By Paul R. La Monica, CNN Business Bitcoin prices have pulled back lately — but Goldman Sachs still sees strong gains ahead in the coming years. The world’s most valuable cryptocurrency has fallen to about $43,000 after surging to a record high near $69,000 in November. Yet Goldman Sachs said in a report this week
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By Anna Bahney, CNN Business For many people, buying a home just wasn’t in the cards this year. There were too few homes for sale that were too expensive to buy. Indeed, home prices have been on a tear, with third quarter home prices up more than 18% from a year earlier, according to the
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By Paul R. La Monica, CNN Business The jobs recovery may be losing steam. But the unemployment rate continued to fall, and workers are still bringing home bigger paychecks. Investors don’t seem sure what to think about those mixed messages. Stocks closed lower Friday after the US government reported that just 199,000 jobs were added
Continue Reading By Chris Isidore, CNN Business Upstart electric truck maker Nikola is dropping its $2 billion patent infringement lawsuit against Tesla in which it charged that its larger, more established rival stole parts of Nikola’s design for a heavy duty truck. The suit was originally filed in 2018, when Tesla was still losing money, running short
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By Matt Egan, CNN Business American Express and BlackRock are the latest major companies to urge employees to start 2022 by working remotely as Covid-19 cases skyrocket. “We have seen an exponential increase in the spread of the Omicron variant across the world,” AmEx CEO Stephen Squeri said in a memo to employees on Tuesday.
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By Charles Riley, CNN Business The United States is now the world’s leading exporter of liquified natural gas as Europe’s energy crisis and shortages in China send demand for American shipments soaring. LNG exports from the United States topped 7 million tonnes (7.7 million tons) in December, according to ship-tracking data from ICIS LNG Edge,
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By Anneken Tappe, CNN Business A closely watched barometer for the job market offered a happy surprise for the new year: The ADP Employment Report was doubly as strong as expected in December. Economists had predicted 400,000 private sector jobs were added last month, but the report came in at a whopping 807,000. It was
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By Julia Horowitz, CNN Business Markets climbed a wall of worry to new heights in 2021. Buoyed by gains at the end of the year, Wall Street is now even more certain there will be an encore performance. What’s happening: The risks identified over the past 12 months — looming interest rate hikes, rising inflation,
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By Chris Isidore, CNN Business A surge in Covid cases and severe winter storms created a miserable holiday travel season for hundreds of thousands of stranded airline passengers. But airlines’ staffing cuts were also to blame for the 20,000 US flight that have been canceled over the last two weeks. Airlines went into the busiest
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By Michelle Toh, CNN Business China Mobile’s stock rose on its first day of trading in Shanghai, where it was forced to retreat to after being booted off Wall Street a year ago. Shares of the Chinese telecom giant were up 1.8% on Wednesday after it pulled off mainland China’s biggest listing in 10 years,
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By Nathaniel Meyersohn, CNN Business Walmart is expanding its push to deliver groceries straight into customers’ kitchen fridges, even when they aren’t home. Walmart said Wednesday that it plans to make InHome, its $148 annual delivery option, available to 30 million US households by the end of the new year, up from six million today.
Continue Reading By Nathaniel Meyersohn, CNN Business Walmart is expanding its push to deliver groceries straight into customers’ kitchen fridges, even when they aren’t home. Walmart said Wednesday that it plans to make InHome, its $148 annual delivery option, available to 30 million US households by the end of the new year, up from six million today.
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By Peter Valdes-Dapena, CNN Business Chrysler was once one of the biggest names in the American auto industry, famous for flashy cars with chrome, fins and style that belied their relatively affordable prices. Cars like the Chrysler New Yorker, the Imperial and the classic Chrysler 300 helped it become a solid competitor to brands like
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by Vanessa Yurkevich, CNN Business A record-setting 10.7 million 20-foot containers passed through the Port of Los Angeles in 2021, up 13% from the previous record set in 2018. And that pace is set to continue, according to Gene Seroka, executive director of the Port of Los Angeles. “I don’t see us falling off a
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By Paul R. La Monica, CNN Business Charlie Munger, the longtime pal of Berkshire Hathaway’s Warren Buffett, is apparently a very big fan of Alibaba… even though the 98-year-old has recently praised the Communist government of China for cracking down on the Chinese e-commerce company and cloud giant. Munger, who is a vice chairman at
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By Jordan Valinsky, CNN Business Kentucky Fried Chicken is going to sell a new menu item that contains no chicken — but tastes like it does. The new plant-based fried chicken nugget alternative, called Beyond Fried Chicken, will be added to menus nationwide beginning Monday, Jan. 10 for a limited time. It marks the first
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By Nathaniel Meyersohn, CNN Business At-home Covid-19 rapid test kits were already in short supply at stores. Now, a popular version is getting more expensive. Walmart and Kroger are raising prices on BinaxNOW test kits, made by Abbott Laboratories, after an agreement with the White House to sell the kits at cost expired. The White
Continue Reading By Nathaniel Meyersohn, CNN Business At-home Covid-19 rapid test kits were already in short supply at stores. Now, a popular version is getting more expensive. Walmart and Kroger are raising prices on BinaxNOW test kits, made by Abbott Laboratories, after an agreement with the White House to sell the kits at cost expired. The White
Continue Reading By Matt Egan, CNN Business American Express and BlackRock are the latest major companies to urge employees to start 2022 by working remotely as Covid-19 cases skyrocket. “We have seen an exponential increase in the spread of the Omicron variant across the world,” AmEx CEO Stephen Squeri said in a memo to employees on Tuesday.
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By Paul R. La Monica, CNN Business If you can’t beat ’em, get bought by ’em. Trading card giant Topps — just a few months after losing out on a deal to renew its longtime licensing deal with Major League Baseball to sports apparel startup Fanatics — is now selling its collectibles and cards business
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