By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway is betting that the oil boom isn’t going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway made
Continue Reading By Alicia Wallace, CNN Business Mortgage rates continue to climb as the Federal Reserve seeks to tame unwieldy inflation. The 30-year fixed-rate mortgage averaged 5.81% in the week ending June 23, edging up from 5.78% the week before, according to Freddie Mac. This time last year, rates averaged 3.02%, and the last time rates were
Continue Reading Opinion by Mark Wolfe for CNN Business Perspectives Last week more than 125 million people in the US were living under heat warning and advisories and this week a second major heat wave is projected with more than 100 high temperatures records expected to be broken. And it’s only June. This year’s early heat waves
Continue Reading By Michelle Toh, CNN Business Tesla cars are being kept off some roads in China as authorities bar them from sensitive areas, reportedly including a seaside resort town where a top leadership gathering could take place next month. The reports suggest that the automaker continues to face deep mistrust from officials about whether its vehicles
Continue Reading By Julia Horowitz, CNN Business Fears of a recession and the Federal Reserve’s aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn’t gotten as much attention as the bleeding in stocks or cryptocurrencies, but it’s been painful. What’s happening: A major exchange-traded fund that tracks blue chip bonds
Continue Reading By Nadine Schmidt and Mark Thompson, CNN Business Europe’s biggest economy is now officially running short of natural gas and is escalating a crisis plan to preserve supplies as Russia turns off the taps. Germany on Thursday activated the second phase of its three-stage gas emergency program, taking it one step closer to rationing supplies
Continue Reading By Laura He, CNN Business Some Chinese property developers are going to extreme lengths to attract buyers. From accepting grain or garlic as part payment, to offering live pigs as an incentive to buyers, the unusual sales tactics underline the dire state of China’s vast real estate industry. A collapse in sales has accelerated since
Continue Reading By Hannah Ritchie, Rishabh Pratap, Rhea Mogul and Hilary Whiteman, CNN “They’re firing bullets, they’re firing bullets!” a voice yells on video over the sound of gunfire during clashes between police and Muslim protesters in the eastern Indian city of Ranchi. Footage posted to social media of the June 10 protest shows 15-year-old Mudassir Alam
Continue Reading By Alisha Ebrahimji, CNN A Black former contract worker at Tesla’s Fremont, California, factory turned down ​a judge’s offer for a reduced payout of $15 million in damages, thus setting the stage for a possible re-trial of his case. Tesla had requested a new trial after the man was originally awarded nearly $137 million in
Continue Reading By Alicia Wallace, CNN Business The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. Although quickly rising mortgage rates are already appearing to cool overheated
Continue Reading By Ramishah Maruf, CNN It’s the question everyone is asking: Are we about to enter a recession? A tepid stock market, soaring inflation, and rising interest rates have left Americans less than optimistic about the state of the economy. Consumer sentiment has plunged to a record low, according to a University of Michigan survey released
Continue Reading By Anna Chernova and Chris Liakos President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties. “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the
Continue Reading By Alicia Wallace, CNN Business The US economy shrank at a slightly faster rate than previously estimated during the first quarter, the Bureau of Economic Analysis said Wednesday. With one quarter of negative economic growth in the books, the data adds to fears that a recession may be looming. Real gross domestic product declined at
Continue Reading By Vasco Cotovio, CNN Pro-journalist and free speech non-government organization Reporters Without Borders (RSF) says it has evidence that Russian soldiers executed journalist Maks Levin in a forest near Kyiv on March 13. Levin, a Ukrainian photojournalist who worked with a number of major Western news outlets including Reuters and the BBC disappeared on March
Continue Reading By Matt Egan, CNN Business JPMorgan Chase is laying off employees this week in response to the spike in mortgage rates that has rocked the housing market. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” JPMorgan said in a statement. Hundreds of JPMorgan employees will be laid off,
Continue Reading By Jordan Valinsky, CNN Business A report that the Food and Drug Administration might order Juul to pull its products from store shelves has sent shares of Altria plunging. The cigarette company owns a 35% stake in Juul. The Wall Street Journal reported Wednesday that the FDA could order the e-cigarette maker to remove its
Continue Reading By Paul R. La Monica, CNN Business Move over, GameStop and AMC. And forget about bitcoin and other cryptocurrencies. Revlon, the struggling makeup and cosmetics company that filed for bankruptcy last week, is the latest meme stock craze among the army of individual investors on Reddit. Shares of Revlon soared nearly 35% Wednesday afternoon in
Continue Reading By Danielle Wiener-Bronner, CNN Business For years, Kellogg’s has been synonymous with Froot Loops, Frosted Flakes, Special K and other cereals. Now, it’s focusing on snacks. Kellogg announced Tuesday that it is splitting into three separate companies, spinning off its US, Canadian and Caribbean cereal businesses into one group and its plant-based food businesses, including
Continue Reading By Jeanne Sahadi, CNN Business US retirees have some advice for their younger selves, and by extension anyone who has yet to retire: Save more. Save earlier. Make a financial plan for retirement. And don’t forget to account for taxes and inflation — they’ll hit you harder than you expect. Those are key takeaways from
Continue Reading By Alison Kosik, for CNN Business The NYC Rent Guidelines Board (RGB) has given the green light to allow landlords in New York City to hike rents on more than one million rent stabilized apartments. The RGB, which regulates rent stabilized apartments in Manhattan, voted 5 to 4 on Tuesday to approve raising rates on
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