Category Archives: CNN – Business

Fed chair calls the economic recovery ‘extraordinarily uncertain’

Fed chair calls the economic recovery ‘extraordinarily uncertain’

Federal Reserve Chairman Jerome Powell said the outlook for the United States economy is “extraordinarily uncertain” as the rise in Covid-19 cases continues to take an economic toll on the country. “As we have emphasized throughout the pandemic, the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success…MORE

Topshop owner Arcadia files for bankruptcy

Topshop owner Arcadia files for bankruptcy

UK retailer Arcadia is seeking protection from creditors as it scrambles to save 13,000 jobs and brands such as Topshop after clothing sales collapsed during the pandemic. The company, which also owns Miss Selfridge and Dorothy Perkins, has entered administration, which is roughly equivalent to Chapter 11 bankruptcy protection in the United States, according to…MORE

DoorDash and Airbnb lead a parade of unicorn IPOs

DoorDash and Airbnb lead a parade of unicorn IPOs

Demand for initial public offerings has roared back to life on Wall Street, led most recently by highly anticipated debuts from Silicon Valley darlings Airbnb and DoorDash, which are both expected to begin trading in December. DoorDash disclosed in its latest filing with the Securities and Exchange Commission Monday that it was looking to price…MORE

As JCPenney exits bankruptcy, its long-term outlook remains grim

As JCPenney exits bankruptcy, its long-term outlook remains grim

JCPenney has survived to see its 119th holiday shopping season. How many more it has ahead of it is tough to say. In May, the storied department store chain filed for bankruptcy, having been brought to the brink by a combination of the Covid-19 pandemic, unaffordable levels of debt and years of miscalculation and blunders…MORE

Chipotle adds smoked brisket to its menu for a limited time

Chipotle adds smoked brisket to its menu for a limited time

Chipotle is adding smoked brisket to its menu in select markets in the United States for a limited time. The Mexican food chain says its new beef protein option, which is seasoned with a blend of spices and a Mexican pepper sauce, is already being tested at 64 restaurants in Cincinnati and Sacramento, California. It’s…MORE

Nikola shares fall after GM scraps Badger deal and drops equity stake

Nikola shares fall after GM scraps Badger deal and drops equity stake

General Motors is giving up its equity stake in Nikola Motors and scrapping plans to build the electric truck maker’s Badger pickup as part of a new, scaled-back deal between the companies. Nikola shares plunged more than 20% on the news. The new deal replaces an agreement announced in September in which GM had planned…MORE

Bitcoin hits an all-time high of just under $20,000

Bitcoin hits an all-time high of just under $20,000

Bitcoin just hit another milestone in its impressive 2020 run. The cryptocurrency surged 9% to a new all-time high of about $19,860 on Monday, topping the previous peak of $19,783 from December 2017. It’s been a wild year for bitcoin, which has soared more than 175% since the end of 2019. Prices plunged below $4,000…MORE

Meet the woman tasked with turning around scandal-plagued Bon Appétit

Meet the woman tasked with turning around scandal-plagued Bon Appétit

When a friend reached out to Dawn Davis about the editor in chief opening at Bon Appétit, she was quick to recommend someone else — a writer she had just signed at her Simon & Schuster imprint, 37 Ink. This friend, a restaurant owner, suggested that Davis throw her name in for consideration, but the…MORE

Markets expect a perfect 2021. Will they get it?

Markets expect a perfect 2021. Will they get it?

US stocks reached record highs on Friday as Wall Street’s outlook becomes crystal clear: With Covid-19 vaccines on the way, investors expect the economy to undergo a spectacular rebound next year, sending shoppers on a spending frenzy and padding corporate profits. Banks have issued a flood of 2021 forecasts reflecting this attitude, anticipating a sharp…MORE