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By Anneken Tappe, CNN Business The Federal Reserve is getting ready to raise interest rates, the central bank said in its monetary policy update Wednesday. But it kept rates near zero for now. “With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Bad news for coffee lovers: Climate change will make it much harder to grow Arabica coffee in the coming years, according to a study published Wednesday in the scientific journal Plos One. The study examined how coffee-growing conditions will change by 2050 based on projections from several global climate models.
Continue ReadingCNN, POOL, RUSSIAN MINISTRY OF DEFENSE, HOST TV, UKRAINE MINISTRY OF DEFENSE By Charles Riley, CNN Business Some are calling it the “nuclear option.” As Western governments threaten Russia with a package of unprecedented sanctions aimed at deterring President Vladimir Putin from ordering an invasion of Ukraine, there’s one measure in particular that appears to
Continue ReadingBy Nathaniel Meyersohn, CNN Business The makers of top food and consumer goods brands plan to raise prices in the spring, dashing shoppers’ hopes for a quick drop in their grocery bills. Kraft Heinz said in a recent letter to its customers that it will raise prices in March on dozens of products, including Oscar
Continue ReadingBy Charles Riley, CNN Business Some are calling it the “nuclear option.” As Western governments threaten Russia with a package of unprecedented sanctions aimed at deterring President Vladimir Putin from ordering an invasion of Ukraine, there’s one measure in particular that appears to strike fear at the heart of the Kremlin: cutting the country off
Continue ReadingBy Anna Cooban, CNN Business Electric vehicles grabbed a much bigger share of the global car market last year as sales more than doubled despite turbulent economic conditions and a severe shortage of computer chips. Global sales of battery electric vehicles increased to 4.5 million last year from 2.1 million in 2020, according to data
Continue ReadingBy Peter Valdes-Dapena, CNN Business It wasn’t exactly “The Fast and the Furious” — pretty much the opposite — but the 1988 Oscar winning film “Rain Man” featured cars as an integral part of the story. And the movie’s most famous car, a 1949 Buick Roadmaster, is up for auction. The beige convertible has been
Continue ReadingCNN By Peter Valdes-Dapena, CNN Business It wasn’t exactly “The Fast and the Furious” — pretty much the opposite — but the 1988 Oscar winning film “Rain Man” featured cars as an integral part of the story. And the movie’s most famous car, a 1949 Buick Roadmaster, is up for auction. The beige convertible has
Continue ReadingBy Paul R. La Monica, CNN Business It’s a magical world again for Mattel. The toy company won back the rights to make dolls based on Disney’s princess characters, including Frozen’s Elsa and Anna, Jasmine from “Aladdin” along with Snow White, Cinderella, Ariel, Moana and other Disney heroines. Mattel rival Hasbro took over the Disney
Continue ReadingBy Celine Alkhaldi, Eoin McSweeney and Hamzeh Noami, CNN Casino operator Wynn Resorts has inked a deal to build a luxury resort in Ras Al Khaimah in the United Arab Emirates. “The planned destination will feature a luxury hotel with more than 1,000 rooms, world-class shopping, state-of-the-art meeting and convention facility, an exclusive spa, more
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business It’s been a little more than a year since the meme mania in GameStop began. It’s shaped up to be, to put it extremely mildly, a wild ride for it and other meme stocks like movie theater chain AMC ever since. GameStop and AMC are up
Continue ReadingBy Jordan Valinsky, CNN Business Twitter has suspended an annoying bot that automatically responded with the next day’s solution when people posted their Wordle scores on the platform. The account, @wordlinator, would tweet: “Guess what. People don’t care about your mediocre linguistic escapades. To teach you a lesson, tomorrow’s word is…,” then adding the spoiler
Continue ReadingCBC, TWITTER, WORDLE, APPLE APP STORE, CNN By Jordan Valinsky, CNN Business Twitter has suspended an annoying bot that automatically responded with the next day’s solution when people posted their Wordle scores on the platform. The account, @wordlinator, would tweet: “Guess what. People don’t care about your mediocre linguistic escapades. To teach you a lesson,
Continue ReadingBy Jordan Valinsky, CNN Business McDonald’s fans have long been creating menu hacks like using hash browns as a bun. Now the chain is putting some of them on the menu. Beginning January 31 and for a limited time, McDonald’s will sell four menu hacks popularized by its biggest fans. It’s the first-time ever that
Continue ReadingOpinion by Dana Peterson for CNN Business Perspectives Prices are rising for nearly everything, biting into everyone’s income. But the surging cost of food, specifically, hits especially hard, exacerbating the wealth and income disparities between the richest and poorest Americans. The Federal Reserve has been patient throughout the Covid-19 pandemic about achieving full employment to
Continue ReadingBy Chris Isidore, CNN Business Many major employers are going ahead with policies to require employees to take steps to combat Covid-19, even if the Supreme Court says they don’t have to do so. A survey by management consultant Gartner of more than 200 major employers last week found 30% still are requiring or will
Continue ReadingBy Julia Horowitz, CNN Business The market has churned intensely this week as investors get to grips with expectations that the Federal Reserve will soon begin aggressively hiking interest rates in an effort to cap surging inflation. What’s happening: Trading on Tuesday was another rollercoaster ride, with the S&P 500, Dow and Nasdaq Composite all
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business The Federal Reserve may have a playbook for how it plans to tackle inflation and keep the economy humming along. But as any sports fan knows, the best coaches always have to adapt to what’s happening in the game. Sometimes, the strategy has to change. Investors
Continue ReadingBy Chris Isidore, CNN Business Boeing took nearly $4 billion in charges related to problems it had with its 787 Dreamliner, causing losses to soar for the third straight year. The company had already been hit with the problems surrounding the 737 Max, which was grounded for 20 months starting in 2019 following two fatal
Continue ReadingBy Chris Isidore, CNN Business Time could be running out for the Chevrolet Bolt, the electric vehicle that only five years ago was positioned as General Motors’ best chance to overtake Tesla. On Tuesday, GM announced a $35 billion investment in EVs by 2025, including $4 billion to build electric versions of its best-selling pickups,
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