Money

By Paul R. La Monica, CNN Business The midterm elections are a little more than a month away, and if Wall Street had a vote, it’d be for more gridlock. Just a few months ago, many political observers and Wall Street experts were predicting that the GOP would gain control of the Senate and possibly

By Jordan Valinsky, CNN Business Tyson Foods is the latest company closing its Chicago-area offices, joining Boeing, Caterpillar and Citadel among others. The poultry producer said Wednesday that it’s bringing together its corporate employees at its global headquarters in Arkansas, resulting in the closure of three offices, including downtown Chicago, Downers Grove, Illinois, and Dakota

By Jordan Valinsky, CNN Business Peloton is undergoing another round of layoffs — its fourth this year — with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line. The company said in a statement that a “key aspect of Peloton’s transformation journey is optimizing efficiencies

By Hanna Ziady, CNN Business OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia

By Parija Kavilanz, CNN Business REI has quit Black Friday, forever. For the past seven years, the retailer has closed its doors on the day after Thanksgiving to give its employees a day off. The Seattle-based seller of outdoor clothing and gear said October 4 that starting this year, every part of its business —

By Laura He and Emiko Jozuka, CNN Business A quarter of a century ago, a major financial crisis ripped through Asia, shaking its economies to the core. Now, the ghost of 1997 is haunting the region again. Currencies and stock markets in Asia’s biggest economies have plunged to lows not seen in decades, as a

By Alicia Wallace, CNN Business America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.

By Matt Egan, CNN Business Congressman Ro Khanna wants Federal Reserve Chairman Jerome Powell to apologize for the central bank’s handling of inflation. “I blame the Fed and I blame Powell for mismanaging the situation in the first place,” the Democratic Rep. told CNN in a phone interview. “He should take accountability that he messed

By Jeanne Sahadi, CNN Business One of the best ways to build wealth in the United States is to own your own business. But just 2% of businesses with employees are Black-owned, according to a report from the Alliance for Entrepreneurial Equity. And that has played a big part in widening the racial wealth gap

By Scottie Andrew, CNN Jack Thomas’ byline appeared in the Boston Globe for an impressive 60 years. He was a copy boy to start, working for the sports desk as a teenager after a childhood spent delivering papers. From a police writer to a national correspondent to the paper’s ombudsman, Thomas wore more hats in

By Katharina Krebs and Anna Chernova, CNN Marina Ovsyannikova, a Russian journalist who staged a daring protest live on state-run television, has been declared a fugitive after going on the run, Russian media reported. Ovsyannikova was placed under house arrest in August. She had been charged with disseminating false information about the Russian military after

By Jordan Valinsky, CNN Business For the “Why didn’t I think of that?” file: A startup that sells water in beer cans — that’s literally it — is approaching a $1 billion valuation. Liquid Death raised a fresh funding round Monday, bringing its valuation to $700 million. Since its launch in 2019, the brand has

By Anna Cooban, CNN Business It wasn’t hard for Samantha Losey, managing director of Unity, a public relations firm in London, to convince her team to work fewer hours for the same paycheck. But it was an uphill battle to persuade her own board to join the world’s biggest pilot of the four-day work week.

By Paul R. La Monica, CNN Business Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation. According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping

By Parija Kavilanz, CNN Business South Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the companies announced Monday. Under the terms of the deal, Naver is paying $17.90 a share in an all-cash deal. Poshmark shares rose 14% in after-hours trading on the news. Naver, which operates a search

By Matt Egan, CNN Business US Rep. Ro Khanna is calling for the White House to retaliate against Saudi Arabia if OPEC and its allies slash oil production in a bid to boost prices. “This is beyond the pale,” the California Democrat told CNN in a phone interview on Monday. “They are actively fleecing the

By Parija Kavilanz, CNN Business Tupperware containers will now be available at Target, in a major shift for the 76-year-old brand. Generally the company has sold its plastic food storage containers solely through in-home “Tupperware parties” or its own website — save a few brief and limited pilot programs with retailers HomeGoods, Bed Bath and

By Alicia Wallace, CNN Business The devastation wrought by Hurricane Ian likely caused more than $50 billion in damages — and also dinged overall US economic output, economists say. Initial damages from the deadly storm are estimated to be in the range of $45 billion to $55 billion in Florida and at least several billion

By Julia Horowitz, CNN Business Shares of Credit Suisse plunged to a fresh record low on Monday as jittery investors trained their attention on the Swiss bank. The company’s stock was last down more than 8% in Zurich to about $3.68 per share. It’s dropped almost 60% so far this year. The lender has been

By Kathleen Magramo and Shawn Deng, CNN A Chinese billionaire and a former University of Minnesota student who accused him of rape have reached an undisclosed agreement in the US, bringing an abrupt end to a case closely watched — and now hailed as a minor victory — by women on the other side of

By Mark Thompson and Adam Renton, CNN The British government is reversing plans to scrap the highest rate of income tax, announcing the embarrassing retreat after a rebellion among its own lawmakers and a week of financial and economic turmoil. In a statement on Monday, finance minister Kwasi Kwarteng said the tax cut for people

By Ramishah Maruf, CNN Tesla announced its delivery and production numbers for the third quarter Sunday, reporting 343,000 total deliveries and 365,000 vehicles built, falling below analysts’ forecasts. The world’s most valuable automaker said it produced 19,935 and delivered 18,672 Model S and X vehicles. It produced 345,988 Model 3 and Y cars and delivered

By Ramishah Maruf, CNN United Airlines is temporarily halting service at New York’s JFK Airport, saying its schedule there is too small to remain competitive. In a note shared with CNN Business, the airline said the start of the winter season, when more airlines resume flying to and from JFK, contributed to its “difficult decision.”

By Frank Pallotta, CNN Business “Saturday Night Live” kicked off its 48th season on Saturday night with host Miles Teller as former NFL quarterback Peyton Manning and Andrew Dismukes as his brother, Eli. In the sketch, the two were doing an analysis of the season premiere of the NBC variety show. “Ok, we got an

Bridget O’Brian, CNN Business Disney has blocked its content from being shown on Dish TV and Sllng TV channels after the companies were unable to reach agreement over a contract extension. The dispute affects access to Disney channels that include ESPN, FX, the Disney Channel and ABC local stations in seven markets. Dish and Sling

By Matt McFarland, CNN Business Tesla revealed on Friday a prototype of a humanoid robot that it says could be a future product for the automaker. The robot, dubbed Optimus by Tesla, walked stiffly on stage at Tesla’s AI Day, slowly waved at the crowed and gestured with its hands for roughly one minute. Tesla

By Vanessa Yurkevich, CNN Business About 15% of Nick Wishnatzki’s 650-acre family strawberry farm sustained damage from Hurricane Ian. His fields in Duette, Florida, are underwater, and plastic used to protect the carefully prepped fields for planting season in November, were ripped off by Ian’s 100-mph winds. That’s sent Wishnatzki scrambling to get back on