By Parija Kavilanz, CNN Business Just after Thanksgiving, Carmen Allen became alarmed by the jump in prices and shortages of food products at her local grocery stores. “Cake mix,” Allen says. “I was worried I wouldn’t find enough of it to give out in our food baskets.” Allen serves as president and executive director of
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By Jeremy Harlan and Carma Hassan, CNN Business Nearly 8,000 workers at 78 King Soopers and City Market grocery stores in Colorado will return to work starting Friday, after union leaders and management reached a tentative three-year work agreement. The strike, which began January 12, was the nation’s second-largest in the last two years —
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By Paul R. La Monica, CNN Business Peloton had a disastrous 2021. But as impossible as it may seem, the exercise equipment company is arguably off to an even worse start to 2022. Shares of Peloton are down nearly 25% this year and trading at their lowest level in nearly two years. The stock was
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By Joseph Ataman and Matt Egan, CNN TotalEnergies and Chevron are withdrawing from Myanmar because of the deteriorating situation in the country since the military seized power nearly a year ago. “The situation, in terms of human rights and more generally the rule of law, which have kept worsening in Myanmar since the coup of
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By Chris Isidore, CNN Business Jamie Dimon got a $3 million raise in 2021, JPMorgan Chase disclosed in a filing late Thursday. The raise boosts the pay for the CEO of the nation’s largest bank by 9.5%, to $34.5 million. The pay package includes a base salary of $1.5 million and a $5 million cash
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By Paul R. La Monica, CNN Business Forget about all the boardroom intrigue on “Succession” and “Billions.” Real-life companies are facing a lot more drama than anyone on those popular shows. Struggling companies have one more reason to watch their backs. Several of them now have to contend with pesky activist shareholders — the so-called
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By Charles Riley, CNN Business When the coronavirus pandemic swept across the world in 2020, investors responded by pouring money into companies that would benefit from people spending much more time at home. Netflix and Peloton were two of the biggest pandemic winners, along with video call provider Zoom Video and electronic signature firm DocuSign.
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By Paul R. La Monica, CNN Business Intel was once the undisputed king of the semiconductor industry until the chip giant lost momentum to rivals Nvidia and Advanced Micro Devices in recent years. Now, with a new CEO, Intel is regaining some of its swagger. Intel, whose stock fell more than 15% in 2020 and
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By Diksha Madhok, CNN Business Cryptocurrencies have had a dismal start to the year, and continue to plunge as major economies around the world look to curb their growing popularity. Bitcoin has fallen over 7% in the last 24 hours, and was trading at $39,097 as of 3:00 am ET, according to CoinDesk. The world’s
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By Laura He, CNN Business Evergrande’s international creditors are losing patience. A group of the company’s overseas bondholders are threatening to take legal action over its “opaque” debt restructuring process, the latest sign of trouble for the embattled Chinese developer. They said in a statement Thursday they’ve had to “seriously consider enforcement actions” after Evergrande
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By Chris Isidore, CNN Business Airline executives breathed a sigh of relief to their investors Thursday, saying they believe the threat to their operations from the rollout of 5G technology is now behind them. Although AT&T and Verizon have agreed only to temporarily delay 5G deployment at major airports, the CEOs of American and United
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By Clare Duffy, CNN Business Twitter on Thursday began rolling out a feature that will let some users set NFTs that they own as their profile picture to signal their investment in the emerging digital art space. The move makes Twitter one of the best-known tech platforms so far to launch a feature for the
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By Frank Pallotta, CNN Business Netflix‘s stock fell as much as 20% in after hours trading due to a bad outlook for its future growth. Netflix now has 221.8 million subscribers globally. It added 8.2 million subscribers in the fourth quarter of 2021, the company reported on Thursday. That number slightly missed the streaming service’s
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By Matt McFarland, CNN Business Two leaders in motor vehicle safety testing said Thursday that they will rate the driver monitoring systems that are supposed to help make technologies like Tesla’s Autopilot safe. The Insurance Institute for Highway Safety and Consumer Reports are pushing for safeguards that go further than what the auto industry and
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By Pete Muntean The Federal Aviation Administration has cleared more commercial airliners — notably more smaller, regional jets — to fly in the situations where pilots consider possible 5G interference to be the most dangerous. In a new statement, the FAA says it has issued more approvals that allow 78% of the US commercial airliner
Continue Reading By Pete Muntean The Federal Aviation Administration has cleared more commercial airliners — notably more smaller, regional jets — to fly in the situations where pilots consider possible 5G interference to be the most dangerous. In a new statement, the FAA says it has issued more approvals that allow 78% of the US commercial airliner
Continue Reading By Chris Isidore, CNN Business Airline executives breathed a sigh of relief to their investors Thursday, saying they believe the threat to their operations from the rollout of 5G technology is now behind them. Although AT&T and Verizon have agreed only to temporarily delay 5G deployment at major airports, the CEOs of American and United
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By Nathaniel Meyersohn, CNN Business You may think that store and restaurant workers in America who catch Covid-19 are staying home to recover and keep the public safe. But millions of frontline employees aren’t able to do that without missing a paycheck. So, many Americans, working precarious, low-wage jobs in the service industry, can’t stay
Continue Reading Opinion by Mark Wolfe for CNN Business Perspectives Energy is an essential component of our day-to-day lives. We use it to cook our food, stay warm in the winter and cool our homes in the summer. But home energy prices have risen during the pandemic while more people are struggling to just get by. For
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By Jordan Valinsky, CNN Business Peloton CEO John Foley acknowledged Thursday that the company is “considering all options” — including layoffs and production curbs — after a report that the fitness firm has stopped manufacturing its bikes and treadmills sent shares crashing. His statement did not reference any specific report, but said “rumors that we
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