Money

By Paul R. La Monica, CNN Business Cruise giant Carnival was hit hard during the worst of the pandemic. Now, a top Wall Street analyst has issued a dire potential outlook for the company in the case of recession. Morgan Stanley’s Jamie Rollo outlined a worse-case scenario: Carnival stock could fall to $0 in the

By Alicia Wallace, CNN Business The US economy shrank at a slightly faster rate than previously estimated during the first quarter, the Bureau of Economic Analysis said Wednesday. With one quarter of negative economic growth in the books, the data adds to fears that a recession may be looming. Real gross domestic product declined at

Opinion by Dana Peterson for CNN Business Perspectives Aside from, “You’re on mute,” “I quit” has likely become one of the most popular sayings in the US over the last two years. But while more people are returning to in-person meetings, quitting does not appear to be letting up. Indeed, an astounding 4.4 million people

By Jordan Valinsky, CNN Business Bed Bath and Beyond CEO Mark Tritton is out after only three years at the helm of the rapidly sinking retailer. The beleaguered company announced multiple changes to its leadership Wednesday, including replacing Tritton. In the interim, Bed Bath and Beyond has tapped Sue Grove, an independent director on the

By Laura He, CNN Business Shanghai Disneyland will reopen Thursday after a three-month hiatus, as China eases more Covid-related restrictions. Shanghai Disney Resort said Tuesday the park would resume operations “with limited daily capacity and enhanced health and safety protocols” in line with Chinese government regulations. “During the initial reopening phase, the majority of Shanghai

By Swati Gupta, Rhea Mogul, Esha Mitra and Alex Stambaugh, CNN Religious tensions are flaring in India following the killing of a Hindu man allegedly by two Muslim assailants as authorities attempt to stop video of the brutal attack from circulating online. Officials in the western city of Udaipur, Rajasthan state, announced a curfew and

By Philip Wang and Helen Regan, CNN Nobel Peace Prize laureate and journalist Maria Ressa said Tuesday the Philippine government has ordered her news organization Rappler to shut down. Ressa, CEO and founder of Rappler, released a statement during the East-West Center’s International Media Conference in Honolulu saying the Philippine Securities and Exchange Commission (PSEC)

By Jeanne Sahadi, CNN Business Inspire your team. Deliver results. Keep costs under control. Those have always been top responsibilities for leaders and managers at work. But their job duties have grown more time-consuming and complex thanks to the stress of the pandemic, searing political discord, urgent social justice issues, geopolitical earthquakes, the Great Resignation

By Paul R. La Monica, CNN Business The prices of bitcoin and other top cryptocurrencies have been more than cut in half this year. Now the great crypto crash of 2022 is crushing leading digital asset brokerage firms Coinbase and Robinhood too. Shares of Coinbase have lost nearly three-quarters of their value in 2022, and

By Alicia Wallace, CNN Business US consumer confidence continues to sour in the face of high gas and food prices and rising recession risks, according to new data released Tuesday from The Conference Board. The consumer confidence index for June dropped to 98.7 from May’s revised reading of 103.2, which was adjusted downward by more

By Alicia Wallace, CNN Business US home prices ran hot again in April, notching another month of more than 20% year-over-year gains, according to the latest S&P CoreLogic Case Shiller US National Home Price Index data, released Tuesday. Home prices rose 20.4% in April from the year before, compared to a 20.6% rise seen in

By Nicole Goodkind, CNN Business Retailers typically want their sales numbers to be red hot, not their customers. But Bed Bath & Beyond is reportedly dealing with cooled momentum and heated customers at its stores. A new report from Bank of America claims that the company has cut air conditioning in an effort to quickly

By Peter Valdes-Dapena, CNN Business General Motors has said that Cadillac, its luxury brand, will lead the automaker into the electric future. It will be the first GM brand to go all-electric and its first EV model is the Cadillac Lyriq, a crossover SUV that’s one of the best Cadillacs I’ve driven in a long

By Michelle Toh, CNN Business British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in

By Rhea Mogul and Esha Mitra, CNN Delhi police have arrested a prominent Muslim journalist, accusing him of insulting religious beliefs on social media, in a move condemned by free speech advocates. Mohammed Zubair, co-founder of fact-checking website Alt News, which debunks misinformation in the Indian media, was arrested Monday and remanded overnight in police

By Laura He, CNN Business Tencent’s biggest shareholder will reduce its stake in the social media and gaming giant, just over a year after promising it would not sell the stock for three years. Prosus, a spin-off by South African media and internet investment firm Naspers, said Monday it will cut its huge stake in

By Chuck Johnston and Ramishah Maruf, CNN At least 800 flights were canceled across the United States on Monday afternoon, according to the flight-tracking website FlightAware. This follows another chaotic travel weekend with more than 1,500 domestic flights canceled Saturday and Sunday. Delta alone canceled at least 224 flights Monday, or 7% of its operations,

By Paul R. La Monica, CNN Business Plans to make former president Donald Trump’s media company public appear to have hit another roadblock. Digital World Acquisition Corp. — the special purpose acquisition company (SPAC) that has agreed to merge with Trump Media & Technology Group — said in a regulatory filing Monday that its board

By Jordan Valinsky, CNN Business Cinnabon’s newest menu item is missing its cinn-onymous ingredient. For the first time ever in the United States, the sweet treat chain is selling a new food item that doesn’t contain cinnamon. Until September, the chain is selling Chocolate BonBites, which are bite-sized chocolate rolls that Cinnabon describes as a

By Diksha Madhok, CNN Business Some of the world’s wealthiest nations are banning the import of Russian gold to further tighten the vise on Russia’s economy. US President Joe Biden announced Sunday that the United States will ban Russian gold, the country’s second most valuable export after energy. Gold exports were worth £12.6 billion ($15.5

By Paul R. La Monica, CNN Business All things considered, video game leader Electronic Arts is having a pretty decent year despite inflation worries, recession fears and other macroeconomic headwinds. Shares of EA are only down about 2% in 2022, a drop that’s not nearly as bad as the rest of the tech sector, which

By Julia Horowitz, CNN Business Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn’t worked. Russia is making just as much money from

By Nathaniel Meyersohn, CNN Business Every Q-tips box has a warning label: “Do not insert swab into ear canal,” and if you’re going to use it to clean your ears, gently swab the outer part only. But extracting wax from our ear canals is precisely why most of us buy Q-tips in the first place.

By Zoe Sottile, CNN Do you love bacon so much you want to smell like it — without the hassle of actually cooking? A new bacon-scented fragrance from Tyson-owned Wright Brand might just be right for you. The scent, named Wright N°100, was released on Thursday to celebrate the brand’s 100th year anniversary, according to

By Alicia Wallace, CNN Business US consumer sentiment hit a new record low in June amid growing concerns about inflation, according to a closely followed University of Michigan survey released Friday. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago.

By Sean Lyngaas, CNN Business Hackers have stolen the equivalent of $100 million from a California-based cryptocurrency firm in the latest big-money hack in the digital currency industry. The unidentified thieves hit a “bridge” — a program that allows for the transfer of cryptocurrency — the victimized firm, Harmony, announced on Twitter Thursday night. “Harmony

By Julia Horowitz, CNN Business Some investors look to copper prices as a bellwether for the global economy. If you’re one of them, you have good reason to be worried. What’s happening: Copper prices hit 16-month lows on Thursday as traders dumped the metal. They’ve dropped more than 11% in two weeks. “Copper prices are

By Laura He, CNN Business Peter had put his life savings of about $6 million into accounts at three small banks in China’s central Henan province. He says he hasn’t been able to access them since April. The 45-year-old entrepreneur asked us to call him Peter for security reasons. He’s from the eastern city of

By Matt Egan, CNN Business Former Trump economic official Gary Cohn is in favor of President Joe Biden lifting some Trump-era tariffs imposed on China to address high inflation. “These tariffs are adding to the cost of many goods that US consumers are buying,” Cohn told CNN. Cohn, now vice chairman at IBM, is a

By Frank Pallotta, CNN Business Netflix is laying off 300 employees in the midst of a rough year for the streaming giant. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” a company spokesperson told CNN Business Thursday.

By Chris Isidore, CNN Business Tesla faces billions of dollars in losses from its new plants, supply chain problems and Covid lockdowns — enough for CEO Elon Musk to mention the possibility of bankruptcy in a recent interview. “The past two years have been an absolute nightmare of supply chain interruptions, one thing after another,”

By Paul R. La Monica, CNN Business It wasn’t too long ago when some movie fans found that the easiest and cheapest way to watch movies in a post-Blockbuster world was to rent DVDs from Redbox kiosks at the drug store and other retailers. Ahh, the early 2010’s. The rise of Netflix and other streaming

By Parija Kavilanz, CNN Business Americans are cutting back at the gas pump — and not just the amount of fuel they put in their tanks. Consumers are also changing the way they fill their grocery bags with rest-stop food and other essentials. The trigger: soaring inflation. The average price of gas is hovering around

By Matt Egan, CNN Business Federal Reserve Chairman Jerome Powell told lawmakers on Thursday that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street. Powell said that although it’s “certainly possible” to get inflation under control without causing job losses, that may not be the case. “There is a risk

By Hannah Ritchie, CNN Mining in Western Australia, a multi-billion dollar industry which helps power the nation’s economy, is plagued by an “abhorrent and systemic” culture of sexual abuse, according to a parliamentary inquiry published Thursday. After an investigation lasting almost a year, a committee led by state lawmakers detailed widespread sexual harassment, degradation, assault

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway is betting that the oil boom isn’t going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway made

Opinion by Mark Wolfe for CNN Business Perspectives Last week more than 125 million people in the US were living under heat warning and advisories and this week a second major heat wave is projected with more than 100 high temperatures records expected to be broken. And it’s only June. This year’s early heat waves

By Michelle Toh, CNN Business Tesla cars are being kept off some roads in China as authorities bar them from sensitive areas, reportedly including a seaside resort town where a top leadership gathering could take place next month. The reports suggest that the automaker continues to face deep mistrust from officials about whether its vehicles