By Anna Cooban, CNN Business The European Union has unveiled its €300 billion ($340 billion) alternative to China’s Belt and Road initiative — an investment program the bloc claims will create “links, not dependencies.” The aim of the EU program — called Global Gateway — is to help underpin the global recovery by mobilizing investments
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By Jordan Valinsky, CNN Business ‘Tis the season for McDonald’s to bring back a fan favorite sweet treat: the Holiday Pie. The dessert has returned to menus in “select regions” across the United States, the company confirmed. McDonald’s has released the festive pastry for the past 10 years, but the areas of availability vary. Fans
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By Paul R. La Monica, CNN Business This is shaping up to be the biggest year for new stock listings ever, thanks to the debuts of several buzzy unicorns. The list includes buy-now-pay-later leader Affirm, dating app Bumble, Roblox, Oatly, Robinhood and Amazon-backed electric truck maker Rivian, just to name a few. But will the
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By Allison Morrow, CNN Business No one likes paying more for stuff. That’s why inflation, especially the sharp price increases we’ve seen in recent months, feels like a dirty word. But on the whole, inflation can actually be a good thing for many working-class Americans, especially those with fixed-rate debt like a 30-year mortgage. That’s
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By Matt Egan, CNN Business Commerce Secretary Gina Raimondo is concerned the Omicron coronavirus variant will exacerbate pressure on the already stressed-out global supply chain. “It’s way too soon to tell. But I do worry, because we know people are afraid to go to work,” Raimondo told CNN during an interview at her Washington office.
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By Matt Egan Roger Dow, CEO of the US Travel Association, is questioning the logic of President Joe Biden’s travel restrictions, imposed on South Africa and seven neighboring countries following the emergence of the Omicron coronavirus variant. “We want them to revisit this quickly,” Dow told CNN in a phone interview. “We need to follow
Continue Reading By Matt Egan Roger Dow, CEO of the US Travel Association, is questioning the logic of President Joe Biden’s travel restrictions, imposed on South Africa and seven neighboring countries following the emergence of the Omicron coronavirus variant. “We want them to revisit this quickly,” Dow told CNN in a phone interview. “We need to follow
Continue Reading By Allison Morrow, CNN Business No one likes paying more for stuff. That’s why inflation, especially the sharp price increases we’ve seen in recent months, feels like a dirty word. But on the whole, inflation can actually be a good thing for many working-class Americans, especially those with fixed-rate debt like a 30-year mortgage. That’s
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By Jordan Valinsky, CNN Business Toys “R” Us is opening a new store about a year after a planned relaunch of its brick-and-mortar presence failed. The retailer’s parent company, WHP Global, announced it will open a store at New Jersey’s American Dream mall in mid-December. In a press release, the company said the 20,000 square
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By Julia Horowitz, CNN Business Investors were spooked by the discovery of the new Omicron variant of the coronavirus. Now, they’re contending with another wrinkle in the outlook: The Federal Reserve could be prepared to roll back stimulus measures faster than planned because of persistent inflation. What’s happening: Stocks fell sharply on Tuesday after Fed
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By Kara Fox, CNN Business Growth in renewable energy is set to hit an all-time record this year, but is still falling “well short” of what is necessary to slash planet-warming emissions, according to the International Energy Agency. The energy watchdog estimates that around 290 gigawatts (GW) of renewable energy capacity came online around the
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By Chloe Melas and Oliver Darcy, CNN Alec Baldwin sat down with ABC News for his first formal interview since discharging a prop firearm that killed a crew member and injured another on the set of “Rust.” The interview was conducted by anchor George Stephanopoulos and took place Tuesday, a person familiar with the matter
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By Anna Bahney, CNN Business Home prices across the US have seen stratospheric increases within the past year as demand for homes spiked and inventory tanked. And those higher prices have pushed mortgage giants Fannie Mae and Freddie Mac to raise the limits of government-backed loans to a record level for 2022, with the maximum
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By Chris Isidore, CNN Business Amazon had at least 20,000 employees test positive for Covid-19 last year. But it reported that only 27 of those cases were contracted while the employees were at work. The company’s reporting amounts to a “hidden pandemic,” according to a coalition of four unions interested in establishing representation for Amazon
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By Parija Kavilanz, CNN Business If you’re the kind of shopper who holds out for the bigger and better year-end deals after Christmas, you could be out of luck this season. Come January, those ridiculously-deep clearance sales might be much harder to find. Blame the messed up global supply chain. January is the golden month
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By Paul R. La Monica, CNN Business So much for a year-end Santa Claus rally? The broader market has pulled back in the past week as worries about the Omicron variant of Covid-19 have rattled investors’ confidence. These latest coronavirus concerns have traders wondering if this is finally the end of the long running bull
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By Anna Bahney, CNN Business Home prices rose 19.5% in September compared to a year ago, according to the S&P CoreLogic Case-Shiller national home price index. But even that huge increase was a slight slowdown from August, when prices rose by 19.8%. September marked the first time year-over-year gains have decreased since May, according to
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Opinion by Joseph Stiglitz and Lori Wallach for CNN Business Perspectives If international organizations are subject to karma, last week’s abrupt postponement of the World Trade Organization (WTO) Ministerial Conference, the body’s first major decision-making gathering in four years, was fated to be. News of the emergence of Omicron, the latest coronavirus variant, not only
Continue Reading By Chris Isidore, CNN Business Just when US airlines thought they were on the verge of profitability again, along came the Omicron variant to put those hopes in doubt. Leisure travel is back to near pre-Covid levels. This Thanksgiving marked the busiest week for air travel since the start of the pandemic. But major US
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