By Alicia Wallace, CNN The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal
Continue Reading By Alicia Wallace, CNN The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal
Continue Reading By Alicia Wallace, CNN Eggs, milk, butter, flour … if you were making pancakes last year, it would have cost you. Food prices surged in 2022. Grocery prices remain stubbornly high (and nearly double the rate of overall inflation) at 11.8% year over year, according to data released Thursday by the Bureau of Labor Statistics.
Continue Reading By Jordan Valinsky, CNN Business HBO Max, which debuted in May 2020, is getting its first-ever price hike. Effective immediately, the ad-free HBO Max plan will be $15.99 per month — an increase of $1. That’s 50 cents more than Netflix’s standard plan, which costs $15.49 per month. HBO Max with ads, which launched in
Continue Reading By Laura Paddison, CNN ExxonMobil’s own scientists accurately predicted future global warming in reports dating back to the late 1970s and early 1980s, despite the company publicly continuing for years to cast doubt on climate science and lobby against climate action, according to a new analysis. Researchers examined climate projections produced between 1977 and 2003
Continue Reading By Jeanne Sahadi, CNN The IRS will start accepting 2022 federal income tax returns on January 23, the tax agency announced on Thursday. Of course, you don’t have to file your return that early. The official due date for returns this year will be Tuesday, April 18, the agency announced. That’s because April 15 —
Continue Reading By Anna Bahney, CNN Mortgage rates inched down last week, after a slight increase the week before. The 30-year fixed-rate mortgage averaged 6.33% in the week ending January 12, down from 6.48% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.45%. “While mortgage rates have resumed their decline,
Continue Reading By Nathaniel Meyersohn, CNN Walmart will eliminate single-use paper and plastic carryout bags at the register from stores in New York, Connecticut and Colorado this month. The company previously stopped giving out single-use plastic bags in New York and Connecticut and in some areas in Colorado. Walmart offers reusable shopping bags starting at 74 cents
Continue Reading By Alicia Wallace, CNN For the first time in nearly three years, inflation fell on a monthly basis. Consumer prices decreased by 0.1% in December, the Bureau of Labor Statistics reported Thursday in its Consumer Price Index. The last time prices were lower than the previous month was May 2020. The closely watched inflation gauge
Continue Reading By Parija Kavilanz, CNN Business Mattel is giving preschoolers a new age-appropriate Barbie doll that it says is better suited for their needs. The doll, called “My First Barbie,” is specifically created for kids three years old and older, said Lisa McKnight, executive vice president and global head of Barbie and dolls for Mattel. The
Continue Reading By Allison Morrow, CNN Sam Bankman-Fried, the former crypto star turned alleged white-collar criminal, has spoken out for the first time since his arrest last month, publishing a lengthy blog post that appears to lay out his defense against fraud charges. “I didn’t steal funds, and I certainly didn’t stash billions away,” he writes in
Continue Reading By Nicole Goodkind, CNN The US auto industry just posted its worst sales in more than a decade — but that’s not necessarily a bad sign for the sector. What’s happening: 2022 was the worst year in more than a decade for the auto industry, largely because manufacturers couldn’t keep up with consumer demand. Supply
Continue Reading By Jordan Valinsky, CNN Business Subway, one of the world’s most recognizable fast food brands, might be up for a sale, according to the Wall Street Journal. The privately held company has obtained advisers to explore sale that could value Subway at more than $10 billion, the Wall Street Journal reported. If reached, it would
Continue Reading By Chris Boyette and Artemis Moshtaghian, CNN A nurses strike at two private New York City hospital systems has come to an end after 7,000 nurses spent three days on the picket line. The New York State Nurses Association union reached tentative deals with Mount Sinai Health System and Montefiore Health System, which operates three
Continue Reading By Michelle Toh, Sandi Sidhu and Marc Stewart, CNN Kiki Yang brought an empty green suitcase from Shenzhen to Hong Kong this week to load up on new purchases for her family and friends. “I did a lot of shopping these days,” she told CNN on Tuesday, gesturing to her luggage, which she described as
Continue Reading By Laura He, CNN A number of key provinces and cities in China have announced their growth targets for this year, most of them above 5%, offering the first clues about the country’s economic path in 2023. Local governments across China began to convene this week for annual legislative sessions laying out their respective policy
Continue Reading By Laura He, CNN China’s economy expanded by just 3% in 2022, far below the government’s own target, marking one of the worst performances in nearly half a century. Growth was impacted heavily by months of widespread Covid lockdowns and a historic downturn in the property market. Still, the number came in slightly better than
Continue Reading By Diksha Madhok, CNN Getting urgent work emails from colleagues even during vacation? This is a common occurrence for many white-collar workers, especially in India where employees feel overworked and underpaid compared to their global peers, according to several studies over the years. But one Mumbai-based firm has come up with a novel way to
Continue Reading By Tami Luhby and Celina Tebor, CNN The law firm for a union representing licensed practical nurses (LPNs) in New York City sent a cease-and-desist letter to Montefiore Medical Center alleging the health care system involuntarily redeployed LPNs to replace striking nurses in violation of their collective bargaining agreement. In a letter sent Tuesday to
Continue Reading By David Goldman, CNN The Walt Disney Company has named Nike executive chairman Mark Parker as its new board chair, replacing longtime director Susan Arnold, whose term limit is expiring. Parker, a Disney board member since 2016, takes over Disney’s board at a time of transition for America’s largest media company. Bob Iger recently returned
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