Money

By Anna Cooban, CNN Business Commodities giant Glencore has been ordered to pay a record £281 million ($314 million) penalty by a UK court for bribing officials across Africa to gain access to oil. The UK government’s Serious Fraud Office (SFO), which brought the case against Glencore Energy UK, said on Thursday that the penalty

By Anna Bahney, CNN Business If you bought your first home during the past year, consider yourself one of the fortunate few. Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were

By Julia Horowitz, CNN Business Federal Reserve Chair Jerome Powell has the power to make or break markets these days. On Wednesday, he opted to disappoint. What’s happening: The central bank announced its fourth straight interest rate hike of three-quarters of a percentage point, continuing its aggressive and unprecedented campaign to get inflation under control.

By Julia Horowitz, CNN Business The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. The company said Wednesday that a looming global recession is expected to reduce container demand by

By Anna Cooban and Hanna Ziady, CNN Business For years, home ownership in Britain has been a one-way bet. Prices have climbed steadily since the global financial crisis, rising in even larger increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December,

By Nicole Goodkind, CNN Business Fed decision day is here — and so is some potential bad news for the market. That’s because investors have gotten their hopes up again that the central bank will indicate it plans to ease up on hiking interest rates in its battle against rising prices. The problem is the

By Michelle Toh, CNN Business Hong Kong leader John Lee sought to drum up confidence in the city’s future as a global financial hub on Wednesday, as he welcomed some of Wall Street’s top executives to its biggest international event in years. Speaking at an investment summit that has attracted more than 200 participants from

by Greg Wallace, CNN A shortage of airline pilots is leading pilots at America’s largest carriers to push for better pay and benefits. The union representing United Airlines pilots said Tuesday its members rejected a tentative contract, voting 94% against the deal. It accused management of delays and said pilots deserve better now that the

By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. “If you

By Matt Egan, CNN Business The Federal Reserve’s war on inflation isn’t just painful for home buyers and people with credit card debt. Uncle Sam is getting squeezed by higher borrowing costs, too. The cost to finance America’s growing mountain of debt is rising rapidly as the Fed scrambles to put out the inflation fire

By Hanna Ziady, 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

By Mark Thompson, Mayumi Maruyama and Alex Stambaugh, CNN Oleg Tinkov, the founder of a major Russian digital bank, has renounced his Russian citizenship in protest over the war in Ukraine. “I have taken the decision to exit my Russian citizenship,” Tinkov announced in a post on Instagram on Monday alongside a photo of a

By Rhea Mogul, Manveena Suri and Swati Gupta, CNN More than 50 children are among 135 people killed in Sunday’s bridge collapse in India’s Gujarat state, according to a list of victims published by state authorities on Wednesday. Investigators are examining why the historic suspension bridge in the town of Morbi collapsed, sending dozens of

By CNN Business staff A federal judge blocked Penguin Random House from buying Simon & Schuster, arguing that the combination of the two book business giants would illegally reduce competition. The ruling, most of which remained confidential, comes nearly a year after the Justice Department sued to block the deal. US District Court Judge Florence

By Paul R. La Monica, CNN Business The Dow fell nearly 130 points, or 0.4% Monday, but it still ended October up 14% — its best monthly gain since January 1976. The blue chips remain off by almost 10% this year, though. Meanwhile, the S&P 500, which closed down 0.8% Monday, has dropped about 20%

By Julia Horowitz, CNN Business European inflation has accelerated to a new record high as energy and food prices in the region continue to skyrocket. Prices across the 19 countries that use the euro increased at an annual rate of 10.7% in October, up from 9.9% in September, according to initial estimates released Monday. Energy

By Frank Pallotta, CNN Business “Saturday Night Live” kicked off this week’s episode with Heidi Gardner leading a PBS NewsHour focused on three notable Republicans before the midterm elections in less than two weeks. First up was Herschel Walker, played by Kenan Thompson. “My name is Herschel Walker Texas Ranger,” Thompson as Walker said, kicking

By Peter Valdes-Dapena, CNN Business The Tesla Cyberquads for Kids, made by Radio Flyer, has been recalled because it doesn’t meet federal safety standards. Owners are being offered a full refund after they disable the electric all-terrain vehicle. Intended as toy, Radio Flyer said the Cyberquad for Kids was designed for riders aged eight and

By Peter Valdes-Dapena, CNN Business The Pininfarina Battista is an astonishing car. Its base price, $2.2 million, is shocking, but so are its capabilities. With a maximum output of 1,900 horsepower from four electric motors, Automobili Pininfarina claims it can go from zero to 60 miles per hour in under two seconds. It probably took

By Anna Cooban, CNN Business Shoppers in the United Kingdom are snapping up energy-saving air fryers, electric blankets and slow cookers this winter as their fuel bills soar. Sales of hot air fryers were up 286% in September compared to the same month last year, according to market research company GfK. The portable appliance typically