CNN – Business/Consumer

By Allison Morrow, CNN Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. In a letter to Bankman-Fried and his lawyer, the committee’s Democratic chairman, Sen. Sherrod Brown of Ohio, and

By Matt Egan, CNN Business The Keystone Pipeline has been shut down following a leak discovered near the border of Kansas and Nebraska. The shutdown of the major oil pipeline that carries crude from Canada triggered volatility in the energy market on Thursday, with oil prices briefly surging as much as 5% before retreating. Federal

By Hanna Ziady, CNN A bottleneck is building across an important trading route for oil, which if left unresolved could knock global supply and boost prices at a fragile moment for energy markets. As of Thursday, 16 oil tankers traveling south from the Black Sea were waiting to cross the Bosphorus strait into the Sea

By Paul R. La Monica, CNN A recession may be coming, but consumers still want to look fashionable. Subscription clothing service Rent the Runway reported a more than 30% increase in sales for the third quarter after the closing bell Wednesday. Shares of Rent the Runway soared 60% on the news. But the company is

By Jordan Valinsky, CNN Business Disney+ is getting more expensive, unless you want ads. As of Thursday, Disney’s ad-free tier costs $10.99 per month — an increase of $3. But for those that want to save a few dollars, Disney+ has a new tier with ads that costs $7.99 per month. The introduction of the

By Nicole Goodkind, CNN Business It seems like you can’t go anywhere these days without colliding headfirst into another ominous prediction of imminent recession. CEOs, portfolio managers, politicians, news pundits, second cousins and even Cardi B are sounding the alarm: Hear ye! Hear ye! Economic downturn awaits all who dare enter 2023! But those predictions

By Chris Isidore, CNN Business Here’s more bad news for Tesla CEO Elon Musk — as if he needs any. Investors who took short positions in Tesla stock have made an $11.5 billion profit so far this year, according to Wall Street analytics firm S3 Partners, as Tesla shares lost about half their value. That’s

By Matt Egan, CNN Business A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. The legislative text of the National Defense Authorization bill for fiscal 2023 includes language from a bipartisan bill introduced in March that would make it

By Julia Horowitz, CNN Business US gasoline prices are now cheaper than they were one year ago, providing relief to Americans that have spent 2022 grappling with the worst inflation in decades. The average cost of a regular gallon of gas in the United States is now $3.33, according to AAA. One year ago, it

By Oliver Darcy, CNN Business A 24-hour strike at The New York Times, a historic demonstration in which more than 1,100 employees are expected to participate, began Thursday at midnight, after management and the union representing staffers failed to reach an agreement for a new contract after more than a year and a half of

By Jeanne Sahadi, CNN Business New retirement rules could make it easier for Americans to accumulate retirement savings — and less costly to withdraw them — if lawmakers pass a retirement reform package before the end of the month. The House already passed its own version of retirement plan rule changes, and two key Senate

By Danielle Wiener-Bronner, CNN Business A slew of problems have stalled the growth of Beyond Meat, once a darling of Wall Street whose top product became synonymous with plant-based burgers. Sales have been declining, sliding 22.5% in the third quarter compared to the previous year, and the company has laid off over 20% of its

By Jordan Valinsky, CNN Business Elon Musk is no longer the world’s richest person, according to Forbes. On Thursday, Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires,” putting the Twitter and Tesla CEO behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac.

By Parija Kavilanz, CNN Business We know young kids love teddy bears and cute cuddly stuffed animals. But Build-A-Bear Workshop says older consumers can’t resist them, either. The St. Louis-based company is seeing a strong post-pandemic resurgence in demand for its create-your-own soft plush toys, and Build-A-Bear Workshop attributes that to shoppers 13 and older.