By Chris Isidore, CNN Business The nation’s labor shortage just cost FedEx $470 million in its most recent quarter. But its executives believe the hiring situation is going to get better soon. Although FedEx’s revenue was up nearly $3 billion to $23.5 billion in the quarter ended November 30, its adjusted income was essentially unchanged.
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By Samantha Murphy Kelly, CNN Business “We’re about to be joined by a very important customer,” said Christian Braun, CEO of collectible e-commerce company hobbyDB, during a recent Zoom meeting with his marketing team. “Over to you, Nick.” That’s St. Nick, actually. A jolly ho-ho-ho-ing Santa entered the virtual room ringing a bell and turning
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By Matt Egan, CNN Business Consumer prices are already rising at the fastest pace in nearly 40 years. Inflation may get worse before it gets better and that would further erode support for President Joe Biden’s Build Back Better legislation, Goldman Sachs says. The Wall Street bank told clients Thursday that the chances Biden’s signature
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By Charles Riley, CNN Business Unnerved by surging prices, the Bank of England on Thursday became the first major central bank to hike interest rates since the pandemic began. The US Federal Reserve will follow in the coming months, with three rate hikes expected next year. You can quibble over the timing or the size
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By Chris Isidore, CNN Business Kellogg says it has reached a second tentative agreement with the union representing 1,400 workers who have been on strike since early October. But the 10-week-long strike will continue until rank-and-file membership at the union ratify the agreement. Membership voted against a previous deal reached two weeks ago, which extended
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By Julia Horowitz, CNN Business As the Omicron variant sweeps through the United Kingdom, pushing daily coronavirus infections to their highest level on record, British businesses are shutting their doors again — but not because of government instructions. Restaurants and other venues are instead deciding they have no choice but to close early for Christmas
Continue Reading By Julia Horowitz, CNN Business As the Omicron variant sweeps through the United Kingdom, pushing daily coronavirus infections to their highest level on record, British businesses are shutting their doors again — but not because of government instructions. Restaurants and other venues are instead deciding they have no choice but to close early for Christmas
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By Diksha Madhok, CNN Business A Chinese property developer that was once one of the country’s largest says it has lost contact with a wealth manager that it gave $313 million. It’s just the latest blow to China’s embattled real estate sector. China Fortune Land Development said in a stock exchange filing on Thursday that
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By Reuters Rising consumption in China, India and the United States could bring global coal-fired power demand to a new all-time high this year, undermining efforts to cut greenhouse gas emissions, the International Energy Agency (IEA) said on Friday. The IEA said global power generation from coal was expected to reach 10,350 terawatt-hours in 2021,
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. On Sunday the Fox News Channel’s news facade was chipped away when Chris Wallace decamped to CNN. On Monday the hypocrisy of Fox’s biggest stars was highlighted by a bipartisan
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Story by Reuters The US Senate passed legislation on Thursday to ban imports from China’s Xinjiang region over concerns about forced labor, part of Washington’s continued pushback against Beijing’s treatment of the country’s Uyghur Muslim minority. The Senate passed the Uyghur Forced Labor Prevention Act by unanimous consent, sending it to the White House, where
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By Katelyn Polantz, CNN Reporter, Crime and Justice A judge in Delaware has found that Fox News’ coverage of election fraud after the 2020 election may have been inaccurate, and is allowing a major defamation case against the right-wing TV network to move forward. Judge Eric Davis of the Delaware Superior Court declined to dismiss
Continue Reading By Katelyn Polantz, CNN Reporter, Crime and Justice A judge in Delaware has found that Fox News’ coverage of election fraud after the 2020 election may have been inaccurate, and is allowing a major defamation case against the right-wing TV network to move forward. Judge Eric Davis of the Delaware Superior Court declined to dismiss
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. On Sunday the Fox News Channel’s news facade was chipped away when Chris Wallace decamped to CNN. On Monday the hypocrisy of Fox’s biggest stars was highlighted by a bipartisan
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By Parija Kavilanz, CNN Business When Gen Z + TikTok declare a fashion trend as “cheugy,” it means it’s over. The rest of us are expected to just move along to the next thing. But what happens when Gen Z gets caught between two diametrically opposed trends, one threatening to cancel out the other, and
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By Matt McFarland, CNN Business Rivian, the electric vehicle maker, plans to begin construction on a second manufacturing plant in 2022 even as it is falling short of its production goals at its existing plant. Rivian announced Thursday that the new $5 billion facility east of Atlanta, Georgia, will be capable of producing up to
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By Rishi Iyengar, CNN Business Apple will delay bringing its workers back to the office until a “yet to be determined” date, while giving all of its corporate and retail employees $1,000 to buy equipment for their home offices. The development was shared with Apple employees in an email from CEO Tim Cook on Wednesday,
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By Jennifer Korn Ultimate Kronos Group, one of the largest human resources companies, disclosed a crippling ransomware attack on Monday, impacting payroll systems for a number of workers. After noticing “unusual activity” on Saturday, Kronos noted that its systems were down and could remain that way for several weeks. Kronos has a long list of
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By Matt Egan, CNN Business New car prices are skyrocketing at the fastest pace on record. And Senator Elizabeth Warren says a lack of competition in the semiconductor industry is at least partially to blame. The world is in the midst of an epic computer chip shortage, one largely driven by Covid outbreaks and skyrocketing
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By Paul R. La Monica, CNN Business Regulators in Washington may crack down on the industry behind “buy now, pay later,” the increasingly popular method for consumers to purchase things online. The Consumer Financial Protection Bureau said Thursday that it is looking to “collect information on the risks and benefits of these fast-growing loans” from
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