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By Anna Bahney, CNN Business US home prices continued to climb in July. But the market showed signs of cooling as rising mortgage rates pushed more prospective buyers to the sidelines. Home prices rose 15.8% in July from the year before, a smaller jump than the 18.1% growth seen in June, according to the S&P

By Nicole Goodkind, CNN Business The British pound hit a record low against the dollar on Monday after UK Prime Minister Liz Truss, a fan of “trickle-down economics,” announced a sweeping spending and tax cut plan to rescue the British economy from recession on Friday. What’s happening: Investors were taken aback by the new government’s

By Matt Egan, CNN There is growing evidence that Americans are struggling to keep up with crushing inflation. Nearly three in four (71%) employees say the cost of living is outpacing their salary and wages, according to a Bank of America-sponsored survey shared first with CNN on Tuesday. That’s up from 58% in February. The

Martha C. White America’s seniors are facing a lot of hard choices. After the Federal Reserve’s latest rate hike, the combination of climbing prices on everything from food to gas to utilities and ever-higher borrowing costs is making the finances of Americans on fixed incomes increasingly precarious. “Overall, they have an increase in daily living

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By Anna Cooban, CNN Business The United Kingdom’s big tax-cutting gamble to boost economic growth will benefit the rich far more than millions of people on lower incomes. On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in

By Jordan Valinsky, CNN Business Amazon is adding another Prime Day to the calender. The company announced Monday that the sale, called “Prime Early Access Sale,” will take place October 11-12. The 48-hour event is only for members of its Prime subscription program and will feature discounts on “hundreds of thousands” of items. “Prime Early

By Nicole Goodkind, CNN Business Investors are waking up to the harsh reality of just how much pain the economy may have to endure as the Federal Reserve continues its fight against stubbornly high inflation. The Fed darkened its tone at last week’s policy meeting, warning of serious economic hardship ahead, and markets finally took

By Michelle Toh, CNN Business International airlines are scrambling to add more flights to Hong Kong as the city ends two and a half years of quarantine measures, leading to a surge in demand for travel. The new measures took effect Monday. Now, instead of having to isolate in a hotel room at their own

By Hannah Ritchie, Manveena Suri and Rhea Mogul, CNN A 12-year-old boy is in “critical condition” after he was allegedly gang-raped and beaten in India’s capital New Delhi, according to a statement from the city’s police and a complaint lodged by the boy’s family to the Delhi Commission for Women (DCW). Delhi Police Deputy Commissioner

By Laura He, Jessie Yeung and Jonny Hallam, CNN Business The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The plunge of nearly 5% to just above $1.03 came during trading in Asia and Australia on Monday and extended a

By Paul R. La Monica, CNN Business Semiconductors are in everything. Our phones, our laptops, our televisions. Even our cars. But concerns about a global recession and continued worries about supply shortages stemming from lingering pandemic-related shutdowns in Asia over the past two years are hurting top chip companies. Shares of Intel are down more

By Chris Isidore, CNN Business Workers at an Home Depot store in Philadelphia have filed to have a vote to be represented by a union. The store, at 4640 Roosevelt Blvd. in Philadelphia, has about 275 employees, according to the filing by an independent union, Home Depot Workers United, which is seeking the vote. Vincent

Opinion by Fatih Birol for CNN Business Perspectives The global energy crisis sparked by Russia’s invasion of Ukraine is causing hardship around the world and shining a spotlight on the flaws in today’s energy system. Volatile prices are hurting consumers and businesses while greenhouse gas emissions are rising and air pollution is leading to millions

By Matt Egan Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp drop in

By Frank Pallotta, CNN Business Slugger Aaron Judge is chasing baseball history. So where can you watch it? The New York Yankees outfielder is on the brink of hitting the most home runs in American League history as he sits on 60 for the season. The current record is 61, which was set in 1961

By Michelle Toh, CNN Business Leaders of America’s biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan CEO Jamie Dimon, Citi CEO Jane Fraser, and Bank of America CEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine

By Nathaniel Meyersohn and Chris Isidore, CNN Business FedEx will raise ground and express shipping rates by an average of 6.9% next year, the company said Thursday. Freight rates will increase by an average of 6.9% to 7.9%. Both mark an increase from FedEx’s rate hikes for this year. Last week, FedEx warned that a

By Chris Isidore, CNN Business There’s a lot of buyer interest in the electric Hummer now being offered by Chevrolet. But there’s limited capacity to build them, and now General Motors has stopped taking orders for the massive EV. Between January and June, GM reported it delivered fewer than 400 of the pickup version of

By Paul R. La Monica, CNN Business Prospective home buyers are getting hit by a double whammy of bad news: Prices remain prohibitively high for many consumers, largely due to low supply. Mortgage rates have also skyrocketed to their highest level in 14 years. That is weighing on demand for both new home construction as

By Matt Egan A comprehensive gauge on the health of the US economy dropped in August for the sixth straight month, reinforcing concerns about a possible recession. The Conference Board said Thursday that its Leading Economic Index for the United States dipped last month. The index, which tracks a range of metrics capturing activity in

By Frank Pallotta, CNN Business Amazon hit it big with its “Thursday Night Football” debut. The tech giant’s first exclusive NFL game, which saw the Kansas City Chiefs edge out the Los Angeles Chargers 27 to 24, averaged 13 million viewers last Thursday, according to Nielsen. Amazon added that, per its “first party measurement and

By Nicole Goodkind, CNN Business JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. This time, he faced his longtime critic Sen. Elizabeth Warren. Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular

By Oliver Darcy, CNN Business Conspiracy theorist Alex Jones tangled Thursday in an explosive courtroom exchange with an attorney for families of Sandy Hook victims who have sued him in Connecticut, prompting an admonishment from the judge and warning that they could be held in contempt if they violate court rules moving forward. The warning

By Oliver Darcy, CNN Business Jake Tapper is moving to primetime as part of a sweeping set of programming changes CNN announced Thursday that will take effect through the midterm elections. Tapper, the network’s lead Washington anchor, will anchor the 9 p.m. hour starting October 10 and continuing until November 11. “The world has come

By Julia Horowitz, CNN Business When the Federal Reserve started hiking interest rates to combat decades-high inflation, Chair Jerome Powell stressed that the central bank could increase borrowing costs without inflicting too much damage on the economy. “We feel the economy is very strong and will be able to withstand tighter monetary policy,” Powell said

By Junko Ogura, Emi Jozuka and Kathleen Benoza Japan tried to shore up the value of its currency Thursday by buying yen and selling US dollars for the first time in 24 years. The yen had earlier plunged to its lowest level since 1998 after the Federal Reserve hiked interest rates aggressively while the Bank

By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,

By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models

By Matt Egan Goldman Sachs told its New York City-based employees on Wednesday that as of November 1 they will no longer need to get vaccinated for Covid-19, CNN has learned. The move comes weeks after Goldman Sachs relaxed its Covid requirements for all US employees except those based in New York, its home city.

By Peter Valdes-Dapena, CNN Business When Ford chief executive Jim Farley split the company’s passenger vehicle business into two parts — one for electric cars, the other for gasoline-powered vehicles — Farley put himself in charge of the electric car business, a division called Model e. The assumption among a lot of industry observers was

By Inke Kappeler, Allegra Goodwin and Mark Thompson, CNN Business Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia’s invasion of Ukraine