By Jordan Valinsky, CNN Business Crypto exchange Coinbase is laying off 18% of its employees as the digital currency market continues to crumble. CEO Brian Armstrong said in an open letter Tuesday that the “difficult decision” to lay off about 1,000 employees was made to ensure “we stay healthy during this economic downturn.” The exchange
Continue Reading By Chris Isidore, CNN Business A key inflation reading showed a glimmer of hope on Tuesday, revealing a slight slowdown in rising prices — though they remain uncomfortably high. The Producer Price Index, which measures wholesale prices before goods and services reach consumers, rose 10.8% in May compared to where it stood a year ago,
Continue Reading By Chris Isidore, CNN Business A key inflation reading showed a glimmer of hope on Tuesday, revealing a slight slowdown in rising prices — though they remain uncomfortably high. The Producer Price Index, which measures wholesale prices before goods and services reach consumers, rose 10.8% in May compared to where it stood a year ago,
Continue Reading By Julia Horowitz, CNN Business Turmoil in stocks has been grabbing headlines. But warning signs are also flashing in global bond markets, revealing the extent to which investors are on edge about the economy, inflation and what central bankers will do next. What’s happening: The yield on benchmark 10-year US Treasuries — which moves opposite
Continue Reading By Julia Horowitz, CNN Business Turmoil in stocks has been grabbing headlines. But warning signs are also flashing in global bond markets, revealing the extent to which investors are on edge about the economy, inflation and what central bankers will do next. What’s happening: The yield on benchmark 10-year US Treasuries — which moves opposite
Continue Reading By Alicia Wallace, CNN Business The pandemic shone a spotlight on the vast disparities in benefits and rights among America’s workforce and helped fuel a movement to unionize more workers. And with today’s tight labor market, workers continue to have the upper hand — there are almost two job openings for every unemployed person —
Continue Reading By Nathaniel Meyersohn, CNN Business As gas prices continue to rise, drivers are angrily glaring up at pump price boards each time they fill up their tanks. The average national price Tuesday was a little under $5.02 per gallon, according to AAA. Prices are even higher in some states. California had the nation’s highest average
Continue Reading By Nicole Goodkind, CNN Business US markets are hurting, and investors are panicked. Stocks have entered a bear-market territory as recession fears gained steam. Inflation rates remain at 40-year highs, interest rates are increasing, geopolitical chaos and supply chain kinks still loom and major CEOs are warning of an economic “hurricane.” But not all economic
Continue Reading By Rachel Metz, CNN Business Tech companies are constantly hyping the capabilities of their ever-improving artificial intelligence. But Google was quick to shut down claims that one of its programs had advanced so much that it had become sentient. According to an eye-opening tale in the Washington Post on Saturday, one Google engineer said that
Continue Reading By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Hello from the mountains of northwest Pennsylvania, where I’ve spent much of the weekend staring into the woods in the hopes of spotting my local bear. True story:
Continue Reading By Alicia Wallace, CNN Business The pandemic shone a spotlight on the vast disparities in benefits and rights among America’s workforce and helped fuel a movement to unionize more workers. And with today’s tight labor market, workers continue to have the upper hand — there are almost two job openings for every unemployed person —
Continue Reading By Anna Cooban, CNN Business Bitcoin and other cryptocurrencies continued to slide Tuesday as investors bailed out of risky assets in anticipation of sharp rises in interest rates to tackle inflation. Nerves remain raw after two of the world’s biggest cryptocurrency platforms restricted activity on Monday as the wider market meltdown continued apace. The Celsius
Continue Reading By Rachel Metz, CNN Business Tech companies are constantly hyping the capabilities of their ever-improving artificial intelligence. But Google was quick to shut down claims that one of its programs had advanced so much that it had become sentient. According to an eye-opening tale in the Washington Post on Saturday, one Google engineer said that
Continue Reading By Rishi Iyengar, CNN Business Microsoft on Monday announced it has entered into a labor neutrality agreement with Communications Workers of America (CWA), the union that has been supporting Activision Blizzard employees in their organizing efforts. The agreement, unusual in the tech industry, has the potential to ease the path for workers at Activision Blizzard
Continue Reading By Jackie Wattles, CNN Business Federal regulators made a key decision on SpaceX’s plans to launch its gargantuan Mars rocket, called Starship, into orbit from Texas — saying Monday that, as long as the company complies with 75 “mitigating actions,” the rocket launches should clear federal standards for environmental impact. The list of actions includes
Continue Reading By Oliver Darcy, CNN Business A film about Matt Drudge is in the works. Prospect Park, the production company founded by entertainment industry executive Jeff Kwatinetz, told CNN that it has secured the rights to “The Drudge Revolution,” a biography on the conservative news mogul by journalist Matthew Lysiak. Lysiak, Prospect Park said, has also
Continue Reading By Oliver Darcy, CNN Business A film about Matt Drudge is in the works. Prospect Park, the production company founded by entertainment industry executive Jeff Kwatinetz, told CNN that it has secured the rights to “The Drudge Revolution,” a biography on the conservative news mogul by journalist Matthew Lysiak. Lysiak, Prospect Park said, has also
Continue Reading By Catherine Thorbecke and Sara Ashley O’Brien, CNN Business In the two months since workers at an Amazon warehouse in Staten Island, New York, voted to form the company’s first US labor union, the organizers have been on a victory lap. Leaders for the newly formed Amazon Labor Union have visited the White House, testified
Continue Reading By Chris Isidore, CNN Business For the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading. The record is hardly a surprise. Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA
Continue Reading By Paul R. La Monica, CNN Business Stocks plunged again Monday, extending Friday’s losses and officially pushed the S&P 500 into bear market territory. But as any savvy investor knows, you can always find winners on Wall Street, even when things seem dire. Traders flocked to safe haven consumer products companies Monday. Coca-Cola and peanut
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