CNN – Business/Consumer

By Nicole Goodkind, CNN The Federal Reserve unanimously approved a quarter-point interest rate hike Wednesday, slowing the pace of its increases in a clear sign that the central bank is seeing progress in its fierce battle with inflation. The decision, at the conclusion of the Federal Open Market Committee’s first meeting of 2023, comes after

By Donald Judd President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting hidden fees across multiple industries. These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already

By Hilary Whiteman, CNN Authorities scanning a remote Australian highway for a tiny missing radioactive capsule have found it by the roadside, after a challenging search likened to trying to find a needle in a haystack. State emergency authorities announced the discovery on Wednesday afternoon, six days after the capsule, containing highly radioactive Caesium-137, was

By Swati Gupta and Rhea Mogul, CNN An Indian court on Tuesday sentenced self-proclaimed spiritual guru Asaram Bapu to life imprisonment on charges of rape and sodomy, according to his lawyer. The verdict is the second life term against the octogenarian, who is already serving a life sentence following his 2018 conviction for raping a

By Hanna Ziady, CNN As many as half a million workers are striking across Britain on Wednesday, closing schools, canceling university lectures and bringing most of the rail network to a standstill in what unions say is the biggest single day of walkouts in more than a decade. Teachers, university staff, train drivers and civil

By Laura He, CNN Three years of strict pandemic controls in China and a real estate crash have drained local government coffers, leaving authorities across the country struggling with mountains of debt. The problem has gotten so extreme that some cities are now unable to provide basic services, and the risk of default is rising.

By Nathaniel Meyersohn, CNN Sneakers designed to feel like running barefoot used to be the hottest phenomenon in exercise. Now, the opposite is true. The ugliest, chunkiest sneaker brand is flying off the shelves. Hoka, which started in 2009 in France as a running shoe for hardcore marathoners, is growing rapidly with casual runners, hikers

By Julia Horowitz, CNN One of the main jobs of central banks is to keep prices under control, allowing households and businesses to plan for the future with some certainty on what things will cost. So when inflation started to climb in the aftermath of the pandemic — catching many policymakers off guard — and

By Paul R. La Monica, CNN New year, new attitude on Wall Street. Stocks are off to a strong start in 2023 following last year’s abysmal showing. The Dow gained nearly 3% in January. The S&P 500 rose 6% and the tech-heavy Nasdaq Composite soared almost 11%. That’s the Nasdaq’s best month since July. Stocks

By Matt McFarland, CNN Business Tesla confirmed in a public filing released today that the US Department of Justice has requested documents concerning the company’s controversial driver-assist software systems which Tesla calls Autopilot and “Full Self-Driving.” Tesla said it “has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD features.” Autopilot

By David Goldman, CNN Former President Donald Trump has sued journalist Bob Woodward for copyright violations, claiming Woodward released audio from their interviews without Trump’s consent. The former president has a long history of filing lawsuits that ultimately get tossed out of court. Woodward and the publisher Simon & Schuster said Trump’s case is without

By Paul R. La Monica, CNN Pfizer generated nearly $57 billion in combined sales last year from its Comirnaty Covid-19 vaccine and Paxlovid antiviral pill. That works out to almost 60% of the company’s total revenue for 2022. But the boom appears to be over. Pfizer told Wall Street Tuesday that it expects Covid-related sales

By Alicia Wallace, CNN Consumer confidence in the economy continues to waver, despite easing inflation. The Conference Board’s consumer confidence index — a closely watched metric gauging attitudes about the current and future strength of the economy — measured 107.1 in January, according to data released Tuesday by the business think tank. It was down

By Anna Bahney, CNN US home prices dropped for the fifth month in a row in November, as rising mortgage rates pushed prospective buyers out of the housing market late last year and prices continued to cool, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Last July marked the

By Tami Luhby, CNN Employers continued to raise wages during the fourth quarter to attract workers and hold on to existing staff, though the pace of the increases slowed from the previous quarter. While workers won’t be happy that the pay boosts still aren’t keeping up with inflation, the deceleration will likely please the Federal

By Jordan Valinsky, CNN Ira “Bob” Born, known as the “Father of Peeps,” died on Sunday. He was 98. Just Born Quality Confections, the Pennsylvania-based company that makes various candies, including the chick-shaped marshmallows, confirmed Born’s death in a statement. The company said that Born will be “remembered as a tireless and passionate advocate for

By Chris Isidore, CNN ExxonMobil’s earnings slowed from a peak earlier in the year but the oil giant still reached a full-year record profit more than double what it reported a year ago. The company earned adjusted income of $14 billion in the quarter, down from the record $18.7 billion it earned in the third