By Nathaniel Meyersohn, CNN Business Kohl’s is pushing back against intense pressure from Wall Street to make changes or sell the company. The retailer sent a sharply worded letter to shareholders Thursday ahead of the its annual meeting in May, urging them to reject an activist investor’s efforts to gain control of the company and
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By Paul R. La Monica, CNN Business The stock market surged in March, but stumbled on the last day of the first quarter. And investors are reeling after a tough start to 2022. The Dow fell more than 550 points Thursday. It and the S&P 500 each dropped nearly 5% in the first three months
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By Sara Ashley O’Brien, CNN Business The results of a do-over vote for a milestone union election at an Amazon warehouse in Bessemer, Alabama, were too close to call on Thursday. A total of 875 workers at the Bessemer facility voted for joining a union and 993 voted against it, marking a much closer split
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By Mark Thompson and Chris Liakos, CNN Business Russia has doubled down on its threat to cut off natural gas supplies to Western countries that refuse to pay in rubles, raising new concerns about an energy supply crunch and rationing in Europe. Moscow said last week it wanted to be paid in rubles, rather than
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By Matt McFarland, CNN Business US roads saw the largest increase on record in deaths per mile traveled in 2020, including a 26% increase in hit-and-run fatalities that outpaced the increase in overall deaths. The National Highway Traffic Safety Administration released the data earlier this month. Hit-and-run deaths have grown steadily in the last 15
Continue Reading By Mark Thompson and Chris Liakos, CNN Business Russia has doubled down on its threat to cut off natural gas supplies to Western countries that refuse to pay in rubles, raising new concerns about an energy supply crunch and rationing in Europe. Moscow said last week it wanted to be paid in rubles, rather than
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By Jordan Valinsky, CNN Business Former Disney CEO Bob Iger is breaking from his successor on Florida’s recently passed “Don’t Say Gay” law. Bob Chapek, Iger’s successor, initially opted not to speak out against the controversial law. But corporate executives should voice their opinions about ethical dilemmas, Iger recently told CNN+ host Chris Wallace. “A
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By Steve Contorno, CNN Florida Gov. Ron DeSantis on Thursday signaled support for stripping Disney of its 55-year-old special status that allows the entertainment company to operate as an independent government around its Orlando-area theme park. It’s the latest fallout in the feud between DeSantis, a Republican widely seen as a potential 2024 presidential contender,
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By Jackie Wattles, CNN Business Jeff Bezos’ Blue Origin just launched its fourth successful space tourism mission, putting yet another feather in the cap of the company that hopes to make these supersonic joyrides a mainstay of pop culture. The six passengers, which include a Blue Origin engineer and five paying customers, boarded their New
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By Danielle Wiener-Bronner, CNN Business Restaurants are raising menu prices as wages grow and inflation hits ingredients and packaging. But they still want customers to feel like they’re getting a good deal. That’s a tricky proposal, especially for fast food, fast casual and casual dining restaurants — places where low prices are part of the
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By Anna Bahney, CNN Business Mortgage rates rose again this week as the conflict in Ukraine and rising inflation continued to weigh on the US economy. The 30-year fixed-rate mortgage averaged 4.67% in the week ending March 31, up from 4.42% the week before, according to Freddie Mac. Rates climbed in the face of rising
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By Anneken Tappe, CNN Business America’s inflation problem didn’t abate in February, as another key price measure rose to a 40-year high. The Personal Consumption Expenditures price index rose 6.4% in February from the same period a year earlier. It was the fastest increase since January 1982, the Bureau of Economic Analysis reported Thursday. Stripping
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By Anna Cooban, CNN Business Germany “will be poorer” because of Russia’s assault on Ukraine, the government’s economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe’s biggest economy into a recession. “It is not possible that this ends without costs for German society, it is unthinkable,” Robert Habeck
Continue Reading By Anna Cooban, CNN Business Germany “will be poorer” because of Russia’s assault on Ukraine, the government’s economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe’s biggest economy into a recession. “It is not possible that this ends without costs for German society, it is unthinkable,” Robert Habeck
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By Julia Horowitz, CNN Business Oil prices are pulling back sharply as investors gear up for the White House to potentially unleash a record amount of crude from US reserves in a bid to ease pressure at the pump following Russia’s invasion of Ukraine. What’s happening: President Joe Biden is weighing a plan to release
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By Charles Riley, CNN Business The barrage of sanctions imposed by the West following Russia’s invasion of Ukraine decimated the ruble. But one month after the tanks rolled, the currency has made a full recovery and is now trading at levels seen prior to the war. How is that possible? Russia’s central bank has taken
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By Anneken Tappe, CNN Business The US jobs market has come a long way since the worst days of the pandemic when more than 20 million Americans lost their jobs. Now the recovery is moving into a new phase — one that will likely be slower. For Friday’s March jobs report, economists polled by Refinitiv
Continue Reading By Jackie Wattles, CNN Business Jeff Bezos’ Blue Origin just launched its fourth successful space tourism mission, putting yet another feather in the cap of the company that hopes to make these supersonic joyrides a mainstay of pop culture. The six passengers, which include a Blue Origin engineer and five paying customers, boarded their New
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By Jackie Wattles, CNN Business Amazon is moving its business into the exosphere, with plans to deploy more than 3,000 satellites to beam internet connectivity all over the planet. On Tuesday, the company announced deals with three rocket companies that will launch those satellites. The agreement includes two veteran rocket builders — United Launch Alliance,
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By Alicia Wallace, CNN Business For the past few years, developer and home builder Estridge Homes could bank on the price quotes it received for asphalt holding steady for at least nine months. That window is now 15 days. For many home builders, supply chain disruptions from the pandemic have meant garage doors are on
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