By Chris Isidore, CNN Business The only thing that climbed as high as gas prices earlier this year was the disapproval of President Joe Biden, as Americans blamed him for record prices at the pump. But Biden had relatively little control over the prices set primarily by global markets. If Biden got too much blame
Continue Reading By Anna Bahney, CNN Business New home sales plunged in July as high prices and mortgage rates pushed buyers to think twice about closing the deal. Sales of newly constructed homes fell by 12.6% in July from June and were down 29.6% from a year ago, according to a joint report from the US Department
Continue Reading By Clare Duffy, CNN Business Elon Musk’s monthslong effort to buy — and then to get out of buying — Twitter has been marked by a range of unexpected twists. Now, a stunning whistleblower disclosure from the company’s former security lead Peiter Zatko is almost certain to become the latest complication. As part of a
Continue Reading By Paul R. La Monica, CNN Business The pandemic lift for Zoom has gone poof. Shares of the video conferencing company plunged more than 15% Tuesday after Zoom reported revenue for the second quarter that missed analysts’ forecasts and issued a weak outlook for sales and profit in the third quarter. Zoom’s stock was a
Continue Reading By Julia Horowitz, CNN Business The outlook for inflation and the global economy hinges in large part on where energy prices head next — which makes recent turbulence in natural gas markets a worrying development. What’s happening: European natural gas prices finished at a record on Monday. They remain close to that level on Tuesday
Continue Reading By Rachel Metz, CNN Business Elon Musk has been saying for months that he wants to stamp out spam and fake accounts on Twitter, but a subtle change he’s planning to make to the platform could complicate that goal. In a tweet this week, Musk said Twitter will stop showing notations such as “Twitter for
Continue Reading By Donie O’Sullivan, Clare Duffy and Brian Fung, CNN Business Video by John General, Zach Wasser and Logan Whiteside, CNN Business Portraits by Sarah Silbiger for CNN Twitter has major security problems that pose a threat to its own users’ personal information, to company shareholders, to national security, and to democracy, according to an explosive
Continue Reading By Sean Lyngaas, CNN Business Nearly 25 years ago, a young computer programmer named Peiter “Mudge” Zatko told Congress that the internet was woefully insecure. A big part of the issue, Zatko told a Senate panel, was that software and e-commerce companies “want to ignore problems as long as possible. It’s cheaper for them.” Now,
Continue Reading By Laura He, CNN Business China is mining and importing more coal as its worst heatwave and drought in six decades hits hydroelectricity, the nation’s second biggest source of power. The country’s crucial Yangtze River has dried up in parts because of extreme heat and scant rainfall. The drought has impacted six provinces along the
Continue Reading By Ross Levitt, CNN More than 1,300 US flights have been canceled as of Monday night and more than 7,400 flights have been delayed, according to the flight tracking website FlightAware. Nine hundred US flights were canceled on Sunday, according to FlightAware. Dallas-Fort Worth International Airport has been particularly hard hit, with hundreds of flights
Continue Reading By Megan Marples, CNN Years of long hours, understaffed companies and burned-out employees have all led to the latest TikTok trend: quiet quitting. The catchphrase quiet quitting is misleading, however, making some people think it means workers doing the bare minimum at their jobs. This is unequivocally false, said Kathy Caprino, a Connecticut-based women’s career
Continue Reading By Jeanne Sahadi, CNN Business The now viral phrase “quiet quitting” is annoyingly imprecise and misleading. Some say it means doing the bare minimum at work or just not going above and beyond. Others say it’s about setting healthy boundaries or not mindlessly buying into ‘hustle culture.’ And then there are those who say it’s
Continue Reading By Megan Marples, CNN Years of long hours, understaffed companies and burned-out employees have all led to the latest TikTok trend: quiet quitting. The catchphrase quiet quitting is misleading, however, making some people think it means workers doing the bare minimum at their jobs. This is unequivocally false, said Kathy Caprino, a Connecticut-based women’s career
Continue Reading By Catherine Thorbecke, CNN Business Elon Musk has subpoenaed former Twitter CEO Jack Dorsey as part of his effort to fight a lawsuit from the company attempting to force the billionaire to move forward with their $44 billion acquisition deal. With the subpoena, made public in court filings on Monday, Musk’s legal team seeks a
Continue Reading By Chris Isidore, CNN Business The family of an elderly couple killed when the roof of their F-250 pickup collapsed during a rollover accident in 2014 has been awarded a massive $1.7 billion in punitive damages from Ford. The jury appeared to endorse the plaintiff’s arguments that Ford knew of the problem years before the
Continue Reading By Matt McFarland, CNN Business Tesla is raising the price of its controversial driver-assist feature it calls “full self-driving” to $15,000. Tesla buyers can purchase it for $12,000 until Sept. 5. The $12,000 price dates to January. Following the latest price increase, the software will cost five times as much as when it was first
Continue Reading By Chris Isidore, CNN Business Ford is cutting 3,000 white collar jobs as it prepares to shift from traditional internal combustion engine vehicles to electric vehicles. Two thousand of the jobs are salaried positions and another 1,000 are contractors, Ford said. Affected employees will be notified they are losing their jobs later this week. “Building
Continue Reading By Catherine Thorbecke, CNN Business Twitter is warning employees that their bonuses might be half of what was originally expected at the start of the year, in the latest sign of belt tightening at the company amid uncertainty with its pending acquisition and a souring economy. Twitter confirmed to CNN Business that its bonus pool
Continue Reading By Parija Kavilanz, CNN Business Shareholders are pulling the rug out from under Bed Bath & Beyond. The embattled retailer’s stock dropped 11% in early trading Monday on reports that some of the company’s suppliers have stopped shipping products due to late payments for those goods. The news couldn’t come at a worse time for
Continue Reading By Paul R. La Monica, CNN Business So much for hopes that the Federal Reserve will tap the brakes on its aggressive interest rate hikes. Stocks tumbled Monday as investors once again began to worry that the central bank will raise rates by three-quarters of a point next month. The Dow ended the day with
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