By Danielle Wiener-Bronner, CNN Business In 2020, something incredible happened in the dairy aisle: Velveeta started flying off the shelves. Sales of the processed cheese product, which food snobs love to hate, have been in decline for years. Then the pandemic hit, and suddenly stressed-out, homebound people wanted Velveeta for their queso, fudge and extra-cheesy
Continue ReadingBy Nathaniel Meyersohn, CNN Business Have you ever stepped into an Abercrombie, Victoria’s Secret, Vitamin Shoppe or another store and wondered: “What’s that smell?” Scent is a subtle, often underrated, component of companies’ attempts to entice customers and get them to linger around longer. These retail chains and other companies, including restaurants, fast-food chains, airlines,
Continue ReadingBy Oliver Darcy, CNN Business Jeffrey Toobin said Friday that he will depart CNN, where he served most recently as chief legal analyst, putting an end to a 20-year run at the network in which he provided no-holds barred commentary and suffered a setback over a scandal in which he inadvertently exposed himself to co-workers
Continue ReadingBy Matt McFarland, CNN Business Rivian lost a whopping $1.7 billion in the second three months of the year, but some auto industry experts say it’s no cause for concern. Huge losses are to be expected when a new automaker grows. Building millions of vehicles requires investing billions in equipment and employees. Entire factories need
Continue ReadingMartha C. White for CNN Business Consumer sentiment in August continued to rebound from its June trough, but Americans’ feelings about the economy remain profoundly depressed from a year earlier, weighed down by uncertainty about inflation and the job market. The nation’s collective outlook rose marginally this month, according to the latest University of Michigan
Continue ReadingBy Jordan Valinsky, CNN Business Peloton is slashing jobs again, and this time it’s also hiking prices on some of its products. It’s part of a major cost-cutting strategy as the beleaguered fitness company continues to make changes under its new CEO Barry McCarthy. Peloton is laying off nearly 800 employees, McCarthy said in a
Continue ReadingBy Kara Scannell, CNN Business A New York state judge denied the Trump Organization and its former chief financial officer Allen Weisselberg’s motions to dismiss tax fraud charges during a hearing Friday. Judge Juan Merchan said he would grant a hearing to hear arguments over whether statements Weisselberg made while in custody the day of
Continue ReadingBy Michelle Toh and Benjamin Brown, CNN Business Germany’s Rhine river is getting too dry, snarling supply chains and creating more problems for its struggling economy. Water in the river has dropped to “exceptionally low” levels in some areas, disrupting shipping on the country’s most important inland waterway, German officials told CNN on Friday. A
Continue ReadingBy Anna Cooban, CNN Business Britons are bracing themselves for more tough times ahead as the economy starts to shrink and a new forecast suggests average annual energy bills could exceed £5,000 ($6,000) next year. Official data published on Friday showed that the country’s GDP dropped by 0.1% in the second quarter of this year.
Continue ReadingBy Jordan Valinsky, CNN Business Johnson & Johnson is abandoning talc-based baby powder next year and instead will make it with cornstarch. Its talc-based powder, which hasn’t been sold in the United States and Canada since 2020, is at the center of tens of thousands of lawsuits filed by women who have developed ovarian cancer
Continue ReadingBy Nicole Goodkind, CNN Business There appears to be some confusion about the trajectory of prices in the US. That’s partially because month-over-month inflation eased in July while year-over-year, it remained near historic highs. That raises an important question for consumers and investors alike: Is inflation peaking or not? The answer, according to the market
Continue ReadingBy Laura He, CNN Business A Chinese sci-fi comedy about an astronaut stranded on the moon has shattered summer box office records in China, providing much-needed lift to the world’s second largest cinema industry that continues to grapple with Covid lockdowns. “Moon Man,” which was adapted from a webtoon of the same name by Korean
Continue ReadingBy Reuters Argentina’s central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data. The central bank raised the benchmark rate for the 28-day term to 69.5% from 60%, a
Continue ReadingBy Matt McFarland, CNN Business Rivian said Thursday that it lost $1.7 billion in the second quarter of 2022 as it works to ramp up its vehicle production amid the on-going supply chain crunch. The automaker’s losses more than doubled from the same period last year, when it lost $580 million. Rivian CEO RJ Scaringe
Continue Readingby Matt Egan, CNN Shell and Chevron both said on Thursday that the companies halted oil production at several platforms in the Gulf of Mexico following a small leak that knocked a pair of pipelines offline. Shell shuttered three deepwater platforms. In a statement provided to CNN, Shell said it is “coordinating with local authorities
Continue ReadingBy Anna Bahney, CNN Business Despite rising mortgage rates that dampened sales, home prices continued to climb higher in the second quarter, with many more cities seeing double-digit price gains than in the first part of the year. The median single-family existing home price in the second quarter was $413,500 — the first time this
Continue ReadingBy Jordan Valinsky, CNN Business For the third year in a row, the United States Postal Service is hiking the prices of its delivery services — but just for a few months. The postal service is requesting a temporary price increase on a variety of mail services for the peak holiday season to offset rising
Continue ReadingBy Frank Pallotta, CNN Business In November 2019, Disney debuted Disney+, kicking off the so-called streaming wars and prompting companies across the media world to spend billions of dollars to launch services to take on Netflix. Netflix was seen as the existential threat to the legacy media industry, so following its lead on subscriber growth
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds,
Continue ReadingBy Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds, which offer
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