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CNN By Allison Morrow, CNN Business No one likes paying more for stuff. That’s why inflation, especially the sharp price increases we’ve seen in recent months, feels like a dirty word. But on the whole, inflation can actually be a good thing for many working-class Americans, especially those with fixed-rate debt like a 30-year mortgage.
Continue ReadingBy Jordan Valinsky, CNN Business Toys “R” Us is opening a new store about a year after a planned relaunch of its brick-and-mortar presence failed. The retailer’s parent company, WHP Global, announced it will open a store at New Jersey’s American Dream mall in mid-December. In a press release, the company said the 20,000 square
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Continue ReadingBy Julia Horowitz, CNN Business Investors were spooked by the discovery of the new Omicron variant of the coronavirus. Now, they’re contending with another wrinkle in the outlook: The Federal Reserve could be prepared to roll back stimulus measures faster than planned because of persistent inflation. What’s happening: Stocks fell sharply on Tuesday after Fed
Continue ReadingBy Sana Noor Haq, CNN Business Twitter has updated its privacy policy so that it can remove images of people that have been posted without their consent, the company said in a blog post Tuesday. Under its current policy, the social media giant prohibits the publication of people’s private information, including addresses, phone numbers, identity
Continue ReadingBy Kara Fox, CNN Business Growth in renewable energy is set to hit an all-time record this year, but is still falling “well short” of what is necessary to slash planet-warming emissions, according to the International Energy Agency. The energy watchdog estimates that around 290 gigawatts (GW) of renewable energy capacity came online around the
Continue ReadingBy Chloe Melas and Oliver Darcy, CNN Alec Baldwin sat down with ABC News for his first formal interview since discharging a prop firearm that killed a crew member and injured another on the set of “Rust.” The interview was conducted by anchor George Stephanopoulos and took place Tuesday, a person familiar with the matter
Continue ReadingBy Anna Bahney, CNN Business Home prices across the US have seen stratospheric increases within the past year as demand for homes spiked and inventory tanked. And those higher prices have pushed mortgage giants Fannie Mae and Freddie Mac to raise the limits of government-backed loans to a record level for 2022, with the maximum
Continue ReadingBy Chris Isidore, CNN Business Amazon had at least 20,000 employees test positive for Covid-19 last year. But it reported that only 27 of those cases were contracted while the employees were at work. The company’s reporting amounts to a “hidden pandemic,” according to a coalition of four unions interested in establishing representation for Amazon
Continue ReadingBy Jennifer Korn, CNN Business David Marcus, the executive in charge of the troubled cryptocurrency project at Meta Platforms — the company formerly known as Facebook — announced Tuesday he will step down at the end of the year to pursue other projects. Marcus, who previously was the president of PayPal, joined Facebook seven years
Continue ReadingBy Brian Fung, CNN Business Parag Agrawal isn’t a household name, but he could soon become one as he takes the lead at one of the world’s most influential social media companies. On Monday, Twitter CEO Jack Dorsey announced he was stepping down and named Agrawal, the company’s chief technology officer, as his replacement. Agrawal
Continue ReadingBy 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 the golden month
Continue ReadingBy Paul R. La Monica, CNN Business So much for a year-end Santa Claus rally? The broader market has pulled back in the past week as worries about the Omicron variant of Covid-19 have rattled investors’ confidence. These latest coronavirus concerns have traders wondering if this is finally the end of the long running bull
Continue ReadingBy Anna Bahney, CNN Business Home prices rose 19.5% in September compared to a year ago, according to the S&P CoreLogic Case-Shiller national home price index. But even that huge increase was a slight slowdown from August, when prices rose by 19.8%. September marked the first time year-over-year gains have decreased since May, according to
Continue ReadingOpinion by Joseph Stiglitz and Lori Wallach for CNN Business Perspectives If international organizations are subject to karma, last week’s abrupt postponement of the World Trade Organization (WTO) Ministerial Conference, the body’s first major decision-making gathering in four years, was fated to be. News of the emergence of Omicron, the latest coronavirus variant, not only
Continue ReadingBy Chris Isidore, CNN Business Just when US airlines thought they were on the verge of profitability again, along came the Omicron variant to put those hopes in doubt. Leisure travel is back to near pre-Covid levels. This Thanksgiving marked the busiest week for air travel since the start of the pandemic. But major US
Continue ReadingBy Anneken Tappe, CNN Business The Federal Reserve might end its pandemic-era stimulus sooner than expected, Chairman Jerome Powell told the Senate Banking Committee on Tuesday. The central bank announced a tapering of its monthly asset purchases at its monetary policy update earlier this month, cutting bond buying by $10 billion for Treasury securities and
Continue ReadingBy Moira Ritter, CNN Business The supply chain is facing major blockages, and container ships are heaping pollution into communities near the congested ports. The biggest offenders are, unsurprisingly, the world’s biggest retailers, according to a new report Tuesday conducted by environmental organizations Stand.earth and Pacific Environment. The report shows that goods imported to the
Continue ReadingBy Nathaniel Meyersohn, CNN Business The Federal Trade Commission said Monday that it is ordering Amazon, Walmart, Kroger, Procter & Gamble, Tyson, Kraft Heinz and several major wholesalers to grocery stores to turn over information in a wide-ranging inquiry examining the causes of empty shelves and surging prices in the United States. The antitrust watchdog
Continue ReadingBy Walé Azeez, CNN Business European consumer prices are rising at their fastest pace since 1997. Annual inflation across the 19 countries that use the euro, including Europe’s largest economies Germany, France, Italy and Spain, hit 4.9% in November, driven mainly by soaring energy prices, according to Eurostat, the EU statistics office. That’s the highest
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