By Nathaniel Meyersohn, CNN Business It’s a great time to be a closeout store like TJ Maxx. Traditional brands and retailers are overstocked on clothing, home goods, electronics and other merchandise. In July, they were sitting on $713 billion in inventory, according to the latest data from the Census Bureau. That’s a prime opportunity for
Continue Reading By Catherine Thorbecke and Chris Isidore, CNN Business Apple workers in Oklahoma City have voted to form the second-ever labor union at one of the company’s US stores, in the latest sign that organizing efforts are gaining traction inside and outside the tech and retail industries. In a preliminary tally by the National Labor Relations
Continue Reading By Rhea Mogul, Devendra Singh Chauhan and Vedika Sud, CNN Fears are growing for the survival of a 15-year-old girl who was allegedly set on fire by a family member who is also accused of raping her as she fights for her life at a hospital in northern India. In a case that has shocked
Continue Reading By Jackie Wattles, CNN Four astronauts boarded a SpaceX Crew Dragon capsule and returned home from the International Space Station on Friday, bringing an end to their nearly six-month stay aboard the orbiting laboratory. The astronauts — NASA’s Kjell Lindgren, Bob Hines and Jessica Watkins as well as Italian astronaut Samantha Cristoforetti with the European Space Agency or ESA
Continue Reading By Matt McFarland, CNN Business and Reuters Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after
Continue Reading By Nicole Goodkind, CNN Business Federal Reserve Bank of Atlanta President Raphael Bostic said Friday he had inadvertently broken the central bank’s trading rules. New documents highlighted multiple violations. Bostic, who has led the Atlanta Fed for five years, made personal trades during blackout periods, when officials are prohibited from making financial transactions. The disclosures
Continue Reading By Kate Trafecante Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals. This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. The endowment — comprised of more
Continue Reading By Kate Trafecante Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals. This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. The endowment — comprised of more
Continue Reading By Frank Pallotta, CNN Business It’s a scary time in Hollywood. The streaming revolution has transformed the entertainment industry and studios are trying to keep up. But one company that doesn’t seem too frightened of the future is best known for scaring others: Blumhouse Productions. You may not have heard of Blumhouse, but you’ve likely
Continue Reading By Frank Pallotta, CNN Business It’s a scary time in Hollywood. The streaming revolution has transformed the entertainment industry and studios are trying to keep up. But one company that doesn’t seem too frightened of the future is best known for scaring others: Blumhouse Productions. You may not have heard of Blumhouse, but you’ve likely
Continue Reading By Julia Horowitz, Luke McGee and Mark Thompson, CNN Business UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. At a Downing Street news conference, Truss said she was scrapping plans to reverse a
Continue Reading By Nicole Goodkind, CNN Business Markets plunged on Thursday morning after red-hot inflation data raised fears on Wall Street that the Federal Reserve would continue hiking interest rates aggressively. Then, something strange happened. Stocks staged a massive comeback. The Dow Jones Industrial Average surged 1,500 points from peak to trough and the S&P 500 posted
Continue Reading By Parija Kavilanz, CNN Business Beyond Meat Chief Operating Officer Doug Ramsey is leaving the company after his recent arrest for assault. Ramsey was arrested last month on on charges of “terroristic threatening” and third-degree battery after he allegedly bit a man’s nose following a Arkansas football game. Ramsey was released on an $11,000 bond
Continue Reading By Catherine Thorbecke, CNN Business In the past two months, Apple, Google and Samsung have all unveiled their newest smartphones and other devices with the goal of getting consumers to upgrade ahead of the holidays. But in the process, these and other companies may also be adding to a growing problem: electronic waste. The limited
Continue Reading By Catherine Thorbecke, CNN Business In the past two months, Apple, Google and Samsung have all unveiled their newest smartphones and other devices with the goal of getting consumers to upgrade ahead of the holidays. But in the process, these and other companies may also be adding to a growing problem: electronic waste. The limited
Continue Reading By Jackie Wattles, CNN Four astronauts boarded a SpaceX Crew Dragon capsule and returned home from the International Space Station on Friday, bringing an end to their nearly six-month stay aboard the orbiting laboratory. The astronauts — NASA’s Kjell Lindgren, Bob Hines and Jessica Watkins as well as Italian astronaut Samantha Cristoforetti with the European Space Agency or ESA
Continue Reading By Anna Bahney, CNN Business Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 23.8% in September from a year
Continue Reading By Nathaniel Meyersohn and Jordan Valinsky, CNN Kroger announced Friday that it plans to buy Albertsons in a nearly $25 billion deal that could change the US retail industry and impact how millions of customers buy their groceries. The deal, which is expected to close in 2024, would combine two of the largest supermarket chains
Continue Reading By Anna Cooban and Mark Thompson, CNN Business UK postal service Royal Mail said Friday that it could cut 6,000 jobs as it warned of a big loss this year, which it blamed on a wave of strikes and a decline in its parcel delivery business. About 110,000 Royal Mail staff went on strike on
Continue Reading By Julia Horowitz, Luke McGee and Mark Thompson, CNN Business UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. At a Downing Street news conference, Truss said she was scrapping plans to reverse a
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