By Julia Horowitz, CNN Business UK policymakers are trying to calm markets after a plan by Prime Minister Liz Truss to cut taxes while ramping up borrowing sparked panic among investors worried it could feed inflation and destabilize government finances. The Bank of England said Monday that it is “monitoring developments in financial markets very
Continue Reading By Ramishah Maruf, CNN Walmart has entered the metaverse. The retail giant announced Monday it is launching two immersive online experiences with Roblox, a metaverse mega-platform extremely popular with young kids. Walmart said it is targeting the next generation of customers — Covid-19 altered consumers’ shopping habits and caused a surge in e-commerce sales. ‘Walmart
Continue Reading By Ramishah Maruf, CNN Walmart has entered the metaverse. The retail giant announced Monday it is launching two immersive online experiences with Roblox, a metaverse mega-platform extremely popular with young kids. Walmart said it is targeting the next generation of customers — Covid-19 altered consumers’ shopping habits and caused a surge in e-commerce sales. ‘Walmart
Continue Reading Martha C. White America’s seniors are facing a lot of hard choices. After the Federal Reserve’s latest rate hike, the combination of climbing prices on everything from food to gas to utilities and ever-higher borrowing costs is making the finances of Americans on fixed incomes increasingly precarious. “Overall, they have an increase in daily living
Continue Reading By Clare Duffy, CNN Business When Parag Agrawal took over as Twitter’s CEO last November following co-founder Jack Dorsey’s surprise resignation from the role, he was little known outside the company. Ten months later, Agrawal has featured prominently in a whistleblower disclosure, been rebuked by name in a Congressional hearing and fielded criticism from the
Continue Reading By Brian Fung, Clare Duffy and Donie O’Sullivan, CNN Business Billionaire Elon Musk and Twitter CEO Parag Agrawal did not sit for depositions Monday as part of an ongoing merger lawsuit despite earlier scheduling notices filed in a Delaware court, marking another twist in a closely watched case about the future of one of the
Continue Reading By Brian Fung, CNN The UK said Monday it could impose a multimillion-dollar fine on TikTok after the government found the short-form video platform may have violated children’s privacy. The potential fine of £27 million, or about $29 million, follows an investigation by the UK’s data privacy regulator, which found that over the course of
Continue Reading By Brian Fung, CNN The UK said Monday it could impose a multimillion-dollar fine on TikTok after the government found the short-form video platform may have violated children’s privacy. The potential fine of £27 million, or about $29 million, follows an investigation by the UK’s data privacy regulator, which found that over the course of
Continue Reading By Vanessa Yurkevich, CNN For the past two years Jan Gautam has been filling in sporadically as a housekeeper at hotels in Orlando, Florida, run by Interessant Hotels & Resort Management, or IHRMC. When he’s not making beds, he’s busy running the company. He’s the President and CEO of IHRMC — which is based in
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Continue Reading By Anna Cooban, CNN Business The United Kingdom’s big tax-cutting gamble to boost economic growth will benefit the rich far more than millions of people on lower incomes. On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in
Continue Reading By Jordan Valinsky, CNN Business Amazon is adding another Prime Day to the calender. The company announced Monday that the sale, called “Prime Early Access Sale,” will take place October 11-12. The 48-hour event is only for members of its Prime subscription program and will feature discounts on “hundreds of thousands” of items. “Prime Early
Continue Reading By Nicole Goodkind, CNN Business Investors are waking up to the harsh reality of just how much pain the economy may have to endure as the Federal Reserve continues its fight against stubbornly high inflation. The Fed darkened its tone at last week’s policy meeting, warning of serious economic hardship ahead, and markets finally took
Continue Reading By Nicole Goodkind, CNN Business The global bond market is having a historically awful year. The yield on the 10-year US Treasury bond, a proxy for borrowing costs, briefly moved above 4% on Wednesday for the first time in 12 years. That’s a bad omen for Wall Street and Main Street. What’s happening: This hasn’t
Continue Reading By Vanessa Yurkevich, CNN For the past two years Jan Gautam has been filling in sporadically as a housekeeper at hotels in Orlando, Florida, run by Interessant Hotels & Resort Management, or IHRMC. When he’s not making beds, he’s busy running the company. He’s the President and CEO of IHRMC — which is based in
Continue Reading By Michelle Toh, CNN Business International airlines are scrambling to add more flights to Hong Kong as the city ends two and a half years of quarantine measures, leading to a surge in demand for travel. The new measures took effect Monday. Now, instead of having to isolate in a hotel room at their own
Continue Reading By Diksha Madhok, CNN Business Apple has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain away from China. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous
Continue Reading By Hannah Ritchie, Manveena Suri and Rhea Mogul, CNN A 12-year-old boy is in “critical condition” after he was allegedly gang-raped and beaten in India’s capital New Delhi, according to a statement from the city’s police and a complaint lodged by the boy’s family to the Delhi Commission for Women (DCW). Delhi Police Deputy Commissioner
Continue Reading By Mark Thompson and Adam Renton, CNN The British government is reversing plans to scrap the highest rate of income tax, announcing the embarrassing retreat after a rebellion among its own lawmakers and a week of financial and economic turmoil. In a statement on Monday, finance minister Kwasi Kwarteng said the tax cut for the
Continue Reading By Laura He, Jessie Yeung and Jonny Hallam, CNN Business The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The plunge of nearly 5% to just above $1.03 came during trading in Asia and Australia on Monday and extended a
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