CNN – Business/Consumer

By Allison Morrow and Matt Egan, CNN Business Wells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates. A spokesperson for the bank said Wells Fargo made the decision last year as part of an effort to simplify its product offerings. The bank feels it can

By Danielle Wiener-Bronner, CNN Business Restaurant workers are calling it quits just as people are starting to dine out again and restaurants rush to reopen. In May, the rate of quits per share of employment in the accommodation and food services sector, which includes restaurants, was 5.7%, according to seasonally adjusted data released this week

By Matt Egan, CNN Business President Joe Biden is being attacked for $3 gasoline. But the truth is the White House isn’t to blame for high gas prices — and has few options to lower them. The seven-year high in gas prices is all about supply and demand. Gas was dirt cheap last spring because

By Alexis Benveniste, CNN Business The Federal Reserve Bank of Minneapolis is requiring all current employees to be fully vaccinated against Covid-19 by the end of August. The vaccination policy will also apply to the bank’s future hires. More than 90% of the bank’s staff worked remotely during the pandemic. The Federal Reserve Bank of

By Paul R. La Monica, CNN Business Worries about inflation are yesterday’s news. Investors suddenly have renewed fears about another spike in Covid-19 cases — and what that means for the global economy’s still fragile recovery. Just look at the bond market. Nervous traders are buying US 10-year Treasuries hand over fist, pushing their yields

By Hanna Ziady, CNN Business The European Commission has fined Volkswagen Group and BMW $1 billion for colluding with Daimler to hold back the development of technology that could have reduced harmful emissions from their vehicles. In a statement on Thursday, the Commission said the three German carmakers, along with Volkswagen subsidiaries Audi and Porsche,

By Hanna Ziady, CNN Business The coronavirus pandemic has destroyed 22 million jobs in wealthy countries, according to the Organization for Economic Cooperation and Development. In a report Wednesday warning of the risk of a rapid rise in long-term joblessness, the Paris-based organization said that employment across OECD countries is not expected to recover to

By Charles Riley, CNN Business The European Central Bank has unveiled a new strategy following an 18-month review that could provide policymakers with justification to continue to provide stimulus for years to come. The central bank said in a statement on Thursday that it has abandoned its old policy of targeting inflation of “below, but

By Matt Egan, CNN Business Democratic Senator Chris Van Hollen called on US financial regulators to probe the disastrous IPO of Chinese ride-hailing company Didi. “The SEC should thoroughly investigate this incident to see if investors were intentionally misled by Didi’s public disclosures,” Van Hollen told CNN Business in a statement. Didi raised $4.4 billion

By Vanessa Yurkevich, CNN Business Matthew Messer hauls solar panels on the roof of a home in Long Island, New York, hoisting them one by one in the 100-degree June heat. Messer is the owner of New York Solar Maintenance, but these days he’s working right alongside his lead technician seven days a week as

By David Goldman, CNN Business US stocks tumbled Thursday as investors grew fearful that the electric global economic rebound could be slowing. While stocks finished off their lows, Wall Street was still in the red. The Dow closed down 0.8%, or 260 points, while the S&P 500 dropped 0.9%. The Nasdaq Composite fell 0.7%. Oil

By Chris Isidore, CNN Business Maybe America’s key inflation metric, the Consumer Price Index, should be redubbed the Car Price Index. CPI climbed to a 13-year high in May, with prices up 5% compared to a year earlier. But about one third of that increase was due solely to the price of used cars. Used

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Millions of Marvel fans are about to return to a movie theater for the first time since “social distancing” began. The occasion is Marvel’s “Black Widow,” the most-anticipated movie of

By Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. CO-PARENT TRAP Bill Gates and Melinda French Gates are giving themselves a two-year trial period to see if they can co-parent their multibillion-dollar charitable foundation baby.