CNN-Business-Consumer

By Paul R. La Monica, CNN Business The strong dollar has been a headwind for blue chip US companies in the Dow and S&P 500 this year. That’s understandable since a surging greenback eats into the international profits of companies like Apple, Procter & Gamble, McDonald’s and Coca-Cola, which all have significant exposure overseas. But

By Peter Valdes-Dapena, CNN Business General Motors’ venture capital arm has invested in a California startup that’s making imitation leather from mushrooms. The material is made by MycoWorks using the root-like structures of mushrooms, called mycelia. It could provide an alternative to both traditional leather made from animal skins, usually cattle, and artificial leather made

By Matt Egan, CNN Business Stubborn inflation and the Federal Reserve’s jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday. In a report obtained first by CNN, Fitch slashed its US growth forecasts for this year and next because of one

By Jeanne Sahadi, CNN Business When it comes to getting promoted into management, men still have the advantage. And women who do ascend to leadership roles are more likely than their male counterparts to have their authority undermined and have some of their efforts go unrecognized. They are now, in the wake of the pandemic,

By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with

By Jorge Engels, Luke McGee and Jessie Yeung, CNN British Prime Minister Liz Truss on Monday apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets and led to her firing her finance minister and closest political ally. In an exclusive interview with the BBC, Truss insisted she would lead her Conservative

By Michelle Toh, CNN Business Europe’s gas crisis will be “a catalyst” for Mercedes-Benz to push deeper into clean energy, says its CEO. In an interview Sunday, Ola Källenius told CNN Business that the automaker had been leaning more toward wind energy for its operations due to the long-running power crunch, which has weighed on

By Christian Edwards, CNN Wind and solar power have made up a record 24% of the European Union’s electricity mix since Russia launched its war on Ukraine, a new report says, a boost that has also helped the bloc battle soaring inflation. The growth in renewable power capacity has saved the 27-nation bloc €99 billion

By Matt McFarland, CNN Business Tesla’s Autopilot was involved in a third fatal motorcycle crash this summer, raising questions about the driver-assist system’s ability to operate safely. The National Highway Traffic Safety Administration has already launched investigations into the first two crashes and gathered information on the third crash. More details of the latest crash

By Joseph Ataman, Marguerite Lacroix and Natacha Bracken French President Emmanuel Macron called a crisis meeting with senior ministers on Monday to address crippling strikes at gas refineries that has caused fuel pumps to run dry. Macron declared Monday his desire for a solution “as quickly as possible” to the protests, promising to “do his

By Julia Horowitz, CNN Business Britain’s new finance minister announced a comprehensive retreat on the UK government’s tax-and-spending plans on Monday in a frantic effort to calm jittery markets and restore the government’s credibility. Just four days into the job, Jeremy Hunt said he would reverse “almost all” tax measures announced three weeks ago by

By Laura He, CNN Business Even though China’s economy is beset by problems ranging from a real estate crisis to youth unemployment, Xi Jinping did not offer any grand ideas to set the country back on track during his two-hour opening speech at the Communist Party Congress on Sunday. The Chinese leader is expected to

By Parija Kavilanz, CNN Business Walmart announced Monday that its customers can for the first time buy over-the-counter hearing aids without a prescription and medical exam by a doctor. The move comes shortly after the US Food and Drug Administration announced a long-awaited rule change in August pertaining to hearing aids. Instead of getting a

By Paul R. La Monica, CNN Business Elon Musk now wants to buy Twitter after all. While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. They need a little help, too. Sure, Musk still has many fans on Wall Street and behind the wheel. But some

By Zoe Sottile, CNN Crack open a cold one this Thanksgiving — for your dog. Just in time for the winter holidays, Busch Beer has debuted a limited-edition turkey-flavored “dog brew.” That’ll give Fido something to be thankful for! But don’t worry, it won’t make your furry friend suspiciously merry. The canine beverage is non-alcoholic,

By Frank Pallotta, CNN Business “Saturday Night Live” opened this week’s episode taking on one of the most notable moments in news as of late: the House Select Committee investigating the January 6, 2021, insurrection. Kenan Thompson, who played Rep. Bennie Thompson, opened the NBC variety show by introducing the crowd to the committee’s ninth

By Samantha Beech, Alex Marquardt and Jackie Wattles, CNN US billionaire Elon Musk tweeted on Saturday that SpaceX will continue funding Starlink internet service in war-torn Ukraine, apparently reversing course after SpaceX asked the United States military to pick up the tab. SpaceX’s Starlink satellite internet services have been a vital source of communication for

By Nathaniel Meyersohn, CNN Business It’s a great time to be a closeout store like TJ Maxx. Traditional brands and retailers are overstocked on clothing, home goods, electronics and other merchandise. In July, they were sitting on $713 billion in inventory, according to the latest data from the Census Bureau. That’s a prime opportunity for

By Rhea Mogul, Devendra Singh Chauhan and Vedika Sud, CNN Fears are growing for the survival of a 15-year-old girl who was allegedly set on fire by a family member who is also accused of raping her as she fights for her life at a hospital in northern India. In a case that has shocked

By Matt McFarland, CNN Business and Reuters Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after

By Nicole Goodkind, CNN Business Federal Reserve Bank of Atlanta President Raphael Bostic said Friday he had inadvertently broken the central bank’s trading rules. New documents highlighted multiple violations. Bostic, who has led the Atlanta Fed for five years, made personal trades during blackout periods, when officials are prohibited from making financial transactions. The disclosures

By Frank Pallotta, CNN Business It’s a scary time in Hollywood. The streaming revolution has transformed the entertainment industry and studios are trying to keep up. But one company that doesn’t seem too frightened of the future is best known for scaring others: Blumhouse Productions. You may not have heard of Blumhouse, but you’ve likely

By Nicole Goodkind, CNN Business Markets plunged on Thursday morning after red-hot inflation data raised fears on Wall Street that the Federal Reserve would continue hiking interest rates aggressively. Then, something strange happened. Stocks staged a massive comeback. The Dow Jones Industrial Average surged 1,500 points from peak to trough and the S&P 500 posted