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By Tami Luhby, CNN Employers continued hiking wages to attract workers and hold on to existing staff during the third quarter. But the raises did not keep up with inflation — and the continued increase is unwelcome news for the Federal Reserve, since higher wages can contribute to overall inflationary pressures, which the central bank

By Paul R. La Monica, CNN Business Stocks rallied heading into the weekend, despite lousy results from Amazon. Solid earnings from Apple and record profits from oil giants Chevron and Exxon Mobil were enough to counter the weak outlook from the retail and cloud giant. The Dow, which has Apple and Chevron as two of

By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look

By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in

By Matt Egan Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement.

By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction

By Matt McFarland, CNN Business Denis Wang says he always hated the car-buying process — until he met Rivian. Buying the automaker’s R1T electric pickup was so wonderful that he says he drove 45 minutes to Rivian’s Irvine, California, office to take the Rivian employee who shepherded him through his purchase out for coffee. (Rivian

By Hanna Ziady, CNN Business The European Central Bank hiked interest rates by three quarters of a percentage point on Thursday, promising further hikes to come and forecasting an extended economic slowdown. The move will take the benchmark rate for the 19 countries using the euro to 1.5%. The central bank has now hiked rates

By Jordan Valinsky, CNN Business Peloton has “indefinitely paused” playing Kanye West’s music from its streaming workout classes. Pelo Buddy, a fan website that doesn’t have official ties with Peloton, reports that company is telling concerned members saying that its instructors are no longer using West’s music in “newly produced classes” and it’s not recommending

By Matt Egan, CNN Business Colorado Sen. John Hickenlooper is pleading with the Federal Reserve to pause its relentless attack on crushing inflation before it does more harm than good. “High inflation necessitates a response. But the concern is the Fed is doing too much too soon,” Hickenlooper wrote in a letter on Thursday to

By Rob Picheta, Lauren Said-Moorhouse, Max Foster and Lauren Kent, CNN Prince Harry’s highly anticipated memoir will be entitled “Spare” and is set for a January 10 release, its publisher revealed on Thursday. The 416-page book will include Harry’s recollection of Princess Diana’s funeral in 1997, when the 12-year-old prince walked behind his mother’s coffin,

By Anna Cooban, CNN Business Global fossil fuel emissions are expected to peak in 2025 as countries commit huge sums of money toward low-carbon fuels, according to the International Energy Agency (IEA). In its annual World Energy Outlook report, published Thursday, the agency said that Russia’s assault on Ukraine had the potential to “hasten” the

By Nicole Goodkind, CNN Business Tech stocks are taking a beating this week as they prove less resilient to the economic downturn than investors had hoped they would be. What’s Happening: Dreary earnings results from Google parent company Alphabet and Microsoft weighed down markets on Wednesday, showing how this year’s $5.5 trillion selloff has not

By Hanna Ziady, CNN Business Shell will buy back $4 billion worth of shares and increase its dividend by 15% after posting another gigantic quarterly profit thanks to strong oil and gas prices. The UK company posted net income of $9.45 billion in the third quarter, more than double the $4.1 billion it recorded a

By Julia Horowitz, CNN Business Credit Suisse will raise $4 billion to step back from Wall Street and double down on managing the finances of the world’s wealthy, the scandal-plagued Swiss bank said on Thursday. The company unveiled a “radical” turnaround plan that it said would leave it “a stronger, more resilient and more efficient

By Jessie Yeung and Kocha Olarn, CNN A Thai media tycoon and transgender rights advocate has bought the Miss Universe Organization for $20 million, according to her company, which will now host the international beauty pageant. Anne Jakkaphong Jakrajutatip is the CEO of JKN Global Group PCL, a Thailand-based media distribution company, though she’s perhaps

By Oliver Darcy, CNN Business “Unsettling.” That’s the sort of news CNN staffers had delivered to their inboxes at 1pm ET on Wednesday when network boss Chris Licht candidly informed them that sweeping changes are imminent. In other words, brace for layoffs by the end of the year. Licht, who has been conducting a business

Alexandra Peers, CNN A roar of corporate earnings came out this week and last, and the information piling up from the backbone-of-American-buyers companies like Coca-Cola, Mattel, GM, Hilton, American Express offers a fuller picture of what’s going on in this country than we’ve had in the past. Amid a nearly international consensus that America is

By Rob McLean, CNN Business Athletic shoe company Skechers said in a statement Wednesday that two of its executives escorted embattled musician Kanye West from one of its Los Angeles buildings. The company said West, who has legally changed his name to Ye, “arrived unannounced and without invitation.” It said he was engaged in “unauthorized

By Matt McFarland, CNN Business Ford and Volkswagen, two of the world’s largest automakers, are shutting down their joint effort to develop self-driving cars, the startup Argo AI. Ford said Wednesday that it had concluded that the large-scale profitable commercialization of self-driving cars was further out then expected. The company is still “optimistic” about a

By Matt McFarland, CNN Business Intel spun out its driver-assist subsidiary Mobileye Wednesday and raised $861 million in the initial public offering. Mobileye’s stock was up about 34% during trading Wednesday from the initial public offering price of $21 a share. Intel had purchased Mobileye in 2017 for $15.3 billion, but announced in Dec. 2021

By Parija Kavilanz, CNN Business The list of companies cutting ties with artist and designer Ye following a series of antisemitic remarks continues to grow, with TJ Maxx boycotting the apparel line, the retailer announced Wednesday. The decision follows similar moves by Gap and Foot Locker to pull Yeezy merchandise from their stores. Gap said

By Chris Isidore and Vanessa Yurkevich, CNN Business Rank and file members of another railroad union have rejected a tentative labor deal, a move that further raises the odds that America’s freight railroad workers will go on strike sometime next month. The Brotherhood of Railroad Signalmen voted against September’s tentative agreement, according to results announced

By Frank Pallotta, CNN Business Ye — formerly known as Kanye West — has lost partnerships with fashion brands including Gap, Balenciaga and Adidas following his antisemitic comments in recent weeks. Now, questions remain about the business that helped propel Ye onto the fashion scene in the first place: Music. Since 2004’s “The College Dropout”

By Nicole Goodkind, CNN Business Imminent recession is the topic du jour. From Goldman Sachs to the IMF, analysts and economists seem to agree that an economic downturn is coming for the United States in early 2023. That’s why it’s so surprising that the US economy is expected to show robust growth in Thursday’s third-quarter

By Hanna Ziady and Julia Horowitz, CNN Business The UK government has delayed its budget by more than two weeks, buying new Prime Minister Rishi Sunak some time to make difficult choices about how to tackle the country’s “profound economic crisis.” Finance minister Jeremy Hunt will now deliver the government’s medium-term fiscal plan on November

By Rob McLean, CNN Business Two high profile athletes are leaving Kanye West’s sports agency, Donda Sports, in the wake of the artist and businessman’s repeated antisemitic statements. Aaron Donald, a star football player on the Los Angeles Rams, announced Tuesday that he is leaving the agency. In a statement shared on Twitter, Donald and

By Chris Isidore, CNN Business Rapper Ye’s falling out with corporate partners has cost him his status as a billionaire, according to Forbes. In the last few weeks, Ye — also known as Kanye West — has seen luxury fashion house Balenciaga, Gap and most recently Adidas end business relationship with him for antisemitic comments

By Skyler Hill and Rebekah Riess, CNN Business Authorities in Excelsior Springs, Missouri, have launched an investigation into the death of an Amazon delivery driver after he was found dead with possible dog bite injuries. Officers were called to the scene at around 7 p.m. Monday after they were told an Amazon delivery truck had

By Parija Kavilanz, CNN Business As the corporate backlash against Kanye West mounts, Gap has announced it is pulling the rapper’s Yeezy Gap line of merchandise from its stores and has shut down YeezyGap.com. Additionally, Foot Locker is pulling Yeezy products from its shelves. “Our former partner’s recent remarks and behavior further underscore why we

By Nathaniel Meyersohn, CNN Business In 2013, Adidas struck a deal with Kanye West to create Yeezy-branded shoe and clothing collections for the sportswear giant. Landing West, who previously had an endorsement deal with Nike, was a coup for Adidas. Three years later, Adidas expanded its relationship with him, heralding it as the “most significant

By Tara John, CNN N. R. Narayana Murthy, one of India’s richest people, had mixed feelings when he first heard about the man who would become his son-in-law. “I, too, was a little sad and jealous when you told us you had found your life partner,” he wrote to his daughter Akshata Murty in a

By Ramishah Maruf, CNN Business In the last few weeks, retailers, social media platforms, celebrities and fashion and entertainment companies have peeled away from business alliances with rapper Ye. Ye, also known as Kanye West, has become a controversy magnet. In early October, Ye wore a “White Lives Matter” t-shirt and dressed several Black models

By Chris Isidore, CNN Business General Motors says its supply chain issues are improving. That allowed the company to post better-than-expected earnings despite falling short of revenue forecasts. America’s largest automaker said that by the end of June, it had been able to clear out of inventory about 75% of the roughly 90,000 vehicles it

By Laura He, CNN Business China’s yuan tumbled on Tuesday to its lowest level in nearly 15 years on Tuesday as investors fled Chinese assets amid fears about Xi Jinping’s dramatic move to tighten his grip on power in a major reshuffle of Communist Party leaders On the tightly controlled domestic market, the yuan dropped