By Julia Horowitz, CNN Business If a recession were to arrive in the United States, there would normally be evidence of pain at America’s biggest lenders. But so far, top banks aren’t seeing major signs of weakness, even as they admit they’re bracing for tougher times ahead. What’s happening: Results from JPMorgan Chase, Wells Fargo
Continue Reading By Matt McFarland, CNN Business Andrej Karpathy, Tesla’s director of artificial intelligence, announced Wednesday he’s leaving the company only months before its anticipated release of its long-delayed “full self-driving” software to 1 million people. Tesla’s driver-assist features made significant advances in his tenure, but also have drawn increased scrutiny from regulators over their safety record.
Continue Reading By Brian Fung, CNN Amazon’s smart-doorbell company, Ring, has provided surveillance footage to law enforcement without a warrant or the consent of doorbell-owners 11 times this year alone, according to a letter Amazon (AMZN) sent to Congress earlier this month. The disclosure highlights the degree of Amazon’s control over data generated by the doorbells’ cameras
Continue Reading By Brian Fung, CNN Amazon’s smart-doorbell company, Ring, has provided surveillance footage to law enforcement without a warrant or the consent of doorbell-owners 11 times this year alone, according to a letter Amazon (AMZN) sent to Congress earlier this month. The disclosure highlights the degree of Amazon’s control over data generated by the doorbells’ cameras
Continue Reading By Anna Bahney, CNN Business Mortgage rates are on the rise again after a dramatic drop last week. The 30-year fixed-rate mortgage averaged 5.51% in the week ending July 14, up from 5.3% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.88%. Rates rose
Continue Reading By Clare Duffy, CNN Business It’s not every day that a major corporate lawsuit features a poop emoji, but then again it’s not every day that one of the world’s most influential social media platforms sues the world’s richest man to make him buy it. Twitter on Tuesday filed a lengthy and colorful lawsuit against
Continue Reading By Jennifer Korn Twitter’s turbulent week continues. Twitter was briefly hit by a significant outage on Thursday morning, with tens of thousands of users reporting issues using the social media site, according to Down Detector. The reports of service interruptions appeared to begin spiking around 8:00 a.m. ET, according to Down Detector, which tracks internet
Continue Reading By Nicole Goodkind, CNN Business JPMorgan Chase kicked off the second quarter earnings season with bad news: The bank temporarily suspended share buybacks and fell short of analysts’ expectations for earnings and revenue growth. Profit declined 28% from a year earlier to $8.65 billion and the bank reported earnings of $2.76 per share versus the
Continue Reading By Alicia Wallace, CNN Business A leading inflation indicator surged in June, showing that prices continue to remain stubbornly high. The Producer Price Index, a measure of the change in prices paid to US producers of goods and services, hit 11.3% in June compared to the same period a year ago and jumped 1.1% from
Continue Reading By Julia Horowitz, CNN Business Central banks have made clear that after a sluggish start, they’re serious about putting a lid on inflation. Now, as prices soar even faster than expected, they’re weighing increasingly drastic options. What’s happening: Investors see a growing probability that the Federal Reserve could hike interest rates by a full percentage
Continue Reading By Rachel Metz, CNN Business It only took Matt Laming, a 19-year-old from the United Kingdom, about a month to hit a million followers on Twitter. And all it required was sharing a steady stream of the most outlandish computer-generated images that he and a bunch of internet strangers could think up. In recent weeks,
Continue Reading By Rachel Metz, CNN Business It only took Matt Laming, a 19-year-old from the United Kingdom, about a month to hit a million followers on Twitter. And all it required was sharing a steady stream of the most outlandish computer-generated images that he and a bunch of internet strangers could think up. In recent weeks,
Continue Reading By Chris Isidore, CNN Business Maybe this counts as good news in a time of painful price increases for necessities such as food, fuel and housing: The cost of a US postage stamp just increased by a mere 2 cents. That raises the cost of mailing a first-class letter by 3.4%, to 60 cents —
Continue Reading By Danielle Wiener-Bronner, CNN Business The biggest trend in snacking is something small: Chip bags and sodas are going mini. PepsiCo is seeing “huge growth [in] small-format” snacks, as well as for mini cans of its full-sugar products, CEO Ramon Laguarta said Tuesday on an earnings call. The reason? “Portion control,” Laguarta said. PepsiCo has
Continue Reading By Danielle Wiener-Bronner, CNN Business The biggest trend in snacking is something small: Chip bags and sodas are going mini. PepsiCo is seeing “huge growth [in] small-format” snacks, as well as for mini cans of its full-sugar products, CEO Ramon Laguarta said Tuesday on an earnings call. The reason? “Portion control,” Laguarta said. PepsiCo has
Continue Reading By Laura He, CNN Business China’s real estate crisis is escalating, raising concerns about growing risks in the banking system. Desperate homebuyers across dozens of cities are refusing to pay mortgages on unfinished homes, according to state media reports and economists at international banks. In China, real estate firms are allowed to sell homes before
Continue Reading By Anna Cooban and Livvy Doherty, CNN Business Emirates airline has blasted one of the world’s busiest airports for its “incompetence” in failing to handle a surge in passengers. The Dubai-based airline on Thursday slammed demands made by London’s Heathrow airport earlier this week that carriers stop selling any more tickets for this summer. The
Continue Reading By Sean Lyngaas, CNN In the days before the January 6, 2021, insurrection, Chinese hackers sent out a flurry of malicious emails to prominent White House correspondents and other journalists at major US news outlets in an apparent intelligence collection effort, US cybersecurity firm Proofpoint said Thursday. As Chinese hackers scrambled to ascertain whether there
Continue Reading By Anna Bahney, CNN Business Rent continued to skyrocket to new record highs in Manhattan last month. The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in
Continue Reading By Lucy Bayly and Alicia Wallace, CNN Business Inflation surged to a new pandemic-era peak in June, with US consumer prices jumping by 9.1% year-over-year, according to fresh data released Wednesday by the Bureau of Labor Statistics. That’s the highest level in more than 40 years and higher than the previous reading, when prices rose
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