Business - Page 10

Surging prices: Key measure of inflation posts biggest 12-month jump on record

By Chris Isidore US wholesale prices posted the biggest 12-month increase on record. That’s the bad news. But the US economy offered some rare good news on inflation Wednesday, too: Costs didn’t rise as much in June as they did in May, raising hopes that prices could be leveling off or even retreating in some cases. The producer price index measures prices paid by businesses, rather than consumers. Any increases typically are passed onto consumers at the retail level. Wholesale price increases have fed growing concerns about inflation as the economy tries to return to normal. The Labor Department reported

Wells Fargo shuts down all personal lines of credit, sparking outrage

By Allison Morrow and Matt Egan Wells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates. A spokesperson for the bank said Wells Fargo made the decision last year as part of an effort to simplify its product offerings. The bank feels it can better meet borrowing needs through credit cards and personal loans, the spokesperson said. The popular consumer lending product that the bank is shuttering typically lets users borrow up to $100,000, according to CNBC, which reported the news earlier Thursday. The product was advertised to consumers as a

Olympics 2021: NBC faces ‘hell of a challenge’ producing Tokyo Games after spectators are barred from competitions

By Oliver Darcy NBC was presented with a new challenge producing the 2021 Olympic Games on Thursday after organizers said that spectators will be prohibited from the Tokyo venues, a move that eliminates a key component of live sports broadcasts and could give the competitions an eerie feel. The setback, which was announced after Japan declared a coronavirus state of emergency, is the latest in a string of complications that have arisen ahead of a Summer Olympics which are set to take place as the pandemic rages across the globe. The absence of fans effectively makes this year’s Olympic Games a

Ursula Burns hired to lead embattled consulting firm Teneo

By Jordan Valinsky Former Xerox CEO Ursula Burns has been named chairwoman of Teneo, the embattled consulting firm that is still dealing with the fallout from the resignation of its CEO, reportedly over drunken behavior at a party. Burns’ appointment is effective immediately, according to a company statement. She’s not a stranger to Teneo, having served as a senior adviser to the company since 2017. She has also been a client of the firm. “As chairwoman, I intend to focus on advising and growing Teneo’s clients, as well as continuing to build a world-class firm culture,” Burns said in the statement.

How long can supply shortages continue?

By Charles Riley As the global economy kicks into high gear following the pandemic, demand for certain consumer goods and tech components has outstripped supply, leading to shortages of everything from cars to household appliances. Shortages are not something consumers in developed economies are used to dealing with. They are annoying. But they can also feed inflation, because consumers are competing over fewer products, driving up prices. The big question is how long shortages will persist. For clues, investors can look to Asia, where supplier delivery times across manufacturing sectors increased in June. Industrial production in South Korea and Japan fell in May.

Facial recognition tech has been widely used across the US government for years, a new report shows

By Rachel Metz As George Floyd’s death sparked protests in cities across the country, six federal agencies turned to facial-recognition software in an effort to identify people in images of the civil unrest, according to a new report from a government agency. The agencies used facial recognition software from May to August of last year “to support criminal investigations related to civil unrest, riots, or protests,” according to a report released on Tuesday by the US Government Accountability Office, based on a survey of 42 federal agencies. The US Postal Inspection Service, for instance, told the GAO that it used software from Clearview AI, a controversial facial-recognition

Yes, there’s a labor shortage. But hiring is surging. Here’s why

By Anneken Tappe What labor shortage? America’s private sector employers added 692,000 jobs in June, according to Wednesday’s ADP Employment Report. That exceeded Wall Street analysts’ expectations. While employers complain that they can’t find enough workers, the battered leisure and hospitality industry still registered by far the most job growth at 332,000 new positions — accounting for nearly half of June’s overall job gains. So what gives? It’s all down to a timing mismatch, said ADP chief economist Nela Richardson. “Everyone is hiring at once to position for the summer reopening,” which means strong competition to find staff, Richardson told CNN

More people looking for — but not taking — jobs after their unemployment benefits end early

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By Tami Luhby Jason Smith thought he’d have an easier time filling jobs at his three auto repair shops after Indiana’s governor announced that pandemic unemployment benefits would end in mid-June. But it hasn’t worked out that way so far. While he is getting more applications for the auto technician, service consultant and administrative assistant postings, the job seekers haven’t responded to his requests for interviews. Smith has reached out to more than three dozen people in the last month, but he only heard back from a few, who said they weren’t interested in the position. “I thought it was going to be

America’s biggest banks detail 30 things they can do to combat racial inequality

By Matt Egan America’s biggest banks insist they can and will do more to combat the nation’s racial inequality crisis. The trade group behind JPMorgan Chase, Wells Fargo, Bank of America and dozens of other big banks is detailing 30 best practices lenders can take to ease inequality in Black communities. The report from the Bank Policy Institute, shared exclusively with CNN Business, marks the first time the industry is laying out concrete ways to tackle these deep-seated challenges laid bare by both the Covid-19 pandemic and the murder of George Floyd. Recommendations include publishing diversity and inclusion data, hiring more diverse wealth management personnel

Coke’s make-your-own label fail: ‘White lives matter’ is OK but ‘Black Lives Matter’ isn’t

By Alexis Benveniste Coca-Cola thought personalized bottles might bring some summer fun to its fans. Instead, it met the internet. The company’s make-your-own label promotion lets customers write short messages on custom Coke bottles. Although Coca-Cola tried to block some slurs and trademarks, social media users were quick to discover that the company’s restrictions were hardly comprehensive — and in some cases blocked inoffensive terms. For example, “Black Lives Matter,” is blocked. But “White Lives Matter” isn’t. Coke included a special rainbow label for pride month, but you can’t write “Gay Pride” on the bottle. However, you can write “I hate

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