By Paul R. La Monica, CNN Business Hertz has made a lot of headlines lately thanks to its deals with Tesla and Uber. Wall Street has noticed, too. But rival rental car company Avis Budget is doing even better. Shares of Avis Budget have surged 125% since July and are up 370% so far in
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By Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16 an hour
Continue Reading By Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16 an hour
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Opinion by Jim Parrott and Mark Zandi for CNN Business Perspectives The nation faces a dramatic housing shortage, sending home prices and rents through the roof all over the country. The spike in housing costs is making it harder for some to buy their first home and for others to afford their rent, increasing demand
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By Clare Duffy, CNN Business Facebook acknowledged to shareholders this week that it is facing “government investigations” related to the tens of thousands of pages of internal company documents leaked by whistleblower Frances Haugen. “Beginning in September 2021, we became subject to government investigations and requests relating to a former employee’s allegations and release of
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By Vanessa Yurkevich, CNN Business A John Deere worker who was walking to the picket line Wednesday in Milan, Illinois, was struck and killed by a car, according to the United Autoworkers Union. “It is a somber time to lose a member who made the ultimate sacrifice in reporting to picket for a better life
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By Matt Egan, CNN Business Georgia Rep. Marjorie Taylor Greene bought as much as $50,000 worth of shares in a shell company that is merging with former President Donald Trump’s new media venture, according to a financial disclosure form. Greene, a Republican and Trump supporter with a history of conspiracy theories, bought shares of Digital
Continue Reading By Clare Duffy, CNN Business Facebook acknowledged to shareholders this week that it is facing “government investigations” related to the tens of thousands of pages of internal company documents leaked by whistleblower Frances Haugen. “Beginning in September 2021, we became subject to government investigations and requests relating to a former employee’s allegations and release of
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By Paul R. La Monica, CNN Business Only a week ago, Bitcoin hit an all-time high of nearly $67,000. But investors have been dumping the world’s most valuable cryptocurrency in favor of the new kid — or rather, new dog — in town: shiba inu. The price of one bitcoin fell more than 5% Wednesday
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By Allison Morrow, CNN Business We all had to find our own ways to cope with the pandemic lockdowns last year. Some people bought Pelotons and baked bread. Others took a slightly less healthy route. Cigarette sales in America last year rose for the first time in two decades, a new report from the Federal
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By Chris Isidore, CNN Business Housing prices are surging to new records with no end in sight. They’re being fueled by historically low interest rates — but also investors and economists’ belief that the housing market has a unique ability to support runaway prices. That’s the current state of America’s housing market, but it could
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By Rachel Metz, CNN Business Facebook said Tuesday it plans to stop using facial-recognition software that could automatically recognize people in photos and videos posted on the social network, marking a massive shift both for the tech industry and for a company known for collecting vast amounts of data about its billions of users. Facebook,
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By Chris Isidore, CNN Business Boeing’s 737 Max troubles are improving, the company’s quarterly results released Wednesday showed — but it’s facing a host of other problems. The aircraft maker increased production of the Max to 19 a month in the third quarter, up from 16 a month in the quarter prior. The company added
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By Rachel Metz, CNN Business In late 2017, Facebook had a big problem: users were commenting on, “liking” and resharing posts less than they had in the past. The declines in engagement, visualized in charts on an internal document viewed by CNN Business, looked like wiggly black-and-blue frowns. Facebook decided to make a change —
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By Samantha Murphy Kelly, CNN Business Google is now making it easier for minors or their parents to have photos of them deleted from search results. In a blog post published Wednesday, the company said it is rolling out a tool that lets parents and kids under the age of 18 request photos be removed
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By Amy Woodyatt, CNN Business The chief executive and founder of shapewear company Spanx has surprised employees with two first-class plane tickets and $10,000 each to celebrate the company’s $1.2 billion deal with Blackstone. Spanx founder Sara Blakely surprised employees with the news, she revealed in a post on her verified Instagram account Friday. In
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By Peter Valdes-Dapena, CNN Business Land Rover just unveiled what will be the first new, redesigned Range Rover in a decade. This is only the fifth generation of the large off-road luxury SUV since the model was introduced in 1970. A sleek new design, with smoothed off corners and edges, retains the classic proportions, but
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By Danielle Wiener-Bronner, CNN Business Higher menu prices, celebrity meals and chicken sandwiches helped boost McDonald’s sales in the third quarter. The company said Wednesday that in the three months ending on September 30, sales at global restaurants open at least 13 months jumped 12.7% compared to the same period last year. Total revenue jumped
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By Clare Duffy and Rishi Iyengar, CNN Business Two months after former US President Donald Trump was inaugurated in 2017, Twitter executive Vijaya Gadde was asked how she felt about his proposition that he might not have won the White House without the social media platform. “To me, there’s nothing better than having a political
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By Chris Isidore, CNN Business Supply chain issues, especially the computer chip shortage, took a major bite out of General Motors’ sales and earnings in the third quarter, but America’s largest automaker was still able to perform better than expected. GM also gave investors a bullish outlook, saying that its full-year earnings should be at
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