Money

By Matt Egan, CNN Business Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one. Now, it’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation. “We will get a major recession,” Deutsche Bank economists

By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal, including

By Brian Stelter, CNN Business As Netflix licks its wounds and investors worry about big streaming bets, David Zaslav is positioning Warner Bros. Discovery as a “far more balanced” company. “We have the ability to ring any number of cash registers,” Zaslav, the longtime Discovery CEO who took control of WarnerMedia earlier this month, told

By Michelle Toh, CNN Business Indonesia will start restricting exports of palm oil this week, a move that could make the global food crisis worse and push up the prices of hundreds of consumer products. President Joko Widodo announced Friday that Indonesia would suspend exports of cooking oil, and the raw materials used to make

Opinion by Levar Stoney and John Giles for CNN Business Perspectives Families across America are precariously perched on the edge of a hunger cliff. With inflation on the rise and supply chain backlogs, more families have been turning to food banks, forcing programs nationwide to ration supplies and cut services. And now the war in

By Julia Horowitz, CNN Business The world’s richest man wasn’t convinced he’d be successful in his bid to buy Twitter, one of the most influential social media companies on the planet. But Tesla CEO Elon Musk pulled it off. On Monday, Twitter announced that it had reached a deal to sell the company to Musk

By Ramishah Maruf, CNN Business The National Labor Relations Board petitioned in federal court to force Starbucks to rehire three workers who claimed the coffee chain retaliated against them for attempting to unionize. An Arizona-based regional director for the NLRB filed for an injunction asking the court to require Starbucks to reinstate the employees with

By Matt Egan, CNN Business Stock markets are turbulent and Morgan Stanley is warning clients the ride is about to get even bumpier. Investors have “very few places to hide” in markets right now, with even defensive stocks succumbing to the pressure in recent days, Morgan Stanley equity strategists led by Mike Wilson wrote on

By Matt Egan, CNN Business Elon Musk’s quest to become a social media mogul is dealing a blow to Donald Trump’s social venture. Shares of Digital World Acquisition Corporation, the controversial blank-check firm that plans to merge with Trump Media & Technology Group, fell 13% on Monday to close at $35.71. That’s the lowest level

By Amy Cassidy and Anna Cooban, CNN Business Norwegian police arrested seven Greenpeace activists on Monday after they chained themselves to a Russian oil tanker to try to prevent it docking at a port in Norway operated by Exxon. The Ust Luga — loaded with Russian jet fuel worth $116 million — was on its

By Peter Valdes-Dapena, CNN Business General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next

By Paul R. La Monica, CNN Business With lots of worries out there — inflation, Covid, interest rates, Ukraine, stock volatility — consumers are willing to pay a premium when seeking comfort in the form of sweet treats like Coca-Cola. And investors are seeking a safe haven in the company’s stock. Coca-Cola reported first quarter

By Anna Bahney, CNN Business Anyone looking for a place to live right now is navigating one of the toughest and most expensive housing markets in recent history. The pandemic boom in housing pushed home prices to an all-time high of $375,300 in March, 34% higher than the median price of $280,600 in March 2020,

By Matt Egan, CNN Business Oil prices fell sharply Monday as lockdowns in China stoked concerns that the country’s zero-Covid strategy will sap energy demand in the world’s second-largest economy. US oil dropped as much as 6.7% to a two-week low of $95.28 a barrel on Monday. Crude finished the day down 3.5% to $98.54

By Julia Horowitz, CNN Business Tesla CEO Elon Musk’s noisy campaign for changes to how Twitter runs its business has grabbed headlines for its twists and bombast. And, of course, for the big surprise — a takeover bid. What’s happening: Twitter’s board of directors convened Sunday to discuss Musk’s offer. The world’s richest man has

By Zoe Sottile, CNN Feeling hungry for a new job? Favor, a Texas-based food delivery company, is looking for a voracious eater to sample tacos all over the state as their first-ever “Chief Taco Officer.” The lucky employee will receive $10,000 in exchange for taste-testing tacos and documenting the experience on social media during June

By Ramishah Maruf, CNN The White House Correspondents’ Dinner returns next Saturday — and the sitting president is set to attend for the first time since 2016. After a two-year hiatus due to the Covid pandemic, President Joe Biden will speak at the century-old press gala after former president Donald Trump famously boycotted the event.

By Brian Fung, CNN European policymakers have reached agreement on a sweeping package of new regulations for tech platforms that could mean big changes in oversight for everything from social media algorithms to digital advertising — and with potential ramifications worldwide. The proposed law, known as the Digital Services Act (DSA), marks the second piece

By Rhea Mogul and Simone McCarthy, CNN What a difference a few weeks make. Just last month India was taking flak from the West for its relationship with Russia. Not only was the South Asian country refusing to condemn Moscow’s brutal assault on Ukraine, but its purchases of discounted Russian oil — said critics —

By Paul R. La Monica, CNN Business Stocks plunged Friday. The Dow fell about 980 points, or 2.8%, following comments about likely aggressive interest rate hikes from Federal Reserve chairman Jerome Powell. A poor earnings outlook from Dow component Verizon didn’t help matters. All 30 stocks in the Dow ended the day lower, led by

By Alicia Wallace, CNN Business US government data often provides a look at how large swaths of Americans are faring. However, this big-picture approach has often been criticized for leaving out certain groups of people, like Native Americans and members of the LGBTQ+ community, and rendering them practically invisible when it comes to broader policymaking

By Paul R. La Monica, CNN Business Now that some mask and vaccine mandates are being lifted, consumers seem ready to spend on travel and other leisure experiences. Call it the “revenge spending” phenomenon. Airline and hotel stocks have been surging this year thanks in part to a spate of long overdue revenge spending, or

By Nicole Goodkind, CNN Business Storm clouds appear to be gathering over Wall Street, with many analysts saying a downturn is inevitable. But before the party winds down, some expect an explosive pre-crash rally — known as a “melt-up.” Melt-ups usually occur without any obvious economic reason for the gains. They happen when investors buy

By Julia Horowitz, CNN Business How should policymakers react when two core parts of the economy are headed in different directions? That’s the question facing the Federal Reserve and its international counterparts as they race to contain surging inflation. On one hand, spending on services like flights is booming as people in the United States

By Alicia Wallace, CNN Business Daily life continues to get more expensive as American households battle the worst inflation in 40 years. From meat to gas to clothing and housing, the average family now has to fork over hundreds more dollars each month compared to this time last year. Food prices alone are up almost

By Danielle Wiener-Bronner, CNN Business In a scathing open letter to McDonald’s shareholders, legendary investor Carl Icahn said the company’s leadership was “failing” its investors and misleading the public about its animal welfare practices. “McDonald’s’ Board of Directors … is failing shareholders and stakeholders by presiding over animal welfare violations, supply chain lapses and what

By Oliver Darcy and Brian Stelter, CNN Business CNN+, the streaming service that was hyped as one of the most significant developments in the history of CNN, will shut down on April 30, just one month after it launched. CNN+ customers “will receive prorated refunds of subscription fees,” the company said. The decision was made

By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American

By Oliver Darcy, CNN Business Spotify and the Obamas are headed for a split. The streaming service and former first family will not be inking a new deal, a person familiar with the matter told CNN. The person said that Spotify did not make an offer for the rights to distribute the content from Higher

By Chris Isidore, CNN Business Tesla has posted record profits once again, overcoming supply chain issues that have dogged the broader auto industry to blow away Wall Street’s forecast for the company for the first quarter of 2022. But the company warned that it is not immune from supply chain problems, which it said limited

By Oliver Darcy, CNN Business A Texas judge on Wednesday postponed a trial that will determine how much right-wing conspiracy theorist Alex Jones will have to pay the families of two Sandy Hook shooting victims. The trial had been set to start next week. The delay came after three companies tied to Jones, including the

By Matt McFarland, CNN Business Amtrak is embroiled in a fight that may have vast implications for the future of US rail service, including the billions of dollars devoted to it from the bipartisan infrastructure bill. Amtrak, which typically speaks in a mild-mannered tone on social media, has reinvented itself as a flamethrower that’s launching

By Frank Pallotta, CNN Business Call Eleven and Sheriff Hopper of “Stranger Things,” because Netflix’s world has been turned upside down. The company reported Tuesday that it lost subscribers for the first time in more than a decade. The news shocked Wall Street and sent shares plummeting 35% Wednesday morning, wiping out $50 billion in

By Kathryn Vasel Your resume can be the first impression you make with a potential employer. So you want to put your best foot forward when crafting one. “This is a storytelling exercise about what makes you so compelling,” said Debra Wheatman, certified resume writer and career coach. “You need to look at this as

Opinion by Philip Baggaley for CNN Business Perspectives Ever since Covid-19 nearly shut down travel two years ago, US airlines and travelers have been dealing with frustration and uncertainty. They’ve endured several waves of the virus, government-mandated restrictions on travel and service problems as airlines struggled to staff up for a resurgence in demand. All