By Charles Riley, CNN Business UK consumer price inflation has surged to the highest level in three decades, heaping pressure on households already facing a huge increase in energy costs. Inflation increased to 5.4% in December, the Office for National Statistics said on Wednesday, the highest rate since 1992. The biggest price rises were for
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By Laura He, CNN Business China produced more coal than ever last year as its power stations struggled to meet demand for electricity, undermining plans to curb carbon emissions. While the surge in output helped bring the power crisis under control, coal prices are creeping up yet again this year amid expectations that China is
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. When President Joe Biden walks out at 4pm ET to greet reporters assembled in the White House’s East Room, it will be the first formal press conference he has convened
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. When President Joe Biden walks out at 4pm ET to greet reporters assembled in the White House’s East Room, it will be the first formal press conference he has convened
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By Michelle Toh, CNN Business Two of the world’s biggest video game companies are feeling the pressure as the console wars heat up. Shares of Sony and Nintendo, the makers of the PlayStation and Switch respectively, stumbled Thursday as the two Japanese giants cut their forecasts for sales of the consoles. The fall comes as
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By Charles Riley and Joseph Ataman, CNN Business Major international airlines are canceling flights to the United States over aviation industry fears that 5G technology could interfere with crucial onboard instruments. But it’s business as usual in Europe, where the latest generation of high speed mobile networks is being rolled out without a hitch. “The
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By Gregory Wallace, Pete Muntean and Michael Ballaban, CNN Major international airlines are scrambling to modify or cancel flights to the United States amid uncertainty about potential interference between new 5G cell phone services and critical airplane technologies. Emirates, Air India, All Nippon Airways, Japan Airlines, Lufthansa and British Airways all announced changes to some
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By Paul R. La Monica, CNN Business It’s game on for video game mergers. Microsoft’s nearly $69 billion acquisition of the controversial game maker Activision Blizzard comes just one week after Grand Theft Auto developer Take-Two Interactive announced that it was buying FarmVille owner Zynga. Gamers (and investors) are now betting on which company might
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By Clare Duffy, CNN Business The Federal Trade Commission and US Justice Department’s Antitrust Division on Tuesday announced a joint review of federal guidelines for corporate mergers to consider whether they should be updated “to better detect and prevent illegal, anticompetitive deals.” The announcement comes amid growing concerns about concentration in a range of industries,
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By Oliver Darcy, CNN Business Michelle Gotthelf, the former editor in chief of the New York Post’s digital operation, filed a lawsuit on Tuesday against the tabloid, alleging she was wrongfully fired earlier this month after she reported to her boss that a longtime lieutenant of Rupert Murdoch sexually harassed her. Gotthelf alleged that the
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By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
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By Pete Muntean, CNN Business AT&T and Verizon announced Tuesday that they would delay activating 5G on some towers around certain airports. The wireless technology’s rollout near major airports had been scheduled for Wednesday, but airlines warned of dire consequences for transportation and the economy. AT&T made the announcement as it works with the aviation
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By Nathaniel Meyersohn, CNN Business Kohl’s can’t catch a break from Wall Street. For the second time in as many months and third time in a year, an activist investor is putting pressure on the department store chain to make changes or sell the company. Activist hedge fund Macellum Advisors, which owns about 5% of
Continue Reading By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
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By Jennifer Korn and Clare Duffy, CNN Business Microsoft on Tuesday announced plans to acquire Activision Blizzard in a blockbuster deal worth nearly $70 billion. It’s one of the biggest acquisitions in the tech industry in recent years, one that will boost Microsoft’s standing in the growing gaming industry but could be complicated by recent
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By Anneken Tappe, CNN Business Wall Street had another day in the red at the start of this shortened trading week as investors grapple with earnings seasons and rising Treasury bond yields. All three major indexes spent the entire day sharply lower. The Dow closed 1.5%, or some 540 points, lower, after falling as many
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By Anna Cooban, CNN Business The BBC has warned that it will be forced to slash services and cancel shows after the UK government froze its main source of funding, resulting in a budget shortfall of roughly $388 million. Tim Davie, director general of the public service broadcaster, told BBC Radio 4 on Tuesday that
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By Jackie Wattles and Pete Muntean, CNN Potentially abysmal air travel interruptions were narrowly avoided this week when wireless carriers made a last-minute change to their planned 5G rollout in response to fears that new cell service towers could interfere with a key component on passenger jets that allows them to safely land in low
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By Matt Egan, CNN Business Goldman Sachs is now calling for oil prices to hit $100 a barrel later this year and continue rising in 2023, signaling higher prices at the pump are on the way. In a Monday evening report to clients, the Wall Street bank backed up its bullish call by citing “robust
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By Paul R. La Monica, CNN Business Goldman Sachs had a phenomenal year. But like many of its competitors on Wall Street, the numbers just weren’t good enough to satisfy fickle investors. The investment banking powerhouse said Tuesday that it earned $3.9 billion in the fourth quarter, or $10.81 a share. But analysts had been
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