Business News

Stocks hit dour milestone: the fourth straight week of losses

Stocks hit dour milestone: the fourth straight week of losses

Wall Street ended another turbulent week on a mixed note: Even though all major stock indexes finished higher on Friday, the S&P 500 and the Dow still recorded their fourth straight week of losses. The Dow closed up 1.3%, or 359 points, and the S&P 500 ended 1.6% higher on Friday, after starting the day…

Here’s more evidence the US jobs recovery has stalled

Here’s more evidence the US jobs recovery has stalled

Economists have been warning that the jobs recovery could run into trouble this fall. Now, their fears appear to be bearing out. What’s happening: Another 870,000 claims for first-time unemployment benefits were filed by Americans last week. That’s slightly higher than the previous week, and remains well above pre-pandemic levels. “The stalling out suggests that…

Chris Rock will host the season premiere of ‘Saturday Night Live’

Chris Rock will host the season premiere of ‘Saturday Night Live’

“Saturday Night Live” is returning to Studio 8H next weekend for the first time in months, and its host will be one of the show’s most familiar names. Chris Rock will host the season premiere of “SNL” on October 3, NBC announced on Thursday. The show, which kicks off its 46th season, will be the…

Mark Cuban calls for $1,000 stimulus checks every two weeks through November

Mark Cuban calls for $1,000 stimulus checks every two weeks through November

Mark Cuban is once again pushing the idea that every American household should receive $1,000 bi-weekly stimulus checks for the next two months. The billionaire investor says additional stimulus for Americans is just as paramount as it was at the start of the pandemic, claiming there are “two economies”, in which some are able to…

US-listed Chinese stocks could struggle after election

US-listed Chinese stocks could struggle after election

The United States and China have a frosty economic relationship right now — see the TikTok asset sale drama — and there are growing expectations that more Chinese companies with stocks trading on US exchanges will soon move their listings home. There are simply too many political risks, experts say, that are unlikely to abate…

Racism has cost America $16 trillion this century alone

Racism has cost America $16 trillion this century alone

Lingering racial inequality is holding back America’s economy. America’s failure to address wide gaps between Black and White communities has cost the economy up to $16 trillion over the past 20 years, according to an analysis published by Citigroup this week. The report — focusing on inequities that exist in wages, education, housing and investment…

NYC dining rooms are still closed. That’s squeezing Olive Garden’s best restaurant

NYC dining rooms are still closed. That’s squeezing Olive Garden’s best restaurant

Last year, the Times Square Olive Garden was the chain’s best location. Not anymore. Before the pandemic, New York City’s Times Square was bustling with office workers, theater goers and tourists. But pandemic restrictions have forced Broadway to go dark and dining rooms to remain closed. New York City has banned indoor dining since March,…

Powerball is getting a makeover: New balls and redesigned studio

Powerball is getting a makeover: New balls and redesigned studio

The Powerball drawing is rolling out a whole new look. Beginning September 30, the twice-weekly segment will feature new balls, upgraded ball-dispersing machines and a new studio. The balls are changing from hard rubber balls to solid foam balls, which Powerball calls the “new industry standard for ball sets.” A Powerball spokesperson told CNN Business…

Buffett’s Berkshire backs Scripps deal to buy ION for $2.7 billion

Buffett’s Berkshire backs Scripps deal to buy ION for $2.7 billion

Juicy true-crime stories are hot right now, and Warren Buffett wants in. TV station owner E.W. Scripps is buying true-crime cable network ION Media for $2.65 billion — and Buffett’s Berkshire Hathaway is backing the deal. Shares of Scripps surged more than 20% on the news. Scripps, which relaunched the Court TV cable channel last…

Another 870,000 Americans filed for unemployment benefits last week

Another 870,000 Americans filed for unemployment benefits last week

America’s recovery from the pandemic continues to slow. That was visible again in the Labor Department’s weekly jobless claims report Thursday. Another 870,000 workers filed first-time claims for unemployment benefits on a seasonally adjusted basis. That was up very slightly from the previous week. Six months into this crisis, weekly claims are about four times…

Economists are growing more worried about the recovery. Blame Congress

Economists are growing more worried about the recovery. Blame Congress

The US economic recovery will slow more than feared during the final three months of the year because Congress is almost certainly will not provide more federal aid, Goldman Sachs said Thursday. The Wall Street bank slashed its fourth-quarter US gross domestic product growth forecast in half to just 3% on an annualized basis because…

Move over Jack Ma. China’s new richest man is a bottled water billionaire

Meet China’s new richest man. Zhong Shanshan, the founder of the popular Chinese bottled water brand Nongfu Spring, has overtaken Alibaba founder Jack Ma to become the country’s wealthiest person, according to the Bloomberg Billionaires index. Zhong was already China’s third richest person after his company went public earlier this month with a blockbuster listing…

What would a contested US election mean for investors?

What would a contested US election mean for investors?

With fewer than six weeks to go before the US election, investors are starting to get antsy. Recent comments from President Donald Trump aren’t helping. What’s happening: Trump failed to commit on Wednesday to a peaceful transition of power after Election Day, fueling concerns he may not relinquish his office should he lose in November.…

Costco is missing out on an exploding grocery trend

Costco is missing out on an exploding grocery trend

Curbside pickup is exploding in the pandemic as more people choose to order online and scoop up their groceries outside the store without leaving their car. But you won’t find that option at a Costco store anytime soon. The warehouse chain has long held that curbside pickup doesn’t make sense to offer, mainly because it…

New York Times chairman retires after 23 years leading the board

New York Times chairman retires after 23 years leading the board

Arthur Ochs Sulzberger, Jr., is retiring as chairman of the New York Times Co. as of the end of this year, turning control of the family-controlled company that publishes the paper over to his son. AG Sulzberger, 40, has been publisher of the Times since 2018, the sixth member of the Sulzberger and Ochs family…

Legendary journalist Sir Harold Evans dies at 92

Legendary journalist Sir Harold Evans dies at 92

Sir Harold Evans, the legendary British-American newspaper editor and publisher, has died at the age of 92, his employer Reuters confirmed Thursday. Reuters reported that Evans’ wife, the magazine editor Tina Brown, said he died of congestive heart failure in New York. CNN Business has not spoken with Brown. Evans rose to prominence as the…

Citi is spending $1.15 billion to help close America’s racial wealth gap

Citi is spending $1.15 billion to help close America’s racial wealth gap

Citi plans to spend more than $1 billion to help close America’s racial wealth gap. The move announced Wednesday is part of the bank’s new Action for Racial Equity program, which was developed in the aftermath of the death of George Floyd earlier this year. Of the total $1.15 billion in funds, Citi will spend…

Amazon says the $500 Peloton knock-off isn’t from Amazon after all

Amazon says the $500 Peloton knock-off isn’t from Amazon after all

Amazon is distancing itself from the $499 stationary bike that the manufacturer said was “developed in collaboration with Amazon.” Fitness startup Echelon said in a press release Tuesday that it built a Prime-branded bike and Amazon partnered with the startup to build Amazon’s “first-ever connected fitness product.” The press release has now been deleted and…

Wells Fargo CEO apologizes for saying the Black talent pool is limited

Wells Fargo CEO apologizes for saying the Black talent pool is limited

Wells Fargo CEO Charlie Scharf has apologized after he blamed the lack of diversity at the bank on “a very limited pool of Black talent to recruit from.” In a memo to employees released by the bank, Scharf apologized for what he was was “an insensitive comment reflecting my own unconscious bias.” “There are many…

Walmart is using drones to deliver Covid-19 tests

Walmart is using drones to deliver Covid-19 tests

If you need to get a Covid-19 test, but don’t want to go near people, Walmart’s got you covered. At least if you live near its North Las Vegas store. Walmart launched a pilot drone delivery program Tuesday that will drop off Covid-19 tests to homes within a one-mile radius of the North Las Vegas…