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☆ YOLO is dying. That could be bad news for the economy
▼ + stars: | 2024-06-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —YOLO economy, meet the “yo, no” economy. In what was dubbed the YOLO economy (short for “you only live once”), or revenge spending, consumers shelled out for the experiences and goods they had missed. And that may be bad news for the economy. “We are monitoring the issue and engaging with market participants,” a spokesperson for the Securities and Exchange Commission told CNN. Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape.

Persons: “ Covid, doesn’t, ” Sameer Samana, “, There’s, ”, that’s, Taylor Swift, It’s, Dow, Jerome Powell, Berkshire Hathaway, Warren Buffett, Joe Saluzzi, Themis Trading, I’m, Saluzzi, ” Read, Matt Egan, Keith Gill —, ” —, Read, Anna Cooban Organizations: CNN Business, Bell, New York CNN, Wells, Investment Institute, Walmart, Target, Employers, TSA, Federal Reserve, New York Stock Exchange, The New York Stock Exchange, ” Intercontinental Exchange, NYSE, ICE, CNN, NYSE Group, Consolidated, CTA, Berkshire Hathaway’s, Berkshire, Securities and Exchange Commission, Themis, GameStop, AMC Entertainment Locations: New York, YOLO, Samana, “, Berkshire

☆ Taylor Swift fans are causing a spike in European air travel, United says
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

The official kickoff for summer this weekend is going to get even busier, thanks in part to Taylor Swift. Bookings to other European cities where’s she’s performing in the coming weeks, including Madrid, Edinburgh and Dublin, are also surging, a United representative told CNN. United’s flights to Milan and Munich for Swift’s shows in July have captured the biggest increase in demand – upwards of 45% more passengers compared to last year. Delta Air Lines told CNN demand is on the rise for flights to her European tour. Airlines for America, a group representing major US airlines, predicts record numbers of passengers this summer, with carriers expected to fly 270 million passengers — up 6% from last year.

Persons: Taylor Swift, Swift, ”, Chicago’s O’Hare, United, ‘ Swiftonomics ’, “, Elvis, Beatlemania, Dr, Peter Brooks, Anna Cooban Organizations: New, New York CNN, Air, United Airlines, United, CNN, Houston . Delta Air Lines, Airlines for America, Barclays Locations: New York, Lisbon, Portugal, Europe, Madrid, Edinburgh, Dublin, Milan, Munich, East, Newark, Dulles, San Francisco, Denver, Houston, Delta, United Kingdom

☆ Champagne sales fizzle after hitting Covid-era record highs
▼ + stars: | 2024-01-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Champagne sales have lost some of their pop in 2023 following a few record-breaking years of sales spurred by the end of Covid-19 lockdowns. That marks nearly a return to pre-Covid levels in 2019, when 297.3 million bottles were shipped. During its peak in 2022, sales soared by 33%, when 325 million bottles were shipped. The name Champagne is exclusively reserved for wines harvested and produced by 16,200 growers on 34,300 hectares northeast of Paris. This cost France a total of roughly $2 billion in sales, a recent report said.

Persons: Comité, “, David Chatillon, LVMH Moët Hennessy, Dom Pérignon, CNN’s Anna Cooban Organizations: New, New York CNN Locations: New York, Covid, Champagne, France, Paris

☆ With home improvement projects down, it’s Ikea’s moment
▼ + stars: | 2023-07-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.

Persons: ”, Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, “, Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, —, Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California

☆ Adidas has received over 500 offers for massive unsold Yeezy merchandise
▼ + stars: | 2023-03-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. That represents a potential €500 million ($527 million) hit to the company’s bottom line. To his point, demand in the secondary resale market for Yeezy shoes is surging. Mocadlo said Impossible Kicks has about $2 million in Yeezy sneaker inventory currently, about 10,000 pairs. Prices for Yeezy sneakers are climbing due to tighter supply, according to StockX, a leading sneaker resale platform.

Brisbane CNN —Australia’s new $5 banknote will not feature Britain’s King Charles III, but rather a new design that honors “the culture and history of the First Australians,” its central bank announced Thursday. The bank will consult with First Australians in designing the $5 banknote, which could take several years to be issued, it added. The mint has said it expects to unveil the design of the first King Charles coins early this year. In Australia, the Queen’s portrait “has been represented in every Australian banknote series since her coronation,” through seven decades, according to the RBA. Video Ad Feedback CNN reporter predicts what we'll see from King Charles 05:17 - Source: CNN— CNN’s Anna Cooban and Angus Watson contributed to this report.

☆ Investors anxiously await jobs report for clues about Fed rate hikes
▼ + stars: | 2023-01-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

Traders are betting on a further deceleration in jobs growth because that could lead to a reduction in the size of interest rate hikes by the Federal Reserve. Further strength could set off more alarm bells about inflation and Fed rate hikes. Focus on worker payWall Street will also need to dive even deeper into Friday’s jobs report to get a better sense of what’s happening in the economy. Investors cheered the fact that wage growth, measured by average hourly earnings, rose only 4.7% over the previous 12 months in October. Big Tech keeps handing out pink slipsOverall, the jobs market is still in good shape.

CNN Business —Coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate, according to the Royal Mint, the official maker of UK coins. “The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come,” Anne Jessopp, the Royal Mint Chief Executive Officer, said Tuesday in a press release. The UK maker said that there are approximately 27 billion coins currently circulating in the country “bearing the effigy of Queen Elizabeth II. For almost 70 years, Queen Elizabeth II image has appeared on the United Kingdom’s coins, with different portraits of her profile as she aged.

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