Opinion by Joseph Stiglitz and Lori Wallach for CNN Business Perspectives If international organizations are subject to karma, last week’s abrupt postponement of the World Trade Organization (WTO) Ministerial Conference, the body’s first major decision-making gathering in four years, was fated to be. News of the emergence of Omicron, the latest coronavirus variant, not only
Continue Reading By Chris Isidore, CNN Business Just when US airlines thought they were on the verge of profitability again, along came the Omicron variant to put those hopes in doubt. Leisure travel is back to near pre-Covid levels. This Thanksgiving marked the busiest week for air travel since the start of the pandemic. But major US
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By Anneken Tappe, CNN Business The Federal Reserve might end its pandemic-era stimulus sooner than expected, Chairman Jerome Powell told the Senate Banking Committee on Tuesday. The central bank announced a tapering of its monthly asset purchases at its monetary policy update earlier this month, cutting bond buying by $10 billion for Treasury securities and
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By Moira Ritter, CNN Business The supply chain is facing major blockages, and container ships are heaping pollution into communities near the congested ports. The biggest offenders are, unsurprisingly, the world’s biggest retailers, according to a new report Tuesday conducted by environmental organizations Stand.earth and Pacific Environment. The report shows that goods imported to the
Continue Reading By Nathaniel Meyersohn, CNN Business The Federal Trade Commission said Monday that it is ordering Amazon, Walmart, Kroger, Procter & Gamble, Tyson, Kraft Heinz and several major wholesalers to grocery stores to turn over information in a wide-ranging inquiry examining the causes of empty shelves and surging prices in the United States. The antitrust watchdog
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By Walé Azeez, CNN Business European consumer prices are rising at their fastest pace since 1997. Annual inflation across the 19 countries that use the euro, including Europe’s largest economies Germany, France, Italy and Spain, hit 4.9% in November, driven mainly by soaring energy prices, according to Eurostat, the EU statistics office. That’s the highest
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By Oliver Darcy, CNN Business Lara Logan, a Fox News personality and host on its streaming service, was condemned by prominent Jewish groups and the Auschwitz Museum after she compared Dr. Anthony Fauci to a Nazi doctor infamous for performing medical experiments at the Auschwitz death camp. In an appearance on “Fox News Primetime” Monday,
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By Matt Egan, CNN Business Commerce Secretary Gina Raimondo is concerned the Omicron coronavirus variant will exacerbate pressure on the already stressed-out global supply chain. “It’s way too soon to tell. But I do worry, because we know people are afraid to go to work,” Raimondo told CNN during an interview at her Washington office.
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By Paul R. La Monica, CNN Business It looks like Tesla’s Elon Musk isn’t the only high profile CEO getting rid of shares in the company they run. Microsoft chairman and CEO Satya Nadella has shed more than half of his stake in the software giant in the past week. Nadella sold nearly 840,000 shares
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By Julia Horowitz, CNN Business The rapid onset of concerns about the Omicron variant of the coronavirus has ushered in a period of fresh market anxiety as investors wait for more information about what it could mean for the trajectory of the pandemic. But what if the variant turns out not to be so bad
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By Nathaniel Meyersohn, CNN Business Dollar Tree is throwing away those green “Everything’s $1” signs at stores, ditching the brand identity it created and stuck to devotedly for 35 years. The chain said last week that it will permanently raise prices by 25% on the majority of its products. Dollar Tree has already made the
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By Jordan Valinsky, CNN Business Cyber Monday sales amounted to $10.7 billion, which is higher than the underwhelming Black Friday tally but still $100 million less compared to last year. That figure, released Tuesday from Adobe, is a 1.4% decrease from the record-breaking Cyber Monday total in 2020 when the online sales event raked in
Continue Reading By Nathaniel Meyersohn, CNN Business Dollar Tree is throwing away those green “Everything’s $1” signs at stores, ditching the brand identity it created and stuck to devotedly for 35 years. The chain said last week that it will permanently raise prices by 25% on the majority of its products. Dollar Tree has already made the
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By Mark Thompson, CNN Business Regulators have long threatened to break up Facebook (now called Meta) because of its huge market power. Now one group of officials has followed through and ordered the company to unwind its acquisition of Giphy because the deal could hurt competitors. The UK Competition and Markets Authority said on Tuesday
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By Laura He, CNN Business China’s economy is finally getting some good news: Its big factories are staging a recovery as a power crunch that held back production starts to ease because of a big jump in coal supply. A government survey of manufacturing activity increased to 50.1 in November from 49.2 in October, according
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By Jill Disis, CNN Business Global stocks and oil prices fell again Tuesday after a brief respite from the heavy sell-off triggered by the emergence of the Omicron coronavirus variant. Stocks in Asia Pacific and Europe slid, while Wall Street opened weaker. Oil prices fell about 3% as more countries reported cases of the variant
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By Reuters and Michelle Toh, CNN Business Westpac said on Tuesday it will likely be fined 113 million Australian dollars ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers. Australia’s No. 3 lender admitted to six civil penalty proceedings filed by the
Continue Reading By Sara Ashley O’Brien and Rishi Iyengar, CNN Business Elizabeth Holmes, flushed and holding back tears, testified Monday that she left Stanford to launch Theranos in part because she had been raped, and said she later entered into what she alleged was an abusive relationship with the person who would become her startup’s chief operating
Continue Reading By Sara Ashley O’Brien and Rishi Iyengar, CNN Business Elizabeth Holmes, flushed and holding back tears, testified Monday that she left Stanford to launch Theranos in part because she had been raped, and said she later entered into what she alleged was an abusive relationship with the person who would become her startup’s chief operating
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By Brian Stelter, Oliver Darcy and Sonia Moghe, CNN CNN said Monday that it will evaluate new information that sheds light on how anchor Chris Cuomo sought to help his brother, former New York Gov. Andrew Cuomo, amid a flurry of sexual misconduct allegations earlier this year. The new information, which included a cache of
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