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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 ReadingCNN 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
Continue ReadingBy 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 ReadingBy 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 ReadingBy 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 ReadingAnna 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 ReadingCNN, CNNBUSINESS 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
Continue ReadingBy 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 ReadingCNN, CNNBUSINESS 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
Continue ReadingOpinion 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 ReadingBy Vanessa Yurkevich, CNN Business A John Deere worker who was walking to the picket line Wednesday in Milan, Illinois, was struck and killed by a car, according to the United Autoworkers Union. “It is a somber time to lose a member who made the ultimate sacrifice in reporting to picket for a better life
Continue ReadingBy Matt Egan, CNN Business Georgia Rep. Marjorie Taylor Greene bought as much as $50,000 worth of shares in a shell company that is merging with former President Donald Trump’s new media venture, according to a financial disclosure form. Greene, a Republican and Trump supporter with a history of conspiracy theories, bought shares of Digital
Continue ReadingBy Paul R. La Monica, CNN Business Only a week ago, Bitcoin hit an all-time high of nearly $67,000. But investors have been dumping the world’s most valuable cryptocurrency in favor of the new kid — or rather, new dog — in town: shiba inu. The price of one bitcoin fell more than 5% Wednesday
Continue ReadingBy Allison Morrow, CNN Business We all had to find our own ways to cope with the pandemic lockdowns last year. Some people bought Pelotons and baked bread. Others took a slightly less healthy route. Cigarette sales in America last year rose for the first time in two decades, a new report from the Federal
Continue ReadingBy Chris Isidore, CNN Business Housing prices are surging to new records with no end in sight. They’re being fueled by historically low interest rates — but also investors and economists’ belief that the housing market has a unique ability to support runaway prices. That’s the current state of America’s housing market, but it could
Continue ReadingBy Chris Isidore, CNN Business Boeing’s 737 Max troubles are improving, the company’s quarterly results released Wednesday showed — but it’s facing a host of other problems. The aircraft maker increased production of the Max to 19 a month in the third quarter, up from 16 a month in the quarter prior. The company added
Continue ReadingCNN By Amy Woodyatt, CNN Business The chief executive and founder of shapewear company Spanx has surprised employees with two first-class plane tickets and $10,000 each to celebrate the company’s $1.2 billion deal with Blackstone. Spanx founder Sara Blakely surprised employees with the news, she revealed in a post on her verified Instagram account Friday.
Continue ReadingCNN, CNN BUSINESS By Peter Valdes-Dapena, CNN Business Land Rover just unveiled what will be the first new, redesigned Range Rover in a decade. This is only the fifth generation of the large off-road luxury SUV since the model was introduced in 1970. A sleek new design, with smoothed off corners and edges, retains the
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Higher menu prices, celebrity meals and chicken sandwiches helped boost McDonald’s sales in the third quarter. The company said Wednesday that in the three months ending on September 30, sales at global restaurants open at least 13 months jumped 12.7% compared to the same period last year. Total revenue jumped
Continue ReadingBy Chris Isidore, CNN Business Supply chain issues, especially the computer chip shortage, took a major bite out of General Motors’ sales and earnings in the third quarter, but America’s largest automaker was still able to perform better than expected. GM also gave investors a bullish outlook, saying that its full-year earnings should be at
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