By Laura He, CNN Business China’s top leadership has gone quiet on the growth targets it had set for the year, as the world’s second-largest economy continues to battle a largely self-inflicted economic slowdown. In early March, China’s government had said that the country would target gross domestic product growth of about 5.5% this year.
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Clare Duffy, CNN Business Even the world’s most valuable tech company isn’t immune to the more challenging global economic climate. Apple on Thursday reported its profits declined by nearly 11% in the three months ending in June from the same period a year ago as the company works through an economic downturn and supply
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Peter Valdes-Dapena, CNN Business Under a new green energy bill agreed to by Democratic Sens. Chuck Schumer and Joe Manchin, automakers like Tesla and General Motors would regain the ability to offer federal tax credits to customers who buy their electric vehicles. Hurdles to the bill’s passage remain, but if it becomes law it
Continue Reading By Alicia Wallace, CNN Business While the latest GDP report showed the US economy contracted again in the second quarter, Treasury Secretary Janet Yellen said there’s no fear that America is currently in a recession. “That is not what we’re seeing right now when you look at the economy,” she said. “Job creation is continuing,
Continue Reading By Parija Kavilanz, CNN Business Shopping for back-to-school essentials is becoming a real struggle for families whose household budgets are stretched to the max by surging inflation. Mid-July is typically when shopping for necessities such as clothes, shoes, backpacks, classroom supplies and gadgets for the new school year gets underway in earnest. But as high
Continue Reading By Paul R. La Monica, CNN Business There’s a saying on Wall Street that traders often sell the news. Well, that hasn’t been the case with a tiny reproductive health company following the Supreme Court’s decision to overturn Roe v. Wade last month. Shares of Evofem Biosciences, which makes a hormone-free contraceptive vaginal gel named
Continue Reading By Paul R. La Monica, CNN Business There’s a saying on Wall Street that traders often sell the news. Well, that hasn’t been the case with a tiny reproductive health company following the Supreme Court’s decision to overturn Roe v. Wade last month. Shares of Evofem Biosciences, which makes a hormone-free contraceptive vaginal gel named
Continue Reading By Rishi Iyengar, CNN Business For close to two decades, Apple and China have been inextricably linked. The world’s most populous country not only accounts for the bulk of Apple’s device manufacturing but also a significant portion of its sales. This year, however, several cracks have started to appear in an otherwise mutually beneficial relationship.
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped last week as fears grow that the US economy is entering a recession. The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 28, down from 5.54% the week before, according to Freddie Mac. That is still significantly higher than this time last year when it
Continue Reading By Martha White and Alicia Wallace, CNN Business The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly
Continue Reading By Martha White and Alicia Wallace, CNN Business The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly
Continue Reading By Julia Horowitz, CNN Business Before the Federal Reserve announced another supersized interest rate hike on Wednesday, investors told Before the Bell they had no problem with the central bank’s messaging that it would continue to aggressively fight decades-high inflation. In fact, they relished it, viewing it as a sign the Fed was taking its
Continue Reading By Parija Kavilanz, CNN Business Shopping for back-to-school essentials is becoming a real struggle for families whose household budgets are stretched to the max by surging inflation. Mid-July is typically when shopping for necessities such as clothes, shoes, backpacks, classroom supplies and gadgets for the new school year gets underway in earnest. But as high
Continue Reading By Natasha Chen For 17 years, Ana Duran worked full time as a travel counselor. Late last year she lost that job, shortly before seeing the price of eggs rise to $7.99 a dozen and the price of a single avocado rise to $2.99 at her local store. In June, it cost her $94 to
Continue Reading By Chris Isidore, CNN Business JetBlue Airways on Thursday announced it would purchase Spirit Airlines, a combination that would create America’s fifth-largest airline. The announcement comes a day after Spirit pulled the plug on a deal to merge with Frontier. JetBlue had been pursuing a hostile bid for Spirit even while Spirit sought shareholder approval
Continue Reading By Laura He, CNN Business Yang Huiyan, Asia’s wealthiest woman, has seen her wealth fall to $11 billion from nearly $24 billion this year as China’s property crisis escalates, according to the Bloomberg Billionaires Index. The 41-year-old controls Country Garden Holdings, China’s largest real estate developer by sales. Her stake was largely transferred from her
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