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CNN By Chris Isidore, CNN Business Senator Elizabeth Warren and Tesla CEO Elon Musk are in the middle of a full-scale Twitter war. Warren called the world’s richest person a freeloader for paying $0 in income taxes in recent years. Musk responded with a series of personal attacks, calling Warren “Senator Karen” and claiming his
Continue ReadingCNN, POOL By Chris Isidore, CNN Business The CEOs of two of the nation’s major airlines say they don’t think wearing masks on planes does much to help limit exposure to Covid. The comments from American Airlines CEO Doug Parker — the nation’s largest carrier — and Southwest CEO Gary Kelly came during a hearing
Continue ReadingBy Chris Isidore, CNN Business The CEOs of two of the nation’s major airlines say they don’t think wearing masks on planes does much to help limit exposure to Covid. The comments from American Airlines CEO Doug Parker — the nation’s largest carrier — and Southwest CEO Gary Kelly came during a hearing about the
Continue ReadingCNN, CNNBUSINESS By Matt Egan, CNN Senator Joe Manchin’s opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook. The Wall Street firm told clients Sunday it no longer assumes President Joe Biden’s signature legislation will get through the narrowly divided Congress, citing the West Virginia Democrat’s announcement
Continue ReadingBy Anneken Tappe, CNN Business America’s inflation spikes have prompted the Federal Reserve to pick up the pace in normalizing its pandemic-era monetary policy. On Wednesday, the central bank said it will wrap up its stimulus program faster than originally announced, and its updated economic projections show multiple interest rate increases in 2022. The central
Continue ReadingBy Clare Duffy, CNN Business Meta, the company formerly known as Facebook, is asking for help in avoiding having personal data about its users scraped from its platforms and posted to the web. The social media giant announced Wednesday that it is expanding its bug bounty program — which offers rewards for helping identify and
Continue ReadingBy Paul R. La Monica, CNN Business “Bowling for Dollars” was a popular 1970s game show. The company that owns the Professional Bowlers Association, as well as hundreds of bowling alleys across the country, is now getting ready to put that idea to the test. Bowlero, which operates lanes under the Bowlero, Bowlmor and AMF
Continue ReadingCNN By Jennifer Korn A critical flaw in widely used software has cybersecurity experts raising alarms and big companies racing to fix the issue. The vulnerability, which was reported late last week, is in Java-based software known as “Log4j” that large organizations use to configure their applications — and it poses potential risks for much
Continue ReadingBy Jennifer Korn A critical flaw in widely used software has cybersecurity experts raising alarms and big companies racing to fix the issue. The vulnerability, which was reported late last week, is in Java-based software known as “Log4j” that large organizations use to configure their applications — and it poses potential risks for much of
Continue ReadingBy Nathaniel Meyersohn, CNN Business The Labor Department sharply criticized Dollar General’s “troubled history” on worker safety, saying the fastest-growing retailer in the United States has been putting its more than 150,000 workers in harm’s way for years. “At the U.S. Department of Labor, the company is recognized for its long history of violations and
Continue ReadingBy Anneken Tappe and Nathaniel Meyersohn, CNN Business Americans dialed back their spending in November, new data from the Census Bureau showed Wednesday. US retail sales grew by 0.3% in November, a sharp decline from the previous month and less than economists had predicted. Even so, sales were 16.1% higher than in the same period
Continue ReadingBy Chris Isidore, CNN Business Senator Elizabeth Warren and Tesla CEO Elon Musk are in the middle of a full-scale Twitter war. Warren called the world’s richest person a freeloader for paying $0 in income taxes in recent years. Musk responded with a series of personal attacks, calling Warren “Senator Karen” and claiming his income
Continue ReadingBy Julia Horowitz, CNN Business The Federal Reserve, faced with the highest jump in inflation in almost four decades, is preparing to pivot. What’s happening: Gone are the days when Chair Jerome Powell said inflation was “transitory.” When the Fed wraps up its final meeting of the year on Wednesday, it’s expected to announce that
Continue ReadingBy Allison Morrow and Anneken Tappe, CNN Business One of the more insidious myths this year was that young people didn’t want to work because they were getting by just fine on government aid. People had too much money, went the narrative. Only trouble is, the numbers don’t back it up. Instead, early retirement —
Continue ReadingBy Matt Egan, CNN Business President Joe Biden is taking the political punches for high inflation. But price stability is the responsibility of the Federal Reserve, not the White House. And prices are anything but stable right now. Consumer prices spiked in November at the fastest pace since 1982. Producer prices soared by nearly 10%,
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Kraft is using its cream cheese shortage as a marketing opportunity. For just a few days this holiday season, a limited number of people will be able to spend $20 on dessert and charge it to Kraft, owner of Philadelphia Cream Cheese. The premise: People who can’t bake cheesecakes because
Continue ReadingBy Charles Riley, CNN Business Talk of stagflation has been brewing for months. Now that toxic combination of stagnant economic growth and high inflation appears to have arrived in the United Kingdom. UK consumer price inflation surged to 5.1% in November, its highest level in more than a decade, according to the Office for National
Continue ReadingBy Laura He, CNN Business China’s economy is still struggling with real estate woes and fallout from sporadic Covid-19 lockdowns. Throw the global spread of the Omicron variant into the mix and it could be looking at a sharp slowdown next year. Government data released Wednesday showed trouble spots for the world’s second largest economy
Continue ReadingBy Rhea Mogul and Vedika Sud, CNN The only survivor of a helicopter crash that killed India’s top military official has died from his injuries after nearly a week on life support, the Indian Air Force (IAF) said in a statement Wednesday. Group Capt. Varun Singh was in the helicopter with India’s Chief of Defense
Continue ReadingBy Clare Duffy, CNN Business The US Department of Labor has launched a whistleblower investigation into Apple, in the latest sign of tensions between the famously secretive company and its current and former employees spilling over into public view. “We can confirm that there is an open whistleblower investigation at Apple,” a Department of Labor
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