By Paul R. La Monica, CNN Business Avis Budget investors didn’t really need to try harder to make any money from the stock on Tuesday. The rental car company’s shares more than doubled after Avis Budget reported strong earnings Monday evening that easily topped Wall Street’s forecasts. The stock was up as much as 218%
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By Matt Egan, CNN Business Nearly two-thirds of Americans describe the economy as poor in a new poll that comes amid high inflation and supply chain turmoil. The poll, released Monday by The Associated Press-NORC Center for Public Affairs Research, found just 35% of Americans now call the national economy good. That’s down from 45%
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By Nathaniel Meyersohn, CNN Business Shoppers are already taking a hit at the grocery store. Soon, even their cheapest meat options will get more expensive. Tyson Foods, Conagra and Kraft Heinz have notified their retail customers in recent weeks that they will raise prices in January for some frozen and refrigerated meats. Products that will
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By Walé Azeez, CNN Business Maersk, the world’s largest container shipping company, predicts that global supply chain chaos will continue into next year. That could benefit the company, which just reported its best quarter in 117 years. The surging cost of shipping propelled Maersk’s profit before taxes and interest to $5.9 billion and sales to
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By Alicia Wallace, CNN Business If communities across America were to become more racially integrated, it would be an “economic game changer,” boosting gross domestic product growth by an estimated 0.3 percentage points in the span of a decade, Moody’s Analytics has found. Deeply entrenched racial bias and segregation, however, are limiting the nation’s potential
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By Jordan Valinsky, CNN Business Chipotle is testing pollo asado in two US cities, marking the first time in nearly 30 years the chain has experimented with a new chicken recipe. The limited-time offering launched Tuesday in 95 restaurants across Cincinnati, Ohio, and Sacramento, California. In a statement, Chipotle said the chicken is seasoned with
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By Jordan Valinsky, CNN Business Amazon is lifting a mask mandate for fully vaccinated warehouse workers beginning Tuesday. Vaccinated Amazon workers will no longer have to wear a face covering in the warehouse unless a federal, state or local law requires it. In a statement, Amazon said it continues to evaluate Covid-19 safety measures and
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Opinion by Karin Kimbrough for CNN Business Perspectives The US is experiencing a historically tight labor market. The speed of the current recovery is far outpacing the last recession, and the supply of available jobs is still well above the demand from job seekers. Open roles posted on LinkedIn have nearly doubled since the beginning
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By Moira Ritter, CNN Business The director of the United Nations’ World Food Programme is still pleading with the world’s richest individuals to help in the fight against the world hunger crisis. On CNN’s “New Day” Tuesday, UN Food Programme Director David Beasley acknowledged the controversy he found himself in last week when he chastised
Continue Reading By Moira Ritter, CNN Business The director of the United Nations’ World Food Programme is still pleading with the world’s richest individuals to help in the fight against the world hunger crisis. On CNN’s “New Day” Tuesday, UN Food Programme Director David Beasley acknowledged the controversy he found himself in last week when he chastised
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By Chris Isidore, CNN Business Canceled flights, packed planes, rising fares and violent outbursts are the new normal for air travel. Flying is getting worse for both passengers and crews. The problems run deeper than the operational meltdowns that caused Southwest and American Airlines to cancel thousands of flights over four-day periods in recent weeks,
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By Julia Horowitz, CNN Business For investors, the appeal of China has always been clear. Despite a long list of political risks, it’s the world’s second-largest economy — home to a massive pool of consumers and the fastest expansion of the middle class in history. But in the past 12 months, there’s been a significant
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By Laura He and Yong Xiong, CNN Business China is telling families to stock up on food and other daily essentials as bad weather, energy shortages and Covid-19 restrictions threaten to disrupt supplies. The country’s Ministry of Commerce late Monday issued a notice directing local governments to encourage people to stockpile “daily necessities,” including vegetables,
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By Moira Ritter, CNN Business Facebook announced its company rebrand just last week, but a little-known cryptocurrency is already rallying in anticipation of an expanding metaverse. On Saturday, mana, a gaming cryptocurrency used to buy and sell virtual land, surged to a record high of $4.16, more than 400% above where it was valued earlier
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By Jordan Valinsky, CNN Business Yahoo has shut down access to its services in China, becoming the latest American tech company to exit the country. It pulled the plug “in recognition of the increasingly challenging business and legal environment,” a Yahoo spokesperson said in a statement. “Yahoo remains committed to the rights of our users
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By Ramishah Maruf, CNN Business Billionaire Charlie Munger’s controversial plans for a massive, windowless dorm at the University of California, Santa Barbara has left many wondering — how is this even possible? The answer is at the University of Michigan, where the Munger Graduate Residence Hall houses more than 600 graduate students in 6 to
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By Ramishah Maruf, CNN Business Billionaire Charlie Munger is bankrolling the design of a massive dormitory at the University of California, Santa Barbara. The $1.5 billion project comes with a major catch — 94% of the dorm’s single occupancy rooms are in the interior of the building, and have no windows. A consulting architect on
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By Chris Isidore, CNN Business Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%.
Continue Reading By Chris Isidore, CNN Business Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%.
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By Diksha Madhok, CNN Business As Covid-19 wreaked havoc around the world last year, the 39-year-old son of an Indian billionaire was laying the groundwork for a plan he hoped would eventually end the pandemic. Adar Poonawalla — the CEO of Serum Institute of India (SII), the world’s largest vaccine maker — pumped hundreds of
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