By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Matt Egan Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement.
Continue Reading By Jeanne Sahadi, CNN Business The demand to buy US Series I savings bonds this week has been so great that it temporarily crashed the Treasury web site where those bonds are purchased. That could mean some investors’ requests may not be processed in time to lock in the bond’s 9.62% rate by the October
Continue Reading By Christine Romans, CNN Business Don’t expect the bounce-back in the US economy in the third quarter to quiet the chorus of recession calls. The US economy grew by a stronger-than-expected 2.6% from July to September, after contracting 1.6% in the first quarter and 0.6% in the second quarter of the year. The welcome GDP
Continue Reading By Anna Bahney, CNN Business Mortgage rates rose again this week, topping 7% for the first time since 2002. The 30-year fixed-rate mortgage averaged 7.08% in the week ending October 27, up from 6.94% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.14%. The last time 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 Elon Musk attempted to reassure Twitter’s advertisers about the future of the platform in an open letter Thursday, a day before his $44 billion takeover of the company is expected to be completed. In a letter posted to Twitter, Musk said he doesn’t want the platform to become a “free-for-all-hellscape
Continue Reading By Matt McFarland, CNN Business Denis Wang says he always hated the car-buying process — until he met Rivian. Buying the automaker’s R1T electric pickup was so wonderful that he says he drove 45 minutes to Rivian’s Irvine, California, office to take the Rivian employee who shepherded him through his purchase out for coffee. (Rivian
Continue Reading By Hanna Ziady, CNN Business The European Central Bank hiked interest rates by three quarters of a percentage point on Thursday, promising further hikes to come and forecasting an extended economic slowdown. The move will take the benchmark rate for the 19 countries using the euro to 1.5%. The central bank has now hiked rates
Continue Reading By Alicia Wallace, CNN Business The US economy grew last quarter, bouncing back after shrinking in the first half of the year — but there are indications that consumer spending, which powers the US economy, is starting to soften. Gross domestic product — the broadest measure of economic activity — rose by an annualized rate
Continue Reading By Amanda Musa and Jennifer Henderson, CNN The Miss Universe Organization has suspended Miss USA President Crystle Stewart and her company, Miss Brand Corporation, pending an independent investigation into allegations that the 2022 Miss USA pageant was rigged. “After thorough deliberation, Miss Universe Organization has decided to suspend Miss Brand immediately,” the Miss Universe Organization
Continue Reading By Jordan Valinsky, CNN Business Peloton has “indefinitely paused” playing Kanye West’s music from its streaming workout classes. Pelo Buddy, a fan website that doesn’t have official ties with Peloton, reports that company is telling concerned members saying that its instructors are no longer using West’s music in “newly produced classes” and it’s not recommending
Continue Reading By Clare Duffy, CNN Business Apple is about to offer its first hints about iPhone 14 sales after weeks of rumors that demand for its latest smartphone lineup could be weaker than initially expected. On Thursday afternoon, Apple will report earnings results for the September quarter, a period that includes about two weeks’ worth of
Continue Reading By Matt Egan, CNN Business Colorado Sen. John Hickenlooper is pleading with the Federal Reserve to pause its relentless attack on crushing inflation before it does more harm than good. “High inflation necessitates a response. But the concern is the Fed is doing too much too soon,” Hickenlooper wrote in a letter on Thursday to
Continue Reading By Rob Picheta, Lauren Said-Moorhouse, Max Foster and Lauren Kent, CNN Prince Harry’s highly anticipated memoir will be entitled “Spare” and is set for a January 10 release, its publisher revealed on Thursday. The 416-page book will include Harry’s recollection of Princess Diana’s funeral in 1997, when the 12-year-old prince walked behind his mother’s coffin,
Continue Reading By Anna Cooban, CNN Business Global fossil fuel emissions are expected to peak in 2025 as countries commit huge sums of money toward low-carbon fuels, according to the International Energy Agency (IEA). In its annual World Energy Outlook report, published Thursday, the agency said that Russia’s assault on Ukraine had the potential to “hasten” the
Continue Reading By Nicole Goodkind, CNN Business Tech stocks are taking a beating this week as they prove less resilient to the economic downturn than investors had hoped they would be. What’s Happening: Dreary earnings results from Google parent company Alphabet and Microsoft weighed down markets on Wednesday, showing how this year’s $5.5 trillion selloff has not
Continue Reading By Hanna Ziady, CNN Business Shell will buy back $4 billion worth of shares and increase its dividend by 15% after posting another gigantic quarterly profit thanks to strong oil and gas prices. The UK company posted net income of $9.45 billion in the third quarter, more than double the $4.1 billion it recorded a
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