CNN – Business/Consumer

By Anna Bahney, CNN Business There is no sugarcoating it: This is a terrible time to buy a home. Mortgage rates for a 30-year fixed rate loan are now hovering above 7%, more than 4 percentage points higher than a year ago. That has slashed a typical buyer’s purchasing power by 14%, according to Black

By Nathaniel Meyersohn, CNN Business A gym membership in the United States typically costs around $50 a month. Boutique gyms and high-intensity classes run double and triple that. Planet Fitness, however, has offered $10 monthly memberships for 30 years. The no-frills gym chain hasn’t raised the price, making it one of the few things that

By Matt Egan The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. “It’s devastating for the industry. A lot of consumer confidence is shaken. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a

By Allison Morrow, CNN Business Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. The ad shows David’s character throughout history, naysaying humanity’s greatest inventions, including

By Nicole Goodkind, CNN Business Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. That means the Federal Reserve could be less aggressive

By Michelle Toh, CNN Business China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba and JD.com, will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 billion) in

By Hanna Ziady, CNN Business The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday. The United Kingdom is the only G7

By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” hits theaters this weekend, and with it comes the type of anticipation and box office expectations that Hollywood has not seen in months. The Marvel film not only has to follow 2018’s “Black Panther,” one of the biggest blockbusters ever, but has the challenge of doing

By Rhea Mogul and Swati Gupta, CNN India’s top court on Friday ordered the release of six people convicted of killing the country’s former Prime Minister Rajiv Gandhi, 31 years after their imprisonment. The Supreme Court released Nalini Sriharan, the only woman convicted in the case, and five men, according to Anand Landge, the lawyer

By Kathleen Magramo, CNN Business China has reduced the amount of time travelers entering the country must spend in quarantine and removed a major restriction on international flights, in a sign of a limited easing of its stringent zero-Covid policy. The new measures were announced Friday following a meeting by the ruling Communist Party’s top

By Parija Kavilanz, CNN Business Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available