By Chris Isidore, CNN Business Kmart is shuttering its last-remaining store in Michigan, the state where the once-proud retail chain launched in 1899. It’s one of series of store closings that will leave the company with only six locations in the continental United States still in business by year’s end. Kmart is owned by Sears,
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By Parija Kavilanz, CNN Business If you’ve already started your online holiday shopping this year, you may be seeing a lot more of those three dreaded words every shopper hates: “out of stock.” There were more than 2 billion instances of a product being out of stock online across 18 categories tracked in October by
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By Samantha Murphy Kelly, CNN Business Just weeks after WeWork’s much-anticipated public offering, its infamous co-founder and former CEO Adam Neumann opened up about the lessons he’s learned after he all but ran the company into the ground. “I’ve had a lot of time to think, and there’ve been multiple lessons and multiple regrets,” said
Continue Reading By Jordan Valinsky, CNN Business Former Starbucks CEO Howard Schultz told a story about the Holocaust to promote the company’s benefits to a group of employees in a meeting this past weekend. Schultz, who is Jewish, said a rabbi in Israel told him about the experiences of prisoners at concentration camps in Poland: They were
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By Jeanne Sahadi, CNN Business If you’re among the millions of people who use payment apps like PayPal, Venmo, Square, and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January. Payment app providers will have to start reporting to the IRS a user’s business
Continue Reading By Clare Duffy, CNN Business Tim Cook is a cryptocurrency owner. But don’t call him a bitcoin bull. “I don’t want to put any labels on me, it’s just that it’s something, from a personal point of view, I’m interested in,” the Apple CEO told journalist Andrew Ross Sorkin at the New York Times DealBook
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By Brian Stelter and Virginia Langmaid, CNN Business The information landscape about Covid-19 is bewildering, with factual and fictional claims competing for attention. And most American adults have heard at least a couple of the fictions, according to new data from the Kaiser Family Foundation. Kaiser, which is widely respected for its top-notch work on
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By Clare Duffy, CNN Business If your Tuesday morning started out with internet connectivity problems, it’s not just you. Comcast customers in various areas across the United States, including parts of New Jersey, Pennsylvania and Illinois, reported outages early Tuesday with their Xfinity internet service. Outage tracking service Downdetector recorded more than 52,000 outage reports
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By Reuters The US auto safety regulator announced on Tuesday its first-ever reward to a whistleblower, handing out more than $24 million to a former Hyundai employee who provided key information about safety lapses at the South Korean carmaker. The award to ex-Hyundai Motor engineer Kim Gwang-ho is the biggest ever in a whistleblower case
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By Allison Morrow, CNN Business The world’s wealthiest people have unfathomable riches. But there’s a huge difference between wealth and income, and that’s what makes Elon Musk’s weekend Twitter stunt, polling his followers about whether to sell 10% of his Tesla stock, both fascinating and jarring. For the uninitiated: Musk, like many ultra-wealthy heads of
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By Anneken Tappe, CNN Business American households are carrying record amounts of debt as home and auto prices surge, Covid infections continue to fall and people get out their credit cards again. Between July and September, US household debt climbed to a new record of $15.24 trillion, the Federal Reserve Bank of New York said
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By Anneken Tappe, CNN Business There’s no end in sight for higher prices. US consumer price inflation surged higher again in October, the Bureau of Labor Statistics reported Wednesday. Over the past 12 months, prices climbed 6.2% — the biggest increase since November 1990. Stripping out food and energy prices, which tend to be more
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By Paul R. La Monica and Chris Isidore, CNN Business General Electric, the industrial conglomerate founded by Thomas Edison in 1892, is breaking up. GE announced plans Tuesday to split into three separate companies. GE will become separate, publicly traded companies for its aviation, healthcare and energy businesses. The company said it hopes to spin
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By Paul R. La Monica, CNN Business Bitcoin has rocketed to an all-time high of nearly $70,000. But investors are even more excited about ethereum, which is now the world’s second most valuable cryptocurency. Ethereum, or ether for short, is also trading at record levels. It’s now hovering around $4,850, having soared more than 560%
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By Julia Horowitz, CNN Business US President Joe Biden faces growing pressure to intervene in oil markets as Americans pay higher prices at the pump. But given the dynamics at play, is there really anything productive he can do? What’s happening: Nearly a dozen Senate Democrats called on Biden on Monday to fight rising gas
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By Paul R. La Monica, CNN Business The current mood on Wall Street can only be described in one way: euphoric. All the major stock market indexes are at record highs. The Nasdaq is on an eleven-day winning streak. Bond yields remain relatively low. And cryptocurrencies like bitcoin and ethereum are at all-time highs too.
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By Rachel Metz, CNN Business In February, Zillow appeared so confident in its ability to use artificial intelligence to estimate the value of homes that it announced a new option: for certain homes, its so-called “Zestimate” would also represent an initial cash offer from the company to purchase the property. The move, touted by a
Continue Reading By Rachel Metz, CNN Business In February, Zillow appeared so confident in its ability to use artificial intelligence to estimate the value of homes that it announced a new option: for certain homes, its so-called “Zestimate” would also represent an initial cash offer from the company to purchase the property. The move, touted by a
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By Radina Gigova, CNN Ukraine’s English-language newspaper, the Kyiv Post, has suspended publication after 26 years. Adnan Kivan, the publisher of the Kyiv Post, said the newspaper will close immediately “for a short time” and Chief Editor Brian Bonner “will retire after closing down the operations of the newspaper.” Kivan, a businessman based in Odessa,
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By Sean Lyngaas, CNN Business Researchers say they have found more than a dozen vulnerabilities in software used in medical devices and machinery used in other industries that, if exploited by a hacker, could cause critical equipment such as patient monitors to crash. The research, shared exclusively with CNN, points to the challenges that hospitals
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