By Chris Isidore, CNN Business Ford shook off the impact of supply chain problems and limited vehicle inventory to post much better-than-expected profits and revenue in the second quarter. The number more closely watched by investors, its income excluding special items, jumped to $2.7 billion compared to the $510 million it earned on that basis
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian, the Amazon-backed manufacturer of electric pickups, SUVs and delivery vans, is laying off about 6% of its workforce as the company adjusts as the “world has dramatically changed,” according to an email sent by CEO RJ Scaringe to Rivian’s roughly 14,000 employees. About 840 of those employees were told
Continue Reading By Clare Duffy, CNN Business Facebook is in decline. Meta, Facebook’s parent company, reported revenue of $28.8 billion for the three months ending in June, a 1% drop from the prior-year quarter and its first year-over-year revenue decline since going public in 2012. The company’s profit fell far more sharply. Net income during the quarter
Continue Reading By Matt Egan, CNN Business The Federal Reserve’s war on inflation will eventually kill the economic recovery from Covid-19, former Fed official Bill Dudley warns. The problem is that the Fed began its quest to tame inflation late, leaving the central bank little choice other than to slam the brakes on the economy by drastically
Continue Reading By Hannah Rabinowitz, CNN A Pennsylvania mortgage company owned by billionaire investor Warren Buffett discriminated against communities of color in Pennsylvania, New Jersey and Delaware, the Justice Department said Wednesday, in what they say is the first redlining agreement that the department has secured with a mortgage company. Under the terms of the agreement, Trident
Continue Reading By Clare Duffy, Rachel Metz and Brian Fung, CNN The Federal Trade Commission on Wednesday moved to block Facebook-parent Meta from acquiring virtual reality company Within, offering the clearest signal yet that the agency could take a tougher stance on Silicon Valley deals involving newer technologies. In a complaint filed Wednesday in federal court, the
Continue Reading By Catherine Thorbecke, CNN Business TikTok on Wednesday said it would share more data with certain researchers to study activity on the platform amid renewed scrutiny of the short-form video app’s impact on society and its ties to Beijing. Later this year, the company will provide “selected researchers” with access to its API, or application
Continue Reading By Nicole Goodkind, CNN Business What seemed unfathomable just six months ago — a 75-basis-point rate hike by the Federal Reserve — has now happened twice in a row. At the conclusion of its July monetary policymaking meeting, members of the US central bank on Wednesday once again approved a supersized interest rate hike of
Continue Reading By Jordan Valinsky, CNN Business Sprite is retiring its green plastic bottles after more than 60 years. Coca-Cola said Wednesday it’s changing the packaging from green to clear plastic beginning August 1 as part of broader efforts to become more environmentally responsible. Sprite’s current plastic contains green polyethylene terephthalate (PET), an additive that can’t be
Continue Reading By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank last increased its benchmark interest rate by three-quarters of a percentage point, which is the biggest single hike since 1994. This follows the Fed’s
Continue Reading By Chris Isidore, CNN Business Boeing has become so embattled, the company’s stock rose even after reporting a worse-than-expected loss and sales that came in $900 million short of forecasts. For a company that has endured a steady stream of bad news for the last three years these latest results nearly qualify as a “good”
Continue Reading By Jeanne Sahadi, CNN Business With the Federal Reserve’s interest rate hike on Wednesday — its fourth since March — consumers again face the question of where to park their savings for the best return and how to minimize their borrowing costs. In its bid to beat back high inflation, the US central bank hiked
Continue Reading Opinion by David Wilcox for CNN Business Perspectives The US economy may have begun to cool some, but it is still seriously overheated. Employers are desperate to hire workers, but they are nowhere to be found. Customers are eager to purchase new cars, but dealer lots are almost bare. Would-be vacationers are anxious to make
Continue Reading By Julia Horowitz, CNN Business Investors are uneasy as the Federal Reserve gears up for its latest policy announcement on Wednesday. But their hope is that the central bank and Chair Jerome Powell will keep talking tough, steering the path forward at an uncertain moment. What’s happening: The Fed is expected to hike interest rates
Continue Reading By Michelle Toh, CNN Business South Korea’s second biggest conglomerate is investing $22 billion into the United States, in high-priority areas including chips and clean energy. The funding announcement comes just as the group’s massive chipmaking unit warned of weaker consumer demand for technology products for the rest of the year. It also coincided with
Continue Reading By Nicole Goodkind, CNN Business Wall Street has a serious case of recession dread. Inflation is at a 40-year high and the Federal Reserve is aggressively hiking interest rates. Economic growth is slowing and, and so is the job market. Cracks are forming in the home-building and home-buying markets as mortgage rates have surged. Consumer
Continue Reading By Swati Gupta and Rhea Mogul, CNN At least 36 people have died and about 50 others have been hospitalized in western India after drinking contaminated alcohol, according to police. All had consumed illegal moonshine in the Botad and Ahmedabad districts of Gujarat state, where the manufacture, sale and consumption of alcohol is illegal. “About
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The LIV Golf event that is set to commence at Donald Trump’s Bedminster club on Friday is generating more controversy by the day. On Tuesday, the National Press Club added
Continue Reading By Clare Duffy, CNN Business Twitter has set a date for its shareholders to vote to approve its $44 billion acquisition deal by Elon Musk, despite the company’s ongoing legal battle with the billionaire Tesla CEO over the deal. The company on Tuesday sent shareholders a letter saying it would hold a virtual special meeting
Continue Reading By Lauren del Valle and Oliver Darcy, CNN The lawyer for two Sandy Hook families that have sued right-wing conspiracy theorist Alex Jones asked a jury on Tuesday to award his clients $150 million in damages in a trial that will determine how much money they receive. “Now that is a huge verdict to be
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