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By Matt Egan, CNN Business A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today’s economy. About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) report, released Tuesday. That marks the highest
Continue ReadingBy Rishi Iyengar, CNN Business Apple is gearing up for its second big product launch event of the fall. Apple will host a virtual event on October 18, the company announced Tuesday. According to the Apple rumor mill, the company is likely to use the event to release an updated version of its high-end MacBook
Continue ReadingBy Paul R. La Monica, CNN Business The Duke and Duchess of Sussex continue to expand their business empire. Prince Harry and Meghan Markle are partnering with a firm that helps create portfolios focused on sustainable investments. Harry and Meghan are working with Ethic, a five-year-old firm that promotes investing in companies with good environmental,
Continue ReadingBy Hanna Ziady, CNN Business Ryanair is refusing to carry passengers who were refunded by credit card companies for flights they did not take because of coronavirus lockdowns. The measure affects passengers who purchased non-refundable tickets for Ryanair flights that operated as scheduled during the pandemic but were unable or unwilling to fly because of
Continue ReadingCNN, CNNBUSINESS By Hanna Ziady, CNN Business The global economic recovery from the coronavirus pandemic is weakening and risks are rising, according to the International Monetary Fund. The IMF on Tuesday slashed its 2021 growth forecast for the United States by one full percentage point to 6%, the biggest reduction suffered by any G7 economy
Continue ReadingBy Chris Isidore, CNN Business General Motors will be getting $1.9 billion from its battery supplier LG to cover most of the cost of the expensive recall of the Chevrolet Bolt after a series of fires. GM is recalling 143,000 Bolts, which represents most of the Bolts sold since the electric car debuted in 2016.
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business JPMorgan Chase CEO Jamie Dimon is not known for mincing words or hiding his emotions. So the fact that the leader of America’s largest bank sounds very upbeat about the health of the US economy is noteworthy. Dimon said he is not worried about the possibility
Continue ReadingBy Paul R. La Monica, CNN Business Say what you want about JPMorgan Chase CEO Jamie Dimon, but he’s consistent about his disdain for bitcoin. Dimon once again attacked the top cryptocurrency, calling it “worthless” during a virtual summit Monday. “I personally think bitcoin is worthless, but I don’t want to be a spokesperson,” he
Continue ReadingBy Hanna Ziady, CNN Business The global economic recovery from the coronavirus pandemic is weakening and risks are rising, according to the International Monetary Fund. The IMF on Tuesday slashed its 2021 growth forecast for the United States by one full percentage point to 6%, the biggest reduction suffered by any G7 economy in its
Continue ReadingCNN, CNNBUSINESS By Ramishah Maruf, CNN Business Elon Musk’s personal wealth is now $222 billion, widening his gap as the richest person in the world according to Bloomberg’s Billionaires Index. Musk’s personal wealth skyrocketed an extra $10.6 billion after a secondary share sale by investors, announced last week, valued SpaceX over $100 billion, CNBC reported.
Continue ReadingBy Julia Horowitz, CNN Business For the first time since late 2014, US oil prices are back above $80 per barrel — a boon for the energy industry, which was battered during the pandemic, but bad news for the economic recovery as winter approaches. What’s happening: West Texas Intermediate futures, the US crude benchmark, finished
Continue ReadingBy Anneken Tappe, CNN Business China’s real estate crisis isn’t showing any sign of letting up. Embattled conglomerate Evergrande rattled global markets in September by warning it could default on its huge debts. Since then, more developers have made similar public confessions, unnerving investors and raising fears of contagion across the vast sector. It’s unclear
Continue ReadingBy Laura He and Manveena Suri, CNN Business Two of Asia’s largest economies are racing to contain a worsening energy crunch. China is trying to assuage concerns about skyrocketing prices as its major coal mining hubs grapple with heavy rains and deadly accidents, problems that are compounding efforts to address power shortages. Some leaders in
Continue ReadingCNN By Laura He and Manveena Suri, CNN Business Two of Asia’s largest economies are racing to contain a worsening energy crunch. China is trying to assuage concerns about skyrocketing prices as its major coal mining hubs grapple with heavy rains and deadly accidents, problems that are compounding efforts to address power shortages. Some leaders
Continue ReadingBy Michelle Toh, CNN Business Evergrande stayed silent Tuesday about its fate after reportedly failing to make interest payments on another international bond, the third such deadline it appears to have missed in recent weeks. The sprawling Chinese real estate conglomerate was due to make payments of about $148 million on US dollar-denominated bonds on
Continue ReadingCNN By Donie O’Sullivan, CNN Business Sophie Zhang, who said she felt like she had “blood on her hands” after working at Facebook, is willing to testify before Congress about her former employer, she told CNN Sunday. She said she had also passed on documentation about the company to a US law enforcement agency. Zhang,
Continue ReadingBy Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. When Jon Gruden was a prominent broadcaster on ESPN, providing color commentary during “Monday Night Football,” he was also sending profane and hateful emails to friends. Gruden later became the
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. When Jon Gruden was a prominent broadcaster on ESPN, providing color commentary during “Monday Night Football,” he was also sending profane and hateful emails to friends. Gruden later became
Continue ReadingCNN Walé Azeez, CNN Business The UK competition regulator has slapped Facebook with a $70 million fine for repeatedly ignoring warnings and deliberately breaking its rules. The Competition and Markets Authority (CMA) said in a statement Wednesday that Facebook had “consciously” refused to report all the required information during an investigation of the tech giant’s
Continue ReadingBy Donie O’Sullivan, CNN Business Sophie Zhang, who said she felt like she had “blood on her hands” after working at Facebook, is willing to testify before Congress about her former employer, she told CNN Sunday. She said she had also passed on documentation about the company to a US law enforcement agency. Zhang, who
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