By Paul R. La Monica, CNN Business Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat’s parent company. Shares of Snap plunged more than 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.
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By Anna Cooban, CNN Business Brits are bracing for another huge hike in their energy bills, and pressure is mounting on the UK government to impose a windfall tax on big suppliers to offset some of the pain. The head of Ofgem, the United Kingdom’s energy regulator, said on Tuesday that annual bills for millions
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Opinion by Mark Wolfe for CNN Business Perspectives In March, the US Department of Commerce opened an investigation to determine if four countries that supply the US with solar panels — Cambodia, Malaysia, Thailand and Vietnam — have been using components made in China that should be subject to US tariffs. If the Commerce Department
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By Allison Morrow, CNN Business One of the many buzzwords percolating around Davos this week is “fragmentation,” the force economists there warned could have “devastating human consequences.” By “fragmentation,” they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that’s defined the global economic order over the past three decades.
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By Reuters Snap Inc said the economy had worsened faster than expected in the last month and the social media company slashed its quarterly forecast, triggering an after-hours sell-off. Since late April, “the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue
Continue Reading By Anna Cooban, CNN Business Brits are bracing for another huge hike in their energy bills, and pressure is mounting on the UK government to impose a windfall tax on big suppliers to offset some of the pain. The head of Ofgem, the United Kingdom’s energy regulator, said on Tuesday that annual bills for millions
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By Sahar Akbarzai and Michelle Toh, CNN Business Airbnb will shut down its listings in China after two years of lockdowns in the country “with no end in sight,” according to a source familiar with the matter. The home-sharing company made the decision over a decline in business in the world’s second largest economy, and
Continue Reading By Allison Morrow, CNN Business One of the many buzzwords percolating around Davos this week is “fragmentation,” the force economists there warned could have “devastating human consequences.” By “fragmentation,” they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that’s defined the global economic order over the past three decades.
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By Alicia Wallace, CNN Business Things were looking up for most Americans at the end of last year, with many households reporting their financial situation was better than at any other time since 2013. Nearly 7 out of 10 Americans surveyed by the Federal Reserve said they had the cash or cash equivalents on hand
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By Paul R. La Monica, CNN Business Investors took a break from selling in May and going away, for one day at least. Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on
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By Julia Horowitz, CNN Business The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second
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By Paul R. La Monica, CNN Business Stablecoins are unstable. Cryptocurrencies don’t act like currency. Does digital money ever stand a chance of winning the establishment’s embrace? With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems
Continue Reading Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives The economy is close to entering a recession, perhaps as soon as this year. To avoid taking too much of a financial hit, Americans will need to prepare. Last summer, we wrote that US economic growth was already starting to slow and the economy
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By Paul R. La Monica, CNN Business Inflation concerns have made it a brutal year for stocks, but wireless service is one area where prices aren’t rising much — and the sector has been a bright spot on Wall Street. So far in 2022, shares of T-Mobile are up 10% and AT&T’s stock has gained
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By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
Continue Reading By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
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By Jordan Valinsky, CNN Business Goldman Sachs CEO David Solomon said he’s “devastated” about the shooting Sunday on a New York City subway train that left one of his employees dead. Solomon said the victim, Daniel Enriquez of Brooklyn, was a “beloved member” of the investment bank for nine years and that he “epitomized our
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By Allison Morrow, CNN Business In early 2021, in the midst of speculative stock market euphoria, a pair of day traders went viral on TikTok with a video explaining their winning strategy. “I see a stock going up and I buy it. And I just watch it until it stops going up, and I sell
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By Anna Cooban, CNN Business Germany’s frustration over some European countries’ resistance to an embargo of Russia’s oil was laid bare on Monday. “We have seen the worst of Europe [in] that only some states are blocking the development,” Robert Habeck, Germany’s economy minister, told a panel at the World Economic Forum in Davos, Switzerland.
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By Michelle Toh, CNN Business Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the
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