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By Julia Horowitz, Isil Sariyuce and Jomana Karadsheh, CNN Business Turkey is plunging into a fresh currency crisis as investors dump the lira in response to the extraordinary decision by the country’s central bank to slash interest rates in the face of soaring inflation. The lira stabilized on Wednesday but suffered a huge fall against
Continue ReadingBy Parija Kavilanz, CNN Business Gap said it lost $300 million in sales heading into the holiday season because of Covid-related factory closures, and backlogs at ports that significantly stalled its ability to get merchandise into stores on time. “While we had planned into the known supply chain constraints …. the shock to our business
Continue ReadingBy Paul R. La Monica, CNN Business Nobody in their right mind likes to pay higher prices for stuff. But if you’re an investor, there is a way to profit from inflationary trends — and it might be time to start adjusting your portfolio accordingly. Consumer staples giants like Coca-Cola and Pepsi can benefit from
Continue ReadingBy Matt Egan Drivers hitting the road this Thanksgiving will be greeted by the highest prices at the pump in nearly a decade. The average prices consumers paid for regular gasoline stood at $3.40 a gallon on Monday, according to a new report from the government. That’s the highest price on the Monday before Thanksgiving
Continue ReadingBy Nathaniel Meyersohn, CNN Business Video by Sofia Barrett, CNN Business The supply chain crisis means last-minute gift buyers may have little choice but to go shopping the old-fashioned way this holiday season. High demand, combined with supply chain delays, materials’ shortages and troubles hiring workers, are shrinking the availability of items both online and
Continue ReadingCNN, CNN BUSINESS By Parija Kavilanz, CNN Business If you’re the kind of shopper who holds out for the bigger and better year-end deals after Christmas, you could be out of luck this season. Come January, those ridiculously-deep clearance sales might be much harder to find. Blame the messed up global supply chain. January is
Continue ReadingBy Anneken Tappe, CNN Business Weekly claims for unemployment benefits finally fell below their pre-pandemic levels, according to data from the Labor Department. Last week’s jobless claims totaled 199,000 when adjusted for seasonal swings, the lowest level since November 15, 1969. Benefit claims jumped into the millions in March 2020 as the pandemic caused the
Continue ReadingBy Anneken Tappe, CNN Business US price surges eased in the third quarter of the year. But they climbed to a more than 30-year high in October — showing the pandemic price hikes are clearly not behind us yet. A deluge of economic data ahead of the Thanksgiving holiday highlights how the pandemic economy is
Continue ReadingBy Julia Horowitz, CNN Business Economists around the world are closely watching a resurgence of coronavirus cases across Europe for signs of what may be to come this winter. What’s happening: The spike in cases is feeding fears that the region’s strong economic recovery from the pandemic could be in jeopardy. So far, the new
Continue ReadingBy Chris Isidore, CNN Business John Deere posted record annual income Wednesday despite the recently concluded five-week worker strike, and it predicted another record year ahead. The Midwest farm and construction equipment maker posted annual net income of nearly $6 billion, more than double the $2.8 billion it earned a year earlier and easily clearing
Continue ReadingBy Yoonjung Seo, CNN Business Samsung is planning to build a $17 billion semiconductor manufacturing facility in Texas as part of efforts to tackle a global shortage of chips. Announcing its largest ever investment in the United States, the South Korean electronics giant said Tuesday that the factory would create 2,000 high-tech jobs directly, and
Continue ReadingBy Diksha Madhok, CNN Business India is flirting with a ban on cryptocurrencies. Prime Minister Narendra Modi’s government on Tuesday said that it is preparing to introduce a bill that would regulate digital currencies. There’s still much that’s unknown about the proposal. A cryptically worded description of the bill posted on the Indian parliament website
Continue ReadingBy Julia Horowitz, CNN Business A resurgence of coronavirus cases across Europe is feeding fears that the region’s strong economic recovery from the pandemic could be jeopardized by another tough winter. So far, the new Covid-19 wave is having only a limited impact on business activity in the 19 countries that use the euro. The
Continue ReadingBy Michelle Toh, CNN Business Jamie Dimon is trying to take back a joke about China and its powerful political machine. Speaking at an event in Boston on Tuesday, the JPMorgan CEO said he “made a joke” during a recent trip to Hong Kong, referencing the ruling Chinese Communist Party’s 100th anniversary. “The Communist Party
Continue ReadingBy Esha Mitra and Rhea Mogul, CNN Gulpreet Singh begs for food from a dirty hemp mat spread on the sidewalk outside Delhi’s South Campus metro station. Like millions of Indians who survive on handouts or daily wages, the 84-year-old says he has no choice but to be outside, breathing air thick with smog in
Continue ReadingBy Matt Egan, CNN Business For months, OPEC and its allies refused pleas from Washington and other world capitals to pump more oil. Now, a US-led coalition of consuming nations is coming together to effectively say: Fine, if you won’t act, we will. The White House announced Tuesday that India, Japan, South Korea and the
Continue ReadingCNN By Sean Lyngaas, CNN Business Apple on Tuesday sued NSO Group and its parent company, accusing the Israeli firm of violating a federal anti-hacking law by selling potent software that clients have used to spy on Apple customers. The lawsuit, filed in a federal court in California, alleges that NSO’s spyware, known as Pegasus,
Continue ReadingBy Sean Lyngaas, CNN Business Apple on Tuesday sued NSO Group and its parent company, accusing the Israeli firm of violating a federal anti-hacking law by selling potent software that clients have used to spy on Apple customers. The lawsuit, filed in a federal court in California, alleges that NSO’s spyware, known as Pegasus, and
Continue ReadingBy Evan Simko-Bednarski, CNN A jury in Ohio ruled Tuesday that three major pharmaceutical chains bore responsibility for the opioid epidemic in two Ohio counties. The civil case, brought in federal court against CVS, Walmart and Walgreens, marks the first time pharmacies have been found responsible in the nationwide epidemic. “It is a precedent setting
Continue ReadingCNN, KPIX, SALESFORCE, CRAIG CANNON, NORTHBROOK POLICE DEPARTMENT, OAK BROOK POLICE DEPARTMENT, CONCORD POLICE, STRINGER, ONSCENE, Stringer/OnScene By Parija Kavilanz, CNN Business Best Buy CEO Corie Barry said theft is a growing problem at the company’s stores — and it is implementing added security measure to safeguard employees and shoppers. “This is traumatizing for our
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