By Jeanne Sahadi, CNN Business There are few places to keep your cash these days that can protect your money from inflation. And while you might have missed an opportunity to get a nearly 10% interest rate on ultra safe government I Bonds, you can still get a high rate that will keep pace with
Continue Reading By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. “If you
Continue Reading By Clare Duffy, CNN Business Hours before news broke on Thursday that he had completed his $44 billion acquisition of Twitter, Elon Musk wrote an open letter to advertisers stressing that he doesn’t want the platform to become a “free-for-all hellscape.” But that attempt at reassuring the advertising industry, which makes up the vast majority
Continue Reading By Clare Duffy, CNN Business Hours before news broke on Thursday that he had completed his $44 billion acquisition of Twitter, Elon Musk wrote an open letter to advertisers stressing that he doesn’t want the platform to become a “free-for-all hellscape.” But that attempt at reassuring the advertising industry, which makes up the vast majority
Continue Reading By Catherine Thorbecke, CNN Business If a recession is looming, you wouldn’t know it from looking at Uber’s business. Uber on Tuesday reported $8.3 billion in revenue for the three months ending in September, a 72% increase from the prior year, fueled by strong demand for rides and meal deliveries even as inflation and recession
Continue Reading By Nicole Goodkind, CNN Business Despite a stock-market bounce in October that gave the Dow its biggest monthly gain in more than 45 years, economists are warning that there’s a very real danger of recession in the United States. Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling
Continue Reading By Jackie Wattles, CNN SpaceX’s Falcon Heavy — a towering, three-pronged vehicle that is the most powerful operational rocket in the world — returned to the skies on Tuesday for the first time since mid-2019. The rocket launched at 9:41 a.m. ET from NASA’s Kennedy Space Center in Florida, hauling satellites to space for the
Continue Reading By Diksha Madhok, Michelle Toh and CNN’s Beijing bureau Foxconn, one of Apple’s largest suppliers, is wrestling with major disruption at its biggest iPhone assembly factory in China, as anxious workers reportedly flee the locked-down facility, according to social media videos. The Taiwanese company is racing to control a Covid outbreak at its campus in
Continue Reading By Diksha Madhok, Michelle Toh and CNN’s Beijing bureau Foxconn, one of Apple’s largest suppliers, is wrestling with major disruption at its biggest iPhone assembly factory in China, as anxious workers reportedly flee the locked-down facility, according to social media videos. The Taiwanese company is racing to control a Covid outbreak at its campus in
Continue Reading By Matt Egan, CNN Business The Federal Reserve’s war on inflation isn’t just painful for home buyers and people with credit card debt. Uncle Sam is getting squeezed by higher borrowing costs, too. The cost to finance America’s growing mountain of debt is rising rapidly as the Fed scrambles to put out the inflation fire
Continue Reading By Hanna Ziady, CNN Business BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying
Continue Reading By Mark Thompson, Mayumi Maruyama and Alex Stambaugh, CNN Oleg Tinkov, the founder of a major Russian digital bank, has renounced his Russian citizenship in protest over the war in Ukraine. “I have taken the decision to exit my Russian citizenship,” Tinkov announced in a post on Instagram on Monday alongside a photo of a
Continue Reading By Rhea Mogul, Manveena Suri and Swati Gupta, CNN More than 50 children are among 135 people killed in Sunday’s bridge collapse in India’s Gujarat state, according to a list of victims published by state authorities on Wednesday. Investigators are examining why the historic suspension bridge in the town of Morbi collapsed, sending dozens of
Continue Reading By CNN Business staff A federal judge blocked Penguin Random House from buying Simon & Schuster, arguing that the combination of the two book business giants would illegally reduce competition. The ruling, most of which remained confidential, comes nearly a year after the Justice Department sued to block the deal. US District Court Judge Florence
Continue Reading By Pete Muntean, CNN Delta Air Lines pilots intensified their push for improved pay by insisting they will strike if they do not get a new contract. With 96% of members participating in an Air Line Pilots Association union vote, 99% of Delta pilots “authorized union leaders to call a strike, if necessary, to achieve
Continue Reading By Parija Kavilanz, CNN Business What staffing shortage? One Miami Chick-fil-A owner/operator has been deluged with applications after switching his staff to a three-day, 14-hour workweek. Justin Lindsey was looking for a novel way to reward workers who were “literally working 70 hours a week, week in and week out,” he recently told QSR magazine.
Continue Reading By Matt Egan Democratic Sen. Chris Murphy is calling on the federal government to investigate national security concerns raised by Saudi Arabia’s role in Elon Musk’s takeover of Twitter. Saudi Arabian Prince Alwaleed bin Talal helped Musk finance the $44 billion acquisition of Twitter (TWTR) by rolling over his existing $1.9 billion stake in the
Continue Reading By Catherine Thorbecke Thousands of Instagram users reported issues with accessing the platform on Monday morning. Approximately 7,000 users reported the app was down around 10:15 a.m. ET, according to outage-tracking site Down Detector. After about 45 minutes, however, the number of reports had dipped noticeably. Instagram said in a tweet Monday that it had
Continue Reading By Clare Duffy, CNN Business In 2009, after Twitter was sued by then-St. Louis Cardinals manager Tony La Russa for being impersonated on the platform, the young company introduced a new feature: a blue and white check mark. The check indicated that Twitter had verified the accounts of artists, athletes, government officials and agencies and
Continue Reading By Donie O’Sullivan and Jennifer Korn, CNN Twitter is considering offering verified accounts to users who are willing to pay $19.99 a month for a subscription service, and it may take away the coveted blue check marks of existing users if they don’t start paying for the product within 90 days, according to internal Twitter
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