Business

Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans. Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a “K-shaped consumer.” That means the affluent continue to spend, while lower-income Americans have become more cautious

It’s finally here: the long-predicted consumer pullback. Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald’s said it has adopted a “street-fighting mentality” to compete for value-minded diners. For months, economists have

OMAHA, Nebraska — Warren Buffett’s Berkshire Hathaway cut its gigantic Apple stake in the first quarter as the “Oracle of Omaha” continued to downsize his one-time favorite bet. In its first-quarter earnings report released Saturday, Berkshire Hathaway reported that its Apple bet was worth $135.4 billion, implying around 790 million shares. That would mark a

A Dave & Buster’s location in the Gateway Center shopping complex in the Brooklyn borough of New York, US, on Saturday, March 30, 2024.  Bing Guan | Bloomberg | Getty Images Arcade chain Dave and Buster’s plan to allow customer betting isn’t winning over everyone. Software company Lucra Sports announced on Tuesday that it was

OMAHA, Neb. — Warren Buffett said that Berkshire Hathaway is looking into an investment in Canada. “We do not feel uncomfortable in any shape or form putting our money into Canada,” he told an arena full of investors Saturday. “In fact, we’re actually looking at one thing now.” The billionaire investor has placed bets in

Shari Redstone, chair of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Tuesday, July 11, 2023. David A. Grogan | CNBC Skydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the

OMAHA, Nebraska — Warren Buffett said Saturday his designated successor Greg Abel will have the final say on Berkshire Hathaway’s investing decisions when the Oracle of Omaha is no longer at the helm. “I would leave the capital allocation to Greg and he understands businesses extremely well,” Buffett told an arena full of shareholders at

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska. David A. Grogan | CNBC Berkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year. The identity of the stock — or stocks — that

OMAHA, Neb. — Warren Buffett revealed that he dumped Berkshire Hathaway’s entire Paramount stake at a loss. “I was 100% responsible for the Paramount decision,” Buffett said at Berkshire’s annual shareholder meeting. “It was 100% my decision, and we’ve sold it all and we lost quite a bit of money.” Berkshire owned 63.3 million shares

Star Wars Lego models are seen at the Bricks & Figs museum in Krakow, Poland, on April 15, 2023. Anadolu | Anadolu | Getty Images If you are a Star Wars fan, Jens Kronvold Frederiksen may have crafted your childhood. A design director at the Denmark-based Lego company, he has spent the past 25 years creating

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024.  David A. Grogan When Warren Buffett kicks off Berkshire Hathaway‘s annual shareholder meeting on Saturday, the absence of Charlie Munger will be on everyone’s mind. Some 30,000 rapt shareholders are descending on

The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth. Immigrant workers made up 18.6% of the workforce

Squishmallows in the images of Warren Buffett and Charlie Munger display at the Berkshire Hathaway Annual Shareholder Meeting at Omaha, Nebraska, on May 3, 2024. Sarah Min | CNBC OMAHA, Neb. — Warren Buffett’s annual shopping event, the pregame to Berkshire Hathaway‘s annual meeting, is wowing shareholders flocking here this weekend. With over 20,000 square

Shari Redstone, non-executive chairwoman of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, July 11, 2023. David A. Grogan | CNBC Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26

Chinese new energy vehicle giant shows off the latest version of its Han electric sedan at the Beijing auto show on April 26, 2024. CNBC | Evelyn Cheng BEIJING — Chinese automakers, including state-owned auto giant GAC Group, can’t afford to take it easy in the country’s electric car boom if they want to survive.

Barry McCarthy, president and CEO of Peloton Interactive, walks to a morning session at the Allen & Company Sun Valley Conference on July 06, 2022 in Sun Valley, Idaho. Kevin Dietsch | Getty Images Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff

Hundreds of small and regional banks across the U.S. are feeling stressed. “You could see some banks either fail or at least, you know, dip below their minimum capital requirements,” Christopher Wolfe, managing director and head of North American banks at Fitch Ratings, told CNBC. Consulting firm Klaros Group analyzed about 4,000 U.S. banks and

The Wayfair app on a smartphone arranged in Hastings-on-Hudson, New York. Tiffany Hagler-Geard | Bloomberg | Getty Images Wayfair’s sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday.  Wayfair beat Wall Street’s expectations

WASHINGTON – The Federal Reserve on Wednesday held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately. In a widely expected move, the U.S. central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5.50%. The federal funds rate has