By Matt McFarland, CNN Business Retail sales of new cars are forecast to fall 20.9% this month compared to the same time last year, amid vehicle shortages and sky-high prices, according to the automotive research firms J.D. Power and LMC Automotive. The forecast is in part due to ongoing supply chain disruption and the resulting
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By Anneken Tappe, CNN Business The Federal Reserve means business when it comes to tightening monetary policy. After raising its benchmark interest rate by half a percentage point earlier this month — the first rate hike of that magnitude in more than two decades — investors should brace for more of this medicine, the central
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By Jackie Wattles, CNN Business Boeing’s Starliner spacecraft made a safe return home from its five-day stay at the International Space Station on Wednesday, concluding a long-awaited test mission that could pave the way for the Starliner to launch astronauts for the first time later this year. After detaching from its port at the ISS
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By Clare Duffy, CNN Business Twitter on Wednesday held what could be its last annual shareholder meeting as a public company for a long time after Elon Musk agreed to take it private in a $44 billion deal. But the meeting took place against the backdrop of ongoing drama over Musk’s attempts to pause the
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By Julia Horowitz, CNN Business Mykhailo Fedorov, Ukraine’s minister of digital transformation, hadn’t left the country since Russia invaded three months ago. But he traveled hundreds of miles from Kyiv to Davos, Switzerland, to send a message to some of the world’s biggest technology companies: We need you to do more. Fedorov said in an
Continue Reading By Julia Horowitz, CNN Business Mykhailo Fedorov, Ukraine’s minister of digital transformation, hadn’t left the country since Russia invaded three months ago. But he traveled hundreds of miles from Kyiv to Davos, Switzerland, to send a message to some of the world’s biggest technology companies: We need you to do more. Fedorov said in an
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By Paul R. La Monica, CNN Business What crypto crash? Bitcoin prices may be plunging, but you wouldn’t know it by checking out the cars on the super popular Formula One racing circuit. F1 is crazy for crypto. Eight of the 10 teams racing in the high-profile international series have a crypto-related sponsor. F1 has
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By Samantha Murphy Kelly, CNN Business Millions of students who participated in virtual learning during the Covid-19 pandemic had their personal data and online behaviors tracked by educational apps and websites without their consent and in many cases shared with third-party advertising technology companies, a new report has found. Human Rights Watch, an international advocacy
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By Danielle Wiener-Bronner, CNN Business Wendy’s may be up for sale. In a Tuesday filing with the Securities and Exchange Commission, Wendy’s chairman, Nelson Peltz, said that his management fund, Trian Partners, wants to explore a possible sale or merger for the burger chain. Other options to increase shareholder value are also on the table,
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Opinion by Kara Alaimo for CNN Business Perspectives Earlier this month, a federal appeals court ruled that a Texas law, which allows residents to sue social media companies for “censoring” what they post, could go into effect. The state law, referred to as HB 20, makes it illegal for large social networks like Facebook and
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By Jordan Valinsky, CNN Business Sweet and salty are a famous pair when it comes to snacks, and a new Oreo and Ritz collaboration is leveraging just that. The two brands, owned by Mondelēz International, are launching a limited-time snack called “Oreo x Ritz.” It’s one part cracker and another part cookie, joined together by
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By Allison Morrow, CNN Business In the peak of 2020 lockdowns, giant oil companies had a wake-up call. Demand had cratered, sapping profits, and it wasn’t clear when it would end. That gave environmentally minded investors an in. The pitch: Get on the clean and green path or perish. Fossil fuel companies, especially in Europe,
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By Brian Fung, CNN Dozens of Democratic lawmakers urged Google on Tuesday to limit the amount of location data it collects and keeps on its users amid fears the information could be used against abortion seekers. In a letter to Google CEO Sundar Pichai led by Oregon Democratic Sen. Ron Wyden, more than 40 US
Continue Reading By Brian Fung, CNN Dozens of Democratic lawmakers urged Google on Tuesday to limit the amount of location data it collects and keeps on its users amid fears the information could be used against abortion seekers. In a letter to Google CEO Sundar Pichai led by Oregon Democratic Sen. Ron Wyden, more than 40 US
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By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May
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By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May
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By Michelle Toh, CNN Business Luckin Coffee, the Chinese startup that became mired in a fraud scandal and was kicked off Wall Street two years ago, is making a comeback. The coffee chain on Tuesday posted first quarter earnings showing a jump of almost 90% in revenue and its first ever profit, despite challenging Covid
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Diksha Madhok, CNN Business India has decided to restrict the sale of sugar on international markets, just days after it banned wheat exports. In a statement on Wednesday, the Indian government said it will limit sugar exports to 10 million tons for the marketing season that runs through September to keep prices in check.
Continue Reading By Rhea Mogul, CNN A court in southern India on Tuesday sentenced a man to 10 years in prison in a ruling that found he abused his wife over their wedding dowry, leading to her death by suicide. The district court in Kerala state found Kiran Kumar guilty under India’s “dowry death” law, which allows
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