By Anneken Tappe, CNN Business This summer, the American economic recovery hit a roadblock. The US economy grew at an annualized rate of only 2% in the third quarter, the Bureau of Economic Analysis reported Thursday. The highly infectious Delta variant of the coronavirus, supply chain chaos, worker shortages, sluggish jobs numbers and higher prices
Continue Reading
By Chris Isidore and Virginia Langmaid, CNN Business A large number of unvaccinated workers say they’ll quit their jobs if their employers follow upcoming federal rules to battle the Covid-19 pandemic. A survey by the Kaiser Family Foundation, a think tank concentrating on health issues, found 37% of unvaccinated workers say they will quit their
Continue Reading
By Brian Stelter, CNN Business The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and conspiratorial falsehoods about the election he lost last year. One day later, the Journal’s editorial board justified the decision by saying
Continue Reading By Anneken Tappe, CNN Business This summer, the American economic recovery hit a roadblock. The US economy grew at an annualized rate of only 2% in the third quarter, the Bureau of Economic Analysis reported Thursday. The highly infectious Delta variant of the coronavirus, supply chain chaos, worker shortages, sluggish jobs numbers and higher prices
Continue Reading
By Anna Cooban, CNN Business Volkswagen thinks the worst of the global chip shortage is in its rear-view mirror. CEO Herbert Diess told CNN Business on Thursday that the world’s second largest automaker has “seen the worst” of a chip shortage that badly dented its third quarter earnings. “We had really a challenging quarter,” Diess
Continue Reading
By Nathaniel Meyersohn, CNN Business It’ll be a very merry Christmas for America’s biggest retailers. Retail sales in November and December are expected grow between 8.5% and 10.5% this year compared with the 2020 holiday season, to a record of up to $859 billion, the National Retail Federation, a trade group for retailers, said Wednesday.
Continue Reading
By Julia Horowitz, CNN Business As world leaders prepare to gather in Glasgow for the COP26 climate summit, an activist investor is telling one of the biggest oil and gas companies it needs to change, fast. What’s happening: Hedge fund Third Point just revealed that it has built up a stake in Shell and will
Continue Reading
By Jordan Valinsky, CNN Business A prominent venture capitalist is under fire for calling new dads “losers” if they take months of paternity leave. Palantir cofounder Joe Lonsdale responded to a tweet Wednesday about US Transportation Secretary Pete Buttigieg, who took off work to care for his twin newborns. “Any man in an important position
Continue Reading
By Matt Egan, CNN Business Americans are already dealing with sticker shock at the grocery store and when filling up at the pump. Next up: Home heating bills. US households that rely on natural gas for heating will spend an average of $746 to heat their homes this winter, up 30% from last winter, according
Continue Reading
By Matt Egan, CNN Business Oil prices are unlikely to stay elevated for long, Chevron’s chief financial officer told CNN. “This feels more cyclical than structural,” Pierre Breber, the CFO of Chevron, the No. 2 US oil company, said in a phone interview. “We view these prices as above mid-cycle and above what our price
Continue Reading By Brian Stelter, CNN Business The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and conspiratorial falsehoods about the election he lost last year. One day later, the Journal’s editorial board justified the decision by saying
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and conspiratorial
Continue Reading
By Samantha Murphy Kelly, CNN Business Google is now making it easier for minors or their parents to have photos of them deleted from search results. In a blog post published Wednesday, the company said it is rolling out a tool that lets parents and kids under the age of 18 request photos be removed
Continue Reading
By Chris Isidore, CNN Business As with most automakers, Ford’s earnings took a hit from the supply chain problems and computer chip shortage. But its third quarter results were much better than Wall Street expected. The company also raised its outlook for future earnings and restored its dividend. Ford raised its full-year operating earnings guidance
Continue Reading
By Jeanne Sahadi, CNN Business Cryptocurrencies are usually characterized by wild price swings and extreme volatility. But there is one cryptocurrency that is designed to be the exact opposite. Stablecoins, as the name suggests, are intended to be stable in price. That is, they are supposed to hold roughly the same value from the day
Continue Reading
Anna Cooban for CNN Business Uber CEO Dara Khosrowshahi said he hopes drivers who rent Teslas through Hertz will eventually end up buying them. Hertz announced on Tuesday that it had placed an order for 100,000 Teslas as it tries to electrify its fleet. Through a partnership with Hertz, Uber plans to offer 50,000 of
Continue Reading
By Paul R. La Monica, CNN Business Hertz has made a lot of headlines lately thanks to its deals with Tesla and Uber. Wall Street has noticed, too. But rival rental car company Avis Budget is doing even better. Shares of Avis Budget have surged 125% since July and are up 370% so far in
Continue Reading
By Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16 an hour
Continue Reading By Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16 an hour
Continue Reading
Opinion by Jim Parrott and Mark Zandi for CNN Business Perspectives The nation faces a dramatic housing shortage, sending home prices and rents through the roof all over the country. The spike in housing costs is making it harder for some to buy their first home and for others to afford their rent, increasing demand
Continue Reading