By Anna Bahney, CNN Business Mortgage rates continued to rise this week, reaching their highest level in more than a decade. The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is significantly higher
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Opinion by Jessica J. González for CNN Business Perspectives When Elon Musk offered to buy Twitter and take it private last week, he wrote that he believed the company needed to be “transformed.” The next day, Musk took to the stage at a TED conference where he criticized the company for what he sees as
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By Mark Thompson and Chris Liakos, CNN Business One of Russia’s richest men has quit as CEO of Lukoil, the country’s second-largest oil company. In a brief statement Thursday, Lukoil said Vagit Alekperov informed the company “about his decision to resign” as a director and president of the company. The company did not disclose the
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By Faith Karimi, CNN Scoot over, Facebook and Instagram. There’s a newer photo-sharing app — and it’s not like other social media platforms. The app is called BeReal. And while you may not have heard of it, a lot of young people are signing up. Its active monthly users have skyrocketed this year by more
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By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American
Continue Reading By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American
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By Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have dropped
Continue Reading By Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have dropped
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By Anna Cooban, CNN Business Nestlé, the world’s biggest food and drinks company, raised prices by more than 5% in the first three months of this year as it passed on rising costs to shoppers. Consumers in North America took the hardest hit, with an 8.5% rise in prices, the company said in its first-quarter
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By Paul R. La Monica, CNN Business Last month, the Federal Reserve raised interest rates for the first time since December 2018. Now there are growing expectations that the central bank is about to dramatically step up the size and pace of its rate hikes in order to put a brake on surging consumer prices.
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By Diksha Madhok, CNN Business Two of India’s biggest businesses are moving away from Russia, even as Prime Minister Narendra Modi refrains from taking a tough stance against Moscow over the war in Ukraine. Tata Steel, one of the largest steelmakers in India, said on Wednesday that it has “taken a conscious decision to stop
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By Kashif Kakvi, Rhea Mogul and Esha Mitra, CNN Shahdullah Baig stands among the rubble of what was once his modest two-bedroom home, his belongings buried under debris and broken bricks. “In the blink of an eye, my home was demolished,” said the 45-year-old fruit seller, whose kitchen, fruit cart, and cattle shed have ​all
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By Oliver Darcy, CNN Business Spotify and the Obamas are headed for a split. The streaming service and former first family will not be inking a new deal, a person familiar with the matter told CNN. The person said that Spotify did not make an offer for the rights to distribute the content from Higher
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By Chris Isidore, CNN Business Tesla has posted record profits once again, overcoming supply chain issues that have dogged the broader auto industry to blow away Wall Street’s forecast for the company for the first quarter of 2022. But the company warned that it is not immune from supply chain problems, which it said limited
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By Oliver Darcy, CNN Business A Texas judge on Wednesday postponed a trial that will determine how much right-wing conspiracy theorist Alex Jones will have to pay the families of two Sandy Hook shooting victims. The trial had been set to start next week. The delay came after three companies tied to Jones, including the
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By Matt McFarland, CNN Business Amtrak is embroiled in a fight that may have vast implications for the future of US rail service, including the billions of dollars devoted to it from the bipartisan infrastructure bill. Amtrak, which typically speaks in a mild-mannered tone on social media, has reinvented itself as a flamethrower that’s launching
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By Frank Pallotta, CNN Business Call Eleven and Sheriff Hopper of “Stranger Things,” because Netflix’s world has been turned upside down. The company reported Tuesday that it lost subscribers for the first time in more than a decade. The news shocked Wall Street and sent shares plummeting 35% Wednesday morning, wiping out $50 billion in
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By Frank Pallotta, CNN Business Netflix shares plunged this week after the platform reported its first subscriber loss in more than a decade. One factor the company pointed to as hurting revenue: widespread password sharing. Does this mean the streamer is about to kick millions of viewers off shared accounts? Not quite. But it could
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By Anna Bahney, CNN Business Home prices hit an all-time high in March as buyers scrambled to close deals before mortgage rates rise even further. The median existing-home price for all housing types in March was $375,300, up 15% from the year before, according to the National Association of Realtors. That marks more than a
Continue Reading By Mark Thompson and Chris Liakos, CNN Business One of Russia’s richest men has quit as CEO of Lukoil, the country’s second-largest oil company. In a brief statement Thursday, Lukoil said Vagit Alekperov informed the company “about his decision to resign” as a director and president of the company. The company did not disclose the
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