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By Parija Kavilanz, CNN Business Here’s one example of how pretty much everything is getting more expensive: A toy that used to cost $25 is now priced at $28,000. Premium Joy, based in Walnut, California, makes a variety of foam toys, including play mats, jigsaw puzzles and building blocks for kindergarten and elementary-grade kids. It
Continue ReadingCNN, CNN BUSINESS By Donie O’Sullivan, CNN Business Sen. Rand Paul, a Kentucky Republican, has been suspended from YouTube for seven days over a video claiming that masks are ineffective in fighting Covid-19, according to a YouTube spokesperson. “This resulted in a first strike on the channel, which means it can’t upload content for a
Continue ReadingBy Clare Duffy, CNN Business Most major social media platforms have tried a version of Snapchat’s Stories, but Twitter is the first to admit its experiment with disappearing content failed. The company announced Wednesday that it will kill off Fleets, its disappearing posts product, on August 3 — less than a year after introducing it
Continue ReadingBy Clare Duffy, CNN Business Your smartphone breaks. The repair costs too much money. So you give up and buy a new device. That this happens so often is no coincidence. Many big device manufacturers have increasingly designed products to make them difficult to repair without specialized equipment and instructions — and have limited the
Continue ReadingBy Julia Horowitz, CNN Business The European Central Bank is moving ahead with efforts to create a digital version of the euro as the use of cash declines and China ramps up tests of its own e-yuan. The central bank announced a two-year investigation on Wednesday that will examine “key issues regarding design and distribution”
Continue ReadingBy Brian Fung, CNN Business Facebook said Wednesday that recently appointed Federal Trade Commission Chair Lina Khan should recuse herself from all future decision-making about the agency’s lawsuit to break up the social media company. In a formal petition before the FTC, Facebook alleged that Khan’s work investigating Big Tech on behalf of the House
Continue ReadingBy Charles Riley, CNN Business The European Union has announced plans to end the sale of polluting vehicles by 2035, an ambitious goal that would put hybrid cars on the endangered species list and usher in a rapid and dramatic shift to fully electric models. The European Commission said Wednesday that it wants to require
Continue ReadingBy Moira Ritter, CNN Business The difference between CEO and median employee pay grew in 2020 despite the Covid pandemic and ongoing relief efforts. The average S&P 500 company CEO made 299 times the average worker’s salary last year, according to AFL-CIO’s annual Executive Paywatch report. Executives received $15.5 million in total compensation on average,
Continue ReadingBy Chauncey Alcorn, CNN Business Restaurant owners can add the rising cost of food to their growing list of challenges. Inflation is on the rise throughout the country, and independent restaurant leaders say many of their businesses will soon be forced to permanently shut down unless they receive more federal aid from Congress. “Every increase
Continue ReadingBy Chris Isidore, CNN Business US wholesale prices posted the biggest 12-month increase on record. That’s the bad news. But the US economy offered some rare good news on inflation Wednesday, too: Costs didn’t rise as much in June as they did in May, raising hopes that prices could be leveling off or even retreating
Continue ReadingFitch Ratings said that governance is a “weakness” for the United States, specifically citing the January 6 insurrection and ongoing efforts to curb voting rights in dozens of states. CNN’s Matt Egan reports.
Continue ReadingBy Matt Egan, CNN Business America’s finance chiefs don’t think inflation will go away overnight. Chief financial officers, on average, expect higher-than-normal cost increases to persist for eight to 10 months, according to a Duke University survey released Wednesday. Some worry inflation will linger longer. About one in four CFOs expect elevated costs to last
Continue ReadingBy Julia Horowitz, CNN Business US prices continue to march higher, triggering concerns among economists, policymakers and business leaders about the sustainability of the post-pandemic recovery. What’s happening: The US Consumer Price Index, a key inflation gauge, jumped 0.9% in June, the largest one-month increase in 13 years. Over the past 12 months, prices were
Continue ReadingBy Jackie Wattles, CNN Business Jeff Bezos, Elon Musk and Richard Branson have a combined net worth of $400 billion, roughly the size of the GDP of the entire nation of Ireland. And all three men have decided to put vast sums of their wealth into chasing their space travel dreams, creating a modern space
Continue ReadingBy Chris Isidore, CNN Business Billionaires Richard Branson and Jeff Bezos are ready start offering trips to outer space. But only other billionaires — or perhaps millionaires — need apply. If you’re a space enthusiast without six figures of disposable income to spend on a trip to go where few tourists have gone before, you’ll
Continue ReadingBy Michelle Toh, CNN Business Shein, a fast fashion website that has emerged as a fierce competitor to Zara, is making its return to India — indirectly, at least — after being swept up in a crackdown on Chinese tech companies last year. The Chinese company’s platform was banished from the country as part of
Continue ReadingBy Diksha Madhok, CNN Business India’s biggest tech IPO is here. Food delivery startup Zomato is looking to raise almost $1.3 billion this week in an initial public offering in Mumbai, the company said in a recent regulatory filing. That would set a new record for the biggest technology offering in India, according to data
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. “Make no mistake,” President Biden said Tuesday, “bullies and merchants of fear, peddlers of lies, are threatening the very foundation of our country.” Biden’s dire warning — part of his
Continue ReadingIn Pennsylvania, President Joe Biden spoke about voting restrictions pushed by Republican lawmakers as Biden urges Congress to pass federal voting rights legislation.
Continue ReadingBy Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Today in business news: Prices are surging; Wall Street banks are minting money; and Coke Zero has a new look and taste. Let’s get into it.
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