Money Archives

A general view at Glossier Pop-Up Shop at Nasty Gal Santa Monica on June 4

Glossier lays off a third of its corporate staff

January 28, 2022 3:07 PM CNN Newsource

By Ramishah Maruf, CNN Business Buzzy beauty startup Glossier has laid off a third of its corporate staff, founder and CEO Emily Weiss said in an email to employees. Glossier has branded itself as both a technology and beauty company — but of the more than 80 corporate employees laid off, the technology team was

A shopper leaves a ShopRite on January 8 in Clark

‘Significant’ risk of the US economy shrinking this quarter, BofA warns

January 28, 2022 1:41 PM CNN Newsource

By Matt Egan, CNN Business Bank of America slashed its first-quarter economic outlook for the United States on Friday because of disruptions caused by the Omicron coronavirus variant. Economists at Bank of America said in a report to clients they now expect US gross domestic product to increase at an annual rate of just 1%

Almost 5,000 US flights canceled this weekend as winter storm pummels East Coast

January 28, 2022 1:19 PM CNN

By Jordan Valinsky, CNN Business Airlines have canceled thousands of flights this weekend as a powerful winter storm packing strong winds and many inches of snow is set to envelop major cities on the East Coast. According to FlightAware, nearly 5,000 flights within, into or out of the United States were canceled through Saturday and

Just a day after Spotify agreed to remove Neil Young's music from its service

Apple Music trolls Spotify by calling itself ‘the home of Neil Young’

January 28, 2022 12:41 PM CNN Newsource

By Samantha Murphy Kelly, CNN Business Just a day after Spotify agreed to remove Neil Young’s music from its service, Apple Music trolled its streaming rival by giving the musician some rock star treatment. In a tweet sent late Thursday, and later pinned to the top of the official Apple Music Twitter account, Apple called

Remember the E-Trade baby? He’s coming back in a Super Bowl ad

January 28, 2022 12:21 PM CNN Newsource

By Paul R. La Monica, CNN Business The Super Bowl already has a winner: E-Trade. The online broker, now owned by Morgan Staney, is bringing back its famous talking baby for the February 13 big game. A source close to the company confirmed that E-Trade will run a commercial during Super Bowl LVI on NBC

Apple Music trolls Spotify by calling itself ‘the home of Neil Young’

January 28, 2022 12:05 PM CNN

By Samantha Murphy Kelly, CNN Business Just a day after Spotify agreed to remove Neil Young’s music from its service, Apple Music trolled its streaming rival by giving the musician some rock star treatment. In a tweet sent late Thursday, and later pinned to the top of the official Apple Music Twitter account, Apple called

Natural gas futures expiring in March surged 12% on January 28 to $4.79 per million British thermal units

Natural gas futures surge as powerful winter storm looms

January 28, 2022 12:01 PM CNN Newsource

By Matt Egan, CNN Business Natural gas futures are climbing sharply ahead of a blizzard that will force millions of Americans to crank up the heat. If maintained, the rally will translate to higher home heating costs in the weeks to come, adding to the inflationary pressures hitting the US economy. Natural gas futures expiring

Natural gas futures surge as powerful winter storm looms

January 28, 2022 12:01 PM CNN

By Matt Egan, CNN Business Natural gas futures are climbing sharply ahead of a blizzard that will force millions of Americans to crank up the heat. If maintained, the rally will translate to higher home heating costs in the weeks to come, adding to the inflationary pressures hitting the US economy. Natural gas futures expiring

Tesla CEO Elon Musk said that he believes the company's goal of a humanoid robot is the most important thing it's working on.

Elon Musk is placing a bet on robots. It could be a long time coming

January 28, 2022 11:50 AM CNN Newsource

By Matt McFarland, CNN Business Tesla CEO Elon Musk said Wednesday that he believes the company’s goal of a humanoid robot is the most important thing it’s working on. The electric vehicle manufacturer first announced its robot plans at its AI Day last year. Instead of showing off any sort of prototype, a person in

Elon Musk just took the entire EV sector down with these comments

January 28, 2022 11:03 AM CNN Newsource

By Chris Isidore, CNN Business Six months ago, Elon Musk said he would stop attending investor conference calls unless there was “something important” that he needed to say. He should have stuck with that plan. After skipping Tesla’s third-quarter call, he returned to the call Wednesday to discuss fourth quarter’s record earnings and revenue. But

Compensation for American workers climbed 4% between December 2020 and December 2021

Good news: Paychecks are going up. Bad news: So is inflation

January 28, 2022 10:30 AM CNN

By Anneken Tappe and Tami Luhby, CNN Business Americans’ paychecks continued to rise at the end of 2021. But along with that, so did prices. Compensation for American workers climbed 4% between December 2020 and December 2021, marking the biggest increase since the fourth quarter of 2001, according to the Bureau of Labor Statistics. Private

American companies are starting to make positive moves. Intel recently announced it is creating a new $20 billion semiconductor manufacturing complex in Ohio

The US is starting to make a manufacturing comeback. Here’s how to sustain it

January 28, 2022 9:57 AM CNN Newsource

Opinion by Brian Deese for CNN Business Perspectives The Covid-19 pandemic has laid bare the vulnerabilities in America’s domestic manufacturing base. The nation’s reliance on globally fragmented supply chains has led to shortages of everything from personal protective equipment to semiconductors to shipping containers. And these supply weaknesses have been a primary driver of elevated

Almost 5,000 US flights canceled this weekend as winter storm pummels East Coast

January 28, 2022 9:35 AM CNN Newsource

By Jordan Valinsky, CNN Business Airlines have canceled thousands of flights this weekend as a powerful winter storm packing strong winds and many inches of snow is set to envelop major cities on the East Coast. According to FlightAware, nearly 5,000 flights within, into or out of the United States were canceled through Saturday and

US consumer sentiment in January fell nearly 5% to the lowest level since November 2011

Consumer sentiment sinks on inflation and Omicron worries

January 28, 2022 9:29 AM CNN Newsource

By Anneken Tappe, CNN Business Worries over soaring prices and the Omicron variant of the coronavirus soured Americans’ views of the economy in January. US consumer sentiment in January fell nearly 5% to the lowest level since November 2011, the University of Michigan’s consumer sentiment survey showed Friday. Survey respondents felt worse about both the

A key measure of inflation rose 5.8% between December 2020 and December 2021

A key inflation measure rose at the fastest pace since 1982

January 28, 2022 8:23 AM CNN Newsource

By Anneken Tappe, CNN Business A key measure of inflation rose 5.8% between December 2020 and December 2021, the Bureau of Economic Analysis reported Friday. It was the biggest advance since 1982. Energy prices alone rose nearly 30% over the course of 2021, while food prices climbed 5.7%. Stripping out those two components, the core

Good news: Paychecks are going up. Bad news: So is inflation

January 28, 2022 8:10 AM CNN Newsource

By Anneken Tappe and Tami Luhby, CNN Business Americans’ paychecks continued to rise at the end of 2021. But along with that, so did prices. Compensation for American workers climbed 4% between December 2020 and December 2021, marking the biggest increase since the fourth quarter of 2001, according to the Bureau of Labor Statistics. Private

Despite essential workers being hailed as heroes during the Covid-19 pandemic

Workers don’t know their schedules until the last minute. That’s a big problem

January 28, 2022 8:02 AM CNN Newsource

By Nathaniel Meyersohn, CNN Business Retail and restaurant work is notorious for irregular scheduling and last-minute changes — factors that can harm workers’ lives and the well-being of their families. Despite essential workers being hailed as heroes during the Covid-19 pandemic, and a historically tight labor market, schedule instability has improved little over the past

Gone too far? Tech earnings raise questions about market panic

January 28, 2022 7:20 AM CNN Newsource

By Julia Horowitz, CNN Business Investors in stocks have balked at the Federal Reserve’s aggressive pivot as it takes a stand against inflation. But earnings from some of the biggest companies still look pretty solid. Does that mean the sell-off of tech and other high-growth companies is overdone? Apple: The iPhone maker, whose shares are

Child care workers are vanishing and it’s hurting the entire economy

January 28, 2022 7:18 AM CNN Newsource

By Alicia Wallace, CNN Business Since losing one-third of its workforce at the outset of the pandemic, the child care industry has seen a jobs recovery that’s been slow and incomplete. And now it’s starting to backslide. After shedding 4,500 jobs from September through November, preliminary estimates from the US Bureau of Labor Statistics show

Supply chain disruptions last year jumped 88% over the year prior

A jump in factory fires is dangerous for the people who work there – and the supply chain

January 28, 2022 7:07 AM CNN Newsource

By Parija Kavilanz, CNN Business The unraveling of the global supply chain has been blamed on a multitude of factors — the pandemic, labor and raw material shortages, skyrocketing shipping prices and adverse weather events among them. Now, add one more to the list: a surge in factory fires. Supply chain disruptions last year jumped