By Paul R. La Monica, CNN Business So much for Shocktober. Wall Street’s often scary month for stocks has suddenly turned into Rocktober. The Dow surged nearly 600 points, or 2%, shortly after the opening bell Tuesday before giving up some of its gains. Still, ended the day up more than 340 points, or 1.1%.
Continue Reading By Jennifer Korn Facebook and Instagram users in the United States will soon be able to pay to get a coveted blue check on their account. Meta on Friday began testing a paid verification option for US users of the two social networks, CEO Mark Zuckerberg announced on Instagram. The company plans to gradually roll
Continue Reading By Brian Fung, CNN Facebook-parent Meta plans to sell off Giphy, an online search tool for animated images, after the UK government said it would force the tech giant to unwind its acquisition of the service. It’s the first time regulators have successfully broken up a part of the technology giant since Meta’s economic dominance
Continue Reading By Jordan Valinsky, CNN Business Pizza Hut is getting more personal beyond its personal pan pizzas. For customers who find ordering a whole pie daunting, the chain is offering its version of individual slices with a new menu item called Pizza Hut Melts. For $6.99 per slice, the new option is actually two slices of
Continue Reading By Catherine Thorbecke, CNN Business The United States government is pulling out all the stops to boost domestic semiconductor manufacturing, injecting billions of dollars into the beleaguered sector and flexing all policy muscles available to give it a leg up over competition from Asia. When the pandemic hit in 2020, firms initially curtailed orders for
Continue Reading By Catherine Thorbecke, CNN Business The United States government is pulling out all the stops to boost domestic semiconductor manufacturing, injecting billions of dollars into the beleaguered sector and flexing all policy muscles available to give it a leg up over competition from Asia. When the pandemic hit in 2020, firms initially curtailed orders for
Continue Reading By Paul R. La Monica, CNN Business Goldman Sachs announced a major reorganization Tuesday as the Wall Street powerhouse grapples with market volatility. Goldman Sachs announced Tuesday morning that it is combining its trading and investment banking divisions into one unit. That will streamline its operations, cutting the number of main operating lines at Goldman
Continue Reading By Peter Valdes-Dapena, CNN Business Rolls-Royce will start production of its first electric car next year. It has only two doors but is longer than a full-size SUV. And among its innumerable options, the Spectre will be offered with stars in the doors. The British ultra-luxury car brand has for years offered a feature called
Continue Reading By Peter Valdes-Dapena, CNN Business Rolls-Royce will start production of its first electric car next year. It has only two doors but is longer than a full-size SUV. And among its innumerable options, the Spectre will be offered with stars in the doors. The British ultra-luxury car brand has for years offered a feature called
Continue Reading By Alicia Wallace, CNN Business Almost two-thirds of corporate economists believe the United States is already in a recession or will be within the next 12 months, according to the latest survey from the National Association for Business Economics. More than half the NABE respondents said they believed there was a more-than-even likelihood of America
Continue Reading By Paul R. La Monica, CNN Business The strong dollar has been a headwind for blue chip US companies in the Dow and S&P 500 this year. That’s understandable since a surging greenback eats into the international profits of companies like Apple, Procter & Gamble, McDonald’s and Coca-Cola, which all have significant exposure overseas. But
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors’ venture capital arm has invested in a California startup that’s making imitation leather from mushrooms. The material is made by MycoWorks using the root-like structures of mushrooms, called mycelia. It could provide an alternative to both traditional leather made from animal skins, usually cattle, and artificial leather made
Continue Reading By Matt Egan, CNN Business Stubborn inflation and the Federal Reserve’s jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday. In a report obtained first by CNN, Fitch slashed its US growth forecasts for this year and next because of one
Continue Reading By Brian Fung, CNN Business Kanye West is acquiring Parler, the alternative social media platform favored by many conservatives. Parler’s parent company announced the deal on Monday morning, saying West had made “a groundbreaking move into the free speech media space and will never have to fear being removed from social media again.” The acquisition
Continue Reading By Jeanne Sahadi, CNN Business When it comes to getting promoted into management, men still have the advantage. And women who do ascend to leadership roles are more likely than their male counterparts to have their authority undermined and have some of their efforts go unrecognized. They are now, in the wake of the pandemic,
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with
Continue Reading By Jorge Engels, Luke McGee and Jessie Yeung, CNN British Prime Minister Liz Truss on Monday apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets and led to her firing her finance minister and closest political ally. In an exclusive interview with the BBC, Truss insisted she would lead her Conservative
Continue Reading By Michelle Toh, CNN Business Europe’s gas crisis will be “a catalyst” for Mercedes-Benz to push deeper into clean energy, says its CEO. In an interview Sunday, Ola Källenius told CNN Business that the automaker had been leaning more toward wind energy for its operations due to the long-running power crunch, which has weighed on
Continue Reading By Christian Edwards, CNN Wind and solar power have made up a record 24% of the European Union’s electricity mix since Russia launched its war on Ukraine, a new report says, a boost that has also helped the bloc battle soaring inflation. The growth in renewable power capacity has saved the 27-nation bloc €99 billion
Continue Reading