By Anna Bahney, CNN Business Rents keep climbing in Manhattan, hitting a record high in May for the fourth consecutive month. Median rent for an apartment in Manhattan climbed to $4,000 a month in May, surging 25% from a year ago, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel Real
Continue Reading By Nicole Goodkind, CNN Business The Covid-19 pandemic changed the nature of work in innumerable ways, some of which may not be fully discerned for years. But one casualty is already clear: The era of the leaning-in “girl boss” is over. The girl boss movement, born shortly after Sandberg’s Lean In and coined by online
Continue Reading By Anna Bahney, CNN Business After taking a breather for several weeks, mortgage rates climbed again. The 30-year, fixed-rate mortgage averaged 5.23% in the week ending June 9, up from 5.09% the week before, according to Freddie Mac. The rate remains well above the 2.96% average from this time last year. “After little movement the
Continue Reading Catherine Thorbecke, CNN Business Apple workers at a retail outpost in Towson, Maryland, are set to begin voting on Wednesday in a union election, with the potential to form the first labor union in one of the tech giant’s US stores. Voting will take place in person at a vacant store in the Towson Town
Continue Reading Catherine Thorbecke, CNN Business For much of the past two decades, the ethos of Silicon Valley was largely defined by Facebook’s former motto: “move fast and break things.” But in a sudden and dizzying shift, the current mood in the tech sector could perhaps best be described with a far more restrained mantra: “cut costs
Continue Reading By Anna Cooban and Julia Horowitz, CNN Business The European Central Bank held off on raising interest rates on Thursday, but confirmed plans for a hike next month in a bid to fight inflation. The bank announced that it would raise the cost of borrowing by 25 basis points in July — its first rate
Continue Reading By Julia Horowitz, CNN Business In recent years, brokerages such as Robinhood and Charles Schwab have let users buy and sell stocks online without transaction fees — helping create an army of millions of armchair investors with the power to move markets. But new regulations teased by the US Securities and Exchange Commission have raised
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion” hits theaters this weekend, and it features one of the most successful movie stars in Hollywood today: Chris Pratt. Pratt — who plays dinosaur handler Owen Grady — has transformed himself from an actor best known for playing chubby goofballs into a ripped and bankable action star
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion” hits theaters this weekend, and it features one of the most successful movie stars in Hollywood today: Chris Pratt. Pratt — who plays dinosaur handler Owen Grady — has transformed himself from an actor best known for playing chubby goofballs into a ripped and bankable action star
Continue Reading By Frank Pallotta, CNN Business President Joe Biden made his first in-person appearance on a late night talk show when he stopped by “Jimmy Kimmel Live!” Wednesday night. Kimmel kicked off his interview with the President on Wednesday by saying that Biden is to “aviator sunglasses what Tom Cruise is to aviator sunglasses.” Then Kimmel
Continue Reading By Matt Egan, CNN Business Treasury Secretary Janet Yellen on Wednesday defended the Biden administration’s 2021 stimulus package against criticism that it is to blame for high inflation. In her second straight day of testimony, Yellen told lawmakers during a hearing before the House Ways and Means Committee that the American Rescue Plan, signed into
Continue Reading By Jackie Wattles, CNN Business A Japanese company has built a four-legged, rolling robot that looks vaguely like a centaur — boasting two arms with claw-like hands, an arachnid-esque abdomen and two bulging cameras for eyes — and is designed to transverse the surface of the moon. The robot, called the R1, was designed and
Continue Reading By Jackie Wattles, CNN Business A Japanese company has built a four-legged, rolling robot that looks vaguely like a centaur — boasting two arms with claw-like hands, an arachnid-esque abdomen and two bulging cameras for eyes — and is designed to transverse the surface of the moon. The robot, called the R1, was designed and
Continue Reading By Allison Morrow, CNN Business The agency that oversees Wall Street has proposed major changes to the way millions of everyday investors buy and sell stocks. That could be bad news for so-called free-trading apps like Robinhood as well as the lesser known firms that underpin their business models. Trading could be made fairer for
Continue Reading By Anna Bahney, CNN Business Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home. The sweeping changes include
Continue Reading By Nathaniel Meyersohn, CNN Business The Great Recession in 2008 pushed struggling Americans to rely more heavily on dollar stores and prompted other shoppers to visit them for the first time. Now, more than a decade later, a similar pattern is showing up at US discount chains as shoppers try to manage record-high gas prices
Continue Reading By Paul R. La Monica, CNN Business The once hot blank-check merger trend is fading fast. The stock market has been cratering so far this year — leaving special purpose acquisition companies, which buy private firms in order to take them public without the need for a traditional initial public offering, with difficulty finding targets.
Continue Reading By Paul R. La Monica, CNN Business If you want to find the stock price of Mark Zuckerberg’s company, typing the familiar “FB” ticker on your favorite search engine, brokerage firm app or financial news site (hopefully this one!) will soon give you an error message or redirect. That’s because the company formerly known as
Continue Reading By Frank Pallotta, CNN Business President Joe Biden made his first in-person appearance on a late night talk show when he stopped by “Jimmy Kimmel Live!” Wednesday night. Kimmel kicked off his interview with the President on Wednesday by saying that Biden is to “aviator sunglasses what Tom Cruise is to aviator sunglasses.” Then Kimmel
Continue Reading Opinion by Lisa Osborne Ross for CNN Business Perspectives During a recent visit to Minneapolis, a colleague and I stopped by Cup Foods, the convenience store that served as the backdrop of George Floyd’s murder. It was disheartening to see that, despite our national reckoning on racial justice, not much has changed over the past
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