the first half of this year. Even though their portfolios took a hit, they didn’t run for the hills. The Nasdaq was down 30%, while the S&P 500 and Russell 2000 indices were down more than 20% apiece. The
Continue Reading By Jennifer Korn, CNN Business Alaska Airlines is rolling out electronic bag tags in an effort to speed up the airport check-in process for customers, the company said Tuesday. The new option, which Alaska is billing as the first of its kind for a US airline, will allow customers to skip the step of printing
Continue Reading By Jennifer Korn, CNN Business Alaska Airlines is rolling out electronic bag tags in an effort to speed up the airport check-in process for customers, the company said Tuesday. The new option, which Alaska is billing as the first of its kind for a US airline, will allow customers to skip the step of printing
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of America’s largest banks is worried inflation will remain problematic for a while longer — and he thinks there’s a growing chance of a recession. Goldman Sachs CEO David Solomon said in an interview with CNN’s Poppy Harlow Wednesday that people need to “prepare
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of America’s largest banks is worried inflation will remain problematic for a while longer — and he thinks there’s a growing chance of a recession. Goldman Sachs CEO David Solomon said in an interview with CNN’s Poppy Harlow Wednesday that people need to “prepare
Continue Reading By Julia Horowitz, CNN Business Europe’s economy, which accounts for almost a fifth of the world’s output, is facing its toughest test since the pandemic erupted more than two years ago. A cocktail of risks threatens to throw growth into reverse at a moment of deep uncertainty. Like the United States and other developed economies,
Continue Reading Opinion by Mark Zandi for CNN Business Perspectives The stock market is having a rough go. Since hitting an all-time high on the first trading day of the year, stock prices have fallen by more than 20%. Known as a bear market, the losses have been financially painful. Trillions of dollars in stock wealth has
Continue Reading By Parija Kavilanz, CNN Business For one group of workers, the baby formula shortage is a multi-pronged crisis that threatens not only the well-being of their young children — but also their own livelihoods. Many shoppers’ weekly grocery trips don’t require much more than a short car ride into town. But that’s not how it
Continue Reading By Anna Bahney, CNN Business Home prices hit a new all-time high in June, even as home sales declined for the fifth straight month as a lack of affordability continues to push buyers out of the market. The median home price was $416,000 last month, up 13.4% from one year ago, according to a report
Continue Reading By Michelle Toh, CNN Business Macao’s casinos have been bleeding hundreds of millions of dollars a month during the pandemic. Now a prolonged lockdown is adding more uncertainty for players in the world’s largest gambling hub. Since last week, Macao has been under strict stay-home orders as it grapples with a surge in coronavirus cases.
Continue Reading By Julia Horowitz, CNN Business It wasn’t long ago that Wall Street would have bristled at such grim news out of Netflix: Between April and June, the company lost 970,000 subscribers. But investors aren’t freaking out about the number of customers bailing from the service. In fact, they’re cheering. What’s happening: Shares of Netflix are
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors and Lockheed Martin are working together on a new Lunar Rover. but it needs tires. So, Goodyear is now joining the team. GM and Goodyear have been over this dry, dusty ground before. Both companies worked on NASA’s original Lunar Roving Vehicles that went to the moon in
Continue Reading By Michelle Toh, CNN Business A new show about a young female attorney has become another South Korean hit on Netflix, giving investors hope that the producer may have another “Squid Game”-like success on its hands. “Extraordinary Attorney Woo,” a series that follows the titular character Woo Young-woo as “a newbie at a top law
Continue Reading By Anna Cooban, CNN Business The European Union has unveiled its emergency gas rationing plan — a day before it fears Russia could drastically cut the flow of natural gas to the continent. The “Save Gas for a Safe Winter” plan announced Wednesday sets a target for the 27 member states to reduce their gas
Continue Reading By Catherine Thorbecke, CNN Business Weeks after Daily Harvest announced the voluntary recall of its French Lentil and Leek Crumbles, the company said on Tuesday that it had identified the ingredient suspected to be causing the mysterious illness reported by hundreds of customers. “At this time, we have identified tara flour as the cause of
Continue Reading By Clare Duffy, CNN Business In an early victory for Twitter, a judge on Tuesday ruled that the company’s lawsuit against Elon Musk over their $44 billion acquisition agreement should go to a five-day trial in October. The decision came at the end of the first hearing in the case over whether to expedite the
Continue Reading By Danielle Wiener-Bronner and Chris Isidore, CNN Business Chipotle permanently closed a restaurant in Augusta, Maine that filed to form a union last month. “We have been unable to adequately staff this remote restaurant with crew and continue to be plagued with excessive call-outs and lack of availability from existing staff,” Laurie Schalow, chief corporate
Continue Reading By Catherine Thorbecke, CNN Business Apple has agreed to pay $50 million to settle a class action lawsuit from customers who say they experienced failures related to the so-called “butterfly” keyboards included for years on certain MacBook laptops. The proposed settlement, which still requires a judge’s approval, was indicated in court documents filed Monday in
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