Money

By Laura He, CNN Business China on Friday slashed a key interest rate to rescue its slumping housing market and head off a major downturn in the world’s second largest economy. The People’s Bank of China cut its five-year loan prime rate (LPR) by 15 basis points to 4.45%, the second reduction this year and

By Christiane Amanpour, Jo Shelley, Ahmet Mengli and Maddie Araujo, CNN It’s a somber Thursday morning at TOLOnews, Afghanistan’s leading independent news channel. The staff was told the day before that the Taliban have ordered female presenters to cover their faces on air. The devastating directive came on Wednesday from the Ministry for the Propagation

By Peter Valdes-Dapena, CNN Business James Bond, the fictional British secret agent, has driven lots of different cars in the more than two dozen films in the series. They’ve included everything from BMWs and Bentleys to Chevrolets and Fords. But one car in particular, the 1964 Aston Martin DB5, is known as the “the Bond

By Julia Horowitz, CNN Business Shares of retailers were pummeled on Wednesday as investors dug through the latest earnings results from Target and Walmart, which were flush with signs that the economy is entering a period of deep uncertainty. What’s happening: Inflation is already causing consumers to pull back spending on some items as they

By Laura He, CNN Business Asian markets mostly closed lower on Thursday and European indexes slid in early trade following a rough day on Wall Street. Hong Kong’s Hang Seng tumbled 2.5%, leading losses in the region. Japan’s Nikkei also dropped nearly 2%. China’s Shanghai Composite Index fell as much as 1.4% before reversing in

By Danielle Wiener-Bronner, CNN Business Wingstop wants to lower its food supply costs. So it’s considering raising its own chickens. Restaurant brands like Wingstop have struggled with their supply chains in recent years, as the Covid-19 pandemic, extreme weather and the war in Ukraine, among other factors, have tightened food supplies and sent prices soaring.

By Matt Egan and Alicia Wallace, CNN Business US Treasury Secretary Janet Yellen on Wednesday criticized the Trump administration’s tariffs on China and voiced support for lifting some of the levies, in part to ease very high inflation pressuring the US economy. “Some of the tariffs that were imposed by President Trump in retaliation for

By Sharon Browne-Peter Burberry reported record profits for the year ended in April despite taking a recent sales hit from its biggest market, China. The British luxury brand, known for its signature beige check and trench coats, reported a 23% increase in revenue for the year, while profits rose 38% to £523 million ($649 million).

By Paul R. La Monica, CNN Business Target’s earnings didn’t hit the mark. Far from it. The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street’s forecasts. The company blamed higher expenses due to continued supply chain disruptions. Consumers also are holding back on nonessential purchases because

By Nicole Goodkind, CNN Business The old joke goes like this: Two friends are at a resort and one says, “The food here is really terrible.” The other replies, “And the portions are so small!” Today, it’s investors who dislike the taste of the Federal Reserve’s interest rate hikes — but seemingly want more anyway.

By Anna Cooban, CNN Business The European Union has unveiled a €210 billion ($221 billion) plan to wean itself off Russian oil and gas. Presenting its “REPowerEU” plan on Wednesday, the European Commission said it would attempt to slash consumption of Russian gas across the bloc by 66% by the end of this year —

By Matt Egan, CNN Business The mood in the C-Suite is darkening. CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic, The Conference Board said Wednesday. For the first time during the economic expansion, CEO confidence is now in negative territory. Worse, business leaders are bracing for a potential

By Nicole Goodkind, CNN Business A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a “massive fraudulent scheme” that involved the investments of public pensions, religious organizations and other foundations. The settlements with the US Department of Justice and US Securities and Exchange Commission are

By Jon Sarlin, CNN Business Editor’s Note: If you or someone you know is struggling with suicidal thoughts or mental health matters, please call the National Suicide Prevention Lifeline at 800-273-8255 to connect with a trained counselor or visit the NSPL site. On Twitter and Reddit, stunned Luna and TerraUSD investors tried to take stock

By Anneken Tappe, CNN Business Hindsight is 20:20, even for the Federal Reserve. The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome

By Jordan Valinsky, CNN Business Beloved discount store Century 21 is reopening in New York City nearly two years after the pandemic forced it out of business. The retailer, which sold designer clothing at bargain basement prices, is reopening in spring 2023 at its former location near the World Trade Center in downtown Manhattan. A

By Chris Isidore, CNN Business How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold.

By Brian Stelter, CNN Business In the wake of the Buffalo supermarket mass shooting and widespread discussion of far-right violent extremism, Fox’s prime time hosts pivoted to what they claim is the true threat: The left. Condemnations of “the left” echoed across Tucker Carlson, Sean Hannity and Laura Ingraham’s highly-rated shows on Monday night. The

By Anna Cooban, CNN Business Europe can’t make up its mind on how to pay for Russia natural gas imports that continue to fuel homes, businesses and power stations. The confusion centers on the logistics of the payments themselves. Several European gas buyers have been preparing to work around the Kremlin’s demand that gas bills

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway has been a top investor in Wells Fargo for the past few years, despite the company’s fake account scandal, overcharging foreign-exchange customers and myriad other problems. Now, the Oracle of Omaha has finally thrown in the towel. Berkshire Hathaway disclosed late Monday that it

By Jordan Valinsky, CNN Business New York Mayor Eric Adams is begging the city’s business leaders, including JPMorgan CEO Jamie Dimon, to ride the subway to work. Adams is pushing to bring people back to New York offices after years of working from home. “We’re going to get him on a train,” Adams told the

Opinion by Kevin Johnson and Mark Ruffalo for CNN Business Perspectives As energy tensions continue to rise in Europe amidst the war in Ukraine, Americans are feeling the effect at home. Russia shut off natural gas supplies to Poland and Bulgaria last month, and the European Union recently proposed a ban on Russian oil imports.

By Matt Egan, CNN Business Nestlé is rushing baby formula into the United States via airfreight in a bid to ease a nationwide shortage that is unnerving parents around the country. In a statement to CNN on Tuesday, Nestlé said it is flying in some baby formula produced outside the United States, including Gerber Good

By Paul R. La Monica, CNN Business Home Depot has a message for all of the economic naysayers: Hold my plywood. The home improvement retail giant reported better-than-expected gains in sales and earnings for the first quarter Tuesday and lifted its outlook for the rest of this fiscal year. Shares of Home Depot, one of

By Julia Horowitz, CNN Business West Texas Intermediate crude, the reference point for US oil prices, usually trades at a discount of a few dollars to Brent crude, the global benchmark. But this morning, the near-term futures contracts for WTI and Brent are both roughly $115 per barrel — an indication of how the market

By Nathaniel Meyersohn, CNN Business Inflation is weighing on everyone — even the world’s biggest stores. Walmart said Tuesday that higher costs and supply chain constraints squeezed its profit during its latest quarter. Walmart also slashed its profit outlook for the year, signaling that it expects inflation to continue to hurt its business. “Bottom-line results

By Jeanne Sahadi, CNN Business Unless someone else does your shopping and manages your money, it’s impossible to miss the signs of inflation on your expenses. For retirees — especially those on a fixed income — high inflation can really bite. If you’re retired, we’d love to hear how inflation is affecting your household spending

By Diksha Madhok, CNN Business A month ago, as Russia’s war in Ukraine pushed the world to the brink of a food crisis, India’s prime minister Narendra Modi offered to help countries facing shortages. “We already have enough food for our people but our farmers seem to have made arrangements to feed the world,” Modi

By Esha Mitra and Jessie Yeung, CNN A couple in India are suing their son and daughter-in-law — for not giving them grandchildren after six years of marriage. Sadhana and Sanjeev Prasad, who live in Haridwar, a city in northern Uttarakhand state, filed a petition this month seeking 50 million Indian rupees (about $643,000) in

By Laura He, CNN Business Shanghai posted zero car sales last month as China pressed ahead with its stringent pandemic control measures. The biggest metropolitan area in China, home to 25 million residents, has been under a strict lockdown for seven weeks. Authorities have ordered people to stay at home and shut down many businesses,

By Jeanne Sahadi, CNN Business California’s efforts to mandate board diversity have been dealt another blow. Late last week, a California judge in the Superior Court of Los Angeles ruled that the state’s 2018 law requiring public companies headquartered in California to have a minimum number of women on their board violates the state’s constitution.

By Nicole Goodkind, CNN Business The first rule of running the Federal Reserve is: You do not criticize the Federal Reserve. An unspoken edict amongst former Fed chairs has been to not speak ill of their successors to preserve the apolitical nature of and trust in the institution. But former Fed Chair Ben Bernanke broke