Money

By Martha C. White Federal Reserve chairman Jerome Powell warned that the central bank’s mission to tame inflation will result in “some pain” for US households. In a keynote speech at the Federal Reserve’s annual Jackson Hole Economic Symposium Friday morning, Powell said that the path to reducing inflation would not be quick or easy,

By Anna Cooban, CNN Business Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries. State gas giant Gazprom is burning off, or “flaring,” about

By Alicia Wallace, CNN Business The Federal Reserve’s favored inflation indicator showed that prices took a breather last month as fuel costs continued to fall from record highs. The Personal Consumption Expenditures price index rose by 6.3% for the year ended in July, down from the 40-year high of 6.8% reported in June, according to

Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, which kicked off Thursday evening. Wall Street will be closely watching the Jackson Hole Economic Symposium — which returned to an in-person format after two years of being held virtually — searching for clues about where

By Julia Horowitz, CNN Business The big event for investors on Friday is in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will speak about the economy at a gathering of central bankers. Wall Street will be hanging on to Powell’s every word for clues about just how big the Fed’s next rate hike

By Tara Subramaniam, CNN Business The leader of Papua New Guinea has appointed what are believed to be the world’s first ministers for coffee and palm oil. Prime Minister James Marape, sworn in this month after an election marred by violence, delays and allegations of fraud, announced on Tuesday a new cabinet that would include

By Matt McFarland, CNN Business This month, Tesla fans rushed to defend the automaker after a prominent critic released a video showing one of the company’s cars with the feature it calls “full self-driving” plowing into child-size mannequins. Some fans built or bought mannequins and child-size dummies to use in their own tests. Others asked

By Danielle Wiener-Bronner, CNN Business Two of Paul Newman’s daughters have filed a lawsuit against the Newman’s Own Foundation, alleging that the charity has gone against their late father’s wishes by not giving enough funds to charitable organizations of their choosing. Newman, the celebrated actor, started Newman’s Own food company in 1982. Its first product

By Chris Isidore, CNN Business People hoping to get their holiday shopping delivered on time could be caught in the middle of a growing battle between FedEx and thousands of contractors who deliver most FedEx packages. Many of the contractors used by the company’s FedEx Ground division say they are losing money, even as revenue

By Jordan Valinsky, CNN Business Peloton’s rough road to recovery continues. The fitness company’s quarterly revenue came in below Wall Street estimates, signaling that its recently launched turnaround effort will take more time to revive sagging sales. Losses amounted to $1.2 billion for the three-month period ending June 30. Revenue also fell nearly 30%, to

By Matt Egan, CNN Business The pandemic continues to cast a shadow over the workforce. Long Covid, a combination of symptoms that emerge months or even years after recovering from the virus, is keeping up to 4 million Americans from working, according to a new study. The Brookings Institution report, released Wednesday, finds that about

By Alicia Wallace, CNN Business The US economy shrank at a slightly slower rate than estimated during the second quarter, according to updated data released Thursday by the US Bureau of Economic Analysis. The nation’s gross domestic product — the broadest measure of economic activity — shrank 0.6% at an annualized rate from April through

By Laura He, CNN Business China has unveiled 19 new measures to shore up its economy and “secure drinking water” supply as the country continues to struggle with its worst heatwave in 60 years and rigid Covld lockdowns. The new measures announced by China’s cabinet on Wednesday amount to more than 1 trillion yuan ($146

By Jessie Yeung and Shawn Deng, CNN The island of Hainan in southern China plans to ban the sale of fossil fuel-powered vehicles by 2030, aiming to become the first province in the country to do so, according to provincial authorities. In a statement, the provincial government vowed to be “at the forefront of the

By Kathryn Vasel, CNN Business Having kids is a major life change — and it can also be very expensive. And over the past several years, more workers are seeking out company benefits that help cover some of the costs. Some companies are offering coverage for things like egg freezing, in vitro fertilization and breast

By Paul R. La Monica, CNN Business Some would argue that Wall Street is just one big casino. And for investors wagering on gambling stocks, it’s been a big losing bet so far this year. Shares of sports betting giant DraftKings are down about 35% in 2022. UK-based Flutter Entertainment, which owns DraftKings rival FanDuel,

Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, later this week. Wall Street will be closely watching the Jackson Hole Economic Symposium — which will return to an in-person format after two years of being held virtually — searching for clues about where the

By Jordan Valinsky, CNN Business Two months ago, Australian media site Crikey called “Murdoch” an “unindicted co-conspirator” in the Jan. 6 attack on the US Capitol. Fox Corp. CEO Lachlan Murdoch’s lawyers have been battling Crikey ever since. On Monday, Crikey published an open letter and took out a full-page ad in the New York

By Michelle Toh, CNN Business People on the frontlines of Europe’s gas crisis are scrambling to get solar panels for their homes and businesses as they confront a “perfect storm” that’s sending energy prices to record levels. In the first six months of this year, Germany saw a 22% jump in the installation of solar

By Rhea Mogul, Junko Ogura and Tetsu Sukegawa, CNN Prime Minister Fumio Kishida said Wednesday Japan will restart idled nuclear plants and consider developing next-generation reactors, in a policy reversal that will see the nation turn back toward atomic energy as fuel prices soar worldwide. Kishida told reporters he had instructed officials to come up

By Diksha Madhok, CNN Business Asia’s richest man has launched a hostile bid to take over an influential broadcaster in India and gain a firmer footing in the country’s vibrant media space. AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate, said in a statement late on Tuesday that it has acquired a 29%

By Matt Egan, CNN Business Drivers have something to smile about: A historic drop in gasoline prices. The national average for a gallon of regular gas has dropped every single day since soaring to a record high of $5.02 a gallon on June 14, according to AAA. This 70-day streak of falling prices at the

By Julia Horowitz, CNN Business The outlook for inflation and the global economy hinges in large part on where energy prices head next — which makes recent turbulence in natural gas markets a worrying development. What’s happening: European natural gas prices finished at a record on Monday. They remain close to that level on Tuesday

By Laura He, CNN Business China is mining and importing more coal as its worst heatwave and drought in six decades hits hydroelectricity, the nation’s second biggest source of power. The country’s crucial Yangtze River has dried up in parts because of extreme heat and scant rainfall. The drought has impacted six provinces along the

By Chris Isidore, CNN Business The family of an elderly couple killed when the roof of their F-250 pickup collapsed during a rollover accident in 2014 has been awarded a massive $1.7 billion in punitive damages from Ford. The jury appeared to endorse the plaintiff’s arguments that Ford knew of the problem years before the

By Megan Marples, CNN Years of long hours, understaffed companies and burned-out employees have all led to the latest TikTok trend: quiet quitting. The catchphrase quiet quitting is misleading, however, making some people think it means workers doing the bare minimum at their jobs. This is unequivocally false, said Kathy Caprino, a Connecticut-based women’s career

By Matt Egan for CNN Business The Federal Reserve is unlikely to tame inflation without pushing the American economy into a recession, according to a survey of economists released Monday. Seventy-two percent of economists polled by the National Association of Business Economics expect the next US recession will begin by the middle of next year

By Anna Cooban, CNN Business French supermarkets and gas stations have an answer to soaring inflation — freezing some prices for the next few months. On Monday, French retail giant Carrefour announced that it would keep prices for more than 100 essential products unchanged for the next 100 days. The list of items includes breakfast

Opinion by Stephen G. Cecchetti and Kermit L. Schoenholtz for CNN Business Perspectives In June, US inflation hit a 40-year high of 9% and hasn’t slowed much since. Some people argue that corporate greed is a key driving force behind rising prices. Inflation is high, they say, because firms have greater power to raise prices

By Laura He, CNN Business China’s brutal heatwave is now hurting major players in the auto industry. The rationing of power in Sichuan province — China’s most important hydropower hub — has hit production for major carmakers in Shanghai, including Tesla, according to reports in Chinese state media. Sichuan ordered most factories to close for