By Anneken Tappe, CNN Business America’s rising prices were unrelenting in January. Another key inflation measure showed prices rising more than expected last month. The producer price index, which tracks average price changes America’s producers get paid for their goods and services over time, rose 9.7% in the 12 months ended in January, not adjusted
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By Matt Egan, CNN Business Wall Street’s Russia-Ukraine fears eased Tuesday morning after Russia announced it is withdrawing some troops following the completion of recent drills near Ukraine. The Dow jumped 422 points, or 1.2%. The S&P 500 surged 1.5% and the Nasdaq was 2.5% higher. Investors have been concerned that an armed Russian conflict
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By Julia Horowitz, CNN Business America’s economy is driven by shoppers who shell out big money for items like iPhones, sofas and cars and experiences such as dining out. So when consumers start to feel less confident, economists and investors worry. What’s happening: Consumer sentiment in the United States has dropped to its worst level
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By Jordan Valinsky, CNN Business Tim Hortons is singing Justin Bieber’s praises Tuesday because his line of donuts just turned around the Canadian restaurant’s fortunes. The Canadian coffee chain’s parent company, Restaurant Brands International, reported that sales rose 10.3% at stores open at least a year in the fourth quarter of 2021. That reversed a
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By Paul R. La Monica, CNN Business The Super Bowl was a bonanza for the gambling business thanks to new customers from New York, which recently legalized sports betting. But now comes the hard part for companies like DraftKings and FanDuel. Betting upstarts need to spend big bucks to attract new users — but like
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Story by Reuters Financial institutions channeled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organizations showed. Reducing coal use is a key part of global efforts to slash climate-warming greenhouse
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By Charles Riley, CNN Business Tesla CEO Elon Musk has donated roughly $5.7 billion worth of the electric carmaker’s shares to charity. The donation of 5,044,000 shares was revealed Monday in a filing to the US Securities and Exchange Commission. The shares were gifted last year between November 19 and November 29, according to the
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The Better Business Bureau is warning you to not fall victim of a COVID-19 testing scam even as testing demand has dramatically decreased in Missouri in the past month.
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By Rob McLean, CNN Business Zachary Horwitz, a small-time actor who admitted to operating a multimillion-dollar Ponzi scheme, was sentenced to 20 years in federal prison on Monday. The Department of Justice said in a news release that Horowitz “raised at least $650 million with bogus claims that investor money would be used to acquire
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By Paul R. La Monica, CNN Business President Joe Biden and Secretary of State Antony Blinken believe a Russian invasion of Ukraine could happen in a matter of days. The news rattled investors, sending the Dow down 622 points, or 1.8%, Thursday. It was the worst day of the year for the index. Stocks dropped
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By Chris Isidore, CNN Business If you were to judge the US auto market by this year’s Super Bowl ads, you’d think virtually all the cars for sale in America today are electric vehicles made by the world’s long-established automakers. And you never would have heard of Tesla, the world’s largest EV maker. Traditional automakers
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By Brian Fung, CNN Business A nationwide group of state attorneys general announced an investigation into TikTok’s impact on young Americans Tuesday, adding to the steady drumbeat of political pressure being applied to social media platforms. The probe zeroes in on TikTok’s user engagement techniques and alleged risks that the platform may pose to the
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By Brian Fung, CNN Texas is suing Facebook’s parent company, Meta (FB), over allegations the social media giant illegally harvested the facial recognition data of tens of millions of state residents for a decade. The lawsuit, filed Monday in Texas’s Harrison County District Court, argues that a now-shuttered Facebook photo-tagging feature failed to get Texans’
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By David Goldman, CNN Business The stock market gave investors whiplash Monday as Wall Street tried to predict the next events in a rapidly evolving and tumultuous conflict between Russia and Ukraine. US stocks fell on Monday after the United States said it would close the US embassy in Kyiv. US officials are “temporarily relocating”
Continue Reading Opinion by Tim Calkins for CNN Business Perspectives The Super Bowl is the biggest single advertising event of the year. Companies line up to spend millions of dollars buying commercial time during the game, and they spend months working on the ads, surveying consumers and testing different creative ideas. But unlike most advertising these days,
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By Julia Horowitz, CNN Business Concerns about an imminent Russian invasion of Ukraine are roiling the market for agricultural products like wheat at a time when global food prices are already near 10-year highs. Russia is the world’s top exporter of wheat. Ukraine is also a significant exporter of both wheat and corn. That’s sending
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By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
Continue Reading By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
Continue Reading By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
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By Matt Egan High inflation is making Americans unhappy, and the Federal Reserve must step up its campaign to get prices back under control, a top Fed official said Monday. “This inflation we’re seeing is very bad for low and moderate-income households,” St. Louis Federal Reserve President James Bullard told CNBC. “Real wages are declining.
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