Money

By Hanna Ziady, CNN European Union governments have reached a deal on the world’s first major carbon border tax, as part of an overhaul of the bloc’s flagship carbon market that aims to make its economy carbon-neutral by 2050. EU ministers finalized details of the Carbon Border Adjustment Mechanism early Sunday after reaching a provisional

By Nicole Goodkind, CNN As the year comes to a close, it seems that the market’s focus on inflation rates are shifting to a new area of concern: Unemployment. While the Federal Reserve has taken steps to fight inflation by curbing economic growth, the full extent of the damage to the employment market is yet

By Katie Polglase and Gianluca Mezzofiore, CNN In between being blindfolded, locked in solitary confinement, and interrogated in a wheelchair while she was on a hunger strike following her late September arrest, Negin says she had a realization: Iranian officials were using her private Telegram chats, phone logs and text messages to incriminate her. “They

By Kara Scannell, CNN Former FTX CEO Sam Bankman-Fried is expected to appear in a Bahamas court on Monday to reverse his decision to contest extradition to the US, a person familiar with the matter told CNN. Bankman-Fried is expected to agree to extradition to the US, the person said. Reuters first reported thank Bankman-Fried

By Oliver Darcy New Twitter owner Elon Musk offered several of the journalists he banned from the social media website earlier this week the ability to return to the platform if they deleted the tweets he falsely claimed shared his “exact real-time” location. The move from Musk came after he posted an unscientific poll on

By Jon Sarlin, CNN Donald Trump’s entrance into the NFT world came at the worst possible moment. The former president’s hyped-up “major announcement” turned out to be a set of digital trading cards for $99 a pop, sparking widespread mockery from late-night hosts to even some Trump loyalists like Michael Flynn and Steve Bannon. But

By Matt Egan The Biden administration announced plans Friday to provide nearly 2 million barrels of oil to refineries through an emergency exchange and simultaneously begin efforts to replenish the Strategic Petroleum Reserve early next year. The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline

By Danielle Wiener-Bronner, CNN While a debate unfolds online about Starbucks‘ new credit and debit card tipping option, some workers are frustrated — and it has nothing to do with the etiquette of tipping. Union organizers who asked for this new feature months ago are being left out. It’s been about a year since the

By CNN Staff Egypt has dug itself a massive hole of debt. On Friday, the International Monetary Fund (IMF) will extend a $3 billion loan to the country, a fourth aid package in six years, as its financial tailspin continues. The loan, along with billions of dollars in cash inflows from Abu Dhabi and Riyadh,

By Oliver Darcy, CNN Elon Musk is no free speech warrior. The thin-skinned new Twitter owner on Thursday banned the accounts of several high-profile journalists from the nation’s top news organizations, including: CNN’s Donie O’Sullivan; The New York Times’ Ryan Mac; and The Washington Post’s Drew Harwell. Progressive journalist Aaron Rupar and pundit Keith Olbermann

By Chris Isidore, CNN Business About 100 Starbucks stores across America will be on strike for the next three days, as the union attempts to turn up the pressure in it year-long battle with the coffee retailer. This is the second widespread strike by Starbucks Workers United, which staged a one-day strike in November on

By Nicole Goodkind, CNN Weaker-than-expected retail sales in November pummeled market sentiment on Thursday and raised the odds that the Federal Reserve’s inflation-fighting interest rate hikes would push the economy into recession. What’s happening: US retail sales, which measure the total amount of money that stores make from selling goods to customers, fell 0.6% in

By Laura He and Cheng Cheng, CNN James Cameron’s “Avatar: The Way of Water” has premiered in China, 13 years after the original film took the country by storm. It’s expected to be a shot in the arm for the world’s second-biggest film market, which has been battered by the country’s stringent zero-Covid policy. The

By Laura He, CNN US regulators have gained full access to the audits of Chinese companies for the first time, reducing the threat that tech giants such as Alibaba and JD.com could be kicked off US stock exchanges. The announcement marks a major breakthrough in a yearslong standoff over how Chinese companies listed on Wall

By David Culver and Nicole Barron At 26, Ixchel Hernandez has become the defender and protector of her family’s modest apartment. In the two decades they’ve lived in their Los Angeles home, the family of four has successfully fought against multiple attempts aimed at pricing and, ultimately, forcing them out. “We are human beings with

By Chris Isidore, CNN Are college athletes employees? In a potentially game-changing move, the National Labor Relations Board’s regional office in Los Angeles has taken a step forward to define USC players that way. On Thursday, the NLRB’s Los Angeles office found merit in an unfair labor practice complaint filed on behalf of players on

By Oliver Darcy, CNN Business Twitter on Thursday evening banned the accounts of several high-profile journalists from the nation’s top news organizations, marking a significant attempt by new owner and self-described free speech absolutist Elon Musk to wield his unilateral authority over the platform to censor the press. The accounts belonging to CNN’s Donie O’Sullivan,

By Vanessa Yurkevich, CNN A typical morning at the Schnitzler household starts with David and Allison feeding their 17-month-old Winston. Allison, 33, and David, 32, play with Winston as they both get ready to go to work. Allison heads out the door — to her family medical practice — and David, an insurance underwriter, starts

By Jordan Valinsky, CNN Business Taco Bell is spinning up new varieties of its popular Mexican Pizza. The chain revealed that it’s testing two new types of the beloved menu item, which came back in May following a two-year absence because of pandemic-induced menu changes. For the unfamiliar, the Mexican Pizza consists of a flat,

By Anna Bahney, CNN Mortgage rates fell once again this week, dipping for the fifth straight week. The 30-year fixed-rate mortgage averaged 6.31% in the week ending December 15, down from 6.33% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.12%. Mortgage rates have risen throughout most of

By Oliver Darcy, CNN Business Staffers at The Washington Post are livid at publisher Fred Ryan. That’s according to conversations I had on Wednesday with nearly a dozen employees at The Post who expressed fury at the way Ryan announced in a town hall that the company would undergo layoffs in early 2023. Ryan said

By Alicia Wallace, CNN The number of first-time claims for unemployment benefits fell to 211,000 for the week ended December 10, according to data released Thursday by the Department of Labor. That’s a drop of 20,000 from the previous week’s total, which was upwardly revised to 231,000; and the lowest level since September. Economists were

By Paul R. La Monica, CNN Christmas is just 10 days away, and investors hoping for a Santa Claus rally have found little holiday cheer on Wall Street this month — especially Thursday. The Dow plummeted nearly 765 points, or 2.3%, Thursday, and it is down 4% in December following solid gains the previous two

By Alicia Wallace, CNN Black Friday may have been back in fashion this year, but the strong turnout at the start of the holiday shopping season last month wasn’t enough to counter a broader consumer pullback in spending. US retail sales fell sharply at the start of the holiday shopping season, dropping by 0.6% during

By Julia Horowitz, CNN Central banks in Europe on Thursday joined the US Federal Reserve in slowing down the pace of interest rate hikes as decades-high inflation shows signs of easing. The Bank of England and the European Central Bank both hiked rates by half a percentage point in their final meetings of the year.

By Chris Isidore, CNN Business Elon Musk just sold another 22 million shares of Tesla, raising $3.6 billion. Musk sold the shares on Monday, Tuesday and Wednesday this week. The sales were disclosed in an SEC filing late Wednesday. Musk did not disclose the reason for the sales in the filing. They’re his first sales

By Paul R. La Monica, CNN Investors around the world have been trying to adjust their portfolios to contend with big interest rate hikes from the Federal Reserve, European Central Bank, Bank of England and other central banks this year. But Warren Buffett has no reason to be worried. It looks like the Oracle of

By Angus Watson, CNN Australia’s parliament passed a new law Thursday capping its domestic gas price and some states’ coal prices, a move the government said would protect consumers from the “wartime whims” of the world. The move comes as tens of millions of Australians grapple with a surge in utility bills this year, despite

By Laura He, CNN The end of pandemic restrictions in China will eventually usher in a strong economic rebound as the country learns to live with the Covid virus, according to economists, even as a slew of data showed business activity plummeting in November. Retail sales declined 5.9% last month from a year ago, according

By Rob Picheta, CNN Nurses across much of the UK launched a historic strike on Thursday, as they walked out of hospitals and onto picket lines after several years of falling pay and declining standards left the country’s nationalized health care system in a state of crisis. As many as 100,000 members of the Royal

By Brian Fung, CNN Two Democratic lawmakers on Wednesday urged Meta to maintain Donald Trump’s suspension from its platforms when it revisits the matter in January, arguing that the former president’s recent posts on his own social media platform suggest he is likely to violate the social media giant’s policies if given a chance. The

By Danielle Wiener-Bronner, CNN Taco Bell knows you want fries with that. Especially during lunch. To compete with rivals such as McDonald’s during lunchtime, the chain is considering permanently adding fries to its menu, Taco Bell CEO Mark King said during an investor event Tuesday. “People that go to lunch want to have French fries.

By Chris Isidore and Vanessa Yurkevich, CNN When a freight train travels across the country, two people are in the cab of the locomotive working to keep the train, its often hazardous and flammable contents, and the communities they are passing through, all safe. Now the railroads are saying that, given today’s modern technology, just

By Jeanne Sahadi, CNN In its last policymaking meeting of the year, the Federal Reserve on Wednesday raised its benchmark interest rate for the seventh time in a row, to a range of 4.25% to 4.5%. That is the highest it’s been in 15 years. In a continued bid to tame decades-high inflation, the central

By Allison Morrow, CNN Sam Bankman-Fried’s multibillion-dollar crypto empire was run primarily by “grossly inexperienced and unsophisticated individuals” who failed to institute basic corporate controls and even relied on QuickBooks to do their accounting, according to investigators. But standing by Bankman-Fried as his companies FTX and Alameda grew (and subsequently collapsed) were two respected Ivy-League

By Matt Egan, CNN As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would

By Laura He and Jennie Chen, CNN An unprecedented wave of Covid cases in China has sparked panic buying of fever medicines, pain killers, and even home remedies such as canned peaches, leading to shortages online and in stores. Authorities said Wednesday they had detected 2,249 symptomatic Covid-19 cases nationally through nucleic acid testing, 20%

By Nicole Goodkind, CNN The Federal Reserve approved a half-point interest rate hike on Wednesday, a smaller increase than in recent months and an acknowledgment that inflation is finally easing. The increase marks a shift for the central bank after an unprecedented year that includes seven-straight rate hikes as part of an aggressive campaign to

By Michelle Toh, CNN Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as a deluge of negative headlines about the cryptocurrency industry rattled users of the world’s largest exchange. Andrew Thurman, content lead for Nansen, told CNN that at its peak, Binance saw “as high as