Money

By Jordan Valinsky, CNN Business Peloton is slashing jobs again, and this time it’s also hiking prices on some of its products. It’s part of a major cost-cutting strategy as the beleaguered fitness company continues to make changes under its new CEO Barry McCarthy. Peloton is laying off nearly 800 employees, McCarthy said in a

By Kara Scannell, CNN Business A New York state judge denied the Trump Organization and its former chief financial officer Allen Weisselberg’s motions to dismiss tax fraud charges during a hearing Friday. Judge Juan Merchan said he would grant a hearing to hear arguments over whether statements Weisselberg made while in custody the day of

By Michelle Toh and Benjamin Brown, CNN Business Germany’s Rhine river is getting too dry, snarling supply chains and creating more problems for its struggling economy. Water in the river has dropped to “exceptionally low” levels in some areas, disrupting shipping on the country’s most important inland waterway, German officials told CNN on Friday. A

By Jordan Valinsky, CNN Business Johnson & Johnson is abandoning talc-based baby powder next year and instead will make it with cornstarch. Its talc-based powder, which hasn’t been sold in the United States and Canada since 2020, is at the center of tens of thousands of lawsuits filed by women who have developed ovarian cancer

By Reuters Argentina’s central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data. The central bank raised the benchmark rate for the 28-day term to 69.5% from 60%, a

By Matt McFarland, CNN Business Rivian said Thursday that it lost $1.7 billion in the second quarter of 2022 as it works to ramp up its vehicle production amid the on-going supply chain crunch. The automaker’s losses more than doubled from the same period last year, when it lost $580 million. Rivian CEO RJ Scaringe

by Matt Egan, CNN Shell and Chevron both said on Thursday that the companies halted oil production at several platforms in the Gulf of Mexico following a small leak that knocked a pair of pipelines offline. Shell shuttered three deepwater platforms. In a statement provided to CNN, Shell said it is “coordinating with local authorities

By Anna Bahney, CNN Business Despite rising mortgage rates that dampened sales, home prices continued to climb higher in the second quarter, with many more cities seeing double-digit price gains than in the first part of the year. The median single-family existing home price in the second quarter was $413,500 — the first time this