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CNN By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization
Continue ReadingBy Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
Continue ReadingCNN, CNN BUSINESS By Brian Fung and Clare Duffy, CNN Elon Musk said Tuesday that he would restore former President Donald Trump’s banned account on Twitter if his deal to acquire the company is completed. Musk’s remarks at an automotive conference mark his first public acknowledgment of what had been widely expected since the billionaire
Continue ReadingBy Anna Cooban, CNN Business Europe has finally proposed a ban on Russian oil, but has again stopped short of using its most potent weapon — sanctioning Russia’s natural gas. On Wednesday, the European Commission put forward a sixth package of sanctions against Russia over the war in Ukraine, which includes a plan to phase
Continue ReadingBy Brian Fung, CNN Bill Gates sounded a note of caution this week on Elon Musk’s $44 billion acquisition of Twitter, saying the Tesla CEO “actually could make it worse” despite a strong track record with his other business ventures. While Gates did not precisely define what he meant by “worse” in remarks at the
Continue ReadingBy Paul R. La Monica, CNN Business The Federal Reserve finally seems prepared to whip inflation. The last time the Fed faced surging prices like this, it jacked up interest rates and the US economy endured multiple slowdowns. Do Americans need to fear a repeat of the early 1980s? Many investors and economists worry that
Continue ReadingBy Nicole Goodkind, CNN Business So much for the good feelings on Wall Street. US markets fell sharply Thursday, marking their worst day of the year and eviscerating all of the gains from Wednesday after the Federal Reserve’s announcement of its plans to increase in its benchmark interest rate won over investors. Fed Chair Jerome
Continue ReadingCNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities
Continue ReadingCNN By Jennifer Korn and Clare Duffy, CNN Business A wave of new legislation taking aim at abortion rights across the country is raising concerns about the potential use of personal data to punish people who seek information about or access to abortion services online. In some of the most restrictive states, digital rights experts
Continue ReadingBy Jennifer Korn and Clare Duffy, CNN Business Update: This story was originally published on May 6. It has been updated to reflect the Supreme Court’s final decision. The Supreme Court’s Friday ruling to overturn Roe v. Wade is almost certain to spark a wave of new state legislation taking aim at abortion rights, and
Continue ReadingBy Alicia Wallace, CNN Business US labor productivity tumbled by 7.5% in the first quarter of 2022 — the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday. The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by
Continue ReadingCNN, CNNBUSINESS By Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since
Continue ReadingBy Matt Egan, CNN Business The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN. This would mark the first time since the early 2000s that the
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since 2009 and
Continue ReadingBy Rachel Metz, CNN Business If you believe Mark Zuckerberg, the future is virtual. Last year, Meta plowed $10 billion into Facebook Reality Labs, the part of the company that develops virtual- and augmented-reality gadgets and software. The division is responsible for bringing to life the Facebook founder’s vision of a world where virtual reality
Continue ReadingCNN By Anna Bahney, CNN Business Mortgage rates rose this week, continuing an upward trend that has pushed rates more than two percentage points higher this year. The 30-year fixed-rate mortgage averaged 5.27% in the week ending May 5, up from 5.10% the week before, according to Freddie Mac. It is the highest since 2009
Continue ReadingBy Jeanne Sahadi, CNN Business In a bid to curb high inflation, the US Federal Reserve on Wednesday increased its key short-term interest rate by half a percentage point — the first hike of that magnitude in 22 years. While the US economy is still operating in a fairly low rate environment, that won’t last
Continue ReadingBy Rachel Metz, CNN Business On a recent April afternoon I tossed a few things into a basket at Target — cereal, graham crackers, kids’ sunglasses — then sat down at the end of an aisle filled with beauty items, placed a hand into a box-like machine, and let a robot paint my fingernails. Made
Continue ReadingBy Julia Horowitz, CNN Business When the Federal Reserve decides it’s necessary to pursue the biggest interest rate hike since 2000, you wouldn’t expect a moment of celebration on Wall Street. But that’s exactly what happened on Wednesday. The S&P 500 jumped 3%, logging its best day in almost two years. The Dow rose 2.8%,
Continue ReadingBy Chris Isidore, CNN Business To buy Twitter, Elon Musk just sold a ton of stock and made a boatload of money on the sale. But because of a US tax law quirk, Musk’s stock sale could give him an enormous tax break. Musk last month sold $8.5 billion worth of Tesla shares for more
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