Money

By Nicole Goodkind, CNN Business The US Federal Reserve is delivering a hawkish message to markets: We hear you, we see you, but you can’t stop us — aggressive rate hikes aren’t going away. Wall Street seems to be listening. Markets now see an 86% chance of a three-quarter point hike at the September Fed

By Matt Egan, CNN The Biden administration is not debating whether to unleash another round of emergency oil from the national stockpile at this time, an administration official told CNN on Thursday. In response to the war in Ukraine, US President Joe Biden announced a plan on March 31 to release one million barrels of

By Peter Valdes-Dapena, CNN Business Rivian and Mercedes have signed a “memorandum of understanding” to work together on production of electric vans and to begin making them in Europe. Together, the companies will create a factory in Europe dedicated to producing electric vehicles. The companies will jointly invest in changing an existing Mercedes production site

By Paul R. La Monica, CNN Business Movie theater chain AMC is a top pick for meme investors, but the stock hasn’t exactly turned out to be the feel good hit of this summer. Shares of AMC were trading around $18 just before the company decided to issue a new class of preferred shares to

Martha C. White for CNN Business At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right

By Peter Valdes-Dapena, CNN Business General Motors revealed a new electric SUV Thursday that the automaker expects will be the cheapest compact electric SUV on the market when it goes into product in about a year. The Chevrolet Equinox EV will have a starting price around $30,000 which, at any rate, will make it among

Opinion by Gad Levanon for CNN Business Perspectives So far this year, the US economy has managed to skirt a recession, despite what many experts predicted. But even while the labor market remains strong, there isn’t much to celebrate in the foreseeable future. We could still very well find ourselves in a recession over the

By Alicia Wallace, CNN Business Despite fears of a recession, the labor market is showing no signs of weakening. The number of first-time claims for unemployment benefits fell by 6,000 to 222,000 for the week ended September 3, according to Department of Labor data released Thursday. The initial weekly claims figure, which is at its

By Mark Thompson, CNN Business The European Central Bank hiked interest rates by a record three-quarters of a percentage point on Thursday and promised more to come as it scrambles to contain the inflationary fallout from Russia’s invasion of Ukraine and the ensuing energy crisis. The move will take the benchmark rate for the 19

By Peter Valdes-Dapena, CNN Business Jeep will bring out three new all-electric SUVs over the next few years as it moves toward selling only electric vehicles in Europe by 2030 and having half its sales in the US be all-electric by then, too. Executives for the off-road SUV brand also indicated that more fully electric

By Lauren Kent and Anna Cooban, CNN Business The United Kingdom on Thursday confirmed plans to subsidize energy bills for households and businesses, joining other European governments in a costly race to protect their economies from freezing up this winter as Russia cuts off supplies of gas. The UK plan could cost as much as

By Matt Egan Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. US oil tumbled 5.1% to $82.41 a barrel in recent trading. That’s the lowest intraday price since January 24. US crude is now down by more than one-third since briefly hitting $130

By Paul R. La Monica, CNN Business Billionaire Ryan Cohen profited big when he briefly invested in struggling retailer Bed Bath & Beyond and helped it become a meme stock again. Now he faces an arguably tougher challenge with another of the original meme phenoms: GameStop. Cohen is the chairman of GameStop, which will report

By Frank Pallotta, CNN Business Cineworld Group — the world’s second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. The British company, which owns more than 500 movie theaters across the United States, said that it commenced Chapter 11 proceedings in the

By Matt Egan, CNN Business For many years after the Great Recession, the Federal Reserve did everything in its power to lower the unemployment rate. Now, the central bank is trying to do the exact opposite. David Rubenstein, the billionaire investor and co-founder of The Carlyle Group, told CNN last week the Fed is actively

By Jordan Valinsky, CNN Business Serena Williams’ loss last week at the US Open, likely her final match, made history for ESPN. The roughly three-hour match averaged 4.8 million viewers, making it ESPN’s most-watched tennis match in its 43-year history. Ratings peaked during the match’s final set in the 10:15 pm quarter-hour, garnering 6.9 million

By Jordan Valinsky, CNN Business Kim Kardashian is entering the world of private equity. She’s partnering with Jay Sammons, a former executive with Carlyle Group, to launch SKKY Partners, a new firm that will invest in fast-growing businesses across several sectors, including hospitality, media and consumer products. The fund hasn’t begun any raising money just

By Nicole Goodkind, CNN Business The world is in desperate need of water. Drought and increasing temperatures have threatened to impact nearly every major sector of the economy, from energy to agriculture to shipping. Markets are taking note. The S&P Global Water Index, which tracks 50 companies from around the world that are involved in

By Laura He, CNN Business China’s zero-Covid strategy of endless testing and lockdowns has hammered its economy and taken a toll on company profits, but it has delivered a windfall for test makers. Twelve of China’s top Covid testing firms have recently posted huge increases in both revenues and net profits for the first half

By Alexandra Peers, CNN Business Herb Kohler, Jr., the former head of his family’s namesake global plumbing empire, died Saturday at the age of 83. He was the third generation Kohler to helm the Wisconsin company, serving as CEO for 43 years and later as its executive chairman. The emphasis of the Kohler brand during

By Scottie Andrew, CNN When Marilyn Loden first used the phrase “glass ceiling” at a women’s business conference in 1978, she didn’t imagine it would become a familiar metaphor for the challenges to career advancement faced by women in the workforce. “To be honest with you, I didn’t think it was a big deal,” Loden

Opinion by Jared Sine for CNN Business Perspectives One of the most important decisions a person can make in this life is who they choose to marry. It has certainly been my most important and best decision, as my wife, whose parents are first-generation immigrants from Mexico City, has had such an immensely positive impact

By Julia Horowitz, CNN Business Stomach-churning market turbulence has chilled dealmaking this year, as many companies decide they’d rather wait for calmer times before pursuing public listings or executing mergers. But not everyone is sitting on the sidelines hoping for a return to more normal conditions. What’s happening: In a statement late Monday, Volkswagen said

By Jeanne Sahadi, CNN Business The battle to get employees back into the office is about to get a little more heated. Many companies experimenting with a hybrid work schedule have said they want employees to be in the office a set number of days each week. But thus far, they have not done much

By Jordan Valinsky, CNN Business Shares of Bed Bath & Beyond is down nearly 20% in midday trading following the death of its one its top executives. Gustavo Arnal, the chief financial officer of the beleaguered retailer, jumped to his death from a high-rise apartment in Manhattan on Friday afternoon, a law enforcement source previously

By Julia Horowitz, CNN Business The iconic Porsche brand is officially going public despite stomach-churning stock market turbulence that’s frozen out other big deals. Volkswagen first started looking at spinning off the high-performance automaker in February, just as Russia’s invasion of Ukraine jolted investors. In a statement late on Monday, Volkswagen said it had decided

By Chris Isidore, CNN Business Over the past year, the nascent labor movements at mighty corporations like Starbucks and Amazon have grabbed national attention. But less well-known is a looming high-stakes clash between one of America’s oldest unions and the world’s biggest package courier. Contract negotiations are set to begin in the spring between UPS

By Anna Cooban, CNN Business Europe’s energy crisis is deepening as Russia further limits exports of natural gas, forcing governments to spend billions to protect businesses and consumers from soaring bills as the region slides towards recession. European benchmark natural gas prices spiked 28% on Monday morning to hit €274 ($272) per megawatt hour —

By Swati Gupta and Michelle Toh, CNN Business Cyrus Mistry, the Indian scion of one of the country’s most prominent empires, died in a road accident on a highway near Mumbai on Sunday, according to Maharashtra police. Mistry, 54, was one of two people who died when the car they were traveling in hit a

By Brynn Gingras, Liam Reilly, Ramishah Maruf and Samantha Beech, CNN A man who jumped to his death from a high-rise apartment in Manhattan has been identified by the New York City Police Department as Gustavo Arnal. A law enforcement source told CNN Arnal is the chief financial officer of Bed Bath & Beyond. They

By Parija Kavilanz, CNN Business As Sarah Longmore finished her back-to-school shopping, the mother of five looked at a $25 backpack for her preschooler. Soaring inflation had crunched the family’s budget, and she decided her daughter could make do with a hand-me-down. She put the backpack back. Like Longmore, many parents — regardless of income

By Julia Horowitz, CNN Business Across the United Kingdom, businesses and households are warning that they won’t make it through the winter without help from the government. That sets up enormous challenges for Liz Truss, the incoming prime minister. For months, the United Kingdom has endured a leadership vacuum while the country has skidded toward

By Brian Fung, CNN Parler, the social media platform frequented by many conservatives, is being restored to Google’s app store following what Google said were substantial changes to the app’s content moderation practices. Parler will again be available for download through the Google Play Store as early as Friday, Google (GOOG) said in a statement.

Martha C. White On Friday, the Bureau of Labor Statistics reported that the US unemployment rate had ticked up to 3.7% in August, an increase that surprised economists who had expected it to remain at July’s 3.5%. In a normal labor market, rising unemployment is a red flag. But even though today’s labor market is

By Jordan Valinsky, CNN Business Approximately 14,400 strollers manufactured by UPPAbaby are being recalled because of a risk of amputating children’s fingers. The Consumer Product Safety Commission said in a release Thursday that the rear brakes on the brand’s All-Terrain Ridge Jogging strollers have “openings that can cause amputation or laceration if a non-occupant child’s

By Ivana Kottasová, CNN At least eight prominent Russian businessmen have reportedly died by suicide or in as yet unexplained accidents since late January, with six of them associated with Russia’s two largest energy companies. Four of those six were linked to the Russian state-owned energy giant Gazprom or one of its subsidiaries, while the

Opinion by Joseph H. Davis for CNN Business Perspectives Hardly a day goes by without news about inflation and the growing risk of recession. Customers around the world are feeling the pain of higher prices. In the United States, the Consumer Price Index (CPI) has risen at some of the fastest rates seen since the

By Nicole Goodkind, CNN Business The US has a jobs problem: There are too many of them. There are currently around two jobs available for every unemployed person, and as a result, employers have had to raise wages to attract suitable candidates. That sounds like a good thing — and it is for Americans who

By Alicia Wallace, CNN Business The economy added 315,000 jobs in August, exceeding economists’ expectations but far below July’s blowout report, when employment surged by a revised 526,000 positions. The nation’s unemployment rate rose to 3.7% from 3.5%, as more people entered the labor market looking for work, the Bureau of Labor Statistics reported Friday.

By Alex Stambaugh, Julia Horowitz and Michelle Toh, CNN Business The West’s biggest economies on Friday agreed to impose a price cap on Russian oil in an attempt to reduce Moscow’s ability to fund its war in Ukraine without further stoking global inflation. Finance ministers from the G7 group of countries — the United States,

By Hilary Whiteman, CNN Australia shut its borders for more than two years during the pandemic, but it also blocked access to potential workers and it’s desperate to have them back. On Friday, the government boosted its permanent migration numbers to 195,000 from this financial year — a rise of 35,000 people. Employers are hopeful