By Alicia Wallace, CNN The US economy grew at a slower pace in the fourth quarter than initially estimated, as consumer spending continued to trail off. Inflation-adjusted gross domestic product — the broadest measure of economic activity — increased 2.6% for the final three months of 2022, according to the Commerce Department’s third and final
Continue Reading By Alicia Wallace, CNN The US economy grew at a slower pace in the fourth quarter than initially estimated, as consumer spending continued to trail off. Inflation-adjusted gross domestic product — the broadest measure of economic activity — increased 2.6% for the final three months of 2022, according to the Commerce Department’s third and final
Continue Reading By Jeanne Sahadi, CNN The average annual Wall Street bonus fell to $176,700 last year, a 26% drop from the previous year’s average of $240,400, according to estimates released Thursday by New York State Comptroller Thomas DiNapoli. The 2022 bonus figure is more than twice the median annual income for US households. Rising interest rates,
Continue Reading By Nicole Goodkind, CNN Silicon Valley Bank’s collapse earlier this month dealt a major blow to the wine and crypto firms that entrusted their money with and depended on the lender to stay afloat. But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial
Continue Reading By Oliver Darcy, CNN Wall Street Journal Editor-in-Chief Emma Tucker told staff in a memo Thursday that she was “very concerned” for the safety of Russia-based reporter Evan Gershkovich, who was arrested Wednesday by security forces in the city of Yekaterinburg. “I am very sorry to let you know you that one of our reporters
Continue Reading By Sarah Dean and Anna Chernova, CNN Wall Street Journal reporter Evan Gershkovich has been arrested in Russia on suspicion of espionage, the first time a US journalist has been detained on accusations by Moscow of spying since the Cold War. “The Federal Security Service of the Russian Federation has stopped the illegal activities of
Continue Reading By Laura He, CNN China’s newly minted Premier Li Qiang painted a bullish picture of his country’s economic recovery at a key business forum this week, as Beijing seeks to win the hearts of global investors and economic leaders after emerging from its long pandemic isolation.“The dynamism and momentum of China’s economic growth is strong,”
Continue Reading By Laura He, CNN China Renaissance, a top dealmaker in the country’s tech industry, said it would suspend trading of its shares and delay the release of its annual results because it still can’t get in touch with its founder. Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable since
Continue Reading By Michelle Toh, CNN A slowdown in global initial public offerings continued in the first quarter of 2023 and is likely to endure in the coming months, as companies wait out the effects of volatile stock markets, higher interest rates and inflation, and uncertainty around the banking crisis. That’s according to an EY report Thursday,
Continue Reading By Ramishah Maruf, CNN Starbucks has fired a Buffalo, New York, worker who “ignited a movement” from one of the first stores in the coffee chain to unionize, Starbucks Workers United said Friday. The firing came the same week that former CEO Howard Schultz testified before Congress, where he was grilled by lawmakers for the
Continue Reading By Oliver Darcy and Marshall Cohen, CNN Fox News CEO Suzanne Scott sounded the alarm inside the company about the financial fallout that the right-wing network would suffer if it continued aggressively fact-checking then-President Donald Trump’s lies after the 2020 election, according to messages that became public Wednesday. In one instance, Scott emailed Meade Cooper,
Continue Reading By Peter Valdes-Dapena, CNN Business Soon, you’ll be able to plug in your Lamborghini. Closing out a half century of purely gasoline-powered V12 cars going back to the brand’s earliest models, Luxury Italian sports car designer Lamborghini has unveiled its first supercar with a charging port. The Lamborghini Revuelto is a plug-in hybrid and, while
Continue Reading By Nathaniel Meyersohn, CNN One of the highest profile jobs in retail will change hands next year. Macy’s CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon, the Covid-19 pandemic, and industry
Continue Reading By Anna Cooban, CNN Adidas is backpedaling fast over its latest attempt to protect its iconic three-stripe mark. The German sportswear company said Wednesday it was dropping its opposition to an attempt by a Black Lives Matter campaign group to trademark a logo featuring three parallel stripes. “Adidas will withdraw its opposition to the Black
Continue Reading By Danielle Wiener-Bronner, CNN Senator Bernie Sanders, who has roundly criticized former Starbucks CEO Howard Schultz over the company’s blatant attempts to shut down its own workers’ unionization efforts, finally got to question Schultz during a hearing before the Senate Health, Education, Labor, and Pensions Committee on Wednesday. Over the course of roughly two hours
Continue Reading By Julia Horowitz, CNN The Bank of England has called for urgent action to address a weak spot in the UK financial system as persistent worries about the global banking sector threaten to unleash fresh market turmoil. The central bank said Wednesday that UK banks had enough financial resources to avoid shocks but the pensions
Continue Reading By Chris Isidore, CNN Cal-Maine Foods, the largest egg producer in the United States, reported revenue doubled and profit surged 718% last quarter because of sharply higher egg prices. The company, which controls about 20% of the US egg market according to Reuters, said its average selling price for a dozen eggs in the quarter
Continue Reading By Jordan Valinsky, CNN Business The high price of eggs and other breakfast staples is forcing some to look for cheaper breakfast alternatives. How about ramen? Cup Noodles, the budget-friendly food company, has created a breakfast version of their instant ramen, which mixes together the flavors of sausage, maple syrup pancakes and eggs in a
Continue Reading By Alicia Wallace, CNN US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference
Continue Reading From CNN’s Krystal Hur, Nicole Goodkind and Allison Morrow The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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