CNN-Business-Consumer

By Danielle Wiener-Bronner, CNN Business McDonald’s CEO Chris Kempczinski has big concerns about surging crime in Chicago, where the fast food giant is based, saying it is impacting the company’s restaurants and making it harder to recruit corporate talent. Crime is “seeping into every corner of our city,” Kempczinski said during an event at the

By Jordan Valinsky, CNN Business Kanye West said he’s terminating his rocky two-year-old partnership with the Gap because of “substantial noncompliance.” His lawyer Nicholas Gravante said in a statement Thursday that West was left with “no choice but to terminate their collaboration” because he alleges the retailer breached their partnership by not opening branded Yeezy

By Anna Bahney, CNN Business Mortgage rates jumped again, surpassing the 6% mark and reaching the highest level since the fall of 2008. The 30-year fixed-rate mortgage averaged 6.02% in the week ending September 15, up from 5.89% the week before, according to Freddie Mac. That is significantly higher than this time last year, when

By Vanessa Yurkevich, CNN Business Freight railroad unions and management reached a tentative deal to avert a strike, addressing a key attendance policy that had been holding up the deal. The tentative agreement will exempt “time off for certain medical events from carrier attendance policies,” according to a joint statement from the Brotherhood of Locomotive

By Oliver Darcy, CNN Business CNN is reimagining its mornings. The network on Thursday unveiled a new marquee morning program that will debut later this year, anchored by stars Don Lemon, Poppy Harlow, and Kaitlan Collins. The show will replace “New Day,” which airs 6 a.m. to 9 a.m. ET. It will carry a new

By Alicia Wallace, CNN Business The number of first-time claims for unemployment benefits fell again last week, setting a new three-month low and showing that employers are still reluctant to let go of workers despite some economic slowing. Initial claims for unemployment insurance were 213,000 for the week ended September 10, down 5,000 from a

By Martha C. White, CNN Business Another month of falling gas prices gave Americans’ wallets a bit of a reprieve in August. That sent consumers back to stores last month. The Census Bureau reported Thursday that a key measure of August US retail sales rose unexpectedly by 0.3% on a monthly basis, following a revised

By Nicole Goodkind, CNN Business Investors are on edge as the Federal Reserve gears up for its policy decision next week. Some are even starting to brace for a big surprise. What’s happening: New inflation data on Tuesday showed that prices aren’t easing as quickly as Wall Street had hoped. Markets plummeted as the report

Opinion by Joseph H. Davis for CNN Business Perspectives The Federal Reserve is aware of the pain that spiraling prices are causing Americans. At the recent Jackson Hole Economic Symposium, Fed Chair Jerome Powell said bringing inflation down “will also bring some pain to households and businesses.” But what the nation’s central bankers are hesitant

By Chris Isidore, Vanessa Yurkevich and Jeremy Diamond, CNN Business Unions and management reached a tentative deal early Thursday, averting a freight railroad strike that had threatened to cripple US supply chains and push prices higher for many goods. The deal with unions representing more than 50,000 engineers and conductors was announced just after 5

By Laura He, CNN Business Chinese leader Xi Jinping and his Russian counterpart, Vladimir Putin, will meet face-to-face this week for the first time since Moscow sent troops into Ukraine earlier this year. When they last met, in February in Beijing during the Winter Olympics, they proclaimed their friendship had “no limits.” Since then, Russia

By Peter Valdes-Dapena, CNN Business Ford unveiled an all-new version of the two-door Mustang coupe at an event in Detroit Wednesday night. It has a new body design and new engine options, but the one thing it won’t have is electric motors. The new Mustang will be offered only with pure gasoline power, at least

By Allison Morrow, CNN Business Unless we get a breakthrough soon in deadlocked negotiations, Friday will mark the beginning of the first national rail strike in 30 years (which we wrote about in Monday’s newsletter). ICYMI: Tens of thousands of train workers are ready to walk off the job just after midnight tomorrow night unless

By Kate Trafecante, CNN Patagonia’s founder is transferring ownership of the company after nearly 50 years into two entities that will help fight the climate crisis. Patagonia is a private company based in Ventura, California, that sells outdoor apparel and equipment. Yvon Chouinard founded the company in 1973. Patagonia said in a press release on

By Chris Isidore and Vanessa Yurkevich, CNN Business Talks aimed at averting a freight railroad strike that could cripple US supply chains continued overnight into Thursday. If the strike goes ahead early Friday, it could send prices higher for goods from gasoline to food to cars. Two rail unions, representing more than 50,000 engineers and

By Matt McFarland, CNN Business US commuter rail service will face a huge disruption Friday if a freight rail strike is not avoided. Many passenger rail services operate on tracks owned by freight railroads. Without the freight employees on hand to operate their networks, US rail commuters will be unable to make their trips. Some

By Danielle Wiener-Bronner, CNN Business Starbucks is rolling out a sweeping plan to spark growth over the next three years — from faster Frappuccinos to more digital rewards. On tap: New equipment that makes it easier for baristas to prepare complicated drinks in seconds. Thousands of new US stores. A more reliable mobile app with

By Sharon Braithwaite and Anna Cooban, CNN Business About 100 people who worked for Prince Charles could lose their jobs now he has become King, a labor union said Wednesday. Workers at Clarence House, the King’s former official London residence while he was Prince of Wales, were informed that they could be made redundant on

By Paul R. La Monica, CNN Business Tuesday’s massive stock market meltdown should serve as a reminder to investors that in times of turmoil, it pays to own shares of companies that also pay you. Dividend paying stocks are in vogue again, even as long-term government bond yields have surged dramatically this year. Traders seem

By Anna Cooban, CNN Business The European Union wants to raise €140 billion ($140 billion) by tapping the windfall earnings of some energy companies to help households and businesses pay eye-watering gas and electricity bills. On Wednesday, the European Commission proposed skimming off excess revenue from renewable and nuclear electricity producers, and taxing the windfall

Opinion by Todd Greene, Ioana Marinescu, Jake Rosenfeld and Elisabeth Jacobs for CNN Business Perspectives Each day seems to bring new headlines of low-wage workers coming together to start a union. A historically tight labor market has given rise to a new era of worker power, although the conditions workers are protesting are far from

By Alicia Wallace, CNN Business Just one day after August’s disappointing Consumer Price Index report triggered a meltdown on Wall Street, a separate inflation report indicated that wholesale price increases are showing signs of improvement. The Producer Price Index, which tracks average changes in the prices paid to producers of goods and services, was up

By Jordan Valinsky, CNN Business Fred Franzia, the man behind “Two Buck Chuck” and other value-priced wines that revolutionized the industry, has died. He was 79. Bronco Wine Company, the 49-year-old company he helped create with his brother and cousin, announced his death on Facebook, writing that it’s “truly saddened by the passing of its

By Nicole Goodkind, CNN Business Investors are getting spooked that the Federal Reserve’s aggressive interest rate hikes could damage the US economy (just look at Tuesday’s selloff). One area of growing concern: housing. Interest rate hikes can lead to higher mortgage rates, which could cause people to think twice about buying a home. So far,

By Alicia Wallace, CNN Business Weather has long been a fickle farmhand, devastating fields one year while delivering bountiful harvests the next. But as extreme weather events increase in frequency or become even more intense, the unpredictability is becoming more of an economic liability. As the United States continues to battle high inflation, the effects