By Gayle Harrington and Robert North, CNN Adidas will begin an investigation into allegations of misconduct against Kanye West, with whom the company had a partnership that it ended in October. In a statement released Thursday, Adidas said “it is currently not clear whether the accusations made in an anonymous letter are true. However, we
Continue ReadingBy Oliver Darcy, CNN Business The staggering level of apparent deception staged by former crypto king Sam Bankman-Fried wasn’t uncovered by government investigators or a major powerhouse financial news organization, such as The Wall Street Journal. Instead, the public’s first glimpse of the alleged wrongdoing by Bankman-Fried — known to insiders as SBF — came
Continue ReadingCNN By Nicole Goodkind, CNN Business Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. The demonstrations against Chinese President Xi Jinping and his costly zero-Covid policy are an exceedingly rare case of widespread civil disobedience. While the protests represent an unprecedented challenge for Xi, they also carry economic
Continue ReadingBy Jennifer Korn, CNN Business Stores and businesses across the United States will be closed Thursday as Americans celebrate Thanksgiving — but it can be confusing to figure out what will remain open. Many stores that were once open on Thanksgiving have changed policy since the pandemic, shuttering for the day before Black Friday sales.
Continue ReadingBy Nectar Gan and Juliana Liu, CNN Business Foxconn has offered to pay newly recruited workers 10,000 yuan ($1,400) to quit and leave the world’s largest iPhone assembly factory, in an attempt to quell protests that saw hundreds clash with security forces at the compound in central China. The Apple supplier made the offer Wednesday
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Over the past year, as some meat prices have fallen, chicken prices have remained stubbornly high. Strong demand, supply issues and even breeding problems with under-performing roosters kept the pressure on. The supply shortage even had some restaurants, like Wingstop, experimenting with less popular items like thighs. But now conditions
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. The 30-year fixed-rate mortgage averaged 6.58% in the week ending November 23, down from 6.61% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen
Continue ReadingBy Paul R. La Monica, CNN Business Americans are getting ready for food, family and football on Thursday, but investors were still holding off until Wednesday afternoon before starting to give thanks. That’s because the Federal Reserve released the minutes from its latest meeting at 2pm ET Wednesday, which provided more clues about the central
Continue ReadingBy Alicia Wallace, CNN Business Heading into the all-important holiday shopping season, American consumers still aren’t feeling very confident about the state of the US economy. The University of Michigan’s consumer sentiment index landed at 56.8 in November, up from the preliminary reading of 54.7 measured earlier this month but lower than the 59.9 recorded
Continue ReadingBy Vanessa Yurkevich, CNN A US freight rail strike could cost the US economy $1 billion in the first week of the strike, according to a new analysis from the Anderson Economic Group. In the first three days alone, US workers and consumers could see potential losses of a quarter billion dollars as a transit
Continue ReadingBy Anna Cooban and Uliana Pavlova, CNN Business Europe is bracing itself for further cuts to its supply of Russian natural gas as Moscow threatens to slash flows to Moldova, a country on Ukraine’s southwestern border. Russian state gas giant Gazprom said Tuesday it would reduce shipments to the country starting Monday over disputed claims
Continue ReadingBy Chris Isidore and Vanessa Yurkevich, CNN Business In September, President Joe Biden, the most union friendly president in recent history, got personally involved in negotiations that reached a tentative labor deal that averted a strike at the nation’s major freight railroads. It was a deal he hailed as a “win for tens of thousands
Continue ReadingBy Jeanne Sahadi, CNN Business If you get paid through apps like Venmo or PayPal or platforms like Etsy or Airbnb, preparing your taxes next year may be a little more confusing than usual. A new tax reporting rule requires third-party payment platforms to issue you and the IRS a 1099-K for business transaction payments
Continue ReadingBy Paul R. La Monica, CNN Business The holidays are rapidly approaching, and for the toy company Hasbro, a slowing economy could be a proverbial Grinch that steals Christmas. Shares of Hasbro, which makes toy brands including Play-Doh and Monopoly, are already down 40% this year. That’s more than twice the drop of competitor Mattel’s
Continue ReadingCNN, CNN BUSINESS By Jordan Valinsky, CNN Business Online Black Friday sales in the United States topped a record-breaking $9.12 billion this year, according to Adobe Analytics, kicking off a solid start to the holiday shopping season despite inflation and other economic concerns. Adobe, which tracks sales on retailer websites, said that this year’s Black
Continue ReadingBy Alicia Wallace, CNN Business First-time weekly claims for unemployment benefits jumped to 240,000 for the week ended November 19, according to data released Wednesday by the Department of Labor. That’s a sharp increase of 17,000 from the previous week’s upwardly revised tally of 222,000, and surpasses economists’ expectations of 225,000. It’s the highest weekly
Continue ReadingBy Jordan Valinsky, CNN Business Perhaps one of the greatest mysteries of Thanksgiving is the cranberry sauce — and we’re not even talking about why people eat it: What’s the deal with the upside-down labels on Ocean Spray cans of the stuff? Observant consumers have noticed that the Ocean Spray labels on jellied cranberry sauce
Continue ReadingBy Nathaniel Meyersohn, CNN Business When Dollar Tree said it would raise prices to $1.25 after 35 years sticking to $1, some fans protested and industry analysts questioned the decision. A year later, the controversial move appears to be paying off. Higher prices have added to Dollar Tree’s sales. The switch has also allowed the
Continue ReadingBy Hanna Ziady and Sonia Moghe, CNN Alex Jones has lost a bid to water down the nearly $50 million damages award handed down by a jury earlier this year over the Infowars host’s false claims about the Sandy Hook Elementary School massacre. Texas Judge Maya Guerra Gamble on Tuesday ruled that Jones should pay
Continue ReadingBy Hanna Ziady, CNN Business Last year, Auckland’s largest real estate company couldn’t sell properties quickly enough to meet demand in New Zealand’s biggest city. Houses were “flying out the door,” said Grant Sykes, a manager at real estate agency Barfoot & Thompson. “There were chin-dropping moments when agents stand around the room and are
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