Money

By Anna Cooban, CNN Business EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher. But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by

Martha C. White for CNN Business After hitting an alarming 40-year high in June, the Federal Reserve’s preferred benchmark for consumer inflation is once again flashing a warning sign about the persistence of high prices. The Bureau of Economic Analysis said Friday the Personal Consumption Expenditures price index for August rose by 6.2% from a

By Nicole Goodkind, CNN Business Warnings of global recession are widespread, inflation is persistent and Russia is escalating the crisis in Europe. The macro picture for the economy is bleak, and markets are suffering. But in the midst of all of this turmoil, luxury automaker Porsche managed to make one of the biggest market debuts

By Amarachi Orie, CNN Business The portrait of King Charles III that will feature on British coins has been unveiled by the Royal Mint, the official maker of UK coins. The image, which will first appear on commemorative £5 and 50 pence coins to honor the life of the late Queen Elizabeth II, was designed

By Laura He, CNN Business Asian markets are careening toward their worst month since the Covid pandemic began, hit by a mighty US dollar and rising global recession fears. The MSCI Asia ex-Japan Index — which captures 10 major markets across Asia, excluding Japan — has fallen 12.8% so far this month, on track to

By Allison Morrow, CNN Business All week, there have events in the news that have come in under of the banner of “this hasn’t happened since 2007/2008.” Yields on the 10-year Treasury briefly surpassed 4%, a level not seen since 2008. That movement helped push mortgage rates to their highest level, 6.7%, since — wait

By Alicia Wallace, CNN Business The US economy shrank by 0.6% during the second quarter of the year, according to the latest gross domestic product estimate from the Bureau of Economic Analysis released Thursday. That matches the most recent GDP estimate and shows the economy was in contraction for the entire first half of the

By Michelle Toh, CNN Business Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. The Hong Kong Monetary Authority (HKMA) announced Thursday that it would welcome executives including Goldman Sachs CEO David Solomon,

By Laura He, CNN Business China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank.

By Rob Picheta, CNN Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. On Monday, leaks were discovered in the pipelines, prompting investigations by European authorities that determined powerful underwater explosions had occurred just before the pipelines burst in several places. The pipelines

By Paul R. La Monica, CNN Business Having an executive allegedly bite someone’s nose might be the least of Beyond Meat’s problems. Investors have taken a big chomp out of Beyond Meat’s stock price as fears grow that the popularity of plant-based food may have reached a peak. Shares of Beyond Meat were around $16

By Julia Horowitz, CNN Business The Federal Reserve is laser-focused on stemming price increases in the United States. But countries thousands of miles away are reeling from its hardball campaign to strangle inflation, as their central banks are forced to hike interest rates faster and higher and a runaway dollar pushes down the value of

By Jordan Valinsky, CNN Business The US Chamber of Commerce and other trade groups filed a lawsuit against the Consumer Financial Protection Bureau over the agency’s recent attempt to examine discrimination in financial services, a move that the groups argue needs congressional approval. Several groups, which include American Bankers Association and Consumer Bankers Association and

By Julia Horowitz, CNN Business Former Bank of England Deputy Governor Charlie Bean said the central bank will almost certainly announce an emergency interest rate hike before its next scheduled meeting in November, predicting that turmoil would continue to roil UK markets. Investors have lost faith in the government’s ability to manage the economy and

By Mark Thompson and Rob North, CNN Business The Bank of England said Wednesday it would buy UK government debt “on whatever scale is necessary” in an emergency intervention to halt a bond market crash that it warned could threaten financial stability. Investors have been dumping the pound and UK bonds since the government of

By Jordan Valinsky, CNN Business First it was streaming services, then it was tacos and now the newest subscription you might be paying for: Chinese food. P.F. Chang’s is relaunching its seven-year-old loyalty program to now include a paid tier, joining a growing trend of restaurants entering the space. For $6.99 per month, members of

By Mark Thompson and Rob North, CNN Business One of the world’s leading multilateral financial institutions has joined a chorus of criticism of huge tax cuts announced by the UK government last week that sent the pound plunging to a record low. In a rare and stinging rebuke for such a large developed economy, the

By Jessie Yeung and Chris Liakos, CNN Leaders of several Western countries have said leaks in two Russian gas pipelines are likely the result of sabotage, vowing a strong response as investigations continue. Swedish authorities sounded the alarm on Tuesday about leaks in the Nord Stream 1 and Nord Stream 2 pipelines — both of

By Danielle Wiener-Bronner, CNN Business Earlier this year, Mars shocked the internet when it unveiled new looks for its M&M’S characters. Gone were Green’s iconic go-go boots, replaced by sneakers. Online, mayhem ensued. Now, M&M’S is making another, bigger change — this time, it’s adding a brand new character to the mix. Meet Purple: She’s

By Oliver Darcy, CNN Business The financial news publication Fast Company took the extraordinary step Tuesday night of shutting down its website after the outlet said it was hacked, resulting in a pair of obscene push notifications containing racist language being sent to Apple News subscribers. A spokesperson for the publication told CNN in a

By Reuters and Chris Liakos, CNN European countries on Tuesday raced to investigate unexplained leaks in two Russian gas pipelines running under the Baltic Sea near Sweden and Denmark, infrastructure at the heart of an energy crisis since Russia’s invasion of Ukraine. Several European officials said sabotage appeared to be the likely cause, while Russia

By Paul R. La Monica, CNN Business Fans of the cult classic movie “The Hudsucker Proxy” will remember that the main character kept describing his invention of the hula hoop as being, “you know, for kids.” But top toy companies are looking beyond the youth demographic this holiday season and plan to pitch more of

By Julia Horowitz, CNN Business The pound may have paused its headlong crash toward parity with the US dollar, but the damage to the UK economy sparked by Prime Minister Liz Truss’ huge tax-cutting gamble is still rippling through financial markets. Sterling stabilized early Tuesday to trade near $1.08, bouncing off Monday’s record low of

By Matt McFarland, CNN Business Hertz and BP plan to build a network of thousands of electric vehicle chargers in North America, the companies said Tuesday. Over the past year, the rental car behemoth has announced its intention to purchase hundreds of thousands of electric vehicles from various automakers. It has said that it aims

By Frank Pallotta, CNN Business It looks like “Don’t Worry Darling” didn’t have that much to worry about. The Warner Bros. film starring Florence Pugh generated a lot of off-screen drama due to a pretty wild press tour and behind the scenes gossip, but that didn’t seem to hurt its box office totals. The psychological

By Anna Cooban, CNN Business Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets have been in turmoil since UK finance minister Kwasi Kwarteng announced the biggest tax cuts in 50 years on Friday, together with

Martha C. White for CNN Business Consumer confidence rose for a second straight month in September, as moderating gas prices and the hope that inflationary pressures might be easing helped lift the nation’s collective mood. The Conference Board reported on Tuesday that its baseline index rose to 108 from a revised 103.6 in August, the