By Nicole Goodkind, CNN Business Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. That means the Federal Reserve could be less aggressive
Continue ReadingBy Michelle Toh, CNN Business China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba and JD.com, will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 billion) in
Continue ReadingBy Hanna Ziady, CNN Business The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday. The United Kingdom is the only G7
Continue ReadingBy Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” hits theaters this weekend, and with it comes the type of anticipation and box office expectations that Hollywood has not seen in months. The Marvel film not only has to follow 2018’s “Black Panther,” one of the biggest blockbusters ever, but has the challenge of doing
Continue ReadingBy Steven Jiang and Juliana Liu, CNN Apple has limited the use of the AirDrop wireless file sharing function on devices in China, just weeks after reports that some protesters had used the popular feature to spread messages critical of the Chinese government. Users of iPhones in mainland China who updated their iOS software this
Continue ReadingBy Rhea Mogul and Swati Gupta, CNN India’s top court on Friday ordered the release of six people convicted of killing the country’s former Prime Minister Rajiv Gandhi, 31 years after their imprisonment. The Supreme Court released Nalini Sriharan, the only woman convicted in the case, and five men, according to Anand Landge, the lawyer
Continue ReadingBy Kathleen Magramo, CNN Business China has reduced the amount of time travelers entering the country must spend in quarantine and removed a major restriction on international flights, in a sign of a limited easing of its stringent zero-Covid policy. The new measures were announced Friday following a meeting by the ruling Communist Party’s top
Continue ReadingBy Parija Kavilanz, CNN Business Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available
Continue ReadingBy Alicia Wallace, CNN Business The US government recorded a monthly budget deficit of $88 billion in October, the Treasury Department reported Thursday. That’s 47% lower than the October 2021 deficit of $165 billion and just below economists’ expectations of $90 billion, according to consensus estimates on Refinitiv. During October, which is the first month
Continue ReadingBy Oliver Darcy and Sonia Moghe, CNN A Connecticut judge on Thursday ordered right-wing conspiracy theorist Alex Jones to pay an additional $473 million in punitive damages over the lies he told about the 2012 Sandy Hook Elementary School shooting. Connecticut Superior Court Judge Barbara Bellis awarded the families over $323 million in common law
Continue ReadingBy Parija Kavilanz, CNN Business Is there anything at your local grocery store (besides avocados) that’s getting less — not more — expensive as families plan their upcoming Thanksgiving Day meals? Well, yes, but you have to look carefully. While 90% of grocery items right now cost more than they did last year because of
Continue ReadingBy Danielle Wiener-Bronner, CNN Business KFC Germany apologized for an “unacceptable” message sent to customers on Wednesday, which appeared to tie a sales promotion to the annual commemoration of Kristallnacht. KFC app users in the country received a message encouraging them to mark the day with crispy chicken and cheese from KFC, according to Twitter
Continue ReadingBy Anna Bahney, CNN Business In case you needed more evidence of how much home prices have skyrocketed: Even as the housing market was cooling over the summer, prices still rose in 98% of US markets, according to a new report. From July through September, home prices increased in 181 out of 185 cities tracked
Continue ReadingBy Chris Isidore and David Close, CNN Fred Hickman, a pioneering sports broadcaster and anchor who helped to launch two major cable networks and influenced and informed a generation of sports journalists and fans, has died. Hickman, who turned 66 on October 16, died peacefully in hospital after battling liver cancer according to his widow
Continue ReadingBy Anna Cooban, CNN Business UK police arrested and detained three journalists covering a climate protest earlier this week, raising concerns that the country’s press freedoms are under threat. Police officers in Hertfordshire, a county in southern England, arrested LBC radio reporter Charlotte Lynch on Tuesday on a bridge over a public highway near London
Continue ReadingBy Paul R. La Monica and Nicole Goodkind, CNN Stocks soared in their best day since 2020 on Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. The Dow rose 1,203 points, or 3.7%.
Continue ReadingBy Peter Valdes-Dapena, CNN Business New car prices are finally coming down. A little, anyway. Cars are still selling, on average, for more than the manufacturers’ sticker prices, but at least they’re closer, according to analysts. And a number of car brands are now selling for below sticker price, something that was once normal but
Continue ReadingBy Jordan Valinsky, CNN Business Wendy’s is adding a holiday-themed Frosty to its menu for the first time ever. Beginning next Tuesday, Wendy’s will sell a peppermint Frosty for a limited time. It’s the second new flavor the chain has launched in 2022, and it marks a notable shift for Wendy’s in expanding beyond the
Continue ReadingCNN, CNN BUSINESS By Nathaniel Meyersohn, CNN Business Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart’s stock
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Food is still getting more expensive, but at a slower pace than earlier this year. In the month of October, food was .6% pricier compared to September, adjusting for seasonal swings, according to data released Thursday by the Bureau of Labor Statistics. For the year through October, without seasonal adjustments,
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