CNN – Business/Consumer

By Chris Isidore, CNN Business Ford is recalling 2.9 million vehicles that might not shift into the correct gear and could move in an unintended direction. The National Highway Safety Administration says it has six reports of property damage and four reports of injuries potentially related to the problem. Among the problems, the transmission on

By Anna Cooban, CNN Business Bitcoin continues to tumble this week to trade just above $20,000 on Wednesday as the cryptocurrency sell-off shows little sign of abating. The world’s most valuable cryptocurrency has fallen about 15% since Monday, and by nearly a third since Friday, according to data from crypto exchange Coinbase. The coin has

By Julia Horowitz, CNN Business The Federal Reserve knows it needs to demonstrate that it can get inflation under control — and fast. What’s happening: Pressure on the Fed has increased after the most recent batch of government data showed that annual inflation jumped to 8.6% in May, which was higher than economists had expected.

By Diksha Madhok, CNN Business Indian billionaire Mukesh Ambani has now added a massive cricket deal to his empire. A venture backed by Ambani has won the digital rights to air the Indian Premier League (IPL), one of the world’s most valuable sports properties. Viacom18 — a joint venture between Paramount and Ambani’s Reliance Industries

By Laura He, CNN Business China’s economy showed some signs of improvement in May, but retail sales contracted for a third month in a row, indicating that Covid outbreaks continued to significantly depress consumer spending. Retail sales fell 6.7% in May from a year ago, according to China’s National Bureau of Statistics on Wednesday. That

By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting

By Simone McCarthy, CNN A Chinese national employed by Bloomberg News was released on bail earlier this year following more than a year in detention, according to Chinese authorities. Haze Fan, a member of Bloomberg’s bureau in Beijing, was last seen being escorted from her building in Beijing by “plain clothes security officials” in December

By Peter Valdes-Dapena, CNN Business Volkswagen has been saying for years that it intends to, one day, sell more electric cars than Tesla. That could finally happen in 2024, according to a new report from Bloomberg Intelligence. Over the next few years, these two automakers will battle to be the leader in global electric vehicle

By Jeanne Sahadi, CNN Business The market rout has been painful for investors. But the sting may be especially sharp for anyone who has recently retired or is planning to in the next year or two. It’s worth remembering that bear markets are not unusual or permanent. Since 1928 there have been roughly one or

By David Goldman, CNN Business The stock market won’t be satisfied unless the Federal Reserve takes drastic action on inflation. Investors now overwhelmingly predict the Fed will raise rates by a remarkable three-quarters of a percentage point at the conclusion of its policy meeting Wednesday. That hasn’t happened since 1994, when Alan Greenspan ran the

By Allison Morrow, CNN Business Bears. Bulls. Two big, scary mammals that serve as Wall Street shorthand for the stock market’s general mood. Bear = pretty much everyone’s selling. Bull = pretty much everyone’s buying. This week, US stocks fell into a “bear” market, dropping more than 20% from their most recent peak in early

By Paul R. La Monica, CNN Business Recession fears may be raging on Wall Street and Main Street, but there are still some potentially good signs for the economy emanating from Corporate America’s corner offices. Despite worries about soaring inflation and higher interest rates, big businesses are still in pretty solid financial shape. Corporate bankruptcy

By Anna Cooban, CNN Business Millionaires are leaving Russia in droves after the country invaded Ukraine and the West imposed sanctions. Almost three times as many Russian millionaires are expected to leave the country this year than in 2019, the year before the pandemic, according to a report by Henley & Partners, a company that