By Nicole Goodkind, CNN Federal Reserve Chairman Jerome Powell on Tuesday cleared the way for larger interest rate hikes at this month’s central bank policy meeting, sending markets into a tailspin. In his remarks to the Senate Committee on Banking, Powell said that economically painful interest rate hikes are “likely to be higher than previously
Continue Reading By Danielle Wiener-Bronner, CNN Why aren’t prices falling at the grocery store? When food producers started raising prices a few years ago, they blamed their own costs, including higher ingredient prices. But ingredient prices have actually been on a downswing for months, and individuals are still paying more for food. In part, it’s because food
Continue Reading By Chris Lau and Kathleen Magramo, CNN Donning a sassy piece of silk lingerie, a male model grooves to the beat and forms a heart shape with his fingers during a livestreaming session on Douyin, one of China’s most popular video-sharing platforms. His modeling performance is the latest illustration of the kind of entrepreneurial innovation
Continue Reading By Anna Cooban, CNN Investors are bucking tradition this year by piling into big bank stocks just as major economies are expected to either slow down or fall into recession. The Stoxx Europe 600 Banks index, a group of 42 big European banks, climbed 21% between the start of the year and late February —
Continue Reading By Julia Horowitz, CNN The International Monetary Fund has drawn criticism for forecasting that Russia will see stronger economic growth this year than either the United Kingdom or Germany, despite rising pressure from Western sanctions. But Kristalina Georgieva, the IMF’s managing director, told CNN’s Poppy Harlow that the economic outlook for Russia beyond 2023 is
Continue Reading By Chris Lau and Kathleen Magramo, CNN Donning a sassy piece of silk lingerie, a male model grooves to the beat and forms a heart shape with his fingers during a livestreaming session on Douyin, one of China’s most popular video-sharing platforms. His modeling performance is the latest illustration of the kind of entrepreneurial innovation
Continue Reading By Catherine Thorbecke, CNN Elon Musk on Tuesday offered an optimistic picture for how Twitter can improve the advertising business he helped derail and boost its bottom line while also admitting that keeping the social network running is proving to be a challenge after multiple rounds of layoffs. In remarks at a Morgan Stanley Conference,
Continue Reading By Oliver Darcy, Jon Passantino, Marshall Cohen, Nicki Brown, Kate Trafecante, Anna Bahney and Jeanne Sahadi, CNN A trove of text messages, emails, and other material from Fox News executives and on-air personalities were made public Tuesday as part of Dominion Voting Systems’ $1.6 billion defamation lawsuit against the right-wing channel. Among the the hundreds
Continue Reading By Gregory Wallace Citing the “number and significance of recent Norfolk Southern accidents,” federal investigators said Tuesday they will open a special investigation into the railway’s safety culture. The National Transportation Safety Board said the probe encompasses multiple incidents and three deaths since December 2021, including the toxic East Palestine derailment and the employee killed
Continue Reading By Brian Fung, CNN A dozen US senators unveiled bipartisan legislation Tuesday expanding President Joe Biden’s legal authority to ban TikTok nationwide, marking the latest in a string of congressional proposals threatening the social media platform’s future in the United States. The legislation, called the Restricting the Emergence of Security Threats that Risk Information and
Continue Reading By Sean Lyngaas, CNN US national security officials are concerned that TikTok could use its vast global reach to shape public opinion by either suppressing certain videos or promoting others, the head of the National Security Agency and US Cyber Command told lawmakers on Tuesday. “It’s not only the fact that you can influence something,
Continue Reading By Jennifer Korn Next time you’re wondering how to respond to a colleague on Slack, you may be able to ask ChatGPT for help. Salesforce, the company behind Slack, announced Tuesday that it’s partnering with OpenAI to launch a ChatGPT app for the workplace messaging platform. The new tool will use the AI chatbot to
Continue Reading By Chris Isidore, CNN The US Justice Department is suing to stop JetBlue’s proposed $3.8 billion deal to buy discount carrier Spirit Airlines, the first time in more than 20 years that the government has sought to block a US airline merger. The lawsuit, announced Tuesday by Attorney General Merrick Garland, is not a surprise:
Continue Reading By Danielle Wiener-Bronner, CNN Starbucks interim CEO Howard Schultz will testify before a Senate committee about the company’s labor practices on March 29, a reversal of Schultz’s previous refusal. “I’m happy to announce that Howard Schultz, the CEO and founder of Starbucks, has finally agreed to testify before the Senate HELP Committee,” Senator Bernie Sanders
Continue Reading By Clare Duffy, CNN Elon Musk has apologized after publicly scoffing at a Twitter employee’s uncertainty about whether he had been laid off in a recent round of cuts and speaking dismissively of the employee’s disability in a series of tweets Monday night. “I would like to apologize to Halli for my misunderstanding of his
Continue Reading By Catherine Thorbecke, CNN Investors are betting that Washington’s mounting scrutiny on TikTok could be good news for rival Snapchat. Shares of Snapchat’s parent company surged nearly 10% on Monday and another 5% in early trading Tuesday following news that US senators are planning to introduce legislation that could make it easier to ban rival
Continue Reading By Clare Duffy, CNN Nearly a decade after Facebook angered some users by splitting off messaging features from its flagship social networking application and forcing people to download a separate app to chat with friends, the company is now testing out reversing the move. In an interview with CNN, Facebook head Tom Alison said the
Continue Reading By Nathaniel Meyersohn, CNN WeightWatchers is getting into the booming prescription weight loss drug business. The company, now known as WW International, will buy Sequence, a telehealth subscription service that connects patients with doctors who can prescribe weight-loss and diabetes drugs, including the hot new diabetes drug Ozempic. WeightWatchers offers subscribers meal plans and other
Continue Reading By Nathaniel Meyersohn, CNN WeightWatchers is getting into the booming prescription weight loss drug business. The company, now known as WW International, will buy Sequence, a telehealth subscription service that connects patients with doctors who can prescribe weight-loss and diabetes drugs, including the hot new diabetes drug Ozempic. WeightWatchers offers subscribers meal plans and other
Continue Reading By Peter Valdes-Dapena, CNN Business After I parked a new 2023 Toyota Prius and walked away, I turned around to look at it. Not because I was checking my parking job, but because it just looked so good. Turning around to look at a Prius is, seriously, something I never thought I would do. The
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