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By Nicole Goodkind, CNN Business Economists, CEOs, Wall Street and Main Street are sounding the recession alarm bell. Most agree a recession could start to take shape in the United States over the next few months. The question is what shape that recession will take. Recessions and recoveries come in shapes and sizes as varied
Continue ReadingBy Anneken Tappe, CNN Business Economists and investors are hopeful that we’re past the pandemic inflation peak, as another key price index showed a slower increase in April. The Producer Price Index, which measures wholesale inflation before goods and services reach consumers, rose 11% over the 12 months ending in April, not adjusted for seasonal
Continue ReadingOpinion by Jennifer Sherer for CNN Business Perspectives This year, workers at Amazon, Starbucks and other major corporations are winning a wave of union elections, often in the face of long odds and employer resistance. These wins are showing it’s possible for determined groups of workers to break through powerful employers’ use of union-busting tactics,
Continue ReadingBy Julia Horowitz, CNN Business Investors in stocks, bonds and commodities are all on edge right now. But in the market for cryptocurrencies, unease has morphed into full-on panic, catching the attention of regulators in Washington tasked with maintaining financial stability. What’s happening: As of last Friday, the price of bitcoin had plunged almost 50%
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business It’s been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage’s sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs.
Continue ReadingBy Jordan Valinsky, CNN Business The Cosmopolitan of Las Vegas surprised its more than 5,000 employees on Wednesday with a one-time $5,000 bonus. The resort said it gave an “unprecedented” $27 million to its workers during a festive event that was capped off with a “climatic drumroll” and confetti when Cosmopolitan CEO Bill McBeath made
Continue ReadingBy Michelle Toh, CNN Business SoftBank’s mega tech funds lost more than $27 billion in the last fiscal year, by far their worst performance on record. The world’s biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year ended March. That was a
Continue ReadingBy Michelle Toh, CNN Business Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv. Market capitalizations fluctuate frequently: earlier this year,
Continue ReadingBy Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000
Continue ReadingCNN, CNNBUSINESS By Anneken Tappe, CNN Business Reproductive rights activists are worried about women losing abortion access in parts of the United States. Economists are worried, too, because restricting reproductive freedom comes at an economic cost to the nation. The US Supreme Court may be poised to overturn the landmark 1973 Roe v. Wade ruling
Continue ReadingBy Frank Pallotta, CNN Business Disney’s streaming numbers were under the microscope on Wednesday after Netflix’s stock tanked last month following its first subscriber loss in a decade. Luckily for the House of Mouse and its investors, Disney+ grew. The streaming service now has 137.7 million subscribers — a gain of roughly 8 million in
Continue ReadingBy Nathaniel Meyersohn, CNN Business The pitchforks have been out for Kohl’s over the past year. Activist investors have criticized the department store’s strategy, blasted its CEO and tried to replace its board of directors. Kohl’s has beaten them back — for now. Kohl’s said Wednesday that it re-elected all 13 of its board of
Continue ReadingBy Peter Valdes-Dapena, CNN Business The Scout, a one-time competitor to Ford Broncos and Jeeps that was last sold more than four decades ago, is being resurrected by Volkswagen as a line of all-electric trucks and SUVs. Scout will become its own separate brand offering off-road-oriented electric trucks and SUVs in North America. A Scout
Continue ReadingCNN By Atika Shubert and Abeer Salman, CNN Mourners flocked to Jerusalem’s streets on Friday to attend the burial of veteran Al Jazeera journalist Shireen Abu Akleh, who was shot dead on Wednesday while reporting on a military raid in the West Bank city of Jenin, and were met with violence by Israeli police as
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Inflation may be slowing just a bit, but food prices are on fire. Food prices were 9.4% higher in April 2022 than in April 2021 — the largest annual increase in 41 years, the Bureau of Labor Statistics said Wednesday. Grocery prices jumped 10.8% for the year. (The prices do
Continue ReadingBy Nadeen Ebrahim and Abbas Al Lawati, CNN Veteran Palestinian-American journalist Shireen Abu Akleh was a household name in the Arab world. For two and a half decades, she chronicled the suffering of Palestinians under Israeli occupation for tens of millions of Arab viewers. Abu Akleh, 51, was shot dead in the West Bank on
Continue ReadingCNN, CNN BUSINESS By Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s
Continue ReadingBy Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s stock is now
Continue ReadingCNN, CNN BUSINES By Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders
Continue ReadingBy Paul R. La Monica, CNN Business The bitcoin crash is hitting Coinbase really, really hard. The cryptocurrency brokerage reported a first-quarter loss late Tuesday and revenue that fell 27% from a year ago, missing Wall Street’s forecasts. Coinbase shares plummeted more than 25% Wednesday and hit their lowest level ever. Coinbase stock is now
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