By Matt Egan, CNN Business A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. The legislative text of the National Defense Authorization bill for fiscal 2023 includes language from a bipartisan bill introduced in March that would make it
Continue ReadingBy Julia Horowitz, CNN Business US gasoline prices are now cheaper than they were one year ago, providing relief to Americans that have spent 2022 grappling with the worst inflation in decades. The average cost of a regular gallon of gas in the United States is now $3.33, according to AAA. One year ago, it
Continue ReadingBy Laura He, CNN Business Chinese President Xi Jinping is visiting Saudi Arabia this week for the first time in nearly seven years, during which he is expected to sign billions of dollars of deals with the world’s largest oil exporter and meet leaders from across the Middle East. The visit is a sign that
Continue ReadingBy Oliver Darcy, CNN Business A 24-hour strike at The New York Times, a historic demonstration in which more than 1,100 employees are expected to participate, began Thursday at midnight, after management and the union representing staffers failed to reach an agreement for a new contract after more than a year and a half of
Continue ReadingBy Jeanne Sahadi, CNN Business New retirement rules could make it easier for Americans to accumulate retirement savings — and less costly to withdraw them — if lawmakers pass a retirement reform package before the end of the month. The House already passed its own version of retirement plan rule changes, and two key Senate
Continue ReadingBy Danielle Wiener-Bronner, CNN Business A slew of problems have stalled the growth of Beyond Meat, once a darling of Wall Street whose top product became synonymous with plant-based burgers. Sales have been declining, sliding 22.5% in the third quarter compared to the previous year, and the company has laid off over 20% of its
Continue ReadingBy Paul R. La Monica, CNN Business The media sector has had a tumultuous 2022, culminating in the shocking return of Bob Iger as CEO of Disney and a spate of layoffs at multiple companies. But there may be a few hopeful signs for normalization and stabilization in 2023. Take Netflix. Wall Street, for what
Continue ReadingBy Jordan Valinsky, CNN Business Elon Musk is no longer the world’s richest person, according to Forbes. On Thursday, Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires,” putting the Twitter and Tesla CEO behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac.
Continue ReadingBy Parija Kavilanz, CNN Business We know young kids love teddy bears and cute cuddly stuffed animals. But Build-A-Bear Workshop says older consumers can’t resist them, either. The St. Louis-based company is seeing a strong post-pandemic resurgence in demand for its create-your-own soft plush toys, and Build-A-Bear Workshop attributes that to shoppers 13 and older.
Continue ReadingBy Hanna Ziady, CNN Business Britain is bracing for further disruption from strikes heading into the Christmas period, as ambulance drivers and nurses join rail operators and postal workers in the worst wave of walkouts the country has endured for at least a decade. More than 20,000 ambulance workers, including paramedics and call handlers, are
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Coca-Cola is hoping that this holiday season, families will crack open some Cokes, settle into a comfy spot and watch its first Christmas Anthology film series. The beverage company partnered with production firm Imagine Entertainment to create three short films, which are available to watch on Amazon Prime across the
Continue ReadingBy Peter Valdes-Dapena, CNN Business General Motors is moving ahead with plans to install as many as 40,000 electric vehicle chargers in, mostly, rural parts of America. This comes as GM plans to sell exclusively zero-emission passenger vehicles by 2035. These will not be so-called “Level 3” fast chargers — the sort that can charge
Continue ReadingBy Nicole Goodkind, CNN Business Nothing lasts forever, not even a good CEO. It’s been a nasty year for Fortune 500 companies and top executives are paying for it: CEOs are exiting in droves. But as the global economy sits on the brink of a possible recession, a new troubling pattern is emerging: In many
Continue ReadingKING, BOEING, CNN By Chris Isidore, CNN Business After 53 years and more than 1,570 planes, the last Boeing 747 rolled off the assembly line in Washington state Tuesday evening, on its way to serve as a cargo plane. The once-groundbreaking jumbo jet, with the distinctive second-floor bulge, is perhaps the most notable and popular
Continue ReadingBy Hanna Ziady, CNN Business Britain has agreed a new energy partnership with the United States that aims to end its reliance on Russia and lower soaring energy costs. UK Prime Minister Rishi Sunak announced the partnership in a statement on Wednesday. He said the aim was to double the amount of liquified natural gas
Continue ReadingBy Oliver Darcy, CNN Business The New York Times is preparing for more than 1,100 of its union staffers to go on strike for a full day Thursday — an act of protest that has not been staged by employees at the paper of record since the late 1970s. The historic work stoppage is set
Continue ReadingBy Rob McLean, CNN Business E-cigarette maker Juul Labs said Tuesday that it has settled litigation it faced in the United States, resolving a substantial amount of legal issues for the company. “The global resolution covers more than 5,000 cases brought by approximately 10,000 plaintiffs against Juul Labs and its officers and directors,” the company
Continue ReadingBy Allison Morrow, CNN Business The world’s leading producer of advanced computer chips, Taiwan Semiconductor Manufacturing Company, announced an expanded $40 billion investment in its US production hub in Phoenix. President Joe Biden visited the manufacturer’s site in Phoenix and spoke about bringing jobs and investment to Arizona, calling TSMC’s commitment “the largest foreign investment
Continue ReadingCNN By Allison Morrow, CNN Business The world’s leading producer of advanced computer chips, Taiwan Semiconductor Manufacturing Company, announced an expanded $40 billion investment in its US production hub in Phoenix. President Joe Biden visited the manufacturer’s site in Phoenix and spoke about bringing jobs and investment to Arizona, calling TSMC’s commitment “the largest foreign
Continue ReadingBy David Goldman, CNN Business Congress wants answers from the CEO of Ticketmaster’s parent company after a ticketing snafu ahead of Taylor Swift’s Eras tour left millions of unhappy Swifties without the ability to see the singer-songwriter perform. In a letter addressed to Live Nation CEO Michael Rapino Tuesday, the House Energy and Commerce Committee
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