By Julia Horowitz, CNN Business Managing America’s relationship with its biggest economic frenemy is one of US President Joe Biden’s toughest challenges. So when he holds a virtual summit with President Xi Jinping later on Monday, issues like supply chains, subsidies and tariffs, a pullback in China’s vast property sector and the global energy crunch
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By Paul R. La Monica, CNN Business Many companies and investors need to learn a crucial lesson: Becoming a market leader is easy, but staying one for a prolonged period of time? Not so much. Success brings about imitators. And competition can quickly eat into sales, market share and profits. Just look at the lousy
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By Matt Egan, CNN Business The economic recovery from Covid-19 will reaccelerate in the coming quarters, driving the unemployment rate back to a 50-year low by the end of next year, Goldman Sachs told clients on Sunday. After slowing this summer, the US economy will get a boost from the reopening of the service sector,
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By Reuters JPMorgan Chase on Monday sued Tesla for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract related to stock warrants after its share price soared. According to the complaint filed in Manhattan federal court, Tesla in 2014 sold warrants to JPMorgan that would pay off if their “strike price”
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By Brian Stelter, CNN Business “Information disorder is a crisis that exacerbates all other crises. When bad information becomes as prevalent, persuasive, and persistent as good information, it creates a chain reaction of harm.” That’s how the Aspen Institute’s Commission on Information Disorder begins its sweeping new report on the subject. Sixteen commissioners spent the
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By Jeanne Sahadi, CNN Business You would think the combination of high inflation, a worker shortage and a talent war would be a winning trifecta for any employee who would like to take home a bigger paycheck next year. And many companies are also reporting strong earnings, if not record ones. “Employees are saying, ‘I’ve
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By Matt McFarland, CNN Business The indoor cycling craze has come for America’s kids, and child development experts aren’t happy. Little Tikes, the children’s toymaker, watched sales of Peloton’s stationary bikes soar last year when the pandemic hit. It saw a chance to create something for children to enjoy alongside their parents, according to Little
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By Samantha Murphy Kelly, CNN Business The global chip shortage is making it harder for shoppers to get their hands on some of the most sought after tech gadgets of the holiday season. In the six weeks leading up to Christmas, some of Apple’s biggest new products — including certain iPhone 13 models, some newer
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By Matt Egan, CNN Business Ahead of President Joe Biden’s virtual meeting with Chinese President Xi Jinping, two dozen business groups are calling on the Biden administration to work toward removing tariffs on China to help ease historic inflation. In a letter to Biden officials sent on Friday, the business groups warned tariffs on China
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By Pauline Lockwood, Bex Wright and Cape Diamond, CNN American journalist Danny Fenster has been freed from prison in Myanmar, according to a Myanmar military official and former New Mexico governor Bill Richardson, who had been on a private humanitarian visit to the country. Fenster’s release comes just days after the former managing editor of
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By Jordan Valinsky, CNN Business Casper Sleep, the trendy mattress-in-a-box company, is being taken private barely two years after its splashy public debut. The company announced Monday that private equity firm Durational Capital Management is buying Casper at $6.90 per share — a 94% premium on Friday’s closing price of $3.55 per share. The stock
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By Ramishah Maruf, CNN Business Peanut butter fans rejoice. Reese’s is releasing its largest peanut butter cup ever: a nine-inch Reese’s Thanksgiving Pie. The super-sized peanut butter cup is the size of an actual pie, with a 9-inch diameter and weighing in at 3.4 pounds. “When you bring together friends and family for Thanksgiving dinner,
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Opinion by Nicholas Bertram for CNN Business Perspectives Since the onset of the pandemic, there has been intense scrutiny on the grocery industry, as historic demand and a stretched supply chain have led to rising food prices and shortages of certain products. In fact, food prices are at their highest levels in a decade —
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By Danielle Wiener-Bronner, CNN Business Applebee’s is bringing Cheeto-flavored wings to its restaurants. The wings were previously available exclusively online: Earlier this year, the casual dining brand launched an online-only brand called Cosmic Wings. The Cosmic Wings menu features wings tossed in original or Flamin’ Hot Cheetos sauces and coated in Cheetos crumbles, fried Cheetos
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By Allison Morrow, CNN Business Less than a month into her role as the chief executive of Citigroup, Jane Fraser made a decision that shook Wall Street. It was late March, and signs of burnout were everywhere after more than a year of remote work in the pandemic. Deal volume was at record highs and
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By Jordan Valinsky, CNN Business Chick-fil-A customers looking for their fix over Christmas weekend this year will be disappointed. The chicken chain will be closed on Christmas Day, which falls on a Saturday, in addition to the Sunday after. Traditionally, Chick-fil-A is closed on Christmas. But because of when the holiday falls this year, that
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By Julia Horowitz, CNN Business Every year, Wall Street’s top banks publish lengthy reports laying out what the next year could hold for investors, making predictions for economic growth and the trajectories of stocks and bonds. Some years, the prognostication is more successful than others. The pandemic has made the exercise particularly difficult. Early estimates
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By Peter Valdes-Dapena, CNN Business The Lucid Air, the first model from California-based electric car start-up company Lucid Motors, has been named MotorTrend’s 2022 Car of the Year. It’s the first time any automaker has won the award with its first car. MotorTrend’s panel of judges lauded the Lucid Air for its extraordinary range and
Continue Reading By Pauline Lockwood, Bex Wright and Cape Diamond, CNN American journalist Danny Fenster has been freed from prison in Myanmar, according to a Myanmar military official and former New Mexico governor Bill Richardson, who had been on a private humanitarian visit to the country. Fenster’s release comes just days after the former managing editor of
Continue Reading By Pauline Lockwood, Bex Wright and Cape Diamond, CNN American journalist Danny Fenster has been freed from prison in Myanmar, according to a Myanmar military official and former New Mexico governor Bill Richardson, who had been on a private humanitarian visit to the country. Fenster’s release comes just days after the former managing editor of
Continue Reading