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By Parija Kavilanz, CNN Business Tiffany & Co. just unveiled its newest most-expensive bling ever. “The World’s Fair Necklace,” unveiled in Dubai on Sunday, features a stunning 180 carats of diamonds set in platinum. Its centerpiece is an 80-carat oval, flawless, D-color (highest grade and virtually colorless) “Empire Diamond,” named for the iconic jeweler’s hometown.
Continue ReadingReuters The United Nations on Monday pushed for urgent action to prop up Afghanistan’s banks, warning that a spike in people who are unable to repay loans as well as lower deposits and a cash liquidity crunch could cause the financial system to collapse within months. In a three-page report on Afghanistan’s banking and financial
Continue ReadingBy Paul R. La Monica, CNN Business The Chinese economy presents some unique challenges for investors. On one hand, China is home to several of the most dynamic and rapidly growing companies on the planet, such as electric car makers Xpeng and Nio as well as privately held TikTok owner ByteDance. But China’s recent crackdown
Continue ReadingBy Matt McFarland, CNN Business The indoor cycling craze has come for America’s kids, and child development experts aren’t happy. Little Tikes, the children’s toymaker, watched sales of Peloton’s stationary bikes soar last year when the pandemic hit. It saw a chance to create something for children to enjoy alongside their parents, according to Little
Continue ReadingBy Chris Isidore, CNN Business Shares of upstart electric truck maker Rivian plunged as much as 17% on Monday after the company said that it is no longer working with Ford to jointly develop vehicles. Both Ford and Rivian had already signaled they were moving away from earlier plans to work together on EVs. But
Continue ReadingBy Kerry Flynn, CNN Business Alden Global Capital, a hedge fund known for gutting local newsrooms, is seeking to buy Lee Enterprises, a publicly traded company with a chain of daily newspapers and other publications that serves 77 markets. In a Monday letter to Lee’s shareholders, Alden proposed purchasing Lee for $24 per share, which
Continue ReadingBy Jackie Wattles, CNN Business Astra, a startup building small rockets that launch out of rural Alaska, notched its first successful test flight on Friday night, putting a dummy satellite into orbit. The flight sent the company’s stock price on a tear — soaring more than 30% at one point after trading hours opened Monday
Continue ReadingBy Reuters Amazon founder Jeff Bezos is donating $100 million to the Obama Foundation in honor of Congressman John Lewis, a hero of the U.S. civil rights movement of the 1960s who died last year, the foundation said on Monday. As part of the gift, Bezos has asked that the plaza at the Obama Presidential
Continue ReadingBy Nathaniel Meyersohn, CNN Business Say goodbye to Target runs on Thanksgiving. Target said Monday that it will close all of its stores on Thanksgiving every year from 2021 on. Target closed stores last year on Thanksgiving due to the pandemic and had previously announced it will close this Thanksgiving too. “What started as a
Continue ReadingBy Parija Kavilanz, CNN Business Trendy soaps brand Lush Cosmetics is quitting Facebook, Instagram, TikTok and Snapchat on Friday in a radical move to draw attention to how those platforms are damaging people’s mental health. The company said Monday that its accounts will be deactivated on Nov. 26, the day after Thanksgiving, when most other
Continue ReadingBy Chris Isidore, CNN Business Jerome Powell’s tenure leading the Federal Reserve has been among the most tumultuous in the central bank’s history. And Powell’s second term won’t necessarily be much easier. He and his policies have been the spotlight largely because of a once-in-a-century pandemic that caused the deepest economic downturn since the Great
Continue ReadingCNN, CNNBUSINESS By Julia Horowitz, CNN Business The news moves fast. Yesterday, we looked at whether President Joe Biden would reappoint Federal Reserve Chair Jerome Powell, one of the most powerful figures guiding the global economy. The answer came quickly. What’s happening: On Monday morning, Biden formally announced his intent to nominate Powell to a
Continue ReadingBy Anna Bahney Despite low inventory and rising prices, home sales inched higher in October, marking a second straight month of growth, according to a report from the National Association of Realtors. Sales of existing homes, which include single-family homes, townhomes, condominiums and co-ops, rose 0.8% month-over-month. After slowing during the summer, sales reignited in
Continue ReadingBy Anneken Tappe, CNN Business Wall Street approved of President Joe Biden’s intention to nominate Jerome Powell for a second term at the helm of the Federal Reserve. But the initial jolt in the stock market didn’t last until the close. The market opened in the green and kept rising. But half-way through the session
Continue ReadingCNN By Walé Azeez, CNN Business Amazon is facing strikes by warehouse workers and delivery drivers across Europe as its busiest weekend of the year begins. Labor unions in Germany, Italy and France are calling for the company to pay its workers fairly and respect their right to join unions. The strikes have been called
Continue ReadingBy Clare Duffy, CNN Business When Jeff Bezos decided to give up his role as Amazon’s chief executive earlier this year, it prompted the company to name not one but two new CEOs. The first, Andy Jassy, replaced Bezos as CEO of Amazon’s sprawling business. The second, Adam Selipsky, was hired in March to fill
Continue ReadingCNN, CNNBUSINESS 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. Every month or so, while conversing with sources at Fox News, I express surprise that Jonah Goldberg and Stephen Hayes are still employed by the network. After all,
Continue ReadingBy Paul R. La Monica, CNN Business By choosing to stick with Jerome Powell, who Donald Trump selected to be Federal Reserve chairman in 2017, President Biden proved that he learned a valuable lesson from his former boss about continuity over partisan politics during challenging economic times. Just as Barack Obama stayed with Ben Bernanke
Continue ReadingBy Kaitlan Collins, Kate Sullivan, Betsy Klein and Matt Egan, CNN President Joe Biden on Monday formally announced his intent to nominate Jerome Powell to serve as the chairman of the Federal Reserve for a second term and nominate Lael Brainard to serve as the Fed’s vice chair. Powell’s four-year term is up in February,
Continue ReadingBy Julia Horowitz, CNN Business When it comes to influence over the global economy, few people in the world are more powerful than Jerome Powell, chair of the US Federal Reserve. This week, investors may learn whether he’s tapped for another four-year term or out of a job. What’s happening: President Joe Biden is expected
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