By Chris Isidore, CNN Business Freight railroads have been around since the 19th century, but you can’t run a 21st century economy without them. The looming possibility of a strike by unions representing more than 90,000 workers at the nation’s freight railroads has businesses nationwide worried. The unions are poised to go on strike on
Continue Reading By Matt Egan, CNN The Biden administration is not debating whether to unleash another round of emergency oil from the national stockpile at this time, an administration official told CNN on Thursday. In response to the war in Ukraine, US President Joe Biden announced a plan on March 31 to release one million barrels of
Continue Reading By Matt Egan, CNN The blank-check firm attempting to bring former President Donald Trump’s media venture public has adjourned its special shareholder meeting until October 10. The development is the latest in a series of delay tactics from Digital World Acquisition Corp. and comes as the shell company struggles to win shareholder approval to extend
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Jackie Wattles, CNN Business NASA has two new dates in mind — September 23 or September 27 — for the next attempt at launching its massive new moon rocket on an uncrewed test mission. But there are still several things that could stand in the way of getting the Artemis I mission off the
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian and Mercedes have signed a “memorandum of understanding” to work together on production of electric vans and to begin making them in Europe. Together, the companies will create a factory in Europe dedicated to producing electric vehicles. The companies will jointly invest in changing an existing Mercedes production site
Continue Reading By Paul R. La Monica, CNN Business Movie theater chain AMC is a top pick for meme investors, but the stock hasn’t exactly turned out to be the feel good hit of this summer. Shares of AMC were trading around $18 just before the company decided to issue a new class of preferred shares to
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Brian Fung and Frank Pallotta, CNN Disney’s analysis of Twitter in connection with a potential 2016 acquisition led the entertainment giant to conclude that “substantial” numbers of accounts on the social media service were fake, according to former Disney CEO Bob Iger. The revelation prompted Disney to lower its estimated value for Twitter, said
Continue Reading By Anna Bahney, CNN Business Mortgage rates reached their highest level since 2008, inching closer to 6% this week, as it became clearer to investors that aggressive rate hikes from the Federal Reserve would continue. The 30-year fixed-rate mortgage averaged 5.89% in the week ending September 8, up from 5.66% the week before, according to
Continue Reading Martha C. White for CNN Business At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right
Continue Reading By Veronica Stracqualursi, CNN Former CNN anchor Bernard Shaw died Wednesday at a Washington, DC, hospital of pneumonia unrelated to Covid-19, Shaw’s family announced Thursday. Shaw was 82. Shaw was CNN’s first chief anchor and was with the network when it launched on June 1, 1980. He retired from CNN after more than 20 years
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors revealed a new electric SUV Thursday that the automaker expects will be the cheapest compact electric SUV on the market when it goes into product in about a year. The Chevrolet Equinox EV will have a starting price around $30,000 which, at any rate, will make it among
Continue Reading By Veronica Stracqualursi, CNN Former CNN anchor Bernard Shaw died Wednesday at a Washington, DC, hospital of pneumonia unrelated to Covid-19, Shaw’s family announced Thursday. Shaw was 82. Shaw was CNN’s first chief anchor and was with the network when it launched on June 1, 1980. He retired from CNN after more than 20 years
Continue Reading Opinion by Gad Levanon for CNN Business Perspectives So far this year, the US economy has managed to skirt a recession, despite what many experts predicted. But even while the labor market remains strong, there isn’t much to celebrate in the foreseeable future. We could still very well find ourselves in a recession over the
Continue Reading By Alicia Wallace, CNN Business Despite fears of a recession, the labor market is showing no signs of weakening. The number of first-time claims for unemployment benefits fell by 6,000 to 222,000 for the week ended September 3, according to Department of Labor data released Thursday. The initial weekly claims figure, which is at its
Continue Reading By Frank Pallotta, CNN Business There are summer blockbusters, and then there’s “Top Gun: Maverick.” The Paramount film, featuring Tom Cruise‘s return to the skies as Pete “Maverick” Mitchell decades after the hit 1986 original, won the domestic box office over the Labor Day weekend — bringing in $7.9 million for the four-day holiday. That
Continue Reading By Mark Thompson, CNN Business The European Central Bank hiked interest rates by a record three-quarters of a percentage point on Thursday and promised more to come as it scrambles to contain the inflationary fallout from Russia’s invasion of Ukraine and the ensuing energy crisis. The move will take the benchmark rate for the 19
Continue Reading By Peter Valdes-Dapena, CNN Business Jeep will bring out three new all-electric SUVs over the next few years as it moves toward selling only electric vehicles in Europe by 2030 and having half its sales in the US be all-electric by then, too. Executives for the off-road SUV brand also indicated that more fully electric
Continue Reading By Nicole Goodkind, CNN Business The US dollar can’t be stopped. Fueled by the Federal Reserve’s aggressive tightening policy, the value of the greenback is appreciating to multi-decade highs and squashing currencies around the world. Typically, it’s emerging-market countries that shoulder the burden of a strong dollar. That’s because developing countries have been encouraged by
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