Money

By Hanna Ziady, CNN Business The European Central Bank hiked interest rates by three quarters of a percentage point on Thursday, promising further hikes to come and forecasting an extended economic slowdown. The move will take the benchmark rate for the 19 countries using the euro to 1.5%. The central bank has now hiked rates

By Alicia Wallace, CNN Business The US economy grew last quarter, bouncing back after shrinking in the first half of the year — but there are indications that consumer spending, which powers the US economy, is starting to soften. Gross domestic product — the broadest measure of economic activity — rose by an annualized rate

By Amanda Musa and Jennifer Henderson, CNN The Miss Universe Organization has suspended Miss USA President Crystle Stewart and her company, Miss Brand Corporation, pending an independent investigation into allegations that the 2022 Miss USA pageant was rigged. “After thorough deliberation, Miss Universe Organization has decided to suspend Miss Brand immediately,” the Miss Universe Organization

By Jordan Valinsky, CNN Business Peloton has “indefinitely paused” playing Kanye West’s music from its streaming workout classes. Pelo Buddy, a fan website that doesn’t have official ties with Peloton, reports that company is telling concerned members saying that its instructors are no longer using West’s music in “newly produced classes” and it’s not recommending

By Matt Egan, CNN Business Colorado Sen. John Hickenlooper is pleading with the Federal Reserve to pause its relentless attack on crushing inflation before it does more harm than good. “High inflation necessitates a response. But the concern is the Fed is doing too much too soon,” Hickenlooper wrote in a letter on Thursday to

By Rob Picheta, Lauren Said-Moorhouse, Max Foster and Lauren Kent, CNN Prince Harry’s highly anticipated memoir will be entitled “Spare” and is set for a January 10 release, its publisher revealed on Thursday. The 416-page book will include Harry’s recollection of Princess Diana’s funeral in 1997, when the 12-year-old prince walked behind his mother’s coffin,

By Anna Cooban, CNN Business Global fossil fuel emissions are expected to peak in 2025 as countries commit huge sums of money toward low-carbon fuels, according to the International Energy Agency (IEA). In its annual World Energy Outlook report, published Thursday, the agency said that Russia’s assault on Ukraine had the potential to “hasten” the

By Nicole Goodkind, CNN Business Tech stocks are taking a beating this week as they prove less resilient to the economic downturn than investors had hoped they would be. What’s Happening: Dreary earnings results from Google parent company Alphabet and Microsoft weighed down markets on Wednesday, showing how this year’s $5.5 trillion selloff has not

By Hanna Ziady, CNN Business Shell will buy back $4 billion worth of shares and increase its dividend by 15% after posting another gigantic quarterly profit thanks to strong oil and gas prices. The UK company posted net income of $9.45 billion in the third quarter, more than double the $4.1 billion it recorded a

By Julia Horowitz, CNN Business Credit Suisse will raise $4 billion to step back from Wall Street and double down on managing the finances of the world’s wealthy, the scandal-plagued Swiss bank said on Thursday. The company unveiled a “radical” turnaround plan that it said would leave it “a stronger, more resilient and more efficient

By Jessie Yeung and Kocha Olarn, CNN A Thai media tycoon and transgender rights advocate has bought the Miss Universe Organization for $20 million, according to her company, which will now host the international beauty pageant. Anne Jakkaphong Jakrajutatip is the CEO of JKN Global Group PCL, a Thailand-based media distribution company, though she’s perhaps

By Oliver Darcy, CNN Business “Unsettling.” That’s the sort of news CNN staffers had delivered to their inboxes at 1pm ET on Wednesday when network boss Chris Licht candidly informed them that sweeping changes are imminent. In other words, brace for layoffs by the end of the year. Licht, who has been conducting a business

Alexandra Peers, CNN A roar of corporate earnings came out this week and last, and the information piling up from the backbone-of-American-buyers companies like Coca-Cola, Mattel, GM, Hilton, American Express offers a fuller picture of what’s going on in this country than we’ve had in the past. Amid a nearly international consensus that America is

By Rob McLean, CNN Business Athletic shoe company Skechers said in a statement Wednesday that two of its executives escorted embattled musician Kanye West from one of its Los Angeles buildings. The company said West, who has legally changed his name to Ye, “arrived unannounced and without invitation.” It said he was engaged in “unauthorized

By Matt McFarland, CNN Business Ford and Volkswagen, two of the world’s largest automakers, are shutting down their joint effort to develop self-driving cars, the startup Argo AI. Ford said Wednesday that it had concluded that the large-scale profitable commercialization of self-driving cars was further out then expected. The company is still “optimistic” about a