By Matt Egan, CNN Business US Chamber of Commerce CEO Suzanne Clark is pushing back against Senator Elizabeth Warren and others who blame high inflation on dominant corporations. “They’re just plain wrong,” Clark told CNN in a rare interview. “We’ve had decades of low inflation. There wasn’t some magic burst of consolidation in the last
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By Jordan Valinsky, CNN Business Peloton’s turnaround plan can’t happen fast enough: The at-home fitness company continues to lose money — and it’s quickly running out of cash. The once-hot company reported a dismal quarterly financial report Tuesday, with sales tumbling 15% from a year ago. Peloton lost $757 million last quarter. Peloton said it
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By Henry Klapper, CNN Two Russian reporters appeared to post at least 30 articles on Monday that criticized President Vladimir Putin’s invasion of Ukraine. CNN reviewed the articles, which were taken down almost immediately after they were published on a pro-Kremlin news site. Some were pegged to the 77th anniversary of the Soviet Union’s defeat
Continue Reading By Henry Klapper, CNN Two Russian reporters appeared to post at least 30 articles on Monday that criticized President Vladimir Putin’s invasion of Ukraine. CNN reviewed the articles, which were taken down almost immediately after they were published on a pro-Kremlin news site. Some were pegged to the 77th anniversary of the Soviet Union’s defeat
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By Matt Egan, CNN Business In another blow to the US economy, prices at the pump soared to fresh record highs. The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11. The
Continue Reading By Matt Egan, CNN Business In another blow to the US economy, prices at the pump soared to fresh record highs. The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11. The
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By Brian Fung, CNN Elon Musk appeared to endorse a key European law regulating social media on Monday when he appeared in a video with Thierry Breton, a top EU commissioner and digital regulator. In the video, Breton said he met with Musk to explain the finer points of the Digital Services Act, a forthcoming
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By Rachel Metz, CNN Business Clearview AI, a controversial facial-recognition software company, agreed on Monday that it will not sell its software to most companies in the United States — a decision that will largely restrict its use to law-enforcement agencies in the country. The agreement is part of a settlement of a lawsuit that
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By Brian Stelter, CNN Business The judges of the Pulitzer Prizes looked well beyond America’s national newsrooms as they recognized some of the best journalism of 2021. Pulitzer winners on Monday included the staff of the Miami Herald for breaking news coverage of the Surfside condo collapse; a team at the Tampa Bay Times for
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By Paul R. La Monica, CNN Business The stock market is a mess right now, but here’s some Wall Street wisdom for these tough times: Eat, drink and be merry. Emphasis on the merry if you’ve been buying food and beverage stocks. Stodgy consumer staples companies like food and drink makers tend to do well
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By Anna Cooban, CNN Business Volkswagen Group, the leading global competitor to Tesla, has sold out of electric cars in the United States and Europe this year because of soaring demand and supply constraints. “We are not sold out because we can’t build cars … we are really sold out for electric cars because demand
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Opinion by Jeff Tucker for CNN Business Perspectives After 14 straight months of year-over-year home price growth reaching into the double digits, we’re finally starting to see the early signs of a cooling housing market. Don’t worry. A crash isn’t coming. In fact, prices may not even fall. Rather, this will be a much-needed rebalancing
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By Jeanne Sahadi, CNN Business A lot is changing fast in the world of crypto, including the tax rules. As with most investments there will be taxes to consider before figuring out how much you really made — or lost — on your digital assets. So if you couldn’t resist getting in on, say, bitcoin’s
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By Chris Isidore, CNN Business Rivian’s stock plunged 13% Monday as early investors jumped at their first opportunity to sell their shares — including, reportedly, Ford. The 180-day “lockup” period, which prevented insiders and early investors from selling their Rivian shares, expired Monday. CNBC reported on Saturday that Ford, which owns a 11.4% stake in
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By Paul R. La Monica, CNN Business So much for bitcoin being digital gold. The world’s most valuable cryptocurrency was down 10% Monday after plunging again over the weekend. Bitcoin prices have now plummeted nearly 20% in the past week. At a price of just below $31,000, bitcoin is more than 50% below its record
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By Matt Egan, CNN Business Prices at the pump are once again flirting with record highs. That’s adding to inflationary headaches for families, the US economy and the White House. The national average for regular gasoline rose to $4.328 a gallon on Monday, according to AAA. That’s a fraction of a penny shy of the
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By Nicole Goodkind, CNN Business US stocks fell sharply on Monday, pushing the S&P 500 below 4000 for the first time in over a year as traders anticipate a new load of bad news on inflation and earnings. The Dow fell about 654 points, nearly 2%. The S&P 500 dropped 3.2%, and the Nasdaq Composite
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By Julia Horowitz, CNN Business Summer 2022 will be huge for travel, as people in the United States and Europe dig out their swimsuits and happily set off on long-postponed vacations. That’s the message from companies like Marriott, Airbnb, Booking Holdings and Trivago, which have been telling investors that after a difficult two years, business
Continue Reading By Julia Horowitz, CNN Business Summer 2022 will be huge for travel, as people in the United States and Europe dig out their swimsuits and happily set off on long-postponed vacations. That’s the message from companies like Marriott, Airbnb, Booking Holdings and Trivago, which have been telling investors that after a difficult two years, business
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By Laura He, CNN Business Groups representing Western businesses in China are urging Beijing to relax its approach to Covid, saying harsh lockdowns are damaging earnings and investment and forcing a growing number of companies to consider shifting operations out of the world’s second biggest economy. Over 50% of American businesses have either delayed or
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