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By Peter Valdes-Dapena, CNN Business The US government is planning to change auto emissions standards in a way that means automakers would need to sell a lot more electric vehicles. By 2032, electric vehicles would need to make up about two-thirds of all the new cars sold in America. Without these requirements, electric vehicles would
Continue ReadingBy Danielle Wiener-Bronner, CNN Grocery prices finally dipped in March, falling for the first time since September 2020, according to data released Wednesday by the Bureau of Labor Statistics. Of six major grocery food group indexes, three fell from February to March. The meats, poultry, fish and eggs index fell 1.4%, pulled down by another
Continue ReadingBy Jordan Valinsky, CNN Business Juul Labs, the e-cigarette maker, is paying $462 million to six US states and DC in the largest multi-state settlement yet for the troubled company that has been accused of contributing to the rise of vaping among youth. The settlement, which was co-led by New York Attorney General Letitia James
Continue ReadingCNN By Danielle Wiener-Bronner, CNN New York (CNN) — Last year, the Human Rights Campaign Foundation gave Bud Light parent company Anheuser-Busch a top rating for LGBTQ+ equality. But because of how the company handled backlash to a sponsored post by Dylan Mulvaney, a transgender woman, it’s now off the list. The organization informed Anheuser-Busch
Continue ReadingBy Danielle Wiener-Bronner, CNN Company X introduces marketing campaign that touches on Y, a cultural issue some people oppose. Group Z lashes out on social media. Rinse. Repeat. It happens again and again: Nike and social-justice advocate Colin Kaepernick. M&M’s and female “spokescandies.” And last week, Bud Light and its parent company Anheuser Busch were
Continue ReadingBy Oliver Darcy, CNN Business Warner Bros. Discovery on Wednesday unveiled “Max,” its high-stakes super-streamer that unites some of the company’s most storied brands under one roof and aims to aggressively compete in the streaming marketplace as the traditional linear television business rapidly declines. The new service, announced by CEO David Zaslav at a press
Continue ReadingBy Marshall Cohen The judge overseeing Dominion Voting Systems‘ massive defamation case against Fox News said Wednesday that he plans to appoint an outside attorney to investigate whether the right-wing network lied to the court and withheld key evidence, and sanctioned Fox over the matter. “I am very concerned… that there have been misrepresentations to
Continue ReadingBy Alicia Wallace, CNN The broader US banking system remains sound and stable, but the two regional banks that failed were “poorly managed” and “took unacceptable risks,” White House economic adviser Lael Brainard told CNN’s Poppy Harlow in an interview Wednesday at Semafor’s World Economy Summit in Washington, DC. Last month, the collapse of Silicon
Continue ReadingBy Chris Isidore, CNN Billionaire investor Warren Buffett isn’t worried about the state of the US banking industry — but he would like to see much tougher consequences for top leaders of the banks that fail. In the wake of the failure of Silicon Valley Bank, Buffett reflected on the public’s frustration after the 2008
Continue ReadingBy Anna Cooban, CNN Regulators must learn “important lessons” from this year’s banking turmoil, the world’s top financial watchdog has said. Requiring banks to hold more cash to pay out depositors may be one of them. Klaas Knot, chair of the Financial Stability Board, a body of global regulators and government officials, wrote in a
Continue ReadingCNN By Nathaniel Meyersohn, CNN Walmart plans to close half its stores in Chicago, a reversal of the retail giant’s high-profile commitment in 2020 to expand in the city as part of its corporate racial justice initiative in the wake of George Floyd’s murder by police. Walmart announced Tuesday that next week it will close
Continue ReadingBy Nathaniel Meyersohn, CNN Walmart plans to close half its stores in Chicago, a reversal of the retail giant’s high-profile commitment in 2020 to expand in the city as part of its corporate racial justice initiative in the wake of George Floyd’s murder by police. Walmart announced Tuesday that next week it will close four
Continue ReadingBy Krystal Hur, CNN Corporate guidance statements will be front and center as earnings season kicks off, with investors trying to gauge the economy’s temperature. Things could get chilly. Analysts forecast that first-quarter earnings for companies in the S&P 500 will fall 6.8% from the same period the previous year, according to FactSet. That would
Continue ReadingBy Alicia Wallace, CNN Prices are moving in a more palatable direction for US consumers. Annual inflation, as measured by the Consumer Price Index, dropped in March for the ninth consecutive month. And for the first time since September 2020, grocery prices fell on a monthly basis. Prices rose 5% for the 12 months ended
Continue ReadingBy Nicole Goodkind, CNN Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank stocks. It looks like nothing tempts people to bet on an industry more than bargain prices, even if they’re caused by the fear of imminent collapse. In January and February, trading in First Republic Bank stock was
Continue ReadingBy Alicia Wallace, CNN The banking crisis could help the Federal Reserve’s fight to bring down inflation, but the central bank needs to be “cautious” in its actions moving forward, Chicago Fed President Austan Goolsbee said Tuesday. Goolsbee, the newest Fed appointee, spoke before the Economic Club of Chicago and addressed the “new, big, hairy
Continue ReadingCNN By Alicia Wallace, CNN The banking crisis could help the Federal Reserve’s fight to bring down inflation, but the central bank needs to be “cautious” in its actions moving forward, Chicago Fed President Austan Goolsbee said Tuesday. Goolsbee, the newest Fed appointee, spoke before the Economic Club of Chicago and addressed the “new, big,
Continue ReadingBy Nathaniel Meyersohn, CNN Leon Levine, who built Family Dollar into a discount retail giant catering to America’s lower-income and middle-class shoppers, has died at 85. The Leon Levine Foundation, the philanthropic organization Levine later founded, confirmed in an online statement he died on April 5. No cause was listed. Levine, a college dropout, was
Continue ReadingBy Marshall Cohen Dominion Voting Systems can’t bring up the January 6 insurrection during its upcoming defamation trial against Fox News, a Delaware judge ruled Tuesday, who also revealed at a hearing that he has been receiving death threats. The voting technology company sued Fox News over the right-wing network’s promotions of false claims that
Continue ReadingBy Parija Kavilanz, CNN Louis Vuitton, Chanel, Gucci, step aside. Resale clothing shoppers are bypassing previously-owned luxury brands at discounted prices in favor of scoring secondhand mid-tier brands for less. More affordable brands, such as Madewell, Zara, Urban Outfitters, Free People, Anthropologie, Abercrombie & Fitch and Levi’s are now the most popular brands with the
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