By Matt Egan, CNN Business Omicron is messing with back-to-the-office plans for both JPMorgan Chase and Citigroup. Citing the spike in Covid-19 cases, both big banks told US employees on Thursday that they can start 2022 by working remotely. In a memo obtained by CNN, Citi asked its US employees to work from home for
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By Chris Isidore, CNN Business Warren Buffett, the ninth-richest person on the planet, says it’s not up to him to settle a strike by 450 steelworkers at a company he owns. Sen. Bernie Sanders wrote a letter to the Berkshire Hathaway CEO, requesting that he intervene in a United Steelworkers union strike at the Special
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By Paul R. La Monica, CNN Business The year’s last day of trading was a relatively quiet one. Stocks ended the day slightly lower Friday. But 2021 was still a banner year for Wall Street. The Dow fell about 60 points Friday, or 0.2%. It was up 19% this year. The Nasdaq closed down 0.6%
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By Parija Kavilanz, CNN Business Ikea said its customers will pay more when they shop at its stores in 2022. Like many companies with tight profit margins, the world’s biggest furniture seller is struggling to absorb higher costs because of ongoing global supply chain problems. Ikea said prices at its stores will increase by an
Continue Reading By Parija Kavilanz, CNN Business Ikea said its customers will pay more when they shop at its stores in 2022. Like many companies with tight profit margins, the world’s biggest furniture seller is struggling to absorb higher costs because of ongoing global supply chain problems. Ikea said prices at its stores will increase by an
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By Matt Egan, CNN Business The US economy is heading into 2022 with serious momentum. The recovery gained steam in the last few months, capping off what could be the fastest year of GDP growth since 1984, when Ronald Reagan was in the White House. The hope is this rapid expansion continues in 2022, allowing
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By Diksha Madhok and Jill Disis, CNN Business Chinese tech stocks got a big boost in Hong Kong on the last day of the year, but it’s far from enough to make up for what has been a historically tumultuous time for the sector. Shares in tech and internet giants Alibaba, Baidu and Bilibili —
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By Jill Disis, CNN Business Activity at China’s big factories continued to pick up this month even as the country battles stubborn Covid-19 outbreaks that threaten to hamper production. Manufacturing activity increased to 50.3 in December from 50.1 in November, according to survey data released by China’s National Bureau of Statistics on Friday. It was
Continue Reading By Jill Disis, CNN Business Activity at China’s big factories continued to pick up this month even as the country battles stubborn Covid-19 outbreaks that threaten to hamper production. Manufacturing activity increased to 50.3 in December from 50.1 in November, according to survey data released by China’s National Bureau of Statistics on Friday. It was
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By Hannah Ritchie, Teele Rebane and Eric Cheung, CNN Business Hong Kong’s flagship airline warned Friday that strict new quarantine measures in the city could lead to “dramatic disruptions” to local supply chains, as the company is forced to curb some passenger and cargo flights. Cathay Pacific’s note of caution came as the Hong Kong
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By Parija Kavilanz, CNN Business Enough already! Can we call it a wrap on 2021? As if this year hasn’t been challenging enough, it’s leaving us with one more parting shot — a Champagne shortage. Revelers looking forward to cheering in 2022 with a favorite bubbly should brace for possible disappointment — especially if you
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By Jennifer Korn Over 475,000 Tesla (TSLA) cars have been recalled due to technical defects that may increase the risk of accidents. Two separate recalls are in place, one regarding the rear-view camera in the Tesla Model 3 and the other involves the frunk, or front trunk, latches in the Model S. The large recall
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By Diksha Madhok, CNN Business Two of the world’s biggest chipmakers are warning that Covid-19 outbreaks and stringent lockdowns in a major Chinese industrial hub are hampering their operations. Samsung and Micron said this week that they’ve had to adjust operations in the northwestern city of Xi’an, which is experiencing one of China’s worst community
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By Gregory Wallace, CNN Business Airline cancellations are surging Thursday for a seventh straight day and threaten to throw off weekend flights home for holiday travelers. The spate of cancellations means tens of thousands of travelers are attempting to rebook as the Transportation Security Administration expects 10 million more people to pass through airport screening
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By Jack Guy, CNN UK bank Santander got into the Christmas spirit this year by paying out a total of £130 million ($175 million) to customers by mistake on December 25. The total payment was split over 75,000 transactions for around 2,000 corporate and commercial customers, Santander said in a statement published Thursday. “We’re sorry
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By Rishi Iyengar and Sara Ashley O’Brien, CNN Business The high-profile criminal trial of Theranos founder Elizabeth Holmes will officially stretch into a new calendar year Monday when the jury entrusted with determining her fate will continue deliberations after a short respite. The jury of eight men and four women concluded their deliberations for 2021
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By Anneken Tappe, CNN Business America’s latest report on unemployment benefits is proof that the US jobs recovery is still in full-swing. The average number of weekly jobless benefits claims over the past four weeks fell to 199,250. That’s the lowest four-week moving average since October 1969, the Labor Department reported Thursday. Last week alone,
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Opinion by Bill Carter for CNN Business Perspectives ‘Tis the season; but there aren’t many reasons to be jolly. The pandemic is back, not that it ever really left. Headlines are again dominated by explosively rising case numbers, which means equally rising levels of depression and panic. Covid is a news story so inescapable it
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By Taylor Romine and Naomi Thomas, CNN Business The cruise liner Queen Mary 2 will not make its planned return to the Big Apple after a Covid outbreak onboard. The Queen Mary 2 dropped off 10 Covid-19 infected passengers in New York earlier this month. Instead of returning to call in New York as originally
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By Paul R. La Monica, CNN Business Cruise company stocks had been holding up remarkably well in December despite concerns about Covid outbreaks on ships and the rapidly spreading Omicron variant. But that’s no longer the case. The US Centers for Disease Control and Prevention said Thursday that even vaccinated people should no longer take
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