Money

By Paul R. La Monica, CNN Business Banks are in a bind. Rising interest rates should be good news for financial firms because they boost profitability for loans. But banking giants like JPMorgan Chase, Citigroup and Bank of America have been hit hard this year as the volatility on Wall Street from the Federal Reserve’s

By Julia Horowitz, CNN Business Rishi Sunak, Britain’s third prime minister in seven weeks, will face the huge challenge of projecting stability after a period of historic political and financial market chaos. But his other task — shepherding the country through a recession — is poised to be just as daunting. The former finance minister

By Laura He, CNN Business Hong Kong stocks had their worst day since the 2008 global financial crisis, just a day after Chinese leader Xi Jinping secured his iron grip on power at a major political gathering. Foreign investors spooked by the outcome of the Communist Party’s leadership reshuffle dumped Chinese equities and the yuan

By Chris Isidore, CNN Business There is one surefire cure for high gas prices. Unfortunately, it’s far worse than the problem itself: A recession. Nothing kills demand for oil — and brings down prices faster — than recessions. Not only do they cause job losses, which means fewer people commuting to work, but those who

By Paul R. La Monica, CNN Business The housing market is rapidly losing steam. Interest rates continue to rise. The stock market remains volatile. And inflation continues to be a major problem for people trying to pay their bills. Given all that, one might think the de-facto economic report card for the third quarter —

By Harmeet Kaur, CNN Diwali seems to be everywhere this year. More and more major brands are recognizing the festival of lights, running ad campaigns and stocking products related to the holiday in the US. South Asian Americans who celebrate Diwali can now pick up fireworks from Costco, greeting cards from Hallmark and party decorations

By Andy Rose, CNN The owner and co-founder of the sports drink company Red Bull has died, the company announced Saturday. Dietrich Mateschitz began marketing the drink in Austria in 1987, according to the company. “In these moments, the over-riding feeling is one of sadness,” Red Bull said in a company-wide email to employees. “But

Reuters A US judge in Texas ruled on Friday that people killed in two Boeing 737 MAX crashes are legally considered “crime victims,” a designation that will determine what remedies should be imposed. In December, some crash victims’ relatives said the US Justice Department violated their legal rights when it struck a January 2021 deferred

By Allison Morrow, CNN Business Dozens of federal officials made lucrative stock and mutual fund trades in early 2020 as the government was preparing for the onslaught of Covid-19, according to a Wall Street Journal investigation. In January of that year, while the public was broadly unaware of the scale and severity of the threat

By Alicia Wallace, CNN Business The US budget deficit was slashed in half during fiscal year 2022, a record $1.4 trillion drop driven by the winding down of massive pandemic-related spending and a jump in revenues for the federal government as jobs and wages surged during the economic recovery. Final figures released Friday by the

Swati Gupta, CNN Business Google is facing the heat in India. The country’s antitrust regulator has imposed a penalty of approximately 13.4 billion rupees ($162 million) on Alphabet Inc’s Google for abusing its “dominant position in multiple markets in the Android mobile device ecosystem.” The Competition Commission of India (CCI) has asked Google to modify

Jon Sarlin, CNN Business The big news in crypto this week came via a court filing in Texas. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. “The Enforcement Division is now investigating FTX Trading, FTX US, and

By Vanessa Yurkevich and Chris Isidore, CNN Business US freight railroads rejected a new sick leave proposal from a union of track maintenance workers that is threatening to go on strike in less than 30 days without a new labor deal. The Brotherhood of Maintenance of Way Employes Division announced last week that its rank-and-file

By Nicole Goodkind, CNN Business Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September. But this

By Paul R. La Monica, CNN Business Fads come and go in fashion. (Are skinny jeans no longer a thing?) The same is true of the stock market. Investors occasionally get too wrapped up in the latest big consumer or corporate trend, only to see companies get crushed when fickle tastes change — or even

By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the

By Chris Isidore, CNN Business It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. But the good news for drivers — and Biden — is that several factors are pointing to lower prices ahead at the pump. The

By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower

By Nathaniel Meyersohn, CNN Business The proposed $25 billion Kroger-Albertsons grocery giant merger is already running into significant opposition from progressive lawmakers and others. Sen. Elizabeth Warren of Massachusetts on Wednesday called on the Federal Trade Commission to block the deal. “More mergers and less competition would mean even higher prices—and layoffs for employees,” Warren

By Angela Dewan, CNN Finally, some good news in the battle against greenhouse gasses: Carbon dioxide (CO2) emissions from the burning of fossil fuels are on track to rise less than 1% this year. That’s despite widespread concerns of a rush back to coal, oil and gas amid a global energy crunch and Russia’s war

By Paul R. La Monica, CNN Business October 19, 1987. A brief but violent stock market crash. Can it happen again? Probably not. The Dow plummeted 22.6% on that day, a date that has since been immortalized as Black Monday. To put that into context, a drop of that magnitude would be a nearly 7,000