By Michelle Toh, CNN Eggs have soared in cost around the world over the past year as avian flu decimated chicken flocks and fallout from Russia’s war with Ukraine raised the prices of energy and animal feed. In the United States, egg prices have far surpassed the increase in other grocery items, soaring nearly 60%
Continue Reading By Matt Egan, CNN For the first time since the early days of the pandemic, most business economists expect their companies to cut payrolls in the coming months, according to a new survey released Monday. Just 12% of economists surveyed by the National Association for Business Economics (NABE) anticipate employment will increase at their firms
Continue Reading By Rikki Klaus, CNN The US unemployment rate returned to a historic low of 3.5% in December. Not everyone is celebrating, however: Jobless rates for Black women and Latino men still haven’t recovered fully from the pandemic. The unemployment rate for Black women aged 20 years and older rose to 5.5% in December, from 5.2%
Continue Reading By Nathaniel Meyersohn, CNN A spike in egg prices has squeezed customers. But even with rising costs of its own, the leading US egg supplier has found that it can make even more money out of every egg. The egg shortage has enabled record quarterly profits and sales at Cal-Maine Foods, the largest producer and
Continue Reading By Nathaniel Meyersohn, CNN A spike in egg prices has squeezed customers. But even with rising costs of its own, the leading US egg supplier has found that it can make even more money out of every egg. The egg shortage has enabled record quarterly profits and sales at Cal-Maine Foods, the largest producer and
Continue Reading By Gregory Wallace, CNN Delta Air Lines has a backup to the federal aviation safety system that failed this week, but the airline decided against using it, CEO Ed Bastian said Friday. Bastian described the Delta’s secondary system as “fairly old backup technology” involving the notices known as NOTAMs distributed by the Federal Aviation Administration
Continue Reading By Gregory Wallace, CNN Delta Air Lines has a backup to the federal aviation safety system that failed this week, but the airline decided against using it, CEO Ed Bastian said Friday. Bastian described the Delta’s secondary system as “fairly old backup technology” involving the notices known as NOTAMs distributed by the Federal Aviation Administration
Continue Reading By Matt Egan, CNN Business Covid-19 set off an epic housing boom that left first-time homebuyers feeling desperate amid relentless bidding wars and all-cash offers. Jay Farner, who presides over America’s largest mortgage lender Rocket Mortgage, says the days of sellers holding all the power are over. “Those moments of…there are 20 offers coming in
Continue Reading By Matt Egan, CNN Business Covid-19 set off an epic housing boom that left first-time homebuyers feeling desperate amid relentless bidding wars and all-cash offers. Jay Farner, who presides over America’s largest mortgage lender Rocket Mortgage, says the days of sellers holding all the power are over. “Those moments of…there are 20 offers coming in
Continue Reading By Alicia Wallace, CNN As inflation continues its slow and steady descent, consumer sentiment is climbing back out of a trough hit last year. The University of Michigan’s closely watched consumer sentiment index rose to 64.6 in the preliminary January survey, according to data released Friday. It’s the highest reading since January 2022 and up
Continue Reading By Parija Kavilanz, CNN At the end of a long wooden California pier that juts out above the Pacific ocean sits the Wharf House. It’s now almost entirely unreachable. The Wharf House restaurant, an iconic establishment for the residents in the seaside town of Capitola in Santa Cruz County, sits alone, boarded up, damaged, with
Continue Reading By Parija Kavilanz, CNN At the end of a long wooden California pier that juts out above the Pacific ocean sits the Wharf House. It’s now almost entirely unreachable. The Wharf House restaurant, an iconic establishment for the residents in the seaside town of Capitola in Santa Cruz County, sits alone, boarded up, damaged, with
Continue Reading By Jordan Valinsky, CNN Business Pepsi Zero Sugar will soon taste different. The sugar-free soda unveiled a new recipe that uses a “new sweetener system” that gives it a more “refreshing and bolder taste profile” compared to its previous iteration, Pepsi announced Friday. Pepsi didn’t reveal what specifically changed in the formula, though the company
Continue Reading By Paul R. La Monica, CNN JPMorgan Chase, Bank of America, Citigroup and asset management giant BlackRock posted results that topped Wall Street’s forecasts Friday, but investors were nonetheless a little disappointed at first. Trading was choppy, with most bank stocks falling at the open before rebounding. Shares of JPMorgan Chase were up about 2.5%
Continue Reading By Anna Cooban, CNN The world economy is still in a sticky spot, according to the head of the International Monetary Fund, despite cautious optimism among economists and business leaders that slowing inflation means the worst of last year’s crises may be over. Kristalina Georgieva, managing director of the IMF, said on Friday that conditions
Continue Reading By Anna Cooban, CNN Apple CEO Tim Cook recommended the company cut his pay this year after shareholders rebelled. The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted
Continue Reading By Anna Cooban, CNN Apple CEO Tim Cook recommended the company cut his pay this year after shareholders rebelled. The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted
Continue Reading By Nicole Goodkind, CNN America’s largest financial institutions are pivoting into a new industry: Meteorology. JPMorgan Chase CEO Jamie Dimon has already been very vocal in his ominous forecasts of storm clouds and hurricanes. Now, Goldman Sachs is joining him in the weather prediction business. The bank’s investment strategy group is sending a message to
Continue Reading By Gabe Cohen, CNN At Teddy & The Bully Bar restaurant near downtown Washington, DC, business has never been the same since the pandemic hit. “It’s very challenging,” owner Alan Popovsky said. “I’m still going to be climbing the hill for quite some time. Probably for the rest of my life.” The pandemic closed two
Continue Reading By Brian Fung, CNN The massively disruptive computer outage at the Federal Aviation Administration this week that caused thousands of cancelled or delayed flights has put Americans uncomfortably face-to-face with the technology behind US air travel — for at least the second time in a month. As the country once again picks up the pieces,
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