Stocks are regaining ground after huge selloff
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You can score free Starbucks and Dunkin’ today. Here’s how
By Jordan Valinsky, CNN Business It’s that time of the year again: Today is National Coffee Day. This year’s commemoration arrives just as Americans are getting back to their coffee drinking habits, according to the National Coffee Association. Coffee consumption has rebounded to pre-Covid levels thanks to easing health safety restrictions and customers growing more
Continue ReadingEvergrande raises $1.5 billion as another debt payment looms
By Michelle Toh, CNN Business Evergrande has raised $1.5 billion in much needed cash. But that may do little to help it meet a new bond interest payment due Wednesday. The Chinese real estate developer has agreed to sell off part of its stake in a local bank for nearly 10 billion yuan (about $1.5
Continue ReadingKamala Harris’ office frustrated with ‘The View’ after last week’s Covid fiasco, sources say
CNN By Oliver Darcy, CNN Business The office of Vice President Kamala Harris is vexed with “The View” after the false Covid-19 positive tests revealed just before Harris was to appear on the show last week sent the program into chaos, people familiar with the matter told CNN on Tuesday. One of the people explained
Continue ReadingKamala Harris’ office frustrated with ‘The View’ after last week’s Covid fiasco, sources say
By Oliver Darcy, CNN Business The office of Vice President Kamala Harris is vexed with “The View” after the false Covid-19 positive tests revealed just before Harris was to appear on the show last week sent the program into chaos, people familiar with the matter told CNN on Tuesday. One of the people explained that
Continue ReadingAlmost all United employees complied with the vaccine mandate
By Chris Isidore, CNN Business United Airlines announced Tuesday that only 593 of its workers face dismissal for not complying with the requirement to get a Covid-19 vaccine. That is less than 1% of its 67,000 US workers who are covered by the rule. About 2,000 other employees, or less than 3% of the workforce,
Continue ReadingMore women are burning out at work, and that’s a problem
By Kathryn Vasel, CNN Business Even in the face of a global pandemic, women continued to make strides in corporate America last year. But they’re also burning out in higher numbers. A new report from McKinsey & Company and LeanIn.org said women’s representation improved across most of the corporate pipeline in 2020. The annual report
Continue ReadingJamie Dimon says JPMorgan has begun to prepare for potential US default
By Matt Egan, CNN JPMorgan Chase CEO Jamie Dimon says America’s largest bank is once again preparing for a potential US default even though he expects Congress to avoid that “potentially catastrophic” event by lifting the debt ceiling. In an interview with Reuters on Tuesday, Dimon said JPMorgan has begun scenario-planning for how a possible
Continue ReadingHere’s what you need to know about Amazon’s latest clash with employees
By Nathaniel Meyersohn, CNN Business A National Labor Relations Board judge is expected to review a complaint Wednesday that Amazon last year illegally fired two corporate employees who had been vocal critics of the company. An administrative law judge is scheduled to hear the charges, which were filed with the NLRB in October by a
Continue ReadingDow drops more than 550 points as inflation concerns rattle investors
By Anneken Tappe The US stock market took it on the chin again Tuesday, plummeting on worries about sustained high inflation that pushed bond yields higher. The debt ceiling debate raging in Washington didn’t help market sentiment either. The Dow dropped some 600 points at its low-point, and finished the day down 569 points, or
Continue ReadingElizabeth Warren demands insider trading investigation of the Fed
CNN By Matt Egan, CNN Business Senator Elizabeth Warren on Monday urged the Securities and Exchange Commission to launch an insider trading investigation into transactions by high-level officials at the Federal Reserve. The Massachusetts Democrat called for the agency to conduct a “sweeping review of all securities trades” by Fed officials to determine if they
Continue ReadingElizabeth Warren will oppose Fed Chair Powell’s renomination, calls him ‘dangerous man’ to lead Fed
By Matt Egan, CNN Business Democratic Senator Elizabeth Warren announced Tuesday that she will oppose Federal Reserve Chairman Jerome Powell’s renomination, making her the highest-profile lawmaker to do so. “Your record gives me grave concern. Over and over you have acted to make our banking system less safe. And that makes you a dangerous man
Continue ReadingBoris Johnson isn’t worried about the UK economy. He should be
CNN By Walé Azeez, CNN Business The United Kingdom is suffering from fuel shortages, gaps on supermarket shelves, rising inflation and slowing economic growth. Prime Minister Boris Johnson insists he isn’t worried — but should he be? Johnson has in recent days brushed aside concerns about snarled supply chains and price hikes, saying they are
Continue ReadingHome heating sticker shock: The cost of natural gas is up 180%
By Matt Egan, CNN Business Americans should brace for sticker shock on home heating costs as temperatures drop this fall and winter. Prices for natural gas, the most common way to heat homes and a leading fuel source for generating electricity, have surged more than 180% over the past 12 months to $5.90 per million
Continue ReadingTesla’s ‘full self-driving’ could be days away. Here’s what you need to know.
By Matt McFarland, CNN Business A wider group of Tesla owners who paid up to $10,000 for what the company calls its “full self-driving” software can now ask the automaker for access to a test version of the feature. But they’ll first have to show that they’re a sufficiently safe driver by allowing Tesla to
Continue ReadingCar stocks are surging as sales fall. Here’s why
CNN By Julia Horowitz, CNN Business Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors, Chrysler-owner Stellantis and Honda all
Continue ReadingChina’s growing power crunch threatens more global supply chain chaos
CNN By Jill Disis, CNN Business A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country’s vast economy and place even more strain on global supply chains. Companies in the country’s industrial heartlands have been told to limit their energy consumption in
Continue Reading‘A really stressful situation’: The people stranded by Britain’s fuel crisis
By Amy Woodyatt, CNN Business As well as dropping people off at nightclubs, train stations and shopping centers, David Lawrie’s taxi drivers are relied upon to transport disabled passengers, and drive children to school. But as fuel stations across the UK run dry, those drivers are having to make difficult decisions about who does and
Continue ReadingUS government will run out of money by October 18, Treasury secretary says
By Matt Egan, CNN Business Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. The new estimate from Yellen raises the risk that the United States could default on its debt in a matter of weeks
Continue ReadingInflation isn’t over yet. Here’s when we should finally see lower prices
Opinion by Dana M. Peterson for CNN Business Perspectives High costs for everything, from food and gasoline to automobiles and airline tickets, have made the pandemic that much more difficult for US consumers. So of course, many were relieved to see that consumer prices rose by less than expected in August. But this unfortunately isn’t
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