By Frank Pallotta, CNN Business “West Side Story” had little to sing about this weekend. 20th Century Studios’ remake of the 1961 classic musical brought in an estimated $10.5 million for its opening in North America this weekend. This total was below expectations, which projected the film to make closer to $15 million in its
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By Parija Bhatnagar, CNN Business The pandemic sparked a fast and furious love affair with Peloton. Now comes the breakup. The first sign that the Peloton pandemic bubble burst came last month, when the company revealed sales of its Peloton stationary bikes and treadmills fell 17% in its most recent quarter. Those two machines are
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By Nathaniel Meyersohn, CNN Business Americans are spending more on rent, gas, groceries, clothes and other essentials lately. US consumer prices have climbed 6.8% annually without seasonal adjustments — the biggest increase since June 1982 — as inflation has surged due to the imbalance between demand for consumer goods and supply of those products. We
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By Paul R. La Monica, CNN Business This was a big year for new exchange-traded funds, or ETFs, the popular investments that make it easy to buy a basket of stocks, cryptocurrencies or other assets. Numerous bitcoin ETFs launched in 2021, with more likely in 2022. Several experts even predict that there could be new
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Opinion by Mark Wolfe for CNN Business Perspectives The pandemic has only made things worse for those at the bottom of the economic ladder. While families across the country have been hit hard by rising prices for many essential goods and services — especially for food, shelter, clothing and gasoline — those with the lowest
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By Jackie Wattles and Kerry Flynn, CNN Business Shortly before Jeff Bezos flew to space in July, “Good Morning America” host Michael Strahan was one of the few journalists who got to ask the billionaire directly why he was going. Little did the public know that Strahan would be offered the same opportunity a few
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By Walé Azeez and Martin Goillandeau, CNN Business A man who slipped down the stairs and broke his back while walking from his bed to home office can file a claim on his employer’s insurance after a court in Germany ruled that he was commuting at the time. The ruling by Germany’s federal social court
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By Julia Horowitz, CNN Business Consumer prices in the United States continued to surge in November, exacerbating anxiety about rising inflation among Americans. The consumer price index rose by 6.8% last month, the highest its been since June 1982, according to the Bureau of Labor Statistics. The Biden administration was already trying to tamp down
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By Charles Riley, CNN Business The Bank of England is hiking interest rates in an effort to fight surging prices even as the Omicron variant engulfs the United Kingdom and threatens to put the economy into reverse. The central bank’s Monetary Policy Committee said Thursday that it would raise interest rates from the record low
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By Anneken Tappe, CNN Business America’s high pandemic-era price hikes were alive and kicking last month, when a key measure of inflation climbed to a level not seen since June 1982. Consumer price inflation rose by 6.8% without seasonal adjustments over the 12 months ended November, the Bureau of Labor Statistics reported Friday. Stripping out
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By Reuters Tesla Chief Executive Officer Elon Musk is “thinking of” leaving his jobs and becoming an influencer, the world’s richest man tweeted on Thursday. “thinking of quitting my jobs & becoming an influencer full-time wdyt,” Musk said in the tweet, without elaborating. It was not immediately clear if Musk, a prolific user of the
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By Laura He, CNN Business Evergrande has defaulted on its debt. Now Beijing is intervening to prevent a disorderly collapse of the indebted real estate group that could wreak havoc on the world’s second biggest economy. Fitch Ratings on Thursday declared that the embattled property developer has entered “restricted default,” reflecting the company’s inability to
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By Esha Mitra, Vedika Sud and Rhea Mogul, CNN India was mourning the victims of a helicopter crash that killed 13 people including the country’s top military official, as their funerals got underway on Friday. The remains of Chief of Defense Staff Gen. Bipin Rawat and his wife Madhulika Rawat arrived at his residence in
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By Michelle Toh, CNN Business SenseTime’s big stock market debut may have hit a major snag because of tensions between the United States and China. The Chinese artificial intelligence startup was supposed to price shares Friday in its initial public offering in Hong Kong, where it planned to raise up to $767 million. But its
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Story by Reuters A Filipino journalist who formerly worked with Reuters has been killed in a drive-by shooting, authorities said on Thursday, one of more than a dozen journalists killed in the country in the past five years. Jesus “Jess” Malabanan, 58, who worked with the Manila Standard, among other news media, was shot dead
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By Joe Johns, Laura Robinson and Nicole Chavez, CNN Tenisha Tate-Austin and her husband became suspicious when the Northern California home they spent years renovating was valued by an appraiser far lower than they expected. So when they asked for a second opinion last year, a White friend pretended to own their home and they
Continue Reading By Joe Johns, Laura Robinson and Nicole Chavez, CNN Tenisha Tate-Austin and her husband became suspicious when the Northern California home they spent years renovating was valued by an appraiser far lower than they expected. So when they asked for a second opinion last year, a White friend pretended to own their home and they
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By Chris Isidore, CNN Business A union has won the right to represent US Starbucks workers for the first time. The vote to unionize at a shop in Buffalo, New York, won by a 19-8 margin. The vote at a second store resulted in a count of 12 opposed versus 8 in favor of the
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By Parija Kavilanz, CNN Business The CEOs of Target, Best Buy, Nordstrom, Home Depot and CVS are among a group of 20 retail leaders who sent a letter Thursday to Congress expressing their concern over a recent wave of brazen store robberies in major US cities and urged lawmakers to take action. The group called
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By Jennifer Korn Amazon is potentially misleading consumers by not being clear enough in indicating which of its search results are paid advertisements, according to a complaint filed with the Federal Trade Commission on Wednesday. More than a quarter of Amazon search results are sponsored by third parties and not adequately labeled to make that
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