By Matt Egan and Phil Mattingly, CNN Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to
Continue ReadingBy Peter Valdes-Dapena, CNN Business Foxconn, the Taiwanese company best known for building Apple’s iPhones, recently showed off two new electric vehicles at an event in Taipei as the company expanded on its plans to do for cars what it’s already done for phones. The company, officially Hon Hai Technology Group but better known as
Continue ReadingBy Frank Pallotta, CNN Business After two quarters of bleeding subscribers, Netflix appears to be back on track — in a big way. The streaming company reported Tuesday that it notched 2.4 million subscribers in the third quarter of 2022 — a number that far exceeded expectations of 1 million subscribers. In more good news,
Continue ReadingBy Frank Pallotta, CNN Business The NFL is expanding its hold on Thanksgiving weekend and building its relationship with Amazon and the world of live-sports streaming. The league announced Tuesday that it is creating the first-ever Black Friday game, which starting next year will take place the day after the NFL’s traditional Thanksgiving games and
Continue Readingby Devon M. Sayers Girl Scouts of the USA received its largest ever donation from a single individual, a gift of $84.5 million from MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, the group said in a release. The donation will be awarded to 29 local councils selected by Scott, along with the national
Continue ReadingBy Matt McFarland, CNN Business Gas stations with convenience stores seem like an obvious location for electric vehicle chargers. Drivers could grab a drink or snack while waiting for their vehicle to charge. But despite available federal funding to build EV chargers, many stores aren’t biting. The reason? High electric utility fees on charging stations
Continue ReadingBy Vanessa Yurkevich, CNN Florida farmers and ranchers lost up to $1.56 billion in crops, livestock, and nursery and aquaculture products due to the devastation caused by Hurricane Ian, according to a new preliminary analysis from the University of Florida released Tuesday. The assessment done by the UF/IFAS Economic Analysis program puts the preliminary losses
Continue ReadingBy Hanna Ziady and Joseph Ataman, CNN Business Only about half the trains on regional and intercity lines were running Tuesday in France and Eurostar canceled some services between London and Paris, as a strike by energy workers spilled over into other sectors of the economy. One in two trains were canceled on some suburban
Continue ReadingBy Paul R. La Monica, CNN Business So much for Shocktober. Wall Street’s often scary month for stocks has suddenly turned into Rocktober. The Dow surged nearly 600 points, or 2%, shortly after the opening bell Tuesday before giving up some of its gains. Still, ended the day up more than 340 points, or 1.1%.
Continue ReadingBy Jordan Valinsky, CNN Business Pizza Hut is getting more personal beyond its personal pan pizzas. For customers who find ordering a whole pie daunting, the chain is offering its version of individual slices with a new menu item called Pizza Hut Melts. For $6.99 per slice, the new option is actually two slices of
Continue ReadingBy Paul R. La Monica, CNN Business Goldman Sachs announced a major reorganization Tuesday as the Wall Street powerhouse grapples with market volatility. Goldman Sachs announced Tuesday morning that it is combining its trading and investment banking divisions into one unit. That will streamline its operations, cutting the number of main operating lines at Goldman
Continue ReadingBy Peter Valdes-Dapena, CNN Business Rolls-Royce will start production of its first electric car next year. It has only two doors but is longer than a full-size SUV. And among its innumerable options, the Spectre will be offered with stars in the doors. The British ultra-luxury car brand has for years offered a feature called
Continue ReadingCNN, CNN BUSINESS By Peter Valdes-Dapena, CNN Business Rolls-Royce will start production of its first electric car next year. It has only two doors but is longer than a full-size SUV. And among its innumerable options, the Spectre will be offered with stars in the doors. The British ultra-luxury car brand has for years offered
Continue ReadingCNN By Alicia Wallace, CNN Business Almost two-thirds of corporate economists believe the United States is already in a recession or will be within the next 12 months, according to the latest survey from the National Association for Business Economics. More than half the NABE respondents said they believed there was a more-than-even likelihood of
Continue ReadingBy Paul R. La Monica, CNN Business The strong dollar has been a headwind for blue chip US companies in the Dow and S&P 500 this year. That’s understandable since a surging greenback eats into the international profits of companies like Apple, Procter & Gamble, McDonald’s and Coca-Cola, which all have significant exposure overseas. But
Continue ReadingBy Peter Valdes-Dapena, CNN Business General Motors’ venture capital arm has invested in a California startup that’s making imitation leather from mushrooms. The material is made by MycoWorks using the root-like structures of mushrooms, called mycelia. It could provide an alternative to both traditional leather made from animal skins, usually cattle, and artificial leather made
Continue ReadingBy Matt Egan, CNN Business Stubborn inflation and the Federal Reserve’s jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday. In a report obtained first by CNN, Fitch slashed its US growth forecasts for this year and next because of one
Continue ReadingBy Jeanne Sahadi, CNN Business When it comes to getting promoted into management, men still have the advantage. And women who do ascend to leadership roles are more likely than their male counterparts to have their authority undermined and have some of their efforts go unrecognized. They are now, in the wake of the pandemic,
Continue ReadingBy Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with
Continue ReadingCNN By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday,
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