Money

By Joshua Berlinger, CNN Saudi Minister of State for Foreign Affairs Adel al-Jubeir said his country partnered with Russia to slash oil production in order to stabilize markets and denied that there were political motives behind the decision, which has enraged US leaders and sparked calls to rethink ties with Riyadh. “We’re trying to make

By Paul R. La Monica, CNN Business Jerome Powell and other members of the Federal Reserve are obsessed with choking off inflation once and for all, even if the Fed’s series of aggressive rate hikes slow the economy to a crawl. That could be bad news for consumers, investors and Corporate America. What’s more, many

By Nathaniel Meyersohn, CNN Business CVS will reduce prices on its store-branded menstrual products nationwide and pay the sales taxes on those products in a dozen states. Starting Thursday, CVS will drop prices by 25% on CVS Health and Live Better tampons, menstrual pads, liners and cups. The chain last week also began paying sales

By Matt McFarland, CNN Business Green, an influential Twitter account with a track record of revealing insights about Tesla from software analysis, made an observation about some of the company’s latest software that has piqued the interest of a European car safety organization. Green tweeted that Tesla recently added the name of an Australian and

By Parija Kavilanz, CNN Business Let’s admit it: Adults have basically been dressing like kids these past two years — opting for comfy PJs, sweats, joggers, shorts and T-shirts for sleeping, lounging and yes, working. Recognizing that all-day “casual comfort” is now an acceptable sartorial standard, even for adults, kids’ clothing seller The Children’s Place

By Oliver Darcy, CNN Business It is not unusual for Meta to aggressively push back on articles. And it’s not unusual for publications to stand by the stories Meta pushes back on. But the situation that has unfolded over the past 24 hours between Meta and The Wire, a major Indian nonprofit news website, is

By Vanessa Yurkevich, CNN The Biden administration is proposing a new labor rule that could classify millions of gig workers as employees — a move that would challenge the low-cost labor models behind Silicon Valley heavyweights such as Uber, Lyft and DoorDash. The proposed rule announced by the Labor Department on Tuesday aims to broaden

By Paul R. La Monica, CNN Business The back-to-back, huge market rallies of last week may seem like a distant memory to investors after stocks slid for the past four days and finished mixed Tuesday. The Dow snapped its losing streak, rising more than 35 points, or 0.1%. It was a topsy-turvy trading session, with

By Peter Valdes-Dapena, CNN Business General Motors is starting its own energy storage business using its Ultium battery packs to power homes and charge cars as well as to feed power back into the grid when needed. The new business unit, called GM Energy, will consist of Ultium Home, Ultium Commercial and Ultium Charge 360

By Mark Thompson, CNN Business For the second time in two days, the Bank of England has been forced to offer extra support to UK markets still reeling from the government’s announcement last month that it would slash taxes and increase borrowing. The central bank warned Tuesday that there was still a “material risk to

By Chris Isidore and Vanessa Yurkevich, CNN Business A union of railroad track maintenance workers has rejected a tentative agreement with the nation’s freight carriers, renewing the threat that there could be a strike that shuts down this vital link in the nation’s already struggling supply chain. The vote, announced Monday by the Brotherhood of

By Jackie Wattles, CNN Astronauts have for decades described their trips to space as “breathtaking” and humbling, a reminder of the Earth’s fragility and humanity’s need to serve as stewards of our home planet. Actor William Shatner, who joined a suborbital space tourism flight last year, experienced the same phenomenon, but he had a very

By Hanna Ziady, CNN Business UK Finance Minister Kwasi Kwarteng will try to avoid spooking investors a second time when he publishes details of plans to tackle ballooning government debt and kickstart economic growth on Halloween. Kwarteng announced the Oct. 31 date in a letter to the Treasury on Monday, pulling his midterm budget forward

By Julia Horowitz, CNN Business Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises. The three US economists were recognized by the Royal Swedish Academy of Sciences for their work in the early 1980s, which the

By Diksha Madhok, CNN Business On a late August evening in New Delhi, journalists’ phones started buzzing with messages. Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. The infrastructure tycoon is known for making bold and expensive acquisitions in diverse fields. Yet, his

By Jim Bittermann, CNN The trial of two of France’s biggest companies began Monday over the crash of Air France flight 447 in 2009 that killed 228 passengers and crew. The national flag carrier and Toulouse-based Airbus have been charged with involuntary homicide for their part in the disaster over the Atlantic. Both companies were

By Julia Horowitz, CNN Business The Bank of England announced Monday that it would provide extra support to UK markets, beefing up its efforts to ensure financial stability after the government’s plan to slash taxes while boosting borrowing stoked panic. The central bank said that it was ready to buy up to £10 billion ($11

By Laura He, CNN Business Holiday spending during China’s Golden Week has plunged to its lowest level in seven years, as broad Covid curbs discouraged people from traveling or spending, while a darkening economic outlook continues to erode consumer confidence. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.2

By Zoe Sottile, CNN The bright orange, sticky residue that Cheetos leave on your fingertips has now been immortalized — by a 17-foot statue in Alberta, Canada. The Cheetos brand erected the statue of a hand holding a massive Cheeto, complete with orange fingertips, in Cheadle, Alberta. The community was chosen because of its name’s

By Chris Isidore and Christine Romans, CNN US factories are humming, and manufacturers are scrambling to find workers as the pace of hiring hits levels not seen in decades. Friday’s September jobs report showed US manufacturers added another 22,000 workers in September, increasing employment in the sector by nearly 500,000 over the course of the

By Kelly McCleary, CNN “Saturday Night Live” opened its show this week by testing the temperament of contestants being read news headlines on a game show called “So You Think You Won’t Snap!” “Have you noticed that everyone around you is angry and crazy? People are flipping out at Target, stabbing is back and the

By Ramishah Maruf, CNN ExxonMobil has been ordered to reinstate two scientists who were fired after being suspected of leaking information to The Wall Street Journal, the US Labor Department said Friday. A federal whistleblower investigation found the oil and gas giant terminated the two computational scientists illegally in late 2020. The Labor Department’s Occupational

By Peter Valdes-Dapena, CNN Business Rivian, the Irvine, California-based electric vehicle company, is recalling nearly all the vehicles it has produced to tighten a loose fastener in the vehicles’ front suspension. The recall involves 12,212 electric pickups, vans and SUVs, according to paperwork the company filed with the National Highway Traffic Safety Administration. The Amazon-backed

By Julia Horowitz, CNN Business Pension funds are designed to be dull. Their singular goal — earning enough money to make payouts to retirees — favors cool heads over brash risk takers. But as markets in the United Kingdom went haywire last week, hundreds of British pension fund managers found themselves at the center of

By Danielle Wiener-Bronner, CNN Business With grocery prices soaring, consumers are changing the way they shop for food. That’s great news for discount grocers like bare-bones supermarket Aldi. Aldi, which requires a 25-cent deposit to use grocery carts, sells mostly store brands and doesn’t waste time on elaborate displays, might not be for everyone. But

By Matt McFarland, CNN Business Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Pepsi said in a statement Friday that the trucks will support its Frito-Lay plant in Modesto California, and its Pepsi beverage plant in Sacramento. Neither Musk

By Chris Isidore, CNN Business Homeowners could be hit with as much as $17 billion in uninsured losses due to flooding from Hurricane Ian due to the latest estimate on damage caused by the storm. The damage estimate comes from CoreLogic, a leading research firm that tracks and estimates the cost of damages from natural

Opinion by Gad Levanon for CNN Business Perspectives To many economists and analysts, the US economy has represented a paradox this year. On the one hand, GDP growth has slowed significantly, and some argue, even entered a recession. On the other hand, overall employment growth has been much stronger than normal. While GDP declined at

By Hanna Ziady, CNN Business The UK government could award oil and gas companies more than 100 new licenses to drill in the North Sea, as it looks for ways to bolster energy security amid a global supply crunch. Launched Friday, the licensing round won’t lead to new UK production for several years. And when

By Nicole Goodkind, CNN Business The White House isn’t very happy with OPEC’s decision to slash oil production by 2 million barrels per day. Consumers won’t be big fans either, as the move will likely send gas prices higher. But there’s one big winner coming out of the ordeal: Oil stocks. What’s happening: The cartel

By Julia Horowitz, CNN Business Credit Suisse said it will buy back up to $3 billion in its own bonds to save money on debt servicing costs while taking advantage of low prices. The announcement on Friday comes after investors displayed concerns about the financial position of the troubled Swiss bank before it announces its

By Michelle Toh, CNN Business Hong Kong’s flagship airline Cathay Pacific is facing “unprecedented” staff shortages and may not be ready to handle a surge in demand, as the city winds up its strict Covid policy and reopens for international travel. A top local union warned Thursday of “a record number of resignations from the

by Matt Egan, CNN Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his