By Parija Kavilanz, CNN Business Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available
Continue Reading By Alicia Wallace, CNN Business The US government recorded a monthly budget deficit of $88 billion in October, the Treasury Department reported Thursday. That’s 47% lower than the October 2021 deficit of $165 billion and just below economists’ expectations of $90 billion, according to consensus estimates on Refinitiv. During October, which is the first month
Continue Reading By Oliver Darcy and Sonia Moghe, CNN A Connecticut judge on Thursday ordered right-wing conspiracy theorist Alex Jones to pay an additional $473 million in punitive damages over the lies he told about the 2012 Sandy Hook Elementary School shooting. Connecticut Superior Court Judge Barbara Bellis awarded the families over $323 million in common law
Continue Reading By Brian Fung, CNN Just days after Twitter laid off thousands of employees, a number of top executives from teams working on privacy and security at the platform have reportedly resigned. Twitter’s chief information security officer announced their resignation on Thursday, vacating one of the company’s most critical roles just as scrutiny is mounting over
Continue Reading By Parija Kavilanz, CNN Business Is there anything at your local grocery store (besides avocados) that’s getting less — not more — expensive as families plan their upcoming Thanksgiving Day meals? Well, yes, but you have to look carefully. While 90% of grocery items right now cost more than they did last year because of
Continue Reading By Danielle Wiener-Bronner, CNN Business KFC Germany apologized for an “unacceptable” message sent to customers on Wednesday, which appeared to tie a sales promotion to the annual commemoration of Kristallnacht. KFC app users in the country received a message encouraging them to mark the day with crispy chicken and cheese from KFC, according to Twitter
Continue Reading By Anna Bahney, CNN Business In case you needed more evidence of how much home prices have skyrocketed: Even as the housing market was cooling over the summer, prices still rose in 98% of US markets, according to a new report. From July through September, home prices increased in 181 out of 185 cities tracked
Continue Reading By Chris Isidore and David Close, CNN Fred Hickman, a pioneering sports broadcaster and anchor who helped to launch two major cable networks and influenced and informed a generation of sports journalists and fans, has died. Hickman, who turned 66 on October 16, died peacefully in hospital after battling liver cancer according to his widow
Continue Reading By Anna Cooban, CNN Business UK police arrested and detained three journalists covering a climate protest earlier this week, raising concerns that the country’s press freedoms are under threat. Police officers in Hertfordshire, a county in southern England, arrested LBC radio reporter Charlotte Lynch on Tuesday on a bridge over a public highway near London
Continue Reading By Paul R. La Monica and Nicole Goodkind, CNN Stocks soared in their best day since 2020 on Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. The Dow rose 1,203 points, or 3.7%.
Continue Reading By Peter Valdes-Dapena, CNN Business New car prices are finally coming down. A little, anyway. Cars are still selling, on average, for more than the manufacturers’ sticker prices, but at least they’re closer, according to analysts. And a number of car brands are now selling for below sticker price, something that was once normal but
Continue Reading By Jordan Valinsky, CNN Business Wendy’s is adding a holiday-themed Frosty to its menu for the first time ever. Beginning next Tuesday, Wendy’s will sell a peppermint Frosty for a limited time. It’s the second new flavor the chain has launched in 2022, and it marks a notable shift for Wendy’s in expanding beyond the
Continue Reading By Danielle Wiener-Bronner, CNN Business Food is still getting more expensive, but at a slower pace than earlier this year. In the month of October, food was .6% pricier compared to September, adjusting for seasonal swings, according to data released Thursday by the Bureau of Labor Statistics. For the year through October, without seasonal adjustments,
Continue Reading By Nathaniel Meyersohn, CNN Business Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart’s stock up around 6%
Continue Reading By Allison Morrow, CNN Business In the space of a week, a 30-year-old entrepreneur once hailed as a modern-day J.P. Morgan watched his digital empire, including billions of his own fortune, evaporate in a death spiral that’s shaken the foundations of the trillion-dollar crypto industry. On Thursday, Sam Bankman-Fried issued a mea culpa: “I f**ked
Continue Reading By Anna Bahney, CNN Business Mortgage rates have jumped back above 7%, after dropping last week. The 30-year fixed-rate mortgage averaged 7.08% in the week ending November 10, up from 6.95% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 2.98%. Mortgage rates have risen throughout most of
Continue Reading By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as a
Continue Reading By Nicole Goodkind, CNN Business The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or 90% of the index’s total membership. Results were mostly solid, with companies from Goldman Sachs to GM reporting strong profits. But it’s all about what’s next — and companies’ projections
Continue Reading By Jennifer Korn, CNN Business The near collapse this week of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto startup and investment community. But the fallout could also spread to the sports industry. Like other crypto companies, FTX has invested heavily in sports sponsorships, including partnerships and naming rights in
Continue Reading By Clare Duffy, CNN Business Video by John General, CNN Business In 2019, Air Company made a splash when it launched vodka derived from recaptured carbon, in an effort to reduce the amount of the harmful greenhouse gas in the atmosphere. Today, the Brooklyn-based startup has begun using the same process to make fuel for
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