Money

By Alison Kosik, CNN Business White collar workers would be hit harder than blue collar workers if the United States enters a recession soon, according to one economist, who said businesses have undergone a dramatic restructuring after the pandemic. “Covid shifted things around,” said William Lee, chief economist at the Milken Institute. The pandemic has

By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as a

By Danielle Wiener-Bronner, CNN Business Coffee futures are crashing. But that might not mean too much for the price of your cup of coffee. In August, Arabica coffee futures were trading at $2.43 per pound. By Wednesday, the price had tumbled to $1.59, a roughly 35% decline. There are a few reasons for the steady

By Frank Pallotta, CNN Business Taylor Swift fans were seeing red on Tuesday when Ticketmaster was overwhelmed by demand as pre-sales for the singer’s new tour went online. The delays had many fans believing they would never, ever, get tickets (…like ever). But tickets to the pop star’s “The Eras Tour” were available Wednesday via

By Matt McFarland, CNN Business Tesla CEO Elon Musk testified this morning in a shareholder lawsuit examining the massive compensation package that helped make him the world’s richest person. Tesla is being sued by plaintiff Richard J. Tornetta, who says that the company was wrong in awarding Musk his compensation package in 2018, which shareholders

By Peter Valdes-Dapena, CNN Business Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. It’s lower, longer and sleeker looking, with just less than a 10% improvement in the model’s vaunted fuel efficiency. Bigger gains come in terms of power and performance. The hybrid

By Allison Morrow, CNN Business The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects: It’s ensnared a number of celebrities who endorsed the now-bankrupt platform, and financial contagion is spreading across the vast crypto and digital-asset ecosystem. On Wednesday, the lending arm of crypto brokerage Genesis suspended

By Alicia Wallace, CNN Business American shoppers spent more in October, showing continued resilience amid persistently high inflation and an early start to the holiday shopping season. US retail sales rose 1.3% in October, the Census Bureau reported Wednesday. That’s the biggest monthly gain since February and better than the 1% economists had expected. Consumer

By Nicole Goodkind, CNN Business Ferragamo belt-buckles are being tightened across Wall Street as bankers prepare for a gloomy bonus season. Year-end payouts, typically an outsized part of total financial industry compensation, are expected to plunge as merger and acquisitions dry up, inflation persists and recession threats grow. What’s happening: Bankers who help consolidate companies

By Jordan Valinsky, CNN Business Target’s profit plunged 52% in the third quarter and the retailer warned of a sluggish holiday. Target blamed inflation and a deteriorating economic outlook for its miserable quarter — and also lowered its outlook for the rest of the year. That sent shares down more than 12% in premarket trading.

By Chris Isidore, CNN Business The Labor Department has filed a federal lawsuit charging a leading US food sanitation company with using dozens of children in hazardous jobs on overnight shifts at various food processing plants. The company, Packer Sanitation Services, is described by the Labor Department as one of America’s leading providers of food