By Danielle Wiener-Bronner, CNN Business Starbucks interim CEO Howard Schultz has a message for workers interested in unionizing: If you do, you could miss out on higher wages. The coffee chain said it would raise wages back in October. Starbucks will honor those commitments to employees even if they have voted to unionize, Schultz said
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By Paul LeBlanc and Oliver Darcy, CNN ABC News’ Chief Washington Correspondent Jonathan Karl tested positive for Covid-19 Monday night, a source familiar with the matter told CNN. “He tested negative on Saturday afternoon before the White House Correspondents Dinner by medically supervised staff. He had no symptoms on Saturday,” the source said, adding that
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By Jeanne Sahadi, CNN Business If a popular piece of retirement legislation makes it to President Biden’s desk this year, it would give older 401(k) participants the opportunity to contribute more to their nest egg and possibly bolster their tax-free savings. Currently, anyone 50 or older may contribute an additional $6,500 on top of the
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By Allison Morrow, CNN Business Millions of women in more than 25 states face an abortion ban if the Supreme Court overturns Roe v. Wade, the landmark 1973 decision that legalized the procedure nationwide. For many of those women, employers’ benefit packages may be the only way they can soon afford a legal abortion. Amazon
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By Anna Bahney, CNN Business Home prices rose by double-digit percentages in most major US cities at the beginning of this year. Of 185 metro areas tracked, 70% saw double-digit growth in median home prices during the first quarter of 2022 compared to a year before, according to a report from the National Association of
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By Anneken Tappe, CNN Business The US labor market remained on fire in March with a record 4.5 million workers quitting their jobs, new data from the Bureau of Labor Statistics showed Tuesday. The number of quits increased most significantly in the professional and business services sector, as well as construction. The overall quits rate
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Opinion by Erik Lundh and Dana Peterson for CNN Business Perspectives If you grimaced at the most recent US GDP report, you weren’t alone. At first glance, it suggested that the US economy may have entered a recession. Growth nosedived in the first quarter of the year, shrinking by an annualized rate of 1.4%. Bizarrely,
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By Julia Horowitz, CNN Business Stocks have been volatile in recent weeks, notching their worst start to the year since 1939. Between the war in Ukraine, decades-high inflation and recession fears, it’s been difficult for investors to convince themselves to put more money into the market. Yet Goldman Sachs has a reminder for Wall Street:
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By Jordan Valinsky, CNN Business Ulta Beauty is apologizing for sending a newsletter to customers with a subject line containing a “very insensitive choice of words.” In an email sent Sunday, the chain wrote “Come hang with Kate Spade” promoting the brand’s line of perfumes. That prompted some subscribers to share the email on social
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By Matt Egan, CNN Business The Federal Reserve helped rescue the economy from the worst pandemic in a century. That task may prove easy compared with the Fed’s next mission: crush inflation, without causing a recession. Achieving a so-called “soft landing” will be challenging because the jobs market is on fire. It’s so hot that
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By Matt Egan, CNN Business Turmoil on Wall Street is a feature, not a bug, of the Federal Reserve’s fight against inflation, according to former New York Federal Reserve President Bill Dudley. “What’s happening right now is exactly what the Federal Reserve wants to happen,” Dudley told CNN in an interview, referring to recent volatility
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By Michelle Toh, CNN Business HSBC has long prided itself on being the bank that connects East and West. Now it’s under pressure to rethink that model after a challenge from its top shareholder, one of the most powerful finance companies in China. Ping An, China’s largest insurer, is pushing for HSBC to overhaul its
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By Danielle Wiener-Bronner, CNN Business Popeyes started the chicken sandwich wars in 2019 — and it’s adding a new entree to the battle. The $4.99 ​​Buffalo Ranch Chicken Sandwich is available for a limited time starting Tuesday, and it features classic ingredients with a twist: hand-battered crispy chicken on a brioche bun with pickles, but
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By Mark Thompson, CNN Business BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted
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By Paul R. La Monica, CNN Business Investors are very nervous about what’s next for America’s economy, with market fear gauges spiking. But there are still some bright spots for investors seeking companies that may still report healthy earnings even in a further-weakened economy. The market is grappling with a lot: interest rate hikes to
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By Mark Thompson, CNN Business The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has
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By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
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By Paul R. La Monica, CNN Business Bad news for anyone trying to buy a house or refinance an existing loan: The yield on the benchmark 10-year US Treasury note, which influences how much consumers pay for mortgages and a variety of other loans, briefly topped the 3% level Monday for the first time since
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By Paul R. La Monica, CNN Business The S&P 500 fell more than 13% between January and April of this year. That’s the worst four-month start to a year since 1939, when longtime legendary investor Warren Buffett was just nine years-old. Comparing today’s stock market to 83 years ago isn’t an entirely apples-to-Apple comparison —
Continue Reading By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
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