Money

By Allison Morrow, CNN Business Two years ago, when the pandemic ushered in the sharpest economic downturn on record, it sparked a tidal wave of layoffs. The subsequent recession was painful but mercifully short — technically, it lasted only two months. Since then, the economy has come roaring back. Unemployment in the US is near

By Brian Stelter, CNN Business President Biden has given very few interviews this year. That fact makes his half-hour sit-down with Associated Press White House reporter Josh Boak all the more newsworthy. Thankfully The AP published the transcript in its entirety. Here are nine insights from the Oval Office interview: >> Biden’s recognition that gas

By Oliver Darcy, CNN Business USA Today on Thursday said that it had removed 23 stories from its website after an internal investigation found that one of its journalists had apparently “fabricated” quotes in her stories. “After receiving an external correction request, USA Today audited the reporting work of Gabriela Miranda,” said an editor’s note

By Jordan Valinsky, CNN Business Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. The nail polish and lipstick maker said the move will allow it to “strategically reorganize” its finances, pointing to “liquidity constraints” sparked by supply chain disruptions and inflation. Revlon is

By Julia Horowitz, CNN Business Central banks are racing to stay on top of rapidly changing economic and financial conditions as they try to contain rampant inflation, a difficult task that could put their credibility on the line. What’s happening: The Federal Reserve raised interest rates on Wednesday by three-quarters of a percentage point for

By Jordan Valinsky, CNN Business Lego is planning to spend more than $1 billion to build a factory in the United States. The company announced Wednesday plans for a 1.7-million square foot plant in Virginia, which will employ roughly 1,800 people once its completed in 2025. It will be the Danish company’s seventh global factory

By Anna Cooban, CNN Business The United Kingdom’s central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation. The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are already

By Laura He, CNN Business European markets and US stock futures fell Thursday, a day after the Fed got tough on inflation with its biggest rate hike since 1994. France’s CAC 40 fell 2.3%, and Germany’s DAX 2.7%, while the FTSE 100 slipped 2.6%. US stocks had closed higher on Wednesday after the Federal Reserve

By Anna Cooban, CNN Business Europe’s natural gas supply has suffered its third blow in 48 hours, sending prices rocketing 42% higher from where they were at the start of the week. Italian energy giant ENI said Wednesday that Gazprom, Russia’s state gas producer, would cut its supplies by 15%. It did not know the

By Matt Egan, CNN Business High inflation and rising recession risks are darkening the mood in the manufacturing industry. Fifty-nine percent of manufacturing leaders say inflationary pressures are making a recession more likely within the next year, according to a survey released on Wednesday by the National Association of Manufacturers. Three-quarters of manufacturers say inflationary

By Nicole Goodkind, CNN Business Cryptocurrency is having a terrible week. And it’s only Wednesday. Still, long-term investors are shrugging off the extreme drops in the a value of digital coins and the breakdown of the exchanges that make them available to investors. Bitcoin, the world’s most valuable cryptocurrency, dropped to near $21,000 Wednesday. It’s

By Matt McFarland, CNN Business The National Highway Traffic Safety Administration released on Wednesday nine months of crash data from vehicles using driver-assist technologies like Tesla Autopilot as well as fully autonomous vehicles like Waymo’s robotaxis. NHTSA broke crash data into two categories based on the level of the autonomous systems: driver-assist systems — which

By Anna Cooban, CNN Business Bitcoin continues to tumble this week to trade just above $20,000 on Wednesday as the cryptocurrency sell-off shows little sign of abating. The world’s most valuable cryptocurrency has fallen about 15% since Monday, and by nearly a third since Friday, according to data from crypto exchange Coinbase. The coin has

By Julia Horowitz, CNN Business The Federal Reserve knows it needs to demonstrate that it can get inflation under control — and fast. What’s happening: Pressure on the Fed has increased after the most recent batch of government data showed that annual inflation jumped to 8.6% in May, which was higher than economists had expected.

By Diksha Madhok, CNN Business Indian billionaire Mukesh Ambani has now added a massive cricket deal to his empire. A venture backed by Ambani has won the digital rights to air the Indian Premier League (IPL), one of the world’s most valuable sports properties. Viacom18 — a joint venture between Paramount and Ambani’s Reliance Industries

By Laura He, CNN Business China’s economy showed some signs of improvement in May, but retail sales contracted for a third month in a row, indicating that Covid outbreaks continued to significantly depress consumer spending. Retail sales fell 6.7% in May from a year ago, according to China’s National Bureau of Statistics on Wednesday. That

By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting

By Simone McCarthy, CNN A Chinese national employed by Bloomberg News was released on bail earlier this year following more than a year in detention, according to Chinese authorities. Haze Fan, a member of Bloomberg’s bureau in Beijing, was last seen being escorted from her building in Beijing by “plain clothes security officials” in December

By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Joe Kahn took over as executive editor of The New York Times on Tuesday, officially ascending to one of the most powerful positions in American journalism. It was the day,

By Matt Egan, CNN Democratic Sen. Ron Wyden is drawing up a surtax on Big Oil that would seek to rein in the industry’s skyrocketing profits at a time when gasoline prices are at record highs. Wyden, an Oregon Democrat who chairs the Senate Finance Committee, is floating a 21% surtax on the excess profits

By Andy Rose, CNN Industrial conglomerate Caterpillar, Inc. is moving its global headquarters from suburban Chicago to suburban Dallas, the company announced Tuesday. The move from Deerfield, Illinois, to its existing office space in Irving, Texas, will begin later this year, Caterpillar said. “We believe it’s in the best strategic interest of the company to

By Peter Valdes-Dapena, CNN Business Volkswagen has been saying for years that it intends to, one day, sell more electric cars than Tesla. That could finally happen in 2024, according to a new report from Bloomberg Intelligence. Over the next few years, these two automakers will battle to be the leader in global electric vehicle

By David Goldman, CNN Business The stock market won’t be satisfied unless the Federal Reserve takes drastic action on inflation. Investors now overwhelmingly predict the Fed will raise rates by a remarkable three-quarters of a percentage point at the conclusion of its policy meeting Wednesday. That hasn’t happened since 1994, when Alan Greenspan ran the

By Allison Morrow, CNN Business Bears. Bulls. Two big, scary mammals that serve as Wall Street shorthand for the stock market’s general mood. Bear = pretty much everyone’s selling. Bull = pretty much everyone’s buying. This week, US stocks fell into a “bear” market, dropping more than 20% from their most recent peak in early

By Anna Cooban, CNN Business Millionaires are leaving Russia in droves after the country invaded Ukraine and the West imposed sanctions. Almost three times as many Russian millionaires are expected to leave the country this year than in 2019, the year before the pandemic, according to a report by Henley & Partners, a company that

By Peter Valdes-Dapena, CNN Business With gas prices passing $5 a gallon in many places, drivers may wish that they had a hybrid vehicle. In fact, many owners of newer vehicles could already be driving a hybrid and not even know it. Hybrid technology is finding its way into all sorts of vehicles that aren’t

By Paul R. La Monica, CNN Business Joe Biden may not be as obsessed with the stock market as his predecessor was — at least not publicly. But this year’s turmoil on Wall Street has dealt the president a tough blow. The S&P 500 has now lost all of its gains since Biden was inaugurated

By Jordan Valinsky, CNN Business Crypto exchange Coinbase is laying off 18% of its employees as the digital currency market continues to crumble. CEO Brian Armstrong said in an open letter Tuesday that the “difficult decision” to lay off about 1,000 employees was made to ensure “we stay healthy during this economic downturn.” The exchange

By Chris Isidore, CNN Business A key inflation reading showed a glimmer of hope on Tuesday, revealing a slight slowdown in rising prices — though they remain uncomfortably high. The Producer Price Index, which measures wholesale prices before goods and services reach consumers, rose 10.8% in May compared to where it stood a year ago,

By Julia Horowitz, CNN Business Turmoil in stocks has been grabbing headlines. But warning signs are also flashing in global bond markets, revealing the extent to which investors are on edge about the economy, inflation and what central bankers will do next. What’s happening: The yield on benchmark 10-year US Treasuries — which moves opposite

By Alicia Wallace, CNN Business The pandemic shone a spotlight on the vast disparities in benefits and rights among America’s workforce and helped fuel a movement to unionize more workers. And with today’s tight labor market, workers continue to have the upper hand — there are almost two job openings for every unemployed person —

By Oliver Darcy, CNN Business A film about Matt Drudge is in the works. Prospect Park, the production company founded by entertainment industry executive Jeff Kwatinetz, told CNN that it has secured the rights to “The Drudge Revolution,” a biography on the conservative news mogul by journalist Matthew Lysiak. Lysiak, Prospect Park said, has also

By Paul R. La Monica, CNN Business Stocks plunged again Monday, extending Friday’s losses and officially pushed the S&P 500 into bear market territory. But as any savvy investor knows, you can always find winners on Wall Street, even when things seem dire. Traders flocked to safe haven consumer products companies Monday. Coca-Cola and peanut

Opinion by Beth Ann Bovino for CNN Business Perspectives As markets reel over fears that an inflation-induced recession is on the horizon, the jobs market acts as if everything is fine. Employers added 390,000 jobs in May; the unemployment rate is at 3.6%, only slightly higher than before the pandemic began; and workers continue to

By Parija Kavilanz, CNN Business Watch your pearls, ladies. The fellas are coming for them. Men are wearing pearl jewelry — necklaces, bracelets, rings, earrings — and infusing a bolder, tougher flair to the classic feminine elegance of the gem. Gentlemen are unabashedly donning pearls in all kinds of settings. Major League Baseball players are

By Paul R. La Monica, CNN Business Just one month ago, Federal Reserve chairman Jerome Powell said that the central bank was not “actively considering” raising interest rates by three-quarters of a percentage point to fight inflation. But after Friday’s consumer price index report showed inflation is rising faster than expected, Wall Street is worried