Money

By Paul R. La Monica, CNN Business Some top CEOs appear to be worried that the economy could be the Grinch that steals Christmas this year. And investors are not pleased. Stocks sank Tuesday, the second straight day of losses on Wall Street. The Dow fell more than 350 points, or 1.3%. That follows a

By Matt Egan, CNN Business Oil prices have tumbled to their lowest level of the year as worries about the health of the economy overshadow concerns about new restrictions imposed on Russian energy. The sharp drop in oil prices the past two days is mostly good news for consumers, signaling prices at the gas pump

By Oliver Darcy, CNN BuzzFeed on Tuesday said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate. In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on

By Nathaniel Meyersohn, CNN Business Finally, shoppers are getting some good news about prices: Inflation is falling on discretionary merchandise just in time for the holidays, Walmart chief Doug McMillon said Tuesday. “In toys, sporting goods, apparel, categories like that, prices have come down more aggressively,” McMillon said in an interview on CNBC. “We’re still

By Danielle Wiener-Bronner, CNN Business A McDonald’s franchise operator has violated child labor laws, according to an investigation by the Department of Labor. Santonastasso Enterprises, which operates McDonald’s locations in the Pittsburgh area, allowed 14- and 15-year-olds to work more than three hours after 7 pm on school days, after 9 pm over the summer

By Danielle Wiener-Bronner, CNN Business Philadelphia Cream Cheese is launching a non-dairy version of its signature spread. The plant-based cream cheese is now available at grocery stories in Atlanta, Houston, Miami and other locations in the Southeast, with a wider rollout planned for summer 2023. The new variety is made with coconut oil and faba

By Nicole Goodkind, CNN Business Democrats and Republicans in Congress are gearing up for yet another political showdown over raising the nation’s $31.4 trillion borrowing limit. This isn’t anything new; Congress has raised the debt ceiling almost 100 times since they initially set a limit to curtail government borrowing more than a century ago. But

By Juliana Liu, CNN Business Chinese fast fashion retailer Shein, the subject of recent controversy around alleged labor rights abuses, says it plans to invest $15 million to improve working conditions at factories in its supply chain. The money will be spent over the next three to four years to physically upgrade hundreds of factories

By Hanna Ziady, CNN Business Global renewable power capacity is set to grow as much in the next five years as it has over the past two decades, as soaring energy prices and the climate crisis force governments to ditch fossil fuels. In a report published Tuesday, the International Energy Agency forecast a sharp acceleration