By Nicole Goodkind, CNN Forecasts from Walmart and Home Depot made for a grim day of trading on Tuesday. The mega retailers’ predictions of a weakening economy and a dip in consumer spending this year sent markets tumbling as Wall Street seemed to realize that the Federal Reserve’s campaign to quell inflation could yet lead
Continue Reading By Manveena Suri and Rhea Mogul, CNN A convicted killer and rapist revered by millions as a religious guru has temporarily walked free from jail in India for the fourth time in 12 months, angering activists who say it sets a dangerous precedent in a country grappling with violence against women. Gurmeet Ram Rahim Singh,
Continue Reading By Laura He, CNN Hong Kong’s Covid-hit economy will return to growth this year and expand by between 3.5% and 5.5%, as the city opens up and China’s economic outlook improves, Hong Kong’s financial secretary said on Wednesday. The Asian financial hub suffered a 3.5% contraction last year, as strict Covid restrictions and weakening global
Continue Reading By Ross Levitt, CNN The Department of Transportation’s internal watchdog said Tuesday it is launching a probe into the spike in flight cancellations and delays that have come in the wake of the pandemic. The Office of the Inspector General audit will focus on the federal agency’s role in these cancellations, rather than the airlines.
Continue Reading By Gayle Harrington, CNN Microsoft announced it has agreed to partnerships with Nvidia and Nintendo as it tries to convince European Union officials to approve its $69 billion purchase of Activision Blizzard — the company behind the popular game franchise Call of Duty. Microsoft President Brad Smith had a closed-door meeting Tuesday with EU regulators
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks wants you to give olive oil coffee a shot. Really. The coffee chain is rolling out a new line of beverages made with extra virgin olive oil. To be clear, the drinks are not simply flavored with olive oil, nor do they have just a hint of it. Each
Continue Reading By Artemis Moshtaghian, Linh Tran, Yon Pomrenze and Chris Isidore, CNN Norfolk Southern CEO Alan Shaw defended his company’s actions since the disaster caused by the derailment of one of its trains in East Palestine, Ohio, and promised the railroad will pay for the cleanup. “Norfolk Southern is committed to the community and citizens of
Continue Reading by Kara Scannell, CNN Lawyers for Sam Bankman-Fried agreed to pay for a security expert to help the federal judge overseeing his fraud case navigate technology issues as they seek to keep the FTX founder out of jail before his trial. In a brief letter, Bankman-Fried’s attorneys informed Judge Lewis Kaplan that they agreed with
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks wants you to give olive oil coffee a shot. Really. The coffee chain is rolling out a new line of beverages made with extra virgin olive oil. To be clear, the drinks are not simply flavored with olive oil, nor do they have just a hint of it. Each
Continue Reading By Nathaniel Meyersohn, CNN The Church of Jesus Christ of Latter-day Saints and its investment manager will pay a $5 million fine to settle regulatory charges that it hid a huge investment fund. The Securities and Exchange Commission said Tuesday that Ensign Peak Advisers, the investment management firm that handles the LDS church’s finances, failed
Continue Reading By Nicole Goodkind, CNN US stocks plunged on Tuesday after fourth-quarter earnings and forecasts from mega-retailers like Walmart and Home Depot raised concerns about the strength of the US consumer. The Dow and S&P 500 each closed with their worst day since December 15 — the Dow fell about 696 points, or 2.1%, while the
Continue Reading By Anna Bahney, CNN US home sales declined in January for the 12th consecutive month as mortgage rates remained elevated and stubbornly high prices kept homebuyers out of the market. It was the weakest home sales activity since 2010. The continuation of a slowing trend that began in February 2022 is the longest streak of
Continue Reading By Danielle Wiener-Bronner Fifteen years ago, Howard Schultz reprised his role as Starbucks CEO, returning to the helm to help put the struggling company back on course. At the time, the coffee chain was flailing, facing growing competition, cooling customer interest and contending with the financial crisis. Last year he returned once again, as Starbucks
Continue Reading By Danielle Wiener-Bronner, CNN Starbucks has displayed “egregious and widespread misconduct” in its dealings with employees involved in efforts to unionize Buffalo, New York, stores, a National Labor Relations Board judge said in an order Wednesday. As a result, the company must reinstate and make whole a number of workers who were let go from
Continue Reading By Nathaniel Meyersohn, CNN Walmart had a strong holiday shopping season, but the year ahead will be more challenging for America’s largest retailer. Walmart forecast slower sales and profit growth, disappointing investors and sending its stock down during morning trading Tuesday. However, Walmart notched an 8.3% sales increase during its latest quarter at US stores
Continue Reading By Olesya Dmitracova, CNN Shares of embattled Swiss bank Credit Suisse fell to a record low Tuesday after a report that regulators are reviewing comments the lender’s chairman made about the health of its finances. The bank’s stock plunged as much as 9% to trade at 2.52 Swiss francs ($2.73), before recovering slightly. Earlier in
Continue Reading By Nicole Goodkind, CNN Oil and gas companies have seen skyrocketing growth as the energy crisis triggered by Russia’s war in Ukraine has challenged people’s quality of life, financial stability, and overall well-being. The global oil and gas industry’s profits jumped to $4 trillion in 2022, up from an average of $1.5 trillion in recent
Continue Reading By Brian Fung and Tierney Sneed, CNN Supreme Court justices appeared broadly concerned Tuesday about the potential unintended consequences of allowing websites to be sued for their automatic recommendations of user content, highlighting the challenges facing attorneys who want to hold Google accountable for suggesting YouTube videos created by terrorist groups. For nearly three hours
Continue Reading By Chris Isidore, CNN Home Depot said it will increase pay and benefits for front line hourly staff by $1 billion this year, another sign of a tighter labor market and rising wages across the US economy. The home improvement retail chain did not detail how much of a pay raise the average hourly worker
Continue Reading By Michelle Toh, CNN Standard Chartered is going on a hiring spree in Hong Kong this year, in a sign of renewed confidence in its biggest market as the city reopens its border with mainland China. The British bank said it would add 300 to 500 employees to its ranks of roughly 5,500 to 5,800.
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