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By Ali Zaslav The US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. The final vote was 80-19. “Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed,” said Senate Majority Leader Chuck Schumer ahead
Continue ReadingCNN, POOL, WHITE HOUSE By Parija Kavilanz and Danielle Wiener-Bronner, CNN Business At the height of the pandemic, as the coronavirus infected tens of thousands of meat industry workers and caused hundreds to die, executives at the nation’s largest meat producers were aware of the transmission risk in their plants and successfully lobbied the Trump
Continue ReadingBy Parija Kavilanz and Danielle Wiener-Bronner, CNN Business At the height of the pandemic, as the coronavirus infected tens of thousands of meat industry workers and caused hundreds to die, executives at the nation’s largest meat producers were aware of the transmission risk in their plants and successfully lobbied the Trump White House and the
Continue ReadingCNN, CNN BUSINESS By Clare Duffy, CNN Business In the days following the January 6 Capitol riot, Twitter became the first major social media platform to permanently suspend then-President Donald Trump for violating its rules against inciting violence. It was a huge step and one that instantly put pressure on other big platforms to take
Continue ReadingBy Clare Duffy, CNN Business Twitter is halting hiring and parting ways with two senior leaders as it awaits a pending acquisition by Elon Musk. The company is pausing most hiring and backfills, except for “business critical” roles, and pulling back on other non-labor costs, Twitter spokesperson Catherine Hill said in a statement to CNN
Continue ReadingBy Paul R. La Monica, CNN Business Apes of Reddit, rejoice! Shares of meme stock darling GameStop soared 10% Thursday, prompting trades to be halted several times due to volatility. But there was no specific news to justify or explain the big pop. Other meme stocks, including AMC, Bed Bath & Beyond and Beyond Meat
Continue ReadingBy Hadas Gold and Abeer Salman, CNN Thousands gathered in the West Bank city of Ramallah on Thursday to mourn slain Al Jazeera journalist Shireen Abu Akleh, as the Palestinian Authority vowed to take the case to the International Criminal Court (ICC). Journalists, diplomats, religious leaders, and officials including Arab members of Israel’s parliament, the
Continue ReadingBy Anna Bahney, CNN Business Manhattan rents just hit an all-time high — again. For the third straight month, rents have reached new record highs. The monthly rent paid by a tenant for a condo or coop in Manhattan was $3,870 in April, up 39% from a year earlier, according to a report from the
Continue ReadingCNN, CNN BUSINESS By David Goldman, CNN Business The American economy is super weird right now. Pretty much anyone who wants a job can have one. The economy is so hot that prices are surging faster than at any point since the 1980s. The housing market is on fire. Consumers are spending like crazy. Yet
Continue ReadingBy Amarachi Orie, CNN Business Adidas advertisements showing photo grids of bare breasts have been banned in the UK by the Advertising Standards Authority. The apparel company’s promotional material for its sports bras, released in February, featured a grid of photographs of various women’s unclothed chests. The images, which appeared in a tweet and two
Continue ReadingBy Paul R. La Monica, CNN Business Somebody cue the stock market’s park ranger: Bears are having a picnic on Wall Street this year. The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates moved higher this week, continuing an upward trend that has kept rates above 5% since mid-April. The 30-year, fixed-rate mortgage averaged 5.30% in the week ending May 12, up from 5.27% the week before, according to Freddie Mac. It is the highest since 2009 and well above the
Continue ReadingBy Allison Morrow, CNN Business Within the often head-scratching world of cryptocurrencies, there’s a small but growing sub-species known as “algorithmic stablecoins” that have some investors and regulators ringing alarm bells. This week, one popular so-called algo coin cratered, wiping out billions of dollars’ worth of value in just a few days. The coin, called
Continue ReadingBy Nicole Goodkind, CNN Business Economists, CEOs, Wall Street and Main Street are sounding the recession alarm bell. Most agree a recession could start to take shape in the United States over the next few months. The question is what shape that recession will take. Recessions and recoveries come in shapes and sizes as varied
Continue ReadingBy Anneken Tappe, CNN Business Economists and investors are hopeful that we’re past the pandemic inflation peak, as another key price index showed a slower increase in April. The Producer Price Index, which measures wholesale inflation before goods and services reach consumers, rose 11% over the 12 months ending in April, not adjusted for seasonal
Continue ReadingOpinion by Jennifer Sherer for CNN Business Perspectives This year, workers at Amazon, Starbucks and other major corporations are winning a wave of union elections, often in the face of long odds and employer resistance. These wins are showing it’s possible for determined groups of workers to break through powerful employers’ use of union-busting tactics,
Continue ReadingCNN By Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship.
Continue ReadingBy Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship. The
Continue ReadingBy Julia Horowitz, CNN Business Investors in stocks, bonds and commodities are all on edge right now. But in the market for cryptocurrencies, unease has morphed into full-on panic, catching the attention of regulators in Washington tasked with maintaining financial stability. What’s happening: As of last Friday, the price of bitcoin had plunged almost 50%
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business It’s been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage’s sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs.
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