By Anna Bahney, CNN Business Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 23.8% in September from a year
Continue Reading By Nathaniel Meyersohn and Jordan Valinsky, CNN Kroger announced Friday that it plans to buy Albertsons in a nearly $25 billion deal that could change the US retail industry and impact how millions of customers buy their groceries. The deal, which is expected to close in 2024, would combine two of the largest supermarket chains
Continue Reading By Anna Cooban and Mark Thompson, CNN Business UK postal service Royal Mail said Friday that it could cut 6,000 jobs as it warned of a big loss this year, which it blamed on a wave of strikes and a decline in its parcel delivery business. About 110,000 Royal Mail staff went on strike on
Continue Reading By Julia Horowitz, Luke McGee and Mark Thompson, CNN Business UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. At a Downing Street news conference, Truss said she was scrapping plans to reverse a
Continue Reading By Swati Gupta, Manveena Suri, Rhea Mogul and Heather Chen, CNN Indian health authorities have halted production at a pharmaceutical company in New Delhi after the World Health Organization (WHO) said its cough and cold syrups may be linked to the deaths of dozens of children. The WHO suspects that four of the syrups made
Continue Reading By Oliver Darcy, CNN Business Last Thursday, at precisely 5:29pm Pacific Time, a mysterious Twitter account with the handle @LAunionLaundry posted secretly taped audio of now-former Los Angeles County Federation of Labor chief Ron Herrera. The account tagged two reporters at the Los Angeles Times, as well as the newspaper’s politics account. The move successfully
Continue Reading By Oliver Darcy, CNN Business Last Thursday, at precisely 5:29pm Pacific Time, a mysterious Twitter account with the handle @LAunionLaundry posted secretly taped audio of now-former Los Angeles County Federation of Labor chief Ron Herrera. The account tagged two reporters at the Los Angeles Times, as well as the newspaper’s politics account. The move successfully
Continue Reading By Brian Fung, CNN Business Federal authorities are investigating Elon Musk in connection with his $44 billion acquisition of Twitter, the social media platform said in a court filing Thursday. It is not clear which agencies may be carrying out the probe, and Twitter did not identify what specific actions by Musk US officials may
Continue Reading By Chris Isidore, CNN Business Alex Jones owes $965 million to eight family members of Sandy Hook shooting victims and a first responder. But it is far from clear how much of that money they’ll ever see. Jones was hit with that staggering jury award Wednesday for compensatory damages caused by his repeated lies about
Continue Reading By Oliver Darcy, CNN Business Judgment Day arrived on Wednesday for Alex Jones — and he said that it felt like he landed in Hell. “This must be what Hell’s like,” the notorious right-wing conspiracy theorist said on an Infowars livestream as a Connecticut jury awarded plaintiffs a staggering nearly $1 billion in damages. The
Continue Reading By Oliver Darcy, CNN Business Judgment Day arrived on Wednesday for Alex Jones — and he said that it felt like he landed in Hell. “This must be what Hell’s like,” the notorious right-wing conspiracy theorist said on an Infowars livestream as a Connecticut jury awarded plaintiffs a staggering nearly $1 billion in damages. The
Continue Reading By Jeanne Sahadi, CNN Business Inflation is soaring, markets are down and savings rates are still very low. But there’s one investment that offers a nearly 10% return for the next several months. But you’d need to act quickly. Until the end of this month, you have a chance to lock in a 9.62% rate
Continue Reading By Anna Cooban, CNN Business Postal workers in the United Kingdom are walking out during the busiest period of the year to demand higher pay as cost-of-living pressures mount. As many as 115,000 Royal Mail staff went on strike on Thursday to demand better pay and working conditions. It was the first of 19 days
Continue Reading Opinion by Ryan Roslansky and Byron Auguste for CNN Business Perspectives The urgent business case for finding new ways of hiring has never been clearer. The demand for workers in the US is outpacing the supply, and finding the best talent is going to be increasingly difficult as the world navigates a period of heightened
Continue Reading By Nathaniel Meyersohn, CNN Business Prices at the grocery store continued to soar last month, adding even more pressure to shoppers’ wallets. The food at home index, a proxy for grocery store prices, increased 0.7% in September from the month prior and a stunning 13% over the last year, according to new government data released
Continue Reading By Brian Fung, CNN The US government is poised to ban all future telecom equipment produced by Huawei and ZTE, two Chinese technology giants, from the American market in an expanding crackdown against perceived national security risks from China, according to a person familiar with the matter. The restrictions, outlined in a draft order by
Continue Reading By Tami Luhby, CNN Although Americans have been paying a lot more at the pump and the supermarket this year, they have largely been spared from price hikes for their job-based health insurance and doctor visits. But that’s about to change. Most workers can expect to see premiums and out-of-pocket costs increase in 2023 at
Continue Reading By Anna Bahney, CNN After taking a breather last week, mortgage rates rose again — moving even closer to 7%. The 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up from 6.66% the week before, according to Freddie Mac. It is the highest average rate since April 2002. A year ago, the
Continue Reading By Catherine Thorbecke, CNN Business Apple workers in Oklahoma City are set to vote this week on whether to form the second-ever labor union at one of the tech giant’s US stores. The Apple store workers in Oklahoma are seeking to gain representation with the Communication Workers of America union. Voting is set to take
Continue Reading By Parija Kavilanz, CNN Business New testing on a variety of popular branded sports bras and athletic wear has revealed high levels of BPA, a chemical compound that’s used to make certain types of plastic and can lead to harmful health effects such as asthma, cardiovascular disease and obesity. Sports bras sold by Athleta, PINK,
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