New York CNN — Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders. At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in a […]
New York CNN Business — Between warnings of a recession, high inflation and layoff fears, the news is bleak. Why not have some chocolate? Chocolate makers are reporting booming sales as stressed out customers reach for something sweet to take the edge off. In the third quarter, sales of Hershey’s (HSY) chocolates, which include Reese’s, […]
New York CNN Business — Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday. Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that […]
London CNN Business — BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying profit […]
Stellantis said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy. The European carmaker said in a statement it had fully impaired the value of its investment in the venture in its results for the fist half of 2022, adding that it will continue to […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. New York CNN Business — The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. And it’s […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN Business — The US economy grew by a 2.6% adjusted annual rate in the third-quarter, […]
New York CNN Business — Over the past year, Coca-Cola has experimented with bizarre, limited-time flavors and immersive online experiences. Now, it’s setting its sights on adding more varieties of cans, bottles and value packs to offer cash-strapped consumers more options — even if that ultimately means paying more for less. “Package innovation takes a […]
New York CNN Business — General Motors says its supply chain issues are improving. That allowed the company to post better-than-expected earnings despite falling short of revenue forecasts. America’s largest automaker said that by the end of June, it had been able to clear out of inventory about 75% of the roughly 90,000 vehicles it […]
New York CNN Business — Unilever has recalled certain Dove, Nexxus, Suave, TIGI and TRESemmé aerosol dry shampoos because of the potential presence of benzene, a chemical that can cause cancer. The affected products were produced prior to October 2021 and were distributed at retailers nationwide, the Food and Drug Administration said in an announcement […]
