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By Anneken Tappe, CNN Business America’s economy unexpectedly shrank in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday. The nation’s gross domestic product — the broadest measure of economic activity — declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior
Continue ReadingBy Chris Isidore, CNN Business In the days after its November IPO, electric truck maker Rivian was briefly one of the world’s most valuable automakers despite not yet having reported a single sale. But its stock has been sliding steadily since then, which just resulted in a big loss for…..Ford? Yes, that’s right. Ford, which
Continue ReadingBy Matt Egan, CNN Business Russia’s invasion of Ukraine has contributed to an historic shock to commodity markets that will keep global prices high through the end of 2024, according to the World Bank. The spike in energy prices over the past two years is the biggest since the 1973 oil crisis, while the jump
Continue ReadingBy Paul R. La Monica, CNN Business Sending money to pay for things via Venmo may be all the rage among smartphone-addicted millennials and Gen Zers. But it hasn’t been enough to boost Venmo owner PayPal as of late. The digital payments giant is one of the worst performing stocks in the S&P 500 this
Continue ReadingBy Frank Pallotta, CNN Business Earlier this year, Spotify found itself embroiled in a controversy sparked by one of its most notable podcast hosts, Joe Rogan. The comedian’s frequent and sometimes inaccurate claims about Covid-19 and vaccines on his very popular, “The Joe Rogan Experience” podcast led some artists to leave the site in protest.
Continue ReadingBy Matt Egan, Kara Scannell and Mark Morales, CNN Federal agents arrested Archegos Capital Management founder Sung Kook “Bill” Hwang on Wednesday morning on fraud charges, roughly one year after the investment firm’s spectacular meltdown sent shock waves through Wall Street. Prosecutors are charging both Hwang and Patrick Halligan, the firm’s chief financial officer, with
Continue ReadingBy Beth Braverman With inflation pushing the price of just about everything higher, it’s more important than ever to keep track of how you’re spending your money. Over time, however, even the most budget-conscious consumers may find themselves spending more than they need to on certain expenses. Here’s a look at seven common money traps
Continue ReadingCNN, HLN, KCBS, KCAL By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a
Continue ReadingBy Chris Isidore, CNN Business The bad news keeps piling up for Boeing. The company is delaying the debut of its newest passenger jet to 2025, and it reported a much bigger-than-expected quarterly loss. The aircraft builder announced Wednesday it would temporarily pause the start of production for its 777X passenger jet, which it planned
Continue ReadingBy Paul R. La Monica, CNN Business It looks like bitcoin and other cryptocurrencies may not be digital gold after all. Bitcoin prices are down more than 15% so far in 2022. Other top cryptos, such as ethereum, solana and Elon Musk’s beloved dogecoin, also have fallen sharply this year. Meanwhile, tactual gold is up
Continue ReadingBy Julia Horowitz, CNN Business The tech-heavy Nasdaq Composite was a huge beneficiary of the stock market’s epic recovery from the pandemic. Now, it’s facing ever deeper losses as investors fear that fast-growing companies are running out of steam. What’s happening: The Nasdaq dropped almost 4% on Tuesday, sending the index to its lowest level
Continue ReadingBy Parija Kavilanz, CNN Business It’s proposal season, and engagements are on the rise. So are factory-made diamond sales. Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag. “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
Continue ReadingBy Jordan Valinsky, CNN Business Members of Walmart’s discount program will get a bit of relief at the gas pump. Beginning Wednesday, Walmart+ subscribers will get 10 cents off a gallon of gas at participating fuel stations. Walmart previously offered a discount of just 5 cents a gallon to Walmart+ subscribers, and only at 2,000
Continue ReadingBy Nicole Goodkind, CNN Business Maybe that avocado toast isn’t so bad, after all. Millennials are way ahead of Baby Boomers when it comes to saving for retirement, according to a new study by investment firm Charles Schwab. That younger generation is already stashing away funds in their mid-20s, beating their parents by about a
Continue ReadingBy Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
Continue ReadingCNN By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal,
Continue ReadingCNN By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. LA County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue ReadingBy Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue ReadingCNN, CNNBUSINESS By Ramishah Maruf, CNN Up to a quarter million Ford Explorers are being recalled due to a mechanical problem that can cause the SUV to roll away while it’s parked, according to documents from the National Highway Traffic Safety Administration. The document said a bolt in the rear axle mounting could fracture and
Continue ReadingBy Nicole Goodkind, CNN Business Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company’s stock hit a new low. In a blogpost, Tenev wrote that Robinhood’s financial position was strong, with over $6 billion in cash on its balance sheet.
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