By Nicole Goodkind, CNN Business Stocks lost ground again on Monday following a turbulent week that saw market volatility at its bumpiest level since July. These mercurial markets come as investors overreact to data in eager anticipation of the Federal Reserve’s next interest rate policy decision, said Alan Blinder, former Fed Vice Chair and Princeton
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors is starting its own energy storage business using its Ultium battery packs to power homes and charge cars as well as to feed power back into the grid when needed. The new business unit, called GM Energy, will consist of Ultium Home, Ultium Commercial and Ultium Charge 360
Continue Reading By Mark Thompson, CNN Business For the second time in two days, the Bank of England has been forced to offer extra support to UK markets still reeling from the government’s announcement last month that it would slash taxes and increase borrowing. The central bank warned Tuesday that there was still a “material risk to
Continue Reading By Matt McFarland, CNN Business Drivers are putting too much trust in their vehicles’ driver-assist features, which may lead to dangerous situations, according to the Insurance Institute for Highway Safety (IIHS). The organization, which researches vehicle safety, released a study Tuesday finding that 53% of General Motors’ Super Cruise users, 42% of Tesla Autopilot users
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business A union of railroad track maintenance workers has rejected a tentative agreement with the nation’s freight carriers, renewing the threat that there could be a strike that shuts down this vital link in the nation’s already struggling supply chain. The vote, announced Monday by the Brotherhood of
Continue Reading By Jackie Wattles, CNN Astronauts have for decades described their trips to space as “breathtaking” and humbling, a reminder of the Earth’s fragility and humanity’s need to serve as stewards of our home planet. Actor William Shatner, who joined a suborbital space tourism flight last year, experienced the same phenomenon, but he had a very
Continue Reading By Clare Duffy and Brian Fung, CNN Business Spam and fake accounts are more prevalent on Twitter than on comparable social platforms, according to a data analysis firm hired by Elon Musk as part of his legal battle with Twitter. The claim by Cyabra — in the company’s first public interview since conducting a study
Continue Reading By Chris Isidore, CNN Business Here’s the bad news first: Gas prices are on the rise in most of the US and could soon hit a national average of $4 a gallon for the first time in two months. But the good news is prices might not stay there long, as they’re already falling in
Continue Reading By Paul R. La Monica, CNN Business So much for a sleepy Columbus Day on Wall Street. Stocks weren’t doing much Monday morning but took a turn lower in the afternoon following stark comments from JPMorgan Chase CEO Jamie Dimon, who warned that the United States is likely to enter a recession within the next
Continue Reading By Matt Egan, CNN The Federal Reserve’s fight to squash inflation will cause the US economy to start losing tens of thousands of jobs a month beginning early next year, Bank of America warns. Although the jobs market remained surprisingly strong in September, the Fed is working hard to change that by aggressively raising interest
Continue Reading By Chris Isidore, CNN Business Amazon said Monday it plans to spend €1 billion, or $972 million, on electric vehicles for its European fleet. The investment would increase the company’s fleet to at least 10,000 electric delivery vans by 2025, up from the 3,000 it already operates, and more than 1,500 long-haul electric trucks. It
Continue Reading By Jordan Valinsky, CNN Business Nikki Finke, the sharp-tongue Hollywood journalist famous for her seemingly non-stop scoops, has died. She was 68. An announcement of her death was posted Sunday on Deadline, the website she founded in 2006 and transformed it into an essential source for entertainment news. Finke, who remained reclusive for most of
Continue Reading By Nicole Goodkind, CNN Business September’s hotly anticipated jobs data ended up cooling markets on Friday. Stocks fell sharply as investors evaluated the report, which showed more jobs than expected were added to the US economy and indicated that more pain-inflicting interest rate hikes from the Federal Reserve lie ahead. But a breakdown of the
Continue Reading By Rhea Mogul, CNN As tensions between China and Taiwan simmer at their highest point in decades, officials in both places have clashed in recent days over an unsolicited idea from billionaire Elon Musk. The world’s richest man suggested in an interview that hostilities between the two could be resolved if Taipei handed some control
Continue Reading By Hanna Ziady, CNN Business UK Finance Minister Kwasi Kwarteng will try to avoid spooking investors a second time when he publishes details of plans to tackle ballooning government debt and kickstart economic growth on Halloween. Kwarteng announced the Oct. 31 date in a letter to the Treasury on Monday, pulling his midterm budget forward
Continue Reading By Julia Horowitz, CNN Business Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises. The three US economists were recognized by the Royal Swedish Academy of Sciences for their work in the early 1980s, which the
Continue Reading By Diksha Madhok, CNN Business On a late August evening in New Delhi, journalists’ phones started buzzing with messages. Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. The infrastructure tycoon is known for making bold and expensive acquisitions in diverse fields. Yet, his
Continue Reading By Jim Bittermann, CNN The trial of two of France’s biggest companies began Monday over the crash of Air France flight 447 in 2009 that killed 228 passengers and crew. The national flag carrier and Toulouse-based Airbus have been charged with involuntary homicide for their part in the disaster over the Atlantic. Both companies were
Continue Reading By Julia Horowitz, CNN Business The Bank of England announced Monday that it would provide extra support to UK markets, beefing up its efforts to ensure financial stability after the government’s plan to slash taxes while boosting borrowing stoked panic. The central bank said that it was ready to buy up to £10 billion ($11
Continue Reading By Laura He, CNN Business Holiday spending during China’s Golden Week has plunged to its lowest level in seven years, as broad Covid curbs discouraged people from traveling or spending, while a darkening economic outlook continues to erode consumer confidence. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.2
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