By Matt Egan, CNN Business Pain at the pump may be forcing Americans to cut spending elsewhere. In a report shared first with CNN, JPMorgan analyzed Chase card spending data and estimated that the 20% spike in gas prices since the war in Ukraine began is lowering non-gas consumption by about $9.6 billion a month.
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By Anneken Tappe, CNN Business Americans are feeling worse about the state of the economy again and it’s all because of rampant inflation. Even as the pace of consumer price hikes moderated some in April, inflation remains near a 40-year high and is putting many US household budgets in a vice. Consumer sentiment dropped by
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By Jackie Wattles, CNN Business SpaceX has been on a tear in 2022, notching 18 rocket launches and two astronaut splashdowns in just the first 130 days of the year — an unprecedented pace for the company and the commercial launch industry. The latest is scheduled for Friday evening with the launch of 53 of
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By Clare Duffy, CNN Business In the days following the January 6 Capitol riot, Twitter became the first major social media platform to permanently suspend then-President Donald Trump for violating its rules against inciting violence. It was a huge step and one that instantly put pressure on other big platforms to take action. Within days,
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By David Goldman, Chris Isidore and Clare Duffy, CNN Elon Musk said he is putting his bid to acquire Twitter on hold, weeks after agreeing to take the company private in a $44 billion deal. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,”
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By Matt Egan, CNN Business A perfect storm of war, extreme weather and Covid-19 will drive global food prices to levels that will cause social unrest in some parts of the world, according to David Beasley, head of the United Nations World Food Programme. “If people can’t feed their children and their families, then the
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By Jennifer Korn A board seat accepted and then rejected. A stunning $44 billion takeover offer with uncertain financing. And a surprise early morning tweet putting the deal on hold, temporarily. Even by the standards of Twitter, a company that has known plenty of chaos and dysfunction in its history, the weeks-long effort by billionaire
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By Julia Horowitz, CNN Business When WeWork, the once high-flying office space company, was forced to call off its Wall Street debut in late 2019, it was seen as a mea culpa for the startup world. For years, young companies making big promises had binged on money from venture capitalists and other private investors while
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By Atika Shubert and Abeer Salman, CNN There was unrest in Jerusalem Friday as thousands attended the burial of veteran Al Jazeera journalist Shireen Abu Akleh, who was shot dead two days earlier while reporting on a military raid in the West Bank city of Jenin. Mourners had marched from Jerusalem’s Jaffa Gate to Mount
Continue Reading By Atika Shubert and Abeer Salman, CNN There was unrest in Jerusalem Friday as thousands attended the burial of veteran Al Jazeera journalist Shireen Abu Akleh, who was shot dead two days earlier while reporting on a military raid in the West Bank city of Jenin. Mourners had marched from Jerusalem’s Jaffa Gate to Mount
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By Matt McFarland, CNN Business Uber is the latest company to try delivering food to people’s homes with robots. The company, which has long claimed that automation is key to its future profitability, is launching two test programs to deliver Uber Eats in greater Los Angeles this month, including four-wheeled robots that roll on sidewalks
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By Rishi Iyengar and Rachel Metz, CNN Business Google on Wednesday unveiled an expanded lineup of hardware products in the latest sign it remains committed to moving beyond its core advertising business and competing with the likes of Apple. At its first in-person developer conference in three years, Google announced three new smartphones and its
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By Laura He, CNN Business The Chinese currency is declining rapidly as the world’s second largest economy falters under the weight of Covid restrictions. Since the start of the year, investors have been moving money out of China, driven by concerns about rising lockdowns in major cities, and Beijing’s close ties with Moscow in the
Continue Reading By David Goldman, Chris Isidore and Clare Duffy, CNN Elon Musk said he is putting his bid to acquire Twitter on hold, weeks after agreeing to take the company private in a $44 billion deal. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,”
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By Matt Egan, CNN Business David Beasley, head of the United Nations World Food Programme, is pleading with Russian President Vladimir Putin to reopen Ukraine’s Black Sea ports before global calamity strikes. “Millions of people around the world will die because these ports are being blocked,” Beasley told CNN during a conference on Thursday. Asked
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By Taylor Romine, CNN California’s minimum wage is expected to increase to $15.50 per hour next January because a state provision regarding inflation was triggered, Gov. Gavin Newsom’s office said Thursday. Newsom’s office indicated in a release that the state’s minimum wage law requires an accelerated increase when inflation goes beyond 7%. The Consumer Price
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By Catherine Thorbecke, CNN Business Airbnb on Wednesday announced new ways to search for and book homes on the platform in response to the rise of remote work and the number of customers choosing longer stays. The new features include the ability to more easily divide trips between two homes when options for longer stays
Continue Reading By Matt Egan, CNN Business David Beasley, head of the United Nations World Food Programme, is pleading with Russian President Vladimir Putin to reopen Ukraine’s Black Sea ports before global calamity strikes. “Millions of people around the world will die because these ports are being blocked,” Beasley told CNN during a conference on Thursday. Asked
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By Peter Valdes-Dapena, CNN Business Mercedes-Benz is recalling 292,000 SUVs and advising owners of the vehicles to stop driving them until a potential problem, which could cause the power brake system to fail, can be fixed, if needed. The recall and advisory apply to Mercedes ML-, GL-. and R-class SUVs from the 2006 through 2012
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By Chris Isidore, CNN Business Diesel prices are soaring to record levels, and record low inventories of the fuel in parts of the United States are sparking fears of worse to come. Even if you’ve never bought a gallon of diesel in your life, as is the case for most US drivers, high diesel prices
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