By Julia Horowitz, CNN Business Journalist James Glassman and economist Kevin Hassett wrote in late 1999 that the Dow Jones Industrial Average could hit 36,000 as soon as 2005. That prediction in their book, “Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market” did not come true. The dot-com
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By Matt Egan, CNN Business Billionaire Charlie Munger is a big fan of how communist China manages its economy. The Berkshire Hathaway vice chairman told CNN he’s impressed that Beijing recognizes the troubles caused by allowing economic booms to get out of control. China “steps on a boom in the middle of it instead of
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By Paul R. La Monica, CNN Business Stocks continue to hit new all-time highs even as the Federal Reserve prepares to pull back on some of the extraordinary stimulus measures it put in place when the Covid-19 pandemic ground the US economy to a halt in March 2020. Fed chair Jerome Powell is widely expected
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By Jordan Valinsky, CNN Business It wouldn’t officially be the holiday season without Starbucks’ festive cups. And this year, they’re merrier than ever. Beginning Thursday, customers will have their hot drinks served in one of four new festive cups that are “wrapped up like gifts for the holidays,” according to a press release. This year’s
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By Wayne Chang and Jill Disis, CNN Business The Chinese version of hit video game “Fortnite” is shutting down this month. The game stopped accepting registrations for new players and was no longer available for download as of Monday, according to a statement on its website. Its servers will be shut down November 15, meaning
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By Hanna Ziady, CNN Business Should Nigeria’s natural riches remain in the ground? Africa’s biggest economy has 206 million people, endemic poverty and vast energy reserves that could be harnessed to fuel development. But it’s coming under huge pressure from developed countries to abandon fossil fuels and shift to renewable energy in order to help
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By Michelle Toh, CNN Business ByteDance co-founder Yiming Zhang has stepped down as the company’s chairman and left the board, according to a person close to the matter. Zhang, one of China’s most successful entrepreneurs, has exited the board of TikTok’s owner, and is succeeded by Rubo Liang, ByteDance’s current CEO, the person said. The
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By Chris Isidore, CNN Business More than 10,000 members of the United Auto Workers union will stay on strike against farm and construction equipment maker John Deere after rank-and-file members voted down a second tentative labor deal with the company late Tuesday. The vote was much closer this time, with 45% voting in favor of
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Jefferson City voters will have the opportunity next Tuesday to vote on approving or rejecting a quarter of one percent sales tax to improve public safety.
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By Nathaniel Meyersohn, CNN Business Attempting to adapt in retail can create some strange bedfellows. Like homegoods’ chains and supermarkets. Bed Bath & Beyond will sell some of its bedding, storage and baby furniture at Kroger beginning next year, the two companies announced Tuesday. Bed Bath & Beyond’s items will first be available on Kroger’s
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By Matt Egan, CNN Business Democrats want to tax stock buybacks to help pay for President Joe Biden’s $1.75 trillion spending plan. Billionaire investor Charlie Munger isn’t happy about it. “I think it’s insane. Literally insane,” Munger, the right-hand man of legendary investor Warren Buffett, told CNN in an interview. The Build Back Better framework,
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By Matt Egan, CNN Business Sticker shock is causing anxiety for millions of Americans right now, with prices soaring for gasoline, groceries and used cars. Unfortunately, it’s going to take longer than expected to work out the supply-demand imbalances at the heart of inflation, Goldman Sachs warned clients Sunday night. “The inflation overshoot will likely
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By Anna Bahney, CNN Business Zillow is getting out of the iBuying business and will shut down its Zillow Offers division, resulting in a 25% reduction in its staff. In its quarterly earnings report on Tuesday, the company said it will see a total write-down of more than $540 million as a result of its
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By Paul R. La Monica, CNN Business The Dow Jones Industrial Average closed above the 36,000 mark for the first time Tuesday following a gain of about 140 points, or 0.4%. On Monday it had briefly risen above 36,000 but didn’t end the day there. Investors had to wait only a little more than three
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By Rachel Metz, CNN Business Facebook said Tuesday it plans to stop using facial-recognition software that could automatically recognize people in photos and videos posted on the social network, marking a massive shift both for the tech industry and for a company known for collecting vast amounts of data about its billions of users. Facebook,
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By Kerry Flynn, CNN Business Facebook launched a television ad series recently that does not showcase any product for sale or new feature on its platforms. Instead, Facebook wants TV viewers to meet an employee named Jack. Jack tells viewers he’s from New Orleans as he holds up what appears to be framed family photos.
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By Danielle Wiener-Bronner, CNN Business It’s harder than you might think to deliver french fries that aren’t too crispy or soggy. Just ask the burger chain White Castle. Timing is key: Fries need to be in oil for the right amount of time. But employees in fast food restaurants are often subject to a flurry
Continue Reading By Danielle Wiener-Bronner, CNN Business It’s harder than you might think to deliver french fries that aren’t too crispy or soggy. Just ask the burger chain White Castle. Timing is key: Fries need to be in oil for the right amount of time. But employees in fast food restaurants are often subject to a flurry
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By Frank Pallotta, CNN Business Quentin Tarantino is getting into NFTs. The two-time Academy Award-winning director and screenwriter announced Tuesday that he will sell NFTs of seven original scenes from “Pulp Fiction,” arguably his most famous film. Tarantino will auction the never-before-seen clips as “Secret NFTs,” which will be built on Secret Network — a
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By Brian Stelter, CNN Business The Justice Department is suing to block Penguin Random House’s proposed acquisition of Simon & Schuster, arguing that the combination of the two book business giants “would likely harm competition in the publishing industry.” Tuesday’s complaint in United States District Court is one of the first major antitrust actions by
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