By Tami Luhby, CNN Employers continued hiking wages to attract workers and hold on to existing staff during the third quarter. But the raises did not keep up with inflation — and the continued increase is unwelcome news for the Federal Reserve, since higher wages can contribute to overall inflationary pressures, which the central bank
Continue Reading By Anna Cooban, CNN Business Shoppers in the United Kingdom are snapping up energy-saving air fryers, electric blankets and slow cookers this winter as their fuel bills soar. Sales of hot air fryers were up 286% in September compared to the same month last year, according to market research company GfK. The portable appliance typically
Continue Reading By Danielle Wiener-Bronner, CNN Business Earlier this week Adidas ended its partnership with rapper and fashion designer Ye (who previously went by Kanye West). Its decision came around the same time that a flurry of other companies also cut ties with the artist — but weeks after Ye began making offensive remarks. Many wondered: What
Continue Reading By Danielle Wiener-Bronner, CNN Business Earlier this week Adidas ended its partnership with rapper and fashion designer Ye (who previously went by Kanye West). Its decision came around the same time that a flurry of other companies also cut ties with the artist — but weeks after Ye began making offensive remarks. Many wondered: What
Continue Reading By Jeanne Sahadi, CNN Business Next week, job seekers will start to get a much better grasp on what many employers are willing to pay — and so will a company’s existing employees. While there is already a patchwork of state and local laws aimed at improving pay transparency, many companies still do not advertise
Continue Reading By Chris Isidore, CNN Business The three top Twitter executives whom Elon Musk fired Thursday will walk out the door with about $187 million of Musk’s money. Former CEO Parag Agrawal, former CFO Ned Segal and former Chief Legal Officer Vijaya Gadde were ousted after Musk took control of the company late Thursday, according to
Continue Reading By Paul R. La Monica, CNN Business Stocks rallied heading into the weekend, despite lousy results from Amazon. Solid earnings from Apple and record profits from oil giants Chevron and Exxon Mobil were enough to counter the weak outlook from the retail and cloud giant. The Dow, which has Apple and Chevron as two of
Continue Reading By Paul R. La Monica, CNN Business The Dow fell nearly 130 points, or 0.4% Monday, but it still ended October up 14% — its best monthly gain since January 1976. The blue chips remain off by almost 10% this year, though. Meanwhile, the S&P 500, which closed down 0.8% Monday, has dropped about 20%
Continue Reading By Clare Duffy and Donie O’Sullivan, CNN Elon Musk has completed his $44 billion acquisition of Twitter, the company confirmed in a securities filing Friday, putting the world’s richest man in charge of one of the world’s most influential social media platforms. The company said the deal “became effective” on Thursday, as part of a
Continue Reading By Alicia Wallace, CNN Business A new batch of inflation data released Friday showed that while prices remained uncomfortably high in September, a slowdown in wage growth indicates some relief may be in sight. That’s an encouraging development for the Federal Reserve, which is battling to bring down the highest inflation in 40 years. The
Continue Reading By Clare Duffy, CNN Business After spending months attempting to get out of his deal to buy Twitter, Elon Musk officially owns the hugely influential platform. Now the question is: What will he actually do with it? Musk’s takeover — which was finalized Thursday night, a source familiar with the matter told CNN — not
Continue Reading By Chris Isidore, CNN Business America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results which had been the record and
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Donie O’Sullivan and Clare Duffy, CNN Business Elon Musk has completed his $44 billion deal to buy Twitter, a source familiar with the deal told CNN Thursday, putting the world’s richest man in charge of one of the world’s most influential social media platforms. Musk fired CEO Parag Agrawal and two other executives, according
Continue Reading By Clare Duffy, CNN Business Apple beat Wall Street analysts’ sales and income expectations for the quarter ended in September, despite an otherwise bruising earnings season for tech companies and worries that demand for the newest iPhones might have been weaker-than-expected. The tech giant posted sales of just over $90 billion during its fiscal fourth
Continue Reading By Vanessa Yurkevich, CNN Three hundred business groups are calling on President Joe Biden to intervene in the ratification of the national tentative agreement he helped broker last month between rail unions and US freight railroads. In a letter sent to the president Thursday, retail, agricultural, manufacturing, and trucking associations jointly asked the president to
Continue Reading By Clare Duffy, CNN Business Apple beat Wall Street analysts’ sales and income expectations for the quarter ended in September, despite an otherwise bruising earnings season for tech companies and worries that demand for the newest iPhones might have been weaker-than-expected. The tech giant posted sales of just over $90 billion during its fiscal fourth
Continue Reading By Catherine Thorbecke, CNN Business Amazon stock fell some 14% in after-hours trading Thursday after the company forecast its holiday quarter sales would be lighter than analysts had expected. The e-commerce giant said it expects revenue for the final three months of the year to be between $140 billion to $148 billion, significantly below the
Continue Reading By Peter Valdes-Dapena, CNN Business The Ford Fiesta, a hugely popular little hatchback in much of the world, will soon no longer appear in Ford’s European dealerships. Introduced in 1976 as a fuel-efficient subcompact “global car,” the Fiesta was only sold in the United States for about 10 years total, appearing here from 1978 to
Continue Reading