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By Alicia Wallace, CNN Business The Omicron variant may be hurtling the labor market, hospitals, travel and in-person events into states of upheaval, but it’s not expected to deter consumers from spending, Wells Fargo economists said Wednesday. Consumer spending is expected to remain strong in 2022, despite an obstinate virus, a new variant causing a
Continue ReadingBy Julia Horowitz, CNN Business Retailers can breathe a sigh of relief now that the Christmas holiday is over, capping months of laborious planning to keep shelves stocked over the busy shopping period. But it may not be much of a respite. What’s happening: A new index from the Federal Reserve Bank of New York
Continue ReadingBy Jordan Valinsky, CNN Business Taco Bell is rolling out what’s arguably the tastiest subscription service yet: daily tacos. For $10 a month, Taco Bell customers can get one taco per day for 30 consecutive days. The national program, called Taco Lover’s Pass, is available to purchase beginning Thursday for members of its rewards program
Continue ReadingBy Sara Ashley O’Brien, CNN Business Inside the San Jose federal courtroom, I shifted my body forward and from side to side trying to watch Elizabeth Holmes’ face from the wooden bench I’d all but taken up residence in for the past four months. Like others in the courtroom Monday, I wanted to catch a
Continue ReadingBy Nathaniel Meyersohn and Danielle Wiener-Bronner, CNN Business Montclair Bread Co. closed last weekend after a quarter of the staff tested positive for Covid-19. The bakery missed out on 25% of its monthly sales. “We’re basically open during the week to prep for the weekend,” said Rachel Wyman, the owner of the artisan bread, specialty
Continue ReadingBy Michelle Toh and Charles Riley, CNN Business Global stock markets retreated Thursday after the Federal Reserve sparked a major sell-off on Wall Street by signaling it may unwind economic stimulus more aggressively than investors had expected. Some markets in Asia fell sharply, with Japan’s benchmark Nikkei and Australia’s S&P/ASX 200 sliding 2.9% and 2.7%,
Continue ReadingBy Laura He, CNN Business A top Chinese official this week called for more tax cuts as the world’s second largest economy contends with fallout from renewed Covid outbreaks, a strict zero-tolerance approach to containing the virus and a deepening real estate crisis. “Our country’s economy is facing new downward pressures,” Premier Li Keqiang told
Continue ReadingCNN By Oliver Darcy, CNN Business On the one-year anniversary of the January 6 insurrection, some of the most powerful forces in right-wing media continued to mislead or just brazenly lie to their audiences about the attack on the US Capitol, while others downplayed the events and mocked the news media for its coverage. The
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. I spent the morning of January 6, 2021 on the phone with one of my sources at Fox — a true conservative who hated what Donald Trump had done to
Continue ReadingCNN, CNN BUSINESS By Anneken Tappe, CNN Business Wall Street ended Wednesday’s session sharply lower, as investors dealt with Omicron headlines as well as the Federal Reserve’s December meeting minutes that confirmed the central bank has its foot on the stimulus brakes. The Dow, which hit a record high Tuesday, closed down 1.1%, or 393
Continue ReadingBy Anneken Tappe, CNN Business Wall Street ended Wednesday’s session sharply lower, as investors dealt with Omicron headlines as well as the Federal Reserve’s December meeting minutes that confirmed the central bank has its foot on the stimulus brakes. The Dow, which hit a record high Tuesday, closed down 1.1%, or 393 points. The S&P
Continue ReadingBy Matt McFarland, CNN Business General Motors CEO Mary Barra said Wednesday during CES that the automaker hopes to sell self-driving cars to consumers by the middle of this decade. GM has missed its own self-imposed self-driving deadlines in the past. The automaker claimed back in 2017 that it would be mass producing fully autonomous
Continue ReadingCNN, CNNBUSINESS By Michelle Toh and Charles Riley, CNN Business Global stock markets retreated Thursday after the Federal Reserve sparked a major sell-off on Wall Street by signaling it may unwind economic stimulus more aggressively than investors had expected. Some markets in Asia fell sharply, with Japan’s benchmark Nikkei and Australia’s S&P/ASX 200 sliding 2.9%
Continue ReadingBy Chris Isidore, CNN Business Six employees at a Buffalo Starbucks that recently voted to join a union walked out just before 9 am Wednesday citing health concerns, prompting the temporary closing of the store. Starbucks said it had closed that location and others in the city to in-store customer traffic Monday, restricting them to
Continue ReadingBy Peter Valdes-Dapena, CNN Business Stellantis, the international automaker that owns brands like Jeep, Chrysler, Fiat, Ram and Peugeot, has entered into a wide-ranging agreement with Amazon. The deal will put Amazon software in Stellantis vehicles and will also put Stellantis’s electric vans into Amazon’s delivery fleet. Other automakers have reached similarly wide-ranging agreements in
Continue ReadingBy Matt Egan, CNN Business Bank of America promised on Wednesday to donate $100 towards hunger relief for each US employee who shows proof of getting boosted against Covid-19. In a memo shared first with CNN, Bank of America said it will direct a $100 donation to local food banks and hunger relief organizations for
Continue ReadingBy Brian Fung, CNN Business Google must stop attempting to intimidate US antitrust enforcers at the Justice Department, according to two congressional Democrats. On Wednesday, Sen. Elizabeth Warren and Rep. Pramila Jayapal wrote to Google CEO Sundar Pichai lambasting his company’s efforts to get Jonathan Kanter — DOJ’s top antitrust official — to recuse himself
Continue ReadingBy Jackie Wattles, CNN Business NASA’s Artemis 1 mission, slated for take off as soon as this March, aims to send an Orion spacecraft around the moon. The cabin will be largely empty, save for an a interactive tablet that has been dubbed “Callisto,” which will sit propped up to face an astronaut mannequin. Callisto
Continue ReadingBy Peter Valdes-Dapena, CNN Business General Motors unveiled a new battery-electric pickup truck, the Chevrolet Silverado EV, during the Consumer Electronics Show. Although it shares its name with the popular gasoline-powered Silverado pickup, this Silverado is a completely different truck with a distinct design and major features not found on the internal combustion-powered models. GM’s
Continue ReadingBy Anna Bahney, CNN Business For many people, buying a home just wasn’t in the cards this year. There were too few homes for sale that were too expensive to buy. Indeed, home prices have been on a tear, with third quarter home prices up more than 18% from a year earlier, according to the
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