By Nicole Goodkind, CNN Federal Reserve Chairman Jerome Powell made his first public appearance of the year on Tuesday, stressing the importance of central bank independence and his commitment to bringing down inflation. The painful rate hikes the Fed is implementing to tackle high prices don’t make officials particularly popular, Powell said during a panel
Continue Reading By Peter Valdes-Dapena, CNN Business Despite broad concerns about the economy and fears of an impending recession, the ultra-wealthy seem to be doing just fine. Rolls-Royce, Bentley and Lamborghini, car brands that cater to billionaires, had record sales again last year. In fact, it was the third record year in a row for Bentley and
Continue Reading By Donie O’Sullivan, CNN Elon Musk’s Twitter has restored the accounts of two prominent election deniers who were banned from the platform following the January 6, 2021 attack on the US Capitol. “Stop the Steal” organizer Ali Alexander’s account was restored on Monday. Alexander assumed a leadership role in the movement that discredited the 2020
Continue Reading By Julia Horowitz, CNN The global economy is just one more knock away from a second recession in the same decade, something that hasn’t happened in more than 80 years. That’s the latest warning from the World Bank, which on Tuesday sharply lowered its forecast for global economic growth. The group now projects that the
Continue Reading By Jordan Valinsky, CNN Business Disney CEO Bob Iger is clamping down on remote workers. Iger, who recently returned to Disney’s helm after a brief hiatus, ordered employees to return to corporate offices four days a week beginning March 1. In an email sent to employees obtained by CNN, he said that employees work better
Continue Reading By Nathaniel Meyersohn, CNN Business Bed Bath & Beyond lost a third of its sales during the holiday run-up and is running out of options to avoid bankruptcy. The retailer said Tuesday that net sales fell 33%, to $1.3 billion, during its latest quarter ending November 26 compared with the same stretch a year ago.
Continue Reading By Jordan Valinsky, CNN Business Molson Coors is typically known for its lineup of beers and booze, but its newest drink isn’t either. Enter “Roxie,” the company’s first-ever zero-proof canned cocktail sold exclusively online beginning Tuesday. Its arrival comes as Molson Coors broadens its portfolio beyond beer and expands into new growth categories that are
Continue Reading By Paul R. La Monica, CNN Business The crypto winter is apparently not over yet. Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. The job cuts come only a few months after another major round of layoffs. The crypto brokerage firm let 1,100 people go in June, about
Continue Reading By Nicole Goodkind, CNN There are two certainties in today’s market: The tech sector has been beaten down and interest rates are higher. And while analysts widely anticipate an easing in the Fed’s rate hikes this year, institutional investors are increasingly using a dangerous tactic to take advantage of market falls. That shift could be
Continue Reading By Matt Egan In a positive sign for inflation-weary consumers, online prices dropped in December as retailers resorted to deep discounts to lure shoppers, according to a Tuesday report from Adobe Analytics. Adobe said e-commerce prices were 1.6% lower than the year before, marking the fourth consecutive month of annual price declines. For many years,
Continue Reading By Jordan Valinsky, CNN M&M’S is making a statement with its latest candy pack, which features an all-female set of characters — including Purple, its newest addition. It put the company once again knee-deep into culture wars controversy. Candy maker Mars announced that the limited edition all-female pack will include only Purple, Brown and Green
Continue Reading By Nathaniel Meyersohn, CNN Business Abercrombie & Fitch has shed its perfume-filled mall stores, shirtless models and logo sweatshirts to win over Millennials and Gen Z. It’s working. Abercrombie said Monday that its women’s segment was on track to deliver its highest holiday sales period ever, and its men’s division was growing, too. The company
Continue Reading By Anna Cooban, CNN Stocks in Asia are starting 2023 in a bull market. Investors have been cheered by China’s pivot away from its zero-Covid policy, the ending of its crackdown on tech companies and Beijing’s renewed commitment to growing the world’s second biggest economy. The MSCI Asia Pacific index, which excludes Japanese companies, jumped
Continue Reading By Jordan Valinsky, CNN Pizza Hut is bringing back a fan favorite after a nearly 25-year hiatus. Beginning February 1, the “Big New Yorker” is once again hitting menus nationwide for a limited time. Despite it being sold for a brief time in 1999, the extra large pizza quickly became a favorite, and fans have
Continue Reading By Nicole Goodkind, CNN Federal Reserve Chairman Jerome Powell made his first public appearance of the year on Tuesday, stressing the importance of central bank independence and his commitment to bringing down inflation. The painful rate hikes the Fed is implementing to tackle high prices don’t make officials particularly popular, Powell said during a panel
Continue Reading By Laura He, CNN Galactic Energy, a rocket startup in China, launched five satellites into orbit on Monday, boosting the private company’s ambition to become the Chinese rival to SpaceX. Galactic Energy’s Ceres-1 rocket lifted off Monday from the Jiuquan Satellite Launch Center in northwestern China, sending five commercial satellites into their intended orbits, the
Continue Reading By Kathleen Magramo, CNN From salads to stews, the humble onion is a key ingredient in nearly every Filipino dish. But now, the vegetable costs almost three times more than chicken in the Philippines. Red and white onions were selling for as much as 600 Philippine pesos ($11) per kilogram (2.2 lbs) on Monday, compared
Continue Reading By Rob McLean, CNN Fisher-Price for a second time recalled its Rock ‘n Play Sleepers on Monday after at least eight infant deaths occurred after the initial 2019 recall, according to the Consumer Product Safety Commission. “On April 12, 2019, at the time the original recall was announced, over 30 fatalities were reported to have
Continue Reading By Clare Duffy, CNN After months of uncertainty and feeling left in the dark, many former Twitter employees impacted by a mass layoff in early November began receiving their severance offers over the weekend. But some are frustrated by the offer and the conditions attached to it. The severance offer promises one month’s pay in
Continue Reading By Ramishah Maruf, CNN A federal agency is considering a ban on gas stoves, a source of indoor pollution linked to childhood asthma. Richard Trumka Jr., a US Consumer Product Safety commissioner, set off a firestorm this week by saying in an interview with Bloomberg that gas stoves posed a “hidden hazard” and suggested the
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