CNN-Business-Consumer

By Jordan Valinsky, CNN Business The Cosmopolitan of Las Vegas surprised its more than 5,000 employees on Wednesday with a one-time $5,000 bonus. The resort said it gave an “unprecedented” $27 million to its workers during a festive event that was capped off with a “climatic drumroll” and confetti when Cosmopolitan CEO Bill McBeath made

By Michelle Toh, CNN Business SoftBank’s mega tech funds lost more than $27 billion in the last fiscal year, by far their worst performance on record. The world’s biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year ended March. That was a

By Michelle Toh, CNN Business Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv. Market capitalizations fluctuate frequently: earlier this year,

By Frank Pallotta, CNN Business Disney’s streaming numbers were under the microscope on Wednesday after Netflix’s stock tanked last month following its first subscriber loss in a decade. Luckily for the House of Mouse and its investors, Disney+ grew. The streaming service now has 137.7 million subscribers — a gain of roughly 8 million in

By Danielle Wiener-Bronner, CNN Business Inflation may be slowing just a bit, but food prices are on fire. Food prices were 9.4% higher in April 2022 than in April 2021 — the largest annual increase in 41 years, the Bureau of Labor Statistics said Wednesday. Grocery prices jumped 10.8% for the year. (The prices do

By Nadeen Ebrahim and Abbas Al Lawati, CNN Veteran Palestinian-American journalist Shireen Abu Akleh was a household name in the Arab world. For two and a half decades, she chronicled the suffering of Palestinians under Israeli occupation for tens of millions of Arab viewers. Abu Akleh, 51, was shot dead in the West Bank on

By Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s stock is now

By Peter Valdes-Dapena, CNN Business The Salton Sea Basin feels almost alien. It lies where two enormous chunks of the Earth’s crust, the North American Plate and the Pacific Plate, are very slowly pushing past one another creating an enormous low spot in the land. It’s a big, flat gray desert ringed with high mountains

By Paul R. La Monica, CNN Business The bitcoin crash is hitting Coinbase really, really hard. The cryptocurrency brokerage reported a first-quarter loss late Tuesday and revenue that fell 27% from a year ago, missing Wall Street’s forecasts. Coinbase shares plummeted more than 25% Wednesday and hit their lowest level ever. Coinbase stock is now

By Nathaniel Meyersohn, CNN Business Prices are surging, and Best Buy has a plan to draw in shoppers hunting for deals on TVs and laptops: more outlet stores. Over the next year, Best Buy will double the number of outlet stores it has to 32 — starting with new outlets in Chicago, Houston, Phoenix and

By Jeanne Sahadi, CNN Business When it comes to your investments, these are the days to make some lemonade. After racking up banner gains in 2021, markets are on a downward trajectory. So chances are you’ve lost some good money … at least on paper Sure, you may make it back once stocks and other

By Peter Valdes-Dapena, CNN Business For your next important business trip, you can now rent a Ford Mustang from Hertz with a supercharged 5.2-liter V8 engine capable of producing more than 900 horsepower. For comparison, that’s 400 more horsepower than you get in a Chevrolet Corvette. It’s double the power you’d get in a regular

By Julia Horowitz, CNN Business You remember the early days of the pandemic, when millions of office workers started doing their jobs from home for the first time. Video conferences — for business check-ins and happy hours — became a feature of daily life. Gym memberships were swapped for stationary bikes. Parents raced to crack

By Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only cause of the spike. Numerous factors are pushing prices up, with regular gasoline hitting a record $4.40 a gallon Wednesday according to AAA’s survey. Gas prices were already

By Jordan Valinsky, CNN Business Bill Gates said he has tested positive for Covid-19. The outspoken vaccine advocate said on Twitter he’s “experiencing mild symptoms” and he’s “following the experts’ advice by isolating until I’m healthy again.” Gates added that he’s “fortunate to be vaccinated and boosted.” The billionaire Microsoft founder also said Tuesday that

By Hadas Gold, Abeer Salman and Amir Tal, CNN Palestinian-American Al Jazeera journalist Shireen Abu Akleh was fatally shot while covering an Israeli military operation in the West Bank city of Jenin on Wednesday. The Palestinian health ministry said she was shot in the head by a live bullet, and confirmed her death shortly afterwards.

By Peter Valdes-Dapena, CNN Business The Ford F-150 Lightning may be the best pickup truck the company has ever made. All it took was making it completely electric, something that, not long ago, might have seemed off-brand for a traditional truck company like Ford. Newer automakers have so far led the way on electric trucks.

By Laura He, CNN Business Car sales saw a record decline last month in China, the world’s largest automobile market, as strict Covid-19 lockdowns take a severe economic toll. And no auto maker suffered more than Tesla. The EV maker sold 1,512 vehicles in mainland China last month, down 98% from March, according to data

By Mark Thompson and Anna Cooban, CNN Business Ukraine suspended the flow of some Russian natural gas to Europe on Wednesday, blaming Moscow for diverting supplies from the vital pipeline network. Russian gas, a key source of energy for Germany and many other EU economies, had continued to flow uninterrupted through pipelines across Ukraine since

By Swati Gupta and Rhea Mogul, CNN India’s top court on Wednesday ordered the temporary suspension of the country’s controversial sedition law, putting pressure on the government which has been accused of misusing it to stifle free speech. The colonial-era law will be paused until the government completes a review, the Supreme Court said. No

By Parija Kavilanz, CNN Business Laura Modi is fielding dozens of emails, calls, and texts daily from anxious parents asking about how they can get baby formula. Modi is CEO and cofounder of Bobbie, a San Francisco-based direct-to-consumer seller and subscription service for organic milk-based baby formula that is produced in a Vermont facility and

By Matt McFarland, CNN Business Tesla recalled 129,960 vehicles this month to fix infotainment systems that may overheat before and during fast charging. Tesla says it is resolving the flaw with an over-the-air software update, which refreshes software wirelessly like a smartphone app update, making the recall less burdensome for Tesla and affected owners. Tesla

By Jorge Engels and Karol Suarez Three journalists have been killed in Mexico over the past week according to government officials. Two journalists were killed Monday in the Mexican state of Veracruz, according to the state’s prosecutor’s office, which said it had launched an investigation into the killings. Veracruz’s prosecutor’s office said on Twitter that