Money

By Julia Horowitz, CNN Business China’s yuan has fared better than many other major currencies this year. It’s shed 6.5% against the US dollar, holding its ground as the greenback has gone on a breakneck rally. The euro, the British pound and South Korea’s won have all dropped more than 10%, while Japan’s yen has

By Matt Egan, CNN Business Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday. Even as borrowing costs surge, the NY Fed said

By Alicia Wallace, CNN Business The number of available jobs in the US shrank considerably in June, according to new data released Tuesday by the Bureau of Labor Statistics. Job openings dropped to 10.7 million in June, down from a revised 11.3 million in May, according to the latest Job Openings and Labor Turnover Survey,

By Julia Horowitz, CNN Business Investors are anxious, tired and gloomy as they digest the worst start to the year since 1970 and try to chart a path forward. But you wouldn’t know it from watching major stock indexes. What’s happening: The S&P 500 rallied more than 9% in July, its best month since November

By Laura He, CNN Business Global markets fell on Tuesday as investors feared US House Speaker Nancy Pelosi’s visit to Taiwan could severely escalate tensions with China. US and European equities followed Asian indexes down as investors weighed the market implications of the trip. Hong Kong’s Hang Seng Index fell 2.4%, and mainland China’s Shanghai

By Nathaniel Meyersohn, CNN Business A glimmer of relief is emerging at the checkout aisle: the return of discounts. Walmart, Best Buy, Gap, Target, Bath & Body Works and others are increasing promotions and lowering prices on merchandise to entice inflation-weary shoppers to buy extra goods sitting on their shelves. Months ago these chains stocked

By Anna Bahney, CNN Business So far this year, the real estate market has not been going the way many prospective homebuyers had hoped. Home prices — already at all-time highs — have continued to climb and mortgage rates have risen much faster than expected. While some buyers have forged ahead, others have put their

By Michelle Toh, CNN Business For years, KFC customers in China wondered why the chain didn’t sell chicken feet, which are a delicacy in the country. Now, “I can report back that for this year, for 2022, we are finally selling chicken feet,” Yum China CEO Joey Wat told CNN Business in an interview Monday.

Opinion by Emily Parker for CNN Business Perspectives Cryptocurrency is having an existential crisis. Last month, crypto lender Celsius filed for bankruptcy protection. It has frozen withdrawals since June 12, and it’s unclear if or when customers will get their money back. But Celsius is just one domino to fall. Crypto lender Voyager Digital also

By Julia Horowitz, CNN Business The highest oil prices in a decade. A renewed government focus on energy security. Huge demand for refining crude so it can be used as fuel. Conditions for Big Oil companies haven’t looked this good in years, and ExxonMobil, Chevron and Shell plan to ride the wave as long as

By Julia Horowitz, CNN Business The 10-mile-long island of Schiermonnikoog is known as one of the most beautiful places in the Netherlands, boasting the widest beach in Europe, 300 different species of birds and a bustling tourist trade. But after the Dutch and German governments approved the development of a new gas field roughly 12

By Laura He, CNN Business Alibaba shares fell after US regulators added the stock to a growing list of Chinese firms that might be kicked off Wall Street if US auditors can’t inspect their financial statements. Alibaba slid as much as 6% in Hong Kong on Monday morning, but then pared losses to 3.8% in

By Anna Cooban, CNN Business Workers are fed up. More than two years into the pandemic, many have burned out, quit their jobs or are struggling to make ends meet as record inflation takes a huge bite out of their paychecks. But, for the past eight weeks, thousands of people in the United Kingdom have

By Laura He, CNN Business China’s embattled property giant Evergrande has failed to deliver a preliminary debt restructuring plan it had promised by July 31, leading to further concerns about the future of the world’s most indebted developer. The real estate company’s failure to meet its self-imposed deadline comes at a time when China’s entire

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Penguin Random House announced its bid to acquire Simon & Schuster in November 2020. The deal — combining two of the top five book publishers in the United States —

By Emmy Abbassi, CNN Here’s your chance to earn some sand dollars. Hotels.com is looking to hire a Retro Beach Motelier, who will visit several retro beach motels across the United States and enjoy oceanside views in 1950s style. The itinerary is comprised of Hotels.com’s 10 best retro beach motels across America, including The Pearl

By Zoe Sottile, CNN Cat food brand Fancy Feast is expanding into feline-inspired human cuisine, with a New York City Italian restaurant designed to celebrate the company’s new line. Gatto Bianco, which means “white cat,” is described by Fancy Feast as an “Italian-style trattoria,” and will be open for dinner reservations on August 11-12 only,

By Reuters A union representing nearly 2,500 employees at three Boeing defense locations in the St. Louis area said on Saturday they will vote on the company’s revised contract offer, canceling a strike that was set to start early Monday. The International Association of Machinists and Aerospace Workers said an overnight bargaining session had led

By Nicole Goodkind and Julia Horowitz, CNN Business If you’re reading this, it means you’ve survived the busiest week of the summer. Congratulations. The last week of July came with an overwhelming confluence of economic data, earnings reports, Federal Reserve announcements and spending deals in Congress. The impact of these past seven days will reverberate

Reuters The U.S. Federal Aviation Administration on Friday approved Boeing’s inspection and modification plan to resume deliveries of 787 Dreamliners, two people briefed on the matter told Reuters. The FAA approved Boeing’s proposal that requires specific inspections to verify the condition of the airplane meets requirements and that all work has been completed, a move

By Ramishah Maruf, CNN The fifth-largest commercial bank in the US was fined by the Consumer Financial Protection Bureau for illegally accessing consumer credit reports and opening accounts without their permission. U.S. Bank, which is based in Minneapolis and has over $559 billion in assets, pressured its employees to meet sales goals as part of

By Allison Morrow, CNN Business The US economy is on a knife’s edge, potentially already in a recession after a second quarter of shrinking activity. But indicators are mixed, fueling uncertainty about the way forward. At the core of the debate among economists and policymakers is a fundamental question with massive implications for America’s future:

By Nathaniel Meyersohn, CNN Business These days, it feels like many stores are fortresses. Most of the products on the drug store shelf are behind lock and key, even everyday items such as deodorant, toothpaste, candy, dish detergent, soap and aluminum foil. Manufacturers that supply lock cases and devices to chain stores have seen their

By Oliver Darcy, CNN Business Voting technology company Smartmatic on Thursday subpoenaed former Attorney General Bill Barr in its $2.7 billion defamation lawsuit against Fox News, demanding he turn over any communications with the right-wing television channel’s personalities, executives, and owners. Specifically, the subpoena from Smartmatic seeks by September 16 any communication Barr had with

By Peter Valdes-Dapena, CNN Business With electric cars, people often talk about “range anxiety,” and how cars with bigger batteries and longer driving ranges will alleviate that. I just drove an electric car from New York City to Atlanta, a distance of about 950 miles, and it taught me something important. The problem really isn’t

By Paul R. La Monica, CNN Business It’s been one year since Robinhood went public. And to say that the online broker’s performance has been disastrous would be a massive understatement. If someone were to write a kids’ book about it, they could title it “Robinhood and the Terrible, Horrible, No Good, Very Bad Year.”

Opinion by Bill Carter for CNN Business Perspectives Almost 50 years ago, fresh out of school, I was transfixed by the coverage of the famous hearings into the Watergate break-in. They were certainly as compelling as anything I saw on television in that era. And I wasn’t the only one: An estimated 80 million watched

By Alicia Wallace, CNN Business Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices. The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period

By Julia Horowitz, CNN Business When you think about a shrinking economy, what comes to mind? Factories shutting down. A wave of job losses and few open positions. Huge financial losses that batter most industries. That’s not what America is seeing right now, even though the country’s gross domestic product has declined for two consecutive

By Chris Isidore, CNN Business ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the

Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives A couple of months ago, when the consensus outlook for the economy was fairly sanguine, we warned that the economy was “close to entering a recession,” but that there was still time to make hay in the jobs market. But now that a recession

By Anna Cooban and Julia Horowitz, CNN Business Europe’s economy grew unexpectedly in the second quarter of this year, allaying concerns — for now — that the continent may have slid into a recession. The European Union’s economy grew at a seasonally adjusted 4% last quarter when compared to the same quarter a year ago

By Laura He, CNN Business China’s top leadership has gone quiet on the growth targets it had set for the year, as the world’s second-largest economy continues to battle a largely self-inflicted economic slowdown. In early March, China’s government had said that the country would target gross domestic product growth of about 5.5% this year.

By Laura He, CNN Business Yang Huiyan, Asia’s wealthiest woman, has seen her wealth fall to $11 billion from nearly $24 billion this year as China’s property crisis escalates, according to the Bloomberg Billionaires Index. The 41-year-old controls Country Garden Holdings, China’s largest real estate developer by sales. Her stake was largely transferred from her

By Paul R. La Monica, CNN Business There’s a saying on Wall Street that traders often sell the news. Well, that hasn’t been the case with a tiny reproductive health company following the Supreme Court’s decision to overturn Roe v. Wade last month. Shares of Evofem Biosciences, which makes a hormone-free contraceptive vaginal gel named

By Chris Isidore, CNN Business JetBlue Airways on Thursday announced it would purchase Spirit Airlines, a combination that would create America’s fifth-largest airline. The announcement comes a day after Spirit pulled the plug on a deal to merge with Frontier. JetBlue had been pursuing a hostile bid for Spirit even while Spirit sought shareholder approval

By Chris Isidore, CNN Business Spirit and Frontier airlines Wednesday finally pulled the plug on their proposed deal, which had been on life support for months, clearing the way for a possible purchase of Spirit by JetBlue Airways. The proposed merger of Spirit and Frontier, first announced in February, was never able to capture the

By Chris Isidore, CNN Business Ford shook off the impact of supply chain problems and limited vehicle inventory to post much better-than-expected profits and revenue in the second quarter. The number more closely watched by investors, its income excluding special items, jumped to $2.7 billion compared to the $510 million it earned on that basis

By Peter Valdes-Dapena, CNN Business Rivian, the Amazon-backed manufacturer of electric pickups, SUVs and delivery vans, is laying off about 6% of its workforce as the company adjusts as the “world has dramatically changed,” according to an email sent by CEO RJ Scaringe to Rivian’s roughly 14,000 employees. About 840 of those employees were told

By Hannah Rabinowitz, CNN A Pennsylvania mortgage company owned by billionaire investor Warren Buffett discriminated against communities of color in Pennsylvania, New Jersey and Delaware, the Justice Department said Wednesday, in what they say is the first redlining agreement that the department has secured with a mortgage company. Under the terms of the agreement, Trident