QUESTION OF THE DAY: Are you worried that a recession is looming?
Experts are sounding alarms that the U.S. economy and perhaps much of the globe could be headed toward a recession.
Continue ReadingMoney
Airbnb is closing its listings business in China
By Sahar Akbarzai and Michelle Toh, CNN Business Airbnb will shut down its listings in China after two years of lockdowns in the country “with no end in sight,” according to a source familiar with the matter. The home-sharing company made the decision over a decline in business in the world’s second largest economy, and
Continue Reading
Columbia’s economy supported by tourism when college students leave
In just a few weeks, Art in the Park will return for the first time since before the pandemic. In July, Columbia hosts the Show-Me State Games followed by other sporting events and festivals like Summerfest.
Continue Reading
Group of Activision Blizzard employees votes to form the company’s first union
By Rishi Iyengar, CNN Business Some workers at Activision Blizzard have officially unionized, marking the company’s first union and the video game industry’s most high-profile successful organizing effort. A group of quality assurance employees at Raven Software, a gaming studio owned by Activision Blizzard that works on the company’s popular “Call of Duty” game series,
Continue Reading
Globalization is coming undone, and that’s a huge red flag
By Allison Morrow, CNN Business One of the many buzzwords percolating around Davos this week is “fragmentation,” the force economists there warned could have “devastating human consequences.” By “fragmentation,” they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that’s defined the global economic order over the past three decades.
Continue Reading
Before Omicron, inflation and war, Americans’ finances hit new highs, survey shows
By Alicia Wallace, CNN Business Things were looking up for most Americans at the end of last year, with many households reporting their financial situation was better than at any other time since 2013. Nearly 7 out of 10 Americans surveyed by the Federal Reserve said they had the cash or cash equivalents on hand
Continue Reading
Here’s what happened during Boeing’s ‘nail-biting’ spacecraft docking
By Jackie Wattles, CNN Business Boeing managed to dock a spacecraft at the International Space Station late last week, but it was not without several minor hangups. The mission kicked off Thursday evening with a Florida launch, and the Starliner — which is designed to carry astronauts but is flying without people for this test
Continue Reading
Stocks surge thanks to big rally for JPMorgan Chase and other banks
By Paul R. La Monica, CNN Business Investors took a break from selling in May and going away, for one day at least. Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on
Continue Reading
Global economy faces ‘its biggest test’ since WWII
By Julia Horowitz, CNN Business The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second
Continue Reading
Davos: Central bankers say cryptos aren’t real currencies
By Paul R. La Monica, CNN Business Stablecoins are unstable. Cryptocurrencies don’t act like currency. Does digital money ever stand a chance of winning the establishment’s embrace? With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems
Continue Reading
Facebook-parent Meta to share more details with researchers about political ad targeting
By Catherine Thorbecke, CNN Business Facebook-parent Meta on Monday said it would soon offer more transparency and information to researchers about how political and social ads are targeted to users on the platform, months before the US midterm elections. Starting later this month, Meta will provide “detailed targeting information for social issue, electoral or political
Continue Reading Opinion: It’s time to prepare for a recession
Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives The economy is close to entering a recession, perhaps as soon as this year. To avoid taking too much of a financial hit, Americans will need to prepare. Last summer, we wrote that US economic growth was already starting to slow and the economy
Continue Reading
DC attorney general sues Mark Zuckerberg over his handling of the Cambridge Analytica incident
By Brian Fung, CNN Business Washington, DC, Attorney General Karl Racine sued Mark Zuckerberg on Monday, accusing the Facebook co-founder of misleading the public on the company’s handling of privacy and personal data in connection with the Cambridge Analytica scandal. The suit, filed in DC superior court, represents Racine’s latest attempt to hold Zuckerberg personally
Continue Reading
T-Mobile and AT&T are Wall Street bright spots, but Verizon is struggling
By Paul R. La Monica, CNN Business Inflation concerns have made it a brutal year for stocks, but wireless service is one area where prices aren’t rising much — and the sector has been a bright spot on Wall Street. So far in 2022, shares of T-Mobile are up 10% and AT&T’s stock has gained
Continue Reading
Markets are down, but these charts explain why investors shouldn’t panic
By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
Continue Reading Markets are down, but these charts explain why investors shouldn’t panic
By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
Continue Reading
Goldman Sachs CEO calls subway shooting of employee a ‘senseless tragedy’
By Jordan Valinsky, CNN Business Goldman Sachs CEO David Solomon said he’s “devastated” about the shooting Sunday on a New York City subway train that left one of his employees dead. Solomon said the victim, Daniel Enriquez of Brooklyn, was a “beloved member” of the investment bank for nine years and that he “epitomized our
Continue Reading
The bull market minted millions of day traders. They’re in for a rough ride
By Allison Morrow, CNN Business In early 2021, in the midst of speculative stock market euphoria, a pair of day traders went viral on TikTok with a video explaining their winning strategy. “I see a stock going up and I buy it. And I just watch it until it stops going up, and I sell
Continue Reading
Germany urges Hungary to agree to a Russian oil embargo
By Anna Cooban, CNN Business Germany’s frustration over some European countries’ resistance to an embargo of Russia’s oil was laid bare on Monday. “We have seen the worst of Europe [in] that only some states are blocking the development,” Robert Habeck, Germany’s economy minister, told a panel at the World Economic Forum in Davos, Switzerland.
Continue Reading
Didi’s disastrous foray onto Wall Street is over
By Michelle Toh, CNN Business Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the
Continue Reading