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CNN, CNNBUSINESS By Matt Egan, CNN Business Oil prices are unlikely to stay elevated for long, Chevron’s chief financial officer told CNN. “This feels more cyclical than structural,” Pierre Breber, the CFO of Chevron, the No. 2 US oil company, said in a phone interview. “We view these prices as above mid-cycle and above what
Continue ReadingBy Matt Egan, CNN Business Americans are already dealing with sticker shock at the grocery store and when filling up at the pump. Next up: Home heating bills. US households that rely on natural gas for heating will spend an average of $746 to heat their homes this winter, up 30% from last winter, according
Continue ReadingCNN 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. The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and
Continue ReadingBy Brian Stelter, CNN Business The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and conspiratorial falsehoods about the election he lost last year. One day later, the Journal’s editorial board justified the decision by saying
Continue ReadingBy Samantha Murphy Kelly, CNN Business Google is now making it easier for minors or their parents to have photos of them deleted from search results. In a blog post published Wednesday, the company said it is rolling out a tool that lets parents and kids under the age of 18 request photos be removed
Continue ReadingBy Chris Isidore, CNN Business As with most automakers, Ford’s earnings took a hit from the supply chain problems and computer chip shortage. But its third quarter results were much better than Wall Street expected. The company also raised its outlook for future earnings and restored its dividend. Ford raised its full-year operating earnings guidance
Continue ReadingBy Jeanne Sahadi, CNN Business Cryptocurrencies are usually characterized by wild price swings and extreme volatility. But there is one cryptocurrency that is designed to be the exact opposite. Stablecoins, as the name suggests, are intended to be stable in price. That is, they are supposed to hold roughly the same value from the day
Continue ReadingAnna Cooban for CNN Business Uber CEO Dara Khosrowshahi said he hopes drivers who rent Teslas through Hertz will eventually end up buying them. Hertz announced on Tuesday that it had placed an order for 100,000 Teslas as it tries to electrify its fleet. Through a partnership with Hertz, Uber plans to offer 50,000 of
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business Hertz has made a lot of headlines lately thanks to its deals with Tesla and Uber. Wall Street has noticed, too. But rival rental car company Avis Budget is doing even better. Shares of Avis Budget have surged 125% since July and are up 370% so
Continue ReadingBy Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16 an hour
Continue ReadingCNN, CNNBUSINESS By Nathaniel Meyersohn, CNN Business Costco this week raised its starting wage for hourly store workers in the United States for the second time this year as businesses hike pay to draw and retain workers amid a labor shortage. Costco told employees last week that it would increase its minimum wage from $16
Continue ReadingOpinion by Jim Parrott and Mark Zandi for CNN Business Perspectives The nation faces a dramatic housing shortage, sending home prices and rents through the roof all over the country. The spike in housing costs is making it harder for some to buy their first home and for others to afford their rent, increasing demand
Continue ReadingBy Clare Duffy, CNN Business Facebook acknowledged to shareholders this week that it is facing “government investigations” related to the tens of thousands of pages of internal company documents leaked by whistleblower Frances Haugen. “Beginning in September 2021, we became subject to government investigations and requests relating to a former employee’s allegations and release of
Continue ReadingBy Vanessa Yurkevich, CNN Business A John Deere worker who was walking to the picket line Wednesday in Milan, Illinois, was struck and killed by a car, according to the United Autoworkers Union. “It is a somber time to lose a member who made the ultimate sacrifice in reporting to picket for a better life
Continue ReadingBy Matt Egan, CNN Business Georgia Rep. Marjorie Taylor Greene bought as much as $50,000 worth of shares in a shell company that is merging with former President Donald Trump’s new media venture, according to a financial disclosure form. Greene, a Republican and Trump supporter with a history of conspiracy theories, bought shares of Digital
Continue ReadingCNN By Clare Duffy, CNN Business Facebook acknowledged to shareholders this week that it is facing “government investigations” related to the tens of thousands of pages of internal company documents leaked by whistleblower Frances Haugen. “Beginning in September 2021, we became subject to government investigations and requests relating to a former employee’s allegations and release
Continue ReadingBy Paul R. La Monica, CNN Business Only a week ago, Bitcoin hit an all-time high of nearly $67,000. But investors have been dumping the world’s most valuable cryptocurrency in favor of the new kid — or rather, new dog — in town: shiba inu. The price of one bitcoin fell more than 5% Wednesday
Continue ReadingBy Allison Morrow, CNN Business We all had to find our own ways to cope with the pandemic lockdowns last year. Some people bought Pelotons and baked bread. Others took a slightly less healthy route. Cigarette sales in America last year rose for the first time in two decades, a new report from the Federal
Continue ReadingBy Chris Isidore, CNN Business Housing prices are surging to new records with no end in sight. They’re being fueled by historically low interest rates — but also investors and economists’ belief that the housing market has a unique ability to support runaway prices. That’s the current state of America’s housing market, but it could
Continue ReadingCNN, CNNBUSINESS By Rachel Metz, CNN Business Facebook said Tuesday it plans to stop using facial-recognition software that could automatically recognize people in photos and videos posted on the social network, marking a massive shift both for the tech industry and for a company known for collecting vast amounts of data about its billions of
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