Opinion by Erik Lundh and Dana Peterson for CNN Business Perspectives If you grimaced at the most recent US GDP report, you weren’t alone. At first glance, it suggested that the US economy may have entered a recession. Growth nosedived in the first quarter of the year, shrinking by an annualized rate of 1.4%. Bizarrely,
Continue Reading
By Julia Horowitz, CNN Business Stocks have been volatile in recent weeks, notching their worst start to the year since 1939. Between the war in Ukraine, decades-high inflation and recession fears, it’s been difficult for investors to convince themselves to put more money into the market. Yet Goldman Sachs has a reminder for Wall Street:
Continue Reading
By Jordan Valinsky, CNN Business Ulta Beauty is apologizing for sending a newsletter to customers with a subject line containing a “very insensitive choice of words.” In an email sent Sunday, the chain wrote “Come hang with Kate Spade” promoting the brand’s line of perfumes. That prompted some subscribers to share the email on social
Continue Reading
By Matt Egan, CNN Business The Federal Reserve helped rescue the economy from the worst pandemic in a century. That task may prove easy compared with the Fed’s next mission: crush inflation, without causing a recession. Achieving a so-called “soft landing” will be challenging because the jobs market is on fire. It’s so hot that
Continue Reading
By Matt Egan, CNN Business Turmoil on Wall Street is a feature, not a bug, of the Federal Reserve’s fight against inflation, according to former New York Federal Reserve President Bill Dudley. “What’s happening right now is exactly what the Federal Reserve wants to happen,” Dudley told CNN in an interview, referring to recent volatility
Continue Reading
By Michelle Toh, CNN Business HSBC has long prided itself on being the bank that connects East and West. Now it’s under pressure to rethink that model after a challenge from its top shareholder, one of the most powerful finance companies in China. Ping An, China’s largest insurer, is pushing for HSBC to overhaul its
Continue Reading
By Danielle Wiener-Bronner, CNN Business Popeyes started the chicken sandwich wars in 2019 — and it’s adding a new entree to the battle. The $4.99 ​​Buffalo Ranch Chicken Sandwich is available for a limited time starting Tuesday, and it features classic ingredients with a twist: hand-battered crispy chicken on a brioche bun with pickles, but
Continue Reading
By Mark Thompson, CNN Business BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted
Continue Reading
By Jennifer Korn and Jackie Wattles, CNN Business Rocket Lab, which aims to launch satellites into space quickly and cheaply, said it just used a helicopter to catch part of a rocket in mid-air. But the rocket was dropped into the ocean shortly after, ending up having to be fished out of the water. This
Continue Reading
By Paul R. La Monica, CNN Business Investors are very nervous about what’s next for America’s economy, with market fear gauges spiking. But there are still some bright spots for investors seeking companies that may still report healthy earnings even in a further-weakened economy. The market is grappling with a lot: interest rate hikes to
Continue Reading
By Mark Thompson, CNN Business The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has
Continue Reading
By Sara Ashley O’Brien, CNN Business The grassroots labor union that made history last month when it formed the first union at an Amazon warehouse in the United States has lost a union election at a much smaller facility just across the street. The election, held last week at the Staten Island sorting facility known
Continue Reading
By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
Continue Reading
By Paul R. La Monica, CNN Business Bad news for anyone trying to buy a house or refinance an existing loan: The yield on the benchmark 10-year US Treasury note, which influences how much consumers pay for mortgages and a variety of other loans, briefly topped the 3% level Monday for the first time since
Continue Reading
By Paul R. La Monica, CNN Business The S&P 500 fell more than 13% between January and April of this year. That’s the worst four-month start to a year since 1939, when longtime legendary investor Warren Buffett was just nine years-old. Comparing today’s stock market to 83 years ago isn’t an entirely apples-to-Apple comparison —
Continue Reading
By Catherine Thorbecke, CNN Business Amazon is ending its Covid-19 paid sick leave policy starting on Monday, the company said in a memo to employees this weekend that was shared with CNN Business. The return to pre-pandemic sick leave policies means that all US employees will now get up to five days of excused, unpaid
Continue Reading By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
Continue Reading
Opinion by Desmond Lachman for CNN Business Perspectives Economist Milton Friedman famously taught us that monetary policy operates with long and variable lags. By this he meant that it takes time for the Federal Reserve’s actions to affect the economy, in much the same way as it takes time for a room’s temperature to adjust
Continue Reading
By Laura He, CNN Business Chinese social media have shut down the accounts of a prominent market analyst who drew attention in recent weeks to the dramatic slowdown in the country’s economy and the effects of government policy on the tech industry. Over the weekend, Tencent’s WeChat froze the public account of Hong Hao, managing
Continue Reading
By Chris Isidore, CNN Business Spirit Airlines said it will stick with its deal with Frontier Airlines, rejecting a more lucrative competing offer from JetBlue Airways. The airline said it doesn’t believe regulators would allow JetBlue to buy Spirit. “We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance
Continue Reading