Money

By Julia Horowitz, CNN Business Fears of a recession and the Federal Reserve’s aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn’t gotten as much attention as the bleeding in stocks or cryptocurrencies, but it’s been painful. What’s happening: A major exchange-traded fund that tracks blue chip bonds

By Nadine Schmidt and Mark Thompson, CNN Business Europe’s biggest economy is now officially running short of natural gas and is escalating a crisis plan to preserve supplies as Russia turns off the taps. Germany on Thursday activated the second phase of its three-stage gas emergency program, taking it one step closer to rationing supplies

By Alicia Wallace, CNN Business The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. Although quickly rising mortgage rates are already appearing to cool overheated

By Danielle Wiener-Bronner, CNN Business For years, Kellogg’s has been synonymous with Froot Loops, Frosted Flakes, Special K and other cereals. Now, it’s focusing on snacks. Kellogg announced Tuesday that it is splitting into three separate companies, spinning off its US, Canadian and Caribbean cereal businesses into one group and its plant-based food businesses, including

By Vasco Cotovio, CNN Pro-journalist and free speech non-government organization Reporters Without Borders (RSF) says it has evidence that Russian soldiers executed journalist Maks Levin in a forest near Kyiv on March 13. Levin, a Ukrainian photojournalist who worked with a number of major Western news outlets including Reuters and the BBC disappeared on March

By Matt Egan, CNN Business JPMorgan Chase is laying off employees this week in response to the spike in mortgage rates that has rocked the housing market. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” JPMorgan said in a statement. Hundreds of JPMorgan employees will be laid off,

By Jordan Valinsky, CNN Business A report that the Food and Drug Administration might order Juul to pull its products from store shelves has sent shares of Altria plunging. The cigarette company owns a 35% stake in Juul. The Wall Street Journal reported Wednesday that the FDA could order the e-cigarette maker to remove its

By Paul R. La Monica, CNN Business Move over, GameStop and AMC. And forget about bitcoin and other cryptocurrencies. Revlon, the struggling makeup and cosmetics company that filed for bankruptcy last week, is the latest meme stock craze among the army of individual investors on Reddit. Shares of Revlon soared nearly 35% Wednesday afternoon in

By Alison Kosik, for CNN Business The NYC Rent Guidelines Board (RGB) has given the green light to allow landlords in New York City to hike rents on more than one million rent stabilized apartments. The RGB, which regulates rent stabilized apartments in Manhattan, voted 5 to 4 on Tuesday to approve raising rates on

By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. There’s good news and bad news on the gas prices front. Good news: Some price relief could be on the way. The bad news: It’s because traders are

By Matt Egan for CNN Business Fed Chairman Jerome Powell conceded that the Federal Reserve’s aggressive interest rate hikes won’t solve two of the biggest problems facing families: high prices for gas and groceries. During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid

By Paul R. La Monica, CNN Business Who says pleasing fickle investors on Wall Street is hard? FedEx delivered its biggest daily stock jump since the mid-1980s last week, surging more than 14% on June 14 after doing two relatively easy things: The company increased its dividend by a whopping 53% and reached a deal

Opinion by Tom Stalnaker, Khalid Usman and Andrew Buchanan for CNN Business Perspectives After two years of enduring masks, social distancing and quarantines, there’s not much that can come between consumers and their summer vacations this year. Outbreaks of Covid-19 no longer seem to stop them from traveling — and based on recent demand for

By Laura He, CNN Business Some Chinese property developers are going to extreme lengths to attract buyers. From accepting grain or garlic as part payment, to offering live pigs as an incentive to buyers, the unusual sales tactics underline the dire state of China’s vast real estate industry. A collapse in sales has accelerated since

By Swati Gupta and Rhea Mogul, CNN Millions of people across India and Bangladesh have been affected by raging floods and landslides that left more than 100 people dead and entire communities devastated. The South Asian nations, home to more than 1.3 billion people, have been particularly badly hit by the rains, prompting some of

by Chris Isidore Tesla is moving ahead with plans to layoff about 10% of its salaried staff, CEO Elon Musk said Tuesday. But he also expects the company’s overall workforce will be larger a year from now than it is today. Musk has been sending out conflicting signals on his staffing plans for the last

Lucy Bayly, CNN Business Federal Reserve Chairman Jerome Powell wants to increase joblessness in the US in order to save the economy. But Beyoncé may beat him to it. The multi-hyphenate artist’s latest single, “Break My Soul,” which dropped late Monday, begs listeners to “release” themselves from their 9-5, saying “I just quit my job,

By Frank Pallotta, CNN Business “How was your weekend? I certainly had an interesting one because some of my staff had a memorable one.” That’s how Stephen Colbert opened his monologue Monday after members of his “Late Show” production team were arrested last week at the US Capitol. “This was first-degree puppetry,” Colbert said. Colbert

By Nicole Goodkind, CNN Business US stocks roared back Tuesday in the first day of trading since last week’s selloff. The Dow closed up 641 points, or 2.1%, and was up over 700 points in afternoon trading. The S&P 500 was up 2.5% and the Nasdaq was also 2.5% higher. Last week was the market’s

By Anna Cooban, CNN Business The United Kingdom has a jobs problem. There just aren’t enough workers to keep its economy moving forward, and many employees are growing angry about inflation taking a large bite out of their paychecks. The problem escalated Tuesday as thousands of rail workers went on strike over demands for better

By Kunyi Yang The road to financial independence is not easy, and usually requires patience and diligence early on. For young people still trying to establish their careers, focusing on retirement or saving for the future may not seem like a top priority. But making the wrong money moves early on can be costly. Here

By Chris Isidore, CNN Business Air travel is returning to normal Monday after several days of widespread flight cancellations due to weather and staffing issues. Tracking service FlightAware was showing that as of Monday evening about 2,200 flights were canceled worldwide. Only 380 of those cancellations were to, from or within the United States, representing

Nadeen Ebrahim Libya was thrust back into the spotlight last week when it announced that it is pumping a million fewer barrels of oil than it did last year. That was big news for oil-consuming nations that are scrambling to look for additional supplies as crude from Russia, the world’s third-biggest producer, comes under Western

By Anna Bahney, CNN Business There is a shift happening in the housing market. After more than a year of soaring demand, exploding home prices and increasing real estate sales, the market finally seems to be cooling off. “The housing market isn’t crashing, but it is experiencing a hangover as it comes down from an

Opinion by Joe O’Connor and Juliet Schor for CNN Business Perspectives It’s now well recognized how difficult the pandemic has been for workers. A Conference Board survey of workers from September 2021 found that more than three-quarters of US respondents reported stress and burnout as big challenges to being at work, versus 55% six months

By Chris Isidore, CNN Business More tieups at West Coast ports are just about the last thing the US economy needs right now. Delays caused by a flood of cargo last year continue to create widespread shortages of goods throughout the economy and added to inflationary pressures. But a current round of labor talks between

Story by Reuters and Jessie Yeung, CNN Macao, the world’s biggest gambling hub, began its second day of mass Covid-19 testing on Monday after dozens of locally transmitted cases were discovered over the weekend. But while most businesses have shut, casinos remain open. The testing of Macao’s roughly 600,000 residents is expected to end on

By Reuters The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours. Bitcoin had

By Matt McFarland, CNN Business Gas prices may be skyrocketing, but Americans still love their RVs despite the fact that they often get 10 mpg — or less. RV popularity boomed during the pandemic as travelers looked for safe ways to travel while maintaining social distance. Americans continue to turn to RVs even as they’ve

By Clare Duffy, CNN Business Last week, the Associated Press announced the creation of an unusual new position: a democracy editor. Tom Verdin — a more than 20-year veteran of the AP who spent the past seven years leading its state government team — will take up the role,managing coverage on challenges to democracy, voting

By Zoe Sottile, CNN There really is no such thing as a free lunch. An anonymous bidder paid a record-breaking $19 million for a private steak lunch with legendary investor Warren Buffett. The sale was part of the 21st annual auction for a lunch with Buffett, produced in collaboration with eBay and the Glide Foundation,

By Frank Pallotta, CNN Business “Lightyear” wasn’t able to get enough buzz at the box office this weekend. The latest film from Disney’s Pixar — which features the voice work of Chris Evans as Buzz Lightyear — opened to an estimated $51 million at the North American box office this weekend. That number came in

By Inke Kappeler and Tara John, CNN Germany must reduce natural gas consumption and increase the burning of coal in order to help fill gas storage facilities for next winter, German Economy Minister Robert Habeck announced Sunday as the country moves away from reduced Russian gas supplies. “The situation is serious,” Habeck said in a

Opinion by Jonathan Reckford and Lisa Rice for CNN Business Perspectives It is ironic and fitting that every June, our nation recognizes both Juneteenth and homeownership, which the George W. Bush administration turned into a month-long observance. Juneteenth is the celebration of Black people’s liberation and theoretical ability to participate fully in the American Dream.

By Nicole Goodkind, CNN Business The mission of the Federal Reserve is to foster the stability of US monetary systems. It’s the reason the central bank was created in 1913, and it’s the reason it still exists today. So when inflation threatens to potentially destabilize the dollar, it’s the Fed’s job to spring to action.

By Brian Stelter and Nicole Goodkind, CNN Mark Shields, the political sage and longtime analyst for CNN and PBS, died Saturday morning at the age of 85, the anchor of PBS NewsHour confirmed. Shields was well known for his “encyclopedic knowledge of American politics, his sense of humor and mainly his big heart,” wrote Judy

By Nathaniel Meyersohn, CNN Business Most Americans facing record gas prices cringe when they fill up their tanks. But not people in New Jersey and Oregon. They’re not allowed to touch the gas nozzle. Seriously. In New Jersey, it’s been illegal for drivers to pump their own gas since 1949. A ban on self-service gas

By Zoe Sottile, CNN Cheese-lovers can now wear their favorite dairy product on their fingertips, thanks to Velveeta and British nail polish brand Nails Inc. A limited-edition set of two cheese-scented polishes will cost cheese fanatics $15 on the Nails Inc. website. It includes two shades: “Finger Food,” a bright red, and “La Dolce Velveeta,”

By Anna Bahney, CNN Business Millions of people struggled to pay their rent during the pandemic. But that hardship fell disproportionately on renters of color, those living with children and people renting in the South, according to an exclusive new report from the Center on Budget and Policy Priorities. The number of renters that fell

By Kathryn Vasel, CNN Business Getting face time with your boss is an important part of progressing in your career, so you need to make the most of one-on-one meetings — particularly if you’re working remotely. “These conversations aren’t just about tasks and accomplishing stuff, it’s also an opportunity for you to connect with your

By Megan Marples, CNN Your phone rings in the background as you log on to your third video meeting of the morning. A colleague walks up to your desk to discuss next week’s agenda and invites you to an in-person meeting later that day. Your boss — who works in another state — messages you