By Vanessa Yurkevich, CNN A US freight rail strike could cost the US economy $1 billion in the first week of the strike, according to a new analysis from the Anderson Economic Group. In the first three days alone, US workers and consumers could see potential losses of a quarter billion dollars as a transit
Continue Reading By CNN’s Beijing bureau and Jake Kwon, CNN Workers at China’s largest iPhone assembly factory were seen confronting police, some in riot gear, on Wednesday, according to videos shared over social media. The videos show hundreds of workers facing off with law enforcement officers, many in white hazmat suits, on the Foxconn campus in the
Continue Reading By Anna Cooban and Uliana Pavlova, CNN Business Europe is bracing itself for further cuts to its supply of Russian natural gas as Moscow threatens to slash flows to Moldova, a country on Ukraine’s southwestern border. Russian state gas giant Gazprom said Tuesday it would reduce shipments to the country starting Monday over disputed claims
Continue Reading By Danielle Wiener-Bronner, CNN Business Over the past year, as some meat prices have fallen, chicken prices have remained stubbornly high. Strong demand, supply issues and even breeding problems with under-performing roosters kept the pressure on. The supply shortage even had some restaurants, like Wingstop, experimenting with less popular items like thighs. But now conditions
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business In September, President Joe Biden, the most union friendly president in recent history, got personally involved in negotiations that reached a tentative labor deal that averted a strike at the nation’s major freight railroads. It was a deal he hailed as a “win for tens of thousands
Continue Reading By Jeanne Sahadi, CNN Business If you get paid through apps like Venmo or PayPal or platforms like Etsy or Airbnb, preparing your taxes next year may be a little more confusing than usual. A new tax reporting rule requires third-party payment platforms to issue you and the IRS a 1099-K for business transaction payments
Continue Reading By Paul R. La Monica, CNN Business The holidays are rapidly approaching, and for the toy company Hasbro, a slowing economy could be a proverbial Grinch that steals Christmas. Shares of Hasbro, which makes toy brands including Play-Doh and Monopoly, are already down 40% this year. That’s more than twice the drop of competitor Mattel’s
Continue Reading By Alicia Wallace, CNN Business First-time weekly claims for unemployment benefits jumped to 240,000 for the week ended November 19, according to data released Wednesday by the Department of Labor. That’s a sharp increase of 17,000 from the previous week’s upwardly revised tally of 222,000, and surpasses economists’ expectations of 225,000. It’s the highest weekly
Continue Reading By Jordan Valinsky, CNN Business Perhaps one of the greatest mysteries of Thanksgiving is the cranberry sauce — and we’re not even talking about why people eat it: What’s the deal with the upside-down labels on Ocean Spray cans of the stuff? Observant consumers have noticed that the Ocean Spray labels on jellied cranberry sauce
Continue Reading By Jordan Valinsky, CNN Business Online Black Friday sales in the United States topped a record-breaking $9.12 billion this year, according to Adobe Analytics, kicking off a solid start to the holiday shopping season despite inflation and other economic concerns. Adobe, which tracks sales on retailer websites, said that this year’s Black Friday online sales
Continue Reading By CNN’s Beijing bureau and Jake Kwon, CNN Workers at China’s largest iPhone assembly factory were seen confronting police, some in riot gear, on Wednesday, according to videos shared over social media. The videos show hundreds of workers facing off with law enforcement officers, many in white hazmat suits, on the Foxconn campus in the
Continue Reading By Nathaniel Meyersohn, CNN Business When Dollar Tree said it would raise prices to $1.25 after 35 years sticking to $1, some fans protested and industry analysts questioned the decision. A year later, the controversial move appears to be paying off. Higher prices have added to Dollar Tree’s sales. The switch has also allowed the
Continue Reading By Hanna Ziady and Sonia Moghe, CNN Alex Jones has lost a bid to water down the nearly $50 million damages award handed down by a jury earlier this year over the Infowars host’s false claims about the Sandy Hook Elementary School massacre. Texas Judge Maya Guerra Gamble on Tuesday ruled that Jones should pay
Continue Reading By Hanna Ziady, CNN Business Last year, Auckland’s largest real estate company couldn’t sell properties quickly enough to meet demand in New Zealand’s biggest city. Houses were “flying out the door,” said Grant Sykes, a manager at real estate agency Barfoot & Thompson. “There were chin-dropping moments when agents stand around the room and are
Continue Reading By Laura He, CNN Business Warren Buffett’s Berkshire Hathaway is continuing to unwind its long position in BYD, China’s largest home-grown EV maker and Tesla’s major rival, after holding it for 14 years. The legendary investor’s conglomerate sold another 3.2 million Hong Kong-listed shares of BYD last week, cutting its stake to 15.99%, a Hong
Continue Reading By Michelle Toh, CNN Business Australia will continue to see a spike in extreme rainfall and heat, as well as more dangerous fire events, its government agencies warned Wednesday. In a biennial climate report, Australia’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the Bureau of Meteorology said it had already
Continue Reading By Catherine Thorbecke, CNN Business HP Inc. announced on Tuesday that it will lay off thousands of workers over the next three years, becoming the latest tech company to significantly downsize staffing amid a souring economic climate. The computer maker disclosed the major job cuts in a statement accompanying its lackluster quarterly earnings report on
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks is closing the store in Seattle where employees were the first to vote to form a union in the chain’s home city. A company spokesperson cited safety concerns, saying that “unfortunately, despite several mitigating efforts, safety and security incidents at our Broadway and Denny store have continued to escalate.”
Continue Reading By Matt Egan Leading retailers are sounding the alarm about the danger of a national rail strike while simultaneously stressing that a potential work stoppage won’t ruin this holiday shopping season. “Christmas is not canceled,” Brian Dodge, president of the Retail Industry Leaders Association, told CNN in a phone interview on Tuesday. Dodge, whose trade
Continue Reading By Brian Fung, CNN The federal government took another big swipe at illegal robocalls on Tuesday, as it moved to block a voice provider from the entire US phone network for the very first time. The order by the Federal Communications Commission targets Global UC, a company that claims to serve more than 200 businesses
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