By Alicia Wallace, CNN Business When the Bureau of Labor Statistics releases its latest monthly jobs report on Friday, all eyes will be on whether the labor market is showing signs of loosening up — one of many crucial factors that will help the Federal Reserve determine its next steps in its fight against decades-high
Continue Reading By Clare Duffy, CNN Business Nearly three months after Elon Musk told Twitter he wanted out of his $44 billion agreement to buy the social media company, the Tesla CEO now once again wants to move forward with the deal. The reversal, if finalized, not only has the potential to create upheaval for Twitter employees
Continue Reading By Jordan Valinsky, CNN Business Peloton is undergoing another round of layoffs — its fourth this year — with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line. The company said in a statement that a “key aspect of Peloton’s transformation journey is optimizing efficiencies
Continue Reading By Nicole Goodkind, CNN Business Investors are tightening their neck braces as US stocks soar upwards, plummet back down and then do it all over. Stock market volatility is at its bumpiest level since July. The whiplash-inducing ride comes as conflicting data paints a cloudy picture about the state of the US economy. Investors have
Continue Reading by Matt Egan, CNN Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his
Continue Reading By Clare Duffy, CNN Business Elon Musk appears to be closer to completing his $44 billion acquisition of Twitter than at any point since he first said the deal was “on hold” nearly five months ago. But it’s not a done deal yet. Musk earlier this week sent a letter to Twitter proposing to move
Continue Reading By Chris Isidore and Matt Egan, CNN Business Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. More price increases at the pump likely lay ahead. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day
Continue Reading By Catherine Thorbecke, CNN Business Amazon suspended dozens of workers at its only unionized warehouse on Tuesday, one day after they organized a work stoppage following a fire at the facility. About 50 workers at the facility in Staten Island, New York were suspended with pay, according to Connor Spence, one of the suspended workers.
Continue Reading By Peter Valdes-Dapena, CNN Business Changing America’s fleet of trucks and buses to run on electricity while, at the same time, changing the nation’s power grid to renewable fuels could prevent 67,000 premature deaths by 2050, according to a report from the American Lung Association. Trucks make up only 6% of vehicles on America’s roads
Continue Reading By Peter Valdes-Dapena, CNN Business Changing America’s fleet of trucks and buses to run on electricity while, at the same time, changing the nation’s power grid to renewable fuels could prevent 67,000 premature deaths by 2050, according to a report from the American Lung Association. Trucks make up only 6% of vehicles on America’s roads
Continue Reading By Paul R. La Monica, CNN Business Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer
Continue Reading By Paul R. La Monica, CNN Business Maybe that October market rally has some legs after all? Stocks were mostly unchanged Wednesday, even as a fresh batch of economic data revealed continued strength in the job market and America’s services sector. That’s led to new worries that the Federal Reserve’s aggressive rate hikes, meant to
Continue Reading By Hanna Ziady, CNN Business OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia
Continue Reading By Hanna Ziady, CNN Business OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia
Continue Reading By Parija Kavilanz, CNN Business REI has quit Black Friday, forever. For the past seven years, the retailer has closed its doors on the day after Thanksgiving to give its employees a day off. The Seattle-based seller of outdoor clothing and gear said October 4 that starting this year, every part of its business —
Continue Reading By Nicole Goodkind, CNN Business Persistently high inflation, the Federal Reserve’s tightening policy and record-breaking US debt have wreaked havoc on US Treasuries this year. Now, economists are noting a fundamental and worrisome imbalance in the bond market. There are trillions of dollars worth of bonds for sale, they say, but a growing scarcity of
Continue Reading By Laura He and Emiko Jozuka, CNN Business A quarter of a century ago, a major financial crisis ripped through Asia, shaking its economies to the core. Now, the ghost of 1997 is haunting the region again. Currencies and stock markets in Asia’s biggest economies have plunged to lows not seen in decades, as a
Continue Reading
By Jennifer Korn, CNN Business A board seat accepted and then rejected. A stunning $44 billion takeover offer with uncertain financing. And a surprise early morning tweet putting the deal on hold, temporarily. Even by the standards of Twitter, a company that has known plenty of chaos and dysfunction in its history, the weeks-long effort
Continue Reading By Oliver Darcy, CNN Business On Monday night, inside the upscale Parisian restaurant L’Avenue at Saks in midtown Manhattan, MSNBC President Rashida Jones hosted an intimate dinner to celebrate Alex Wagner. The glitzy event was attended by some of the most elite names in media, including MSNBC host Chris Hayes, Vanity Fair Editor-In-Chief Radhika Jones,
Continue Reading By Alicia Wallace, CNN Business America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.
Continue Reading