By Alicia Wallace, CNN Business US consumer confidence fell in November as inflation and economic uncertainty continued to loom large and potentially dampen holiday shopping plans. The Conference Board’s consumer confidence index measured 100.2 for the month, lower than the downwardly revised 102.2 in October. The index is at its lowest level since July, when
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But he’s also hopeful that the likely recession will be brief and “mild.” Bank of America CEO Brian Moynihan said in an exclusive interview with Poppy Harlow on “CNN This Morning”
Continue Reading By Paul R. La Monica, CNN Recession alarm bells are sounding. But are they premature? Yes, retail sales tumbled in December as inflation took its toll on consumers. The manufacturing sector is contracting. And several prominent CEOs are talking about the increased likelihood of a downturn during recent quarterly earnings conference calls. But the United
Continue Reading By Chris Isidore and Matt McFarland, CNN Business President Joe Biden was in the unusual position Tuesday of being praised by business interests and attacked by his normal allies in the labor movement after calling for Congress to move immediately to block a strike by more than 100,000 union members at the nation’s freight railroads
Continue Reading By Chris Isidore, CNN Business Most labor disputes never end up being debated in Congress. But thanks to a nearly century-old law that regulates labor relations only when it comes to railroads and airlines, what otherwise would be strictly an economic issue became a political one. The Railway Labor Act was passed in 1926 as
Continue Reading By Nicole Goodkind, CNN Business Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. The demonstrations against Chinese President Xi Jinping and his costly zero-Covid policy are an exceedingly rare case of widespread civil disobedience. While the protests represent an unprecedented challenge for Xi, they also carry economic and
Continue Reading By Donie O’Sullivan, CNN Business Twitter said it will no longer enforce its longstanding Covid misinformation policy, yet another sign of how Elon Musk plans to transform the social media company he bought a month ago. In 2020, Twitter developed an extensive set of rules that sought to prohibit “harmful misinformation” about the virus and
Continue Reading By Chris Isidore, CNN Business Tracy Easterling spent about an hour Sunday shopping at Sears, which used to be one of her favorite stores. She ended up with nothing to show for it but memories. Easterling was at the Sears in her hometown of Jersey City, New Jersey, one of only 15 full-line Sears stores
Continue Reading By Diksha Madhok, CNN Business Bitfront, a crypto exchange backed by Japanese social media app Line, is shutting down after failing to overcome turmoil in the industry. The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another
Continue Reading Simone McCarthy, CNN Business Shanghai Disneyland has been closed again because of China’s Covid restrictions, just days after reopening following a previous pandemic-related closure. The theme park will close from Tuesday, November 29 “to follow the requirement of pandemic prevention and control,” Shanghai Disney Resort said in a statement on Tuesday. “We will notify guests
Continue Reading By Laura He, CNN Business The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. In a symbolic protest against censorship, young demonstrators held up sheets of white paper — a metaphor for the
Continue Reading By Laura He, CNN Business The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. In a symbolic protest against censorship, young demonstrators held up sheets of white paper — a metaphor for the
Continue Reading By Clare Duffy, CNN Business Elon Musk on Monday claimed that Apple has “threatened” to pull Twitter from its iOS app store, a move that could be devastating to the company Musk just acquired for $44 billion. “Apple has also threatened to withhold Twitter from its App Store, but won’t tell us why,” Musk said
Continue Reading By Melissa Alonso and Zoe Sottile, CNN The label on a cup of Velveeta’s microwaveable mac and cheese says the meal only takes three and a half minutes to prepare. But a Florida woman says this is false — and she’s suing the manufacturer for $5 million. Amanda Ramirez, of Hialeah, has filed a proposed
Continue Reading By Ramishah Maruf, CNN Business Billionaire investor Leon Black has been sued by a woman alleging he “brutal[ly]” raped her at Jeffrey Epstein’s Manhattan townhouse in spring 2002. Cheri Pierson names both Black — the co-founder and former CEO of private equity behemoth Apollo Global Management — and the estate of the late Epstein as
Continue Reading By Brian Fung, CNN Business Twitter searches for the widespread Covid-19-related protests in China are returning a flood of spam, pornography and gibberish that some disinformation researchers say at first glance appear to be a deliberate attempt by the Chinese government or its allies to drown out images of the demonstrations. Beginning late last week
Continue Reading By Brian Fung, CNN Business Twitter searches for the widespread Covid-19-related protests in China are returning a flood of spam, pornography and gibberish that some disinformation researchers say at first glance appear to be a deliberate attempt by the Chinese government or its allies to drown out images of the demonstrations. Beginning late last week
Continue Reading By Paul R. La Monica, CNN Business Most of 2022 has been pretty dismal for investors, and Monday was no exception: The Dow fell about 500 points, or 1.5%, Monday. Still, the stock market remains in the midst of one heck of a fourth-quarter rally. The Dow enjoyed its best month in nearly a half-century
Continue Reading By Zoe Sottile, CNN A baby product company has recalled around 10,500 sippy cups and bottles over lead poisoning risks. Green Sprouts, a North Carolina-based company focused on “natural parenting,” has recalled three products: a stainless steel sippy cup, a stainless steal sippy cup with a straw, and a stainless steel straw bottle. The base
Continue Reading By Matt Egan More than 400 business groups are calling on Congressional leaders to be prepared to prevent a freight rail strike that could start causing chaos in the economy as early as next week. “No one wins when the railroads stop running,” the business groups led by the Chamber of Commerce wrote in a
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