Money

By Matt Egan, CNN Business US Treasury Secretary Janet Yellen conceded on Tuesday that inflation is at “unacceptable levels,” but she also sought to underscore that this is not a problem exclusive to the United States. “Putin’s war in Ukraine is having impacts on energy and food prices globally,” Yellen told lawmakers. “We are not

By Tami Luhby and Tal Yellin, CNN The white-hot labor market has driven up wages faster than at any time since the mid-1980s, as employers struggle to attract — and retain — workers. But Americans aren’t rolling in dough. Inflation has also surged, with the Consumer Price Index rising by 8.3% in the 12 months

By Matt Egan, CNN Business High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs. The Wall Street bank is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of

Opinion by Ralph Izzo for CNN Business Perspectives Russia’s move to cut off natural gas supplies to Poland and Bulgaria, and more recently Finland, parts of Germany and potentially Denmark and the Netherlands, is just the latest salvo in its ongoing weaponization of energy for political purposes. If allowed to continue unchecked, the war in

By Julia Horowitz, CNN Business Foreign investors lost their nerve on parking money in China over the past year, as Beijing cracked down on the country’s biggest tech companies, the real estate sector stumbled and coronavirus lockdowns crimped growth. Once a beacon of opportunity, the world’s second biggest economy looked like a difficult bet. “People

By Michelle Toh, CNN Business KFC has been forced to make menu changes again in Australia, as the fast food chain is hit with shortages of key ingredients. This time it’s lettuce. The company posted a notice on its local website this week telling customers it would add cabbage to some of its products because

By Laura He, CNN Business Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. Alibaba was up 1.9% on Tuesday, following a 5% gain on Monday. JD.com climbed 3%, after rising 4.7% the previous day. Other tech shares have also

By Oliver Darcy, CNN Business The Washington Post has suspended reporter David Weigel for one month without pay for retweeting a sexist joke, two people familiar with the matter told CNN on Monday. Weigel did not respond to a request for comment, but an out-of-office reply from his Post email address said that he would

By Chris Isidore, CNN Business Tesla may not be cutting staff after all. That’s according to a tweet from its ever-mercurial CEO Elon Musk — an apparent contradiction to two emails he sent staff last week about planned job cuts and a hiring freeze, which pushed Tesla shares lower. Last Thursday, according to a Reuters

By Zoe Sottile, CNN Tattooed crew members at British airline Virgin Atlantic are now welcome to show off their ink while in uniform. The airline updated its policy regarding tattoos on Tuesday, according to a news release. They claim they are “the first UK airline to allow visible tattoos.” “Until today, any uniformed Virgin Atlantic

Opinion by Karin Kimbrough for CNN Business Perspectives Young workers who entered the US job market in the throes of the pandemic in 2020 faced an uphill battle. Hiring on LinkedIn dropped off dramatically, and widespread layoffs hit Gen Z more severely than most other groups. Fast forward two years, and the picture looks much

By Matt Egan The gas price spike keeps getting worse. The national average jumped to $4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month. There are now 10 states where the average price of gasoline is $5 a gallon or higher,

By Michelle Toh, CNN Business Didi’s regulatory nightmare in China may be nearly over. That’s according to the Wall Street Journal, which reported Monday, citing unidentified sources, that Beijing’s cybersecurity review of the ride-hailing giant was about to wrap up. The move would allow Didi to return to app stores in mainland China, potentially as

By Kathleen Magramo, CNN A television commercial for a male body spray has been taken off the air in India, after critics said it made light of gang rape. Bollywood celebrities including Priyanka Chopra, Richa Chadha and Farhan Akhtar are among those to have lambasted the commercial for Layer’r Shot, a brand of male fragrance,

By Ramishah Maruf, CNN When Bob Woodward and Carl Bernstein published their groundbreaking Watergate reporting that led to the resignation of former President Richard Nixon in 1974, the duo thought he would be the last president to openly defy the Constitution and the law. “And then, as we say, along came Trump,” Woodward said on

By Ramishah Maruf, CNN Starbucks workers at an Ithaca, New York, store claim their location is being shut down in retaliation for their union activism. The worker committee said it is filing an Unfair Labor Practice charge with the National Labor Relations Board, alleging that Starbucks is making a “clear attempt to scare workers across

By Paul R. La Monica, CNN Business For many average investors, the price of just one Amazon share has been prohibitively expensive. There are a lot of things a person can spend about $2,500 on instead of one tiny piece of “Prime” stock market real estate. A nice vacation? That home entertainment system? Season tickets

By Danielle Wiener-Bronner, CNN Business Non-alcoholic alternatives to booze have been around for a while. But recently, the sector has been booming. For a long time “you had ‘near beer,’ which was kind of a joke,” said Duane Stanford, editor of Beverage Digest. “People would be discreet about drinking them. And now that’s completely changed.”

By Peter Valdes-Dapena, CNN Business The Michigan-based arm of the international automaker Stellantis has pleaded guilty and agreed to pay $300 million in penalties to settle an investigation into alleged cheating on emissions tests for some of its diesel-powered vehicles. The vehicles in question are more than 100,000 diesel-powered Jeep Grand Cherokee SUVs and Ram

The pandemic pushed over 2.6 million more people into retirement than projected, according to the Federal Reserve Bank of St. Louis. The reasons for the early exits varied: some workers saw an unexpected financial boost from the strong stock market and high home prices, others were laid off or left their jobs over health and

Opinion by Kara Alaimo for CNN Business Perspectives Earlier this week, Tesla CEO Elon Musk sent emails announcing that the company’s employees all have to be in the office full time — or else. “Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40

By Chris Isidore, CNN Business US employers added 390,000 jobs in May, representing a robust but slower pace of hiring, according to the Bureau of Labor Statistics’ monthly jobs report released Friday. The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit. While the number

By Oliver Darcy, CNN Business Three companies tied to the far-right conspiracy theorist Alex Jones, including the fringe media organization Infowars, are moving to exit bankruptcy, according to a Wednesday court document. In a widely decried move, Infowars, Prison Planet, and Infowars Health sought bankruptcy protection after Jones was found legally responsible for damages in

By Brian Stelter, CNN Business The obituaries for the shooting victims of Robb Elementary took up three full pages in the Uvalde Leader-News on Thursday. The rest of the paper contains haunting questions about why they died. The newest edition of the paper makes clear that many Uvalde-area officials are steadfastly declining to comment, even

By Danielle Wiener-Bronner, CNN Business Last week, activist investor Nelson Peltz said in a regulatory filing that Trian Partners, his investment firm and Wendy’s top shareholder, is exploring a takeover of the burger chain. The wealthy investor has a reputation on Wall Street as a corporate raider, pushing companies to make drastic changes, such as

Opinion by Mike Zaffaroni for CNN Business Perspectives The last time the American economy experienced explosive inflation, my company, Liberty Landscape Supply, wasn’t even in business yet. In fact, the prices for many of our core products have remained the same since I bought the company in 2007. But now we are preparing for the

By Anneken Tappe, CNN Business America’s employers are expected to have added hundreds of thousands of jobs in May, even in the face of high inflation, a potential recession and a new phase in the pandemic economy. The closely watched monthly employment report from the Bureau of Labor Statistics is due to be released Friday

By Anna Cooban, CNN Business Queen Elizabeth II is celebrating 70 years on the throne this weekend with a busy schedule of ceremonies, parades and parties. As Britain enjoys a bumper four-day holiday weekend, royal watchers in the United States can tune in for the festivities. Big Royal occasions often garner huge TV audiences around

By Mark Thompson, CNN Business OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a

By Paul R. La Monica, CNN Business Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve. “Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle

By Frank Pallotta, CNN Business Ellen DeGeneres left her longtime talk show last week with tears in her eyes, a lineup of special guests and a huge void for daytime TV to fill. Determining who is going to fill that space comes at a time when daytime TV — much like all of TV itself