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CNN By Jeanne Sahadi, CNN Business If you’re a high earner who was scrambling to take advantage of a so-called backdoor Roth IRA or Roth 401(k) before new rules go into effect prohibiting you to do so, you just got a reprieve. Senator Joe Manchin’s refusal to vote for the Build Back Better bill puts
Continue ReadingOpinion by Jeff Tucker for CNN Business Perspectives Homebuyers will need to be prepared and patient in 2022. Just as baby boomers are hitting retirement, more millennials are reaching peak first-time homebuyer age, and they’re all competing in a market starved for inventory. While the market will slow a bit from the surge in demand
Continue ReadingBy Charles Riley, CNN Business Plenty of people want to buy Nike clothes and sneakers. But nearly two years into the coronavirus pandemic, supply chain issues mean the company is struggling to meet that demand and grow its business. Nike sales increased just 1% to $11.4 billion in the quarter ended November 30, the US
Continue ReadingBy Jordan Valinsky, CNN Business Rite Aid announced Tuesday it is closing another 63 stores to save about $25 million per year. After years of overexpansion, Rite Aid and other giant American pharmacy chains have struggled. They’ve been closing hundreds of stores over the past few years, despite the pandemic that has drawn people into
Continue ReadingCNN, GETTY IMAGES By Pete Muntean, CNN Business The world’s biggest commercial airplane manufacturers are telling the Biden Administration to delay the rollout of 5G cell service next month. Boeing CEO David Calhoun and Airbus Americas CEO Jeffery Knittel sent a letter to Transportation Secretary Pete Buttigieg to say the January 5 rollout could cause
Continue ReadingBy Pete Muntean, CNN Business The world’s biggest commercial airplane manufacturers are telling the Biden Administration to delay the rollout of 5G cell service next month. Boeing CEO David Calhoun and Airbus Americas CEO Jeffery Knittel sent a letter to Transportation Secretary Pete Buttigieg to say the January 5 rollout could cause interference that could
Continue ReadingBy Nathaniel Meyersohn, CNN Business Early in the Covid-19 pandemic, everybody stuck at home tried their hand at cooking. People posted photos of their elaborate dishes on social media with hashtags like #Coronavriuscooking, and baking sales boomed. Almost two years later, people have given up on their dreams of being a celebrity chef. Consumers across
Continue ReadingBy Michelle Toh, CNN Business China Mobile is ending the year with a bang. The Chinese telecom giant announced Tuesday that it wants to raise as much as 56 billion yuan ($8.8 billion) on the Shanghai stock exchange after it was forced to quit Wall Street in January. In a filing to the Hong Kong
Continue ReadingBy Matt Egan, CNN Business Mark Zandi is growing more concerned about the health of the US economy heading into 2022 following the apparent demise of the Build Back Better Act and the rapid spread of Omicron. “With Omicron looming and DC in disarray, risks to the economic recovery next year are not inconsequential and
Continue ReadingBy Ramishah Maruf, CNN Business California filed a lawsuit against Walmart Monday for allegedly disposing of hazardous waste at a rate of “more than one million items each year,” the state’s Department of Justice announced. The lawsuit alleges Walmart has illegally dumped 159,600 pounds of hazardous waste a year in landfills in the state that
Continue ReadingBy Jordan Valinsky, CNN Business Procter & Gamble has recalled more than 30 aerosol spray haircare products, including many dry shampoos and dry conditioners, warning that the products could contain benzene, a cancer-causing agent. The affected items include assorted Pantene, Herbal Essences, Hair Food, Old Spice and Aussie products, according to Friday’s recall notice, which
Continue ReadingBy Frank Pallotta, CNN Business Spider-Man made even more money than originally projected. “Spider-Man: No Way Home,” the latest movie in the Marvel series, notched a record-breaking opening weekend at the domestic box office by bringing in $260 million, Sony said Monday. That’s up from Sunday’s projections of $253 million, and it’s remarkable in a
Continue ReadingCNN By Frank Pallotta, CNN Business Spider-Man made even more money than originally projected. “Spider-Man: No Way Home,” the latest movie in the Marvel series, notched a record-breaking opening weekend at the domestic box office by bringing in $260 million, Sony said Monday. That’s up from Sunday’s projections of $253 million, and it’s remarkable in
Continue ReadingBy Chris Isidore, CNN Business Elon Musk says his tax bill this year will be $11 billion, and he’s probably right: The filings he has made with the Securities and Exchange Commission about his recent stock trades back up that massive number. Musk revealed the $11 billion total in a tweet Sunday that was otherwise
Continue ReadingCNN, CNN BUSINESS By Kerry Flynn, CNN Business Jim Cramer announced on CNBC Monday he had tested positive for Covid-19. While holding up three Abbott BinaxNOW tests on air from his home studio where he is isolating, Cramer said on CNBC’s “Squawk on the Street” that he tested positive on Thursday evening after taking a
Continue ReadingBy Kerry Flynn, CNN Business Jim Cramer announced on CNBC Monday he had tested positive for Covid-19. While holding up three Abbott BinaxNOW tests on air from his home studio where he is isolating, Cramer said on CNBC’s “Squawk on the Street” that he tested positive on Thursday evening after taking a test earlier in
Continue ReadingBy Kathryn Vasel, CNN Business This year didn’t go as planned for employers. With the introduction of vaccines in late 2020, many were hoping for a return to something resembling normalcy in 2021. But instead they grappled with delayed re-openings, vaccine mandates and mask guidance, employee safety and hiring and retention struggles as the pandemic
Continue ReadingCNN, CNNBUSINESS By Kathryn Vasel, CNN Business This year didn’t go as planned for employers. With the introduction of vaccines in late 2020, many were hoping for a return to something resembling normalcy in 2021. But instead they grappled with delayed re-openings, vaccine mandates and mask guidance, employee safety and hiring and retention struggles as
Continue ReadingBy Jordan Valinsky, CNN Business Papa Johns is tossing up a New York-inspired pizza nationwide. Beginning December 27, the chain is rolling out its take on a New York-style pizza that features “eight oversized, foldable slices with just the right balance of crust and toppings.” The city’s pizzas are known to be bigger than average
Continue ReadingCNN, WJLA, TAMPA BAY SUPER BOWL LV HOST COMMITTEE By Mark Thompson, CNN Business Investors hoping for an easy Christmas week could be sorely disappointed as stocks and oil prices slid in the face of growing threats to the global economy. In the US the Dow fell more than 430 points, or 1.2%, on Monday.
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