By Catherine Thorbecke, CNN Business Shopify will lay off approximately 10% of its global staff after making the “wrong” bet on how long the pandemic-fueled surge in online shopping would continue, the CEO of the Canadian e-commerce company announced Tuesday. The cuts span divisions including recruiting, support and sales, according to CEO Tobi Lutke in
Continue Reading By Paul R. La Monica, CNN Business The Wall Street gambling parlor is still alive and well. Asset management firm AXS Investments recently launched funds that let investors make supersized bets on — or against — the daily performance of individual stocks. AXS now offers ETFs that use leverage, namely through exotic instruments known as
Continue Reading By Nathaniel Meyersohn, CNN Business A glimmer of relief is emerging at the checkout aisle: the return of discounts. Walmart, Best Buy, Gap, Target, Bath & Body Works and others are increasing promotions and lowering prices on merchandise to entice inflation-weary shoppers to buy extra goods sitting on their shelves. Months ago these chains stocked
Continue Reading By Alicia Wallace, CNN Business Americans grew even more pessimistic about the US economy over the past month, according to the latest survey on consumer attitudes, intentions and expectations from The Conference Board. The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, which was adjusted downward by 0.3 points.
Continue Reading By Anna Bahney, CNN Business US home prices were up nearly 20% in May compared to the year before. But there were signs the market began to cool as rising mortgage rates pushed more prospective buyers to the sidelines. Home prices rose 19.7% in May from the year before, a slightly smaller jump than the
Continue Reading By Anna Cooban, CNN Business The European Union has agreed to ration its natural gas this winter to prevent a severe supply shock. But the bloc has watered down its ambitions by offering countries some significant leeway. On Tuesday, EU energy ministers agreed to a voluntary target to reduce gas usage by 15% between August
Continue Reading By Danielle Wiener-Bronner, CNN Business McDonald’s has been raising menu prices and customers are eating it up. Sales at McDonald’s US restaurants open at least 13 months jumped 3.7% in the second quarter, the company said Tuesday. That growth was driven by higher menu prices and “value offerings” on its regular menu as well as
Continue Reading By Michelle Toh, CNN Business The global economy is already in trouble, yet risks keep piling up. In a report released Tuesday, the International Monetary Fund once again lowered its world economic forecast as it predicted major slowdowns in the three biggest economies: the United States, China and Europe. Those downturns, combined with the ongoing
Continue Reading By Julia Horowitz, CNN Business When wheat prices shot up to record highs following Russia’s invasion of Ukraine, alarm bells immediately started ringing. Wheat is a staple of diets for more than 2.5 billion people around the world. At a moment when inflation was wreaking havoc, food prices were going to go up. And they
Continue Reading By Chris Isidore, CNN Business General Motors said strong sales and demand for vehicles doesn’t suggest any signs of an economic slowdown, but the company is preparing for a possible recession — just in case. GM reported a sharp drop in earnings Tuesday, but that was caused by Covid lockdowns in China, one of its
Continue Reading By Paul R. La Monica, CNN Business Is the United States heading for a recession? Or is the economy already in one? It — almost — doesn’t matter. For many Americans, it already feels like a recession. Soaring prices for, well, just about everything, make it tougher to pay for everyday expenses and monthly bills.
Continue Reading By Michelle Toh, CNN Business Alibaba announced a plan to allow more mainland Chinese investors to invest in the stock. In a statement Tuesday, the Chinese tech giant said that its board had approved an application to upgrade its Hong Kong stock to a primary listing, which it expects to take place by the end
Continue Reading By Benjamin Taubman, CNN Business Most drivers today are focused on the high cost of filling up their tanks with regular fuel. But there’s another important fuel on the gas station price board, and its nationwide price average currently eclipses gasoline’s by more than a $1 a gallon: diesel fuel. “Diesel is what powers trucking.
Continue Reading By Alicia Wallace, CNN Business While the latest GDP report showed the US economy contracted again in the second quarter, Treasury Secretary Janet Yellen said there’s no fear that America is currently in a recession. “That is not what we’re seeing right now when you look at the economy,” she said. “Job creation is continuing,
Continue Reading By Danielle Wiener-Bronner, CNN Business Pour one out for Choco Taco. The beloved Klondike product, packaged ice cream in a taco-shaped cone, has been discontinued. “Over the past 2 years, we have experienced an unprecedented spike in demand across our portfolio and have had to make very tough decisions to ensure availability of our full
Continue Reading By Nathaniel Meyersohn, CNN Business Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks. That’s left Walmart and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. To help clear out the backlog, Walmart is cutting prices
Continue Reading By Nathaniel Meyersohn, CNN Business Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks. That’s left Walmart and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. To help clear out the backlog, Walmart is cutting prices
Continue Reading By Nathaniel Meyersohn, CNN Business Diapers are a notoriously large expense for caregivers of newborns, toddlers and adults suffering from incontinence. Infants require up to 12 diapers per day, at a cost of $70 to $80 per month per child. That’s roughly $930 per year, according to the National Diaper Bank Network, a non-profit working
Continue Reading By Alicia Wallace, CNN Business Americans grew even more pessimistic about the US economy over the past month, according to the latest survey on consumer attitudes, intentions and expectations from The Conference Board. The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, which was adjusted downward by 0.3 points.
Continue Reading By Alexandra Peers, CNN Business Be careful what you sign — and read the fine print. That’s just one of the lessons from a convoluted lawsuit involving Sotheby’s and 45 yellow diamonds. Sotheby’s may be liable for $4 million of disappeared diamonds, a state appellate court ruled this month, after the auction house allegedly released
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