By Anna Bahney, CNN Business A big year for car and home shopping helped push Americans to take on a lot more debt last year. Household debt increased by $1 trillion in 2021, the biggest annual increase since 2007, according to data from the Federal Reserve Bank of New York. In the fourth quarter alone,
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American workers keep leaving their jobs, and many are looking for something better. In December alone, 4.3 million workers parted ways with their employer. If you are thinking about making a move, now’s a good time to do it. There were nearly 11 million job openings at the end of 2021 and companies are beefing
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By Peter Valdes-Dapena, CNN Business Hyundai and Kia are telling owners of almost 500,000 cars and SUVs in the United States to park outside and away from buildings due to a possible defect that can cause the vehicles to spontaneously catch fire even when not running. The problem is that, due to “foreign contaminants,” the
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By Jennifer Korn, CNN Business Apple on Tuesday said it plans to introduce a contactless payment option later this year that will let businesses use iPhones to process transactions in stores without any additional hardware, competing with services like Square. The new “Tap to Pay” feature will allow US merchants of all sizes to accept
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By Peter Valdes-Dapena, CNN Business Major automakers are coming out with electric cars and SUVs that could, one day, threaten Tesla’s dominance in that field. But there’s a big fight brewing in another electric vehicle market where Tesla doesn’t even play. Electric work vans. Electric vans present a big opportunity because of two concurrent trends.
Continue Reading By Peter Valdes-Dapena, CNN Business Major automakers are coming out with electric cars and SUVs that could, one day, threaten Tesla’s dominance in that field. But there’s a big fight brewing in another electric vehicle market where Tesla doesn’t even play. Electric work vans. Electric vans present a big opportunity because of two concurrent trends.
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By Sean Lyngaas, CNN Business A New York couple has been arrested and charged with conspiring to launder $4.5 billion in stolen cryptocurrency funds. Law enforcement officials have seized $3.6 billion of those funds in what US Deputy Attorney General Lisa Monaco called “the department’s largest financial seizure ever.” Ilya Lichtenstein, 34, and his wife,
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By Jordan Valinsky, CNN Business Peloton is replacing embattled CEO John Foley and cutting about 20% of its workforce to help reinvigorate the flailing fitness company. Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become its CEO and president, effective Wednesday. Foley will become the company’s executive chair, and wrote in
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By Kathryn Vasel and Jeanne Sahadi, CNN So much is working in favor of job seekers who want to wrangle a better position with better pay and better benefits these days. Even still, it’s rarely a seamless or stress-free process. Quitting your job is always a big deal and requires good planning and smart thinking
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By Frank Pallotta, CNN Business Leslie Jones can keep posting unfiltered videos of herself commenting on the Olympics, according to NBC. On Monday, Jones said she would stop making the videos, because they were routinely getting blocked. But NBC said Tuesday that the former “Saturday Night Live” cast member can continue offering her commentary while
Continue Reading By Frank Pallotta, CNN Business Leslie Jones can keep posting unfiltered videos of herself commenting on the Olympics, according to NBC. On Monday, Jones said she would stop making the videos, because they were routinely getting blocked. But NBC said Tuesday that the former “Saturday Night Live” cast member can continue offering her commentary while
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By Chris Isidore, CNN Business This is the best labor market most workers have ever experienced in their lives. So why are so many Americans feeling gloomy about the state of the US economy? The simple answer is inflation, as measured by the consumer price index, which is showing the fastest rate of price increases
Continue Reading By Chris Isidore, CNN Business This is the best labor market most workers have ever experienced in their lives. So why are so many Americans feeling gloomy about the state of the US economy? The simple answer is inflation, as measured by the consumer price index, which is showing the fastest rate of price increases
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By Matt Egan, CNN Business Grocery store prices will probably stay elevated this year, according to economists at Goldman Sachs, continuing a Covid trend that has contributed to the high cost of living. In a report to clients on Monday night, Goldman Sachs projected the food-at-home category of the consumer price index will increase by
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By Jackie Wattles, CNN Business Four years ago this week, the most powerful operational rocket in the world, SpaceX’s Falcon Heavy, made its inaugural launch from Florida and tore into outer space carrying nothing other than Elon Musk’s personal Tesla roadster. The cherry red sports car — which is occupied by a spacesuit-clad mannequin nicknamed
Continue Reading By Jackie Wattles, CNN Business Four years ago this week, the most powerful operational rocket in the world, SpaceX’s Falcon Heavy, made its inaugural launch from Florida and tore into outer space carrying nothing other than Elon Musk’s personal Tesla roadster. The cherry red sports car — which is occupied by a spacesuit-clad mannequin nicknamed
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By Matt McFarland, CNN Business Cruise, the self-driving subsidiary of General Motors, started offering robotaxi rides this week in San Francisco. Anyone can sign up for the chance to be selected to get a ride in a self-driving car, provided they don’t mind staying up late. Cruise’s robotaxis are generally only operating from 11 p.m.
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By Ivana Kottasová and Charles Riley, CNN Business President Joe Biden said Monday that natural gas will not flow through Russia’s Nord Stream 2 pipeline to Germany if Moscow orders an invasion of Ukraine. What does an $11 billion undersea pipeline between Russia and Germany have to do with Ukraine? And why is it such
Continue Reading By Ivana Kottasová and Charles Riley, CNN Business President Joe Biden said Monday that natural gas will not flow through Russia’s Nord Stream 2 pipeline to Germany if Moscow orders an invasion of Ukraine. What does an $11 billion undersea pipeline between Russia and Germany have to do with Ukraine? And why is it such
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By Michelle Toh, CNN Business SoftBank’s record-breaking sale of a prized chip designer to Nvidia has officially been called off. At an initial value of $40 billion, the US chipmaker’s acquisition of British design firm ARM would have been the largest semiconductor deal on record. But regulators around the world have long raised concerns about
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