By Brian Fung, CNN Business A backlog of US green card applications has Silicon Valley giants calling on the Biden administration for new measures to keep adult children of high-skilled immigrant workers from being deported. Tech titans led by Google (GOOG) and including Amazon (AMZN), IBM (IBM), Salesforce (CRM), Twitter (TWTR) and Uber (UBER) sent
Continue Reading By Matt Egan, CNN Business US Treasury Secretary Janet Yellen conceded on Tuesday that inflation is at “unacceptable levels,” but she also sought to underscore that this is not a problem exclusive to the United States. “Putin’s war in Ukraine is having impacts on energy and food prices globally,” Yellen told lawmakers. “We are not
Continue Reading By Tami Luhby and Tal Yellin, CNN The white-hot labor market has driven up wages faster than at any time since the mid-1980s, as employers struggle to attract — and retain — workers. But Americans aren’t rolling in dough. Inflation has also surged, with the Consumer Price Index rising by 8.3% in the 12 months
Continue Reading By Matt Egan, CNN Business High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs. The Wall Street bank is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of
Continue Reading By Brian Fung, CNN Apple and other smartphone makers will be required to support USB-C as part of a single charging standard for mobile devices across the European Union by as early as the fall of 2024 under a new law announced Tuesday by EU officials. The legislation is aimed at reducing e-waste and eliminating
Continue Reading By Brian Fung, CNN Apple and other smartphone makers will be required to support USB-C as part of a single charging standard for mobile devices across the European Union by as early as the fall of 2024 under a new law announced Tuesday by EU officials. The legislation is aimed at reducing e-waste and eliminating
Continue Reading Opinion by Ralph Izzo for CNN Business Perspectives Russia’s move to cut off natural gas supplies to Poland and Bulgaria, and more recently Finland, parts of Germany and potentially Denmark and the Netherlands, is just the latest salvo in its ongoing weaponization of energy for political purposes. If allowed to continue unchecked, the war in
Continue Reading By Allison Morrow, CNN Business Despite all the buzz about the “Great Resignation” and a renaissance for the working classes in America, a new report finds the gap between executive and worker pay is only widening. The typical low-wage worker’s pay didn’t keep pace with inflation last year at more than a third of the
Continue Reading By Julia Horowitz, CNN Business Foreign investors lost their nerve on parking money in China over the past year, as Beijing cracked down on the country’s biggest tech companies, the real estate sector stumbled and coronavirus lockdowns crimped growth. Once a beacon of opportunity, the world’s second biggest economy looked like a difficult bet. “People
Continue Reading By Julia Horowitz, CNN Business Foreign investors lost their nerve on parking money in China over the past year, as Beijing cracked down on the country’s biggest tech companies, the real estate sector stumbled and coronavirus lockdowns crimped growth. Once a beacon of opportunity, the world’s second biggest economy looked like a difficult bet. “People
Continue Reading By Michelle Toh, CNN Business KFC has been forced to make menu changes again in Australia, as the fast food chain is hit with shortages of key ingredients. This time it’s lettuce. The company posted a notice on its local website this week telling customers it would add cabbage to some of its products because
Continue Reading By Laura He, CNN Business Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. Alibaba was up 1.9% on Tuesday, following a 5% gain on Monday. JD.com climbed 3%, after rising 4.7% the previous day. Other tech shares have also
Continue Reading By Samantha Murphy Kelly, CNN Business Apple kicked off its annual developer conference by unveiling its next-generation mobile software, iOS 16, with new features that will let users personalize their iPhone lock screens, change how they text friends through iMessage and deepen how its smartphones integrate with cars. These and other updates, which were unveiled
Continue Reading By Oliver Darcy, CNN Business The Washington Post has suspended reporter David Weigel for one month without pay for retweeting a sexist joke, two people familiar with the matter told CNN on Monday. Weigel did not respond to a request for comment, but an out-of-office reply from his Post email address said that he would
Continue Reading By Anna Cooban, CNN Business Thousands of UK workers are starting a four-day work week from Monday with no cut to their pay in the largest trial of its kind. The pilot, which will last for six months, involves 3,300 workers spanning 70 companies, ranging from providers of financial services to a fish-and-chip restaurant. During
Continue Reading By Jordan Valinsky, CNN Business Wendy’s is adding a new Frosty to its lineup — its first new flavor in nearly three years. Beginning Monday, a strawberry Frosty is on US menus for a limited time. Prices for the new Frosty vary by city, and strawberry is temporarily replacing vanilla -— though Wendy’s promised that
Continue Reading By Paul R. La Monica, CNN Business This year has so far been miserable for investors in social media companies. Shares of Facebook and Instagram owner Meta Platforms have plunged more than 40% so far in 2022. Investors are concerned about CEO Mark Zuckerberg’s plans to transform the company into a metaverse player … whatever
Continue Reading By Paul R. La Monica, CNN Business This year has so far been miserable for investors in social media companies. Shares of Facebook and Instagram owner Meta Platforms have plunged more than 40% so far in 2022. Investors are concerned about CEO Mark Zuckerberg’s plans to transform the company into a metaverse player … whatever
Continue Reading By Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only cause of the spike. Numerous factors are pushing prices up, with regular gasoline hitting a record $4.87 a gallon Monday according to AAA’s survey — up 25 cents
Continue Reading By Nicole Goodkind, CNN Business The pandemic brought a wave of new investors into the stock market. And now those newbies are facing their first major market downturn. Some Millennials and Gen Z-ers found themselves jobless and bored during peak Covid, yet flush with sudden access to cash through stimulus programs and increased federal unemployment
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