By Anna Cooban, CNN A shortage of some fruits and vegetables in the United Kingdom that has prompted rationing at most major supermarkets could last until May, according to one of the country’s biggest groups of food producers. The Lea Valley Growers Association (LVGA) told CNN Friday that UK growers were not harvesting tomatoes, peppers
Continue Reading By Alicia Wallace, CNN The Federal Reserve’s preferred inflation gauge heated up unexpectedly in January, as did consumer spending, showing the continued strength of the US economy — and that rising prices won’t be so easily defeated. Inflation picked up speed in January as the Personal Consumption Expenditures price index rose 5.4% from a year
Continue Reading By Brian Fung, CNN Justice Samuel Alito of the US Supreme Court asked this week what may be, to millions of average internet users, the most relatable question to come out of a pair of high-stakes oral arguments about the future of social media. “Would Google collapse, and the internet be destroyed,” Alito asked a
Continue Reading By Jordan Valinsky, CNN Business Roughly 2 million Cosori air fryers have been recalled because they pose a possible fire risk. The US Consumer Product Safety Commission said that consumers “should immediately stop” using the recalled air fryers and contact Cosori for a free replacement. The company set up a special website for customers to
Continue Reading By Chris Isidore, CNN Business Thomas H. Lee, a private equity financier who pioneered the use of leveraged buyouts that helped to reshape corporate America, has died, according to a notice from his former firm that still bears his name. “We are profoundly saddened by the unexpected passing of our good friend and former partner,
Continue Reading By Catherine Thorbecke, CNN When Susan Wojcicki was named CEO of YouTube in 2014, she was in relatively good company as a woman leader in Silicon Valley. Marissa Mayer, her former colleague at Google, was running Yahoo and posing for magazine covers. Sheryl Sandberg was the influential second-in-command at Facebook who had just published a
Continue Reading By Nicole Goodkind, CNN Federal Reserve policy is based on trust. The central bank’s ability to maintain stable prices depends on the public’s confidence that it can deliver. But after more than a year of interest rate hikes and attempts to cool the economy, prices are still rising at a pace well above the Fed’s
Continue Reading By Alicia Wallace, CNN US consumers kept spending last year despite historically high inflation, not only shelling out for necessities but also splurging on restaurants, travel and other experiences impeded by the pandemic. Economists had predicted spending would peter out as the months drew on, as savings diminished, high prices persisted, and the Federal Reserve
Continue Reading By Jordan Valinsky, CNN Business Beer ads try to be funny, but a regulatory group has determined that Molson Coors went too far with a recent ad that compares rivals’ light beer to water. The National Advertising Division, which is part of the Better Business Bureau, sided with Anheuser-Busch, which challenged a 2022 ad for
Continue Reading By Olesya Dmitracova, CNN Regal Cinemas owner Cineworld, which filed for Chapter 11 bankruptcy protection last year, said Friday that it expected shareholders to be wiped out entirely, meaning they should not expect to recover any funds from a restructuring or sale of the business. The world’s second-largest movie theater chain — hit hard by
Continue Reading By Rhea Mogul and Manveena Suri, CNN When dozens of security personnel crowded onto the runway of New Delhi’s Indira Gandhi Airport on Thursday, it was not to capture a terrorist or fleeing criminal mastermind, or even to apprehend an unruly passenger. It was to arrest an opposition politician who had allegedly “disturbed harmony” —
Continue Reading By Dave Alsup, CNN Amazon founder Jeff Bezos hired an investment firm to research a possible bid for the NFL Washington Commanders team, two people familiar with the situation told the Washington Post. The Washington Post, which Bezos owns, reported that the firm he is working with is New York-based Allen & Company, according to
Continue Reading By Peter Valdes-Dapena, CNN Last year was a wreck for Carvana, the online used-car seller known for its tall glass “car vending machines.” In 2022, the company sold fewer cars than it had the year before — the first time that’s happened in nine years — and the company’s losses grew as the used car
Continue Reading By Jeanne Sahadi, CNN Business Despite higher prices, endless talk of a possible recession and falling markets, 401(k) participants managed to keep their savings rates relatively steady in the fourth quarter of last year, helping to stabilize their nest eggs and increase their overall average balances. That’s according to new data from Fidelity Investments, one
Continue Reading By Brian Fung, CNN Google should face court sanctions over “intentional and repeated destruction” of company chat logs that the US government expected to use in its antitrust case targeting Google’s search business, the Justice Department said Thursday. Despite Google’s promises to preserve internal communications relevant to the suit, for years the company maintained a
Continue Reading By Brian Fung, CNN Google should face court sanctions over “intentional and repeated destruction” of company chat logs that the US government expected to use in its antitrust case targeting Google’s search business, the Justice Department said Thursday. Despite Google’s promises to preserve internal communications relevant to the suit, for years the company maintained a
Continue Reading By Oliver Darcy, CNN Business Carlos Watson, the founder and chief executive of the embattled Ozy Media, was arrested and charged with fraud this week, according to federal court records. Watson was accused in a federal indictment of having “engaged in a scheme to defraud OZY’s investors, potential investors, potential acquirers, lenders and potential lenders.”
Continue Reading By Hanna Ziady, CNN The BBC says it will not be “put off” from reporting in India after the government prevented a documentary critical of Prime Minister Narendra Modi from airing in the country and raided the broadcaster’s offices. Indian tax authorities spent three days searching BBC offices in Delhi and Mumbai last week. The
Continue Reading By Anna Bahney, CNN Mortgage rates shot up for the third-straight week, as inflation concerns make rates more volatile. The 30-year fixed-rate mortgage averaged 6.5% in the week ending February 23, up from 6.32% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.89%. Rates had
Continue Reading By Danielle Wiener-Bronner, CNN Domino’s delivery problems aren’t over. In the last quarter of 2022 sales at locations open at least a year ticked up just 0.9% in the United States, below analyst expectations. Shares plunged about 11% on Thursday following the results. “We experienced significant pressure on our U.S. delivery business in 2022,” CEO
Continue Reading