By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By Anna Cooban, CNN Business Europe’s natural gas supply has suffered its third blow in 48 hours, sending prices rocketing 42% higher from where they were at the start of the week. Italian energy giant ENI said Wednesday that Gazprom, Russia’s state gas producer, would cut its supplies by 15%. It did not know the
Continue Reading By Jennifer Korn and David Goldman, CNN Business After nearly 27 years, an iconic Microsoft product is finally being put to rest. Internet Explorer 11 is now incompatible with Microsoft products, as announced by the company in a blog post Wednesday. The move comes over a year after Microsoft first announced its intention to phase
Continue Reading By Matt Egan, CNN Business High inflation and rising recession risks are darkening the mood in the manufacturing industry. Fifty-nine percent of manufacturing leaders say inflationary pressures are making a recession more likely within the next year, according to a survey released on Wednesday by the National Association of Manufacturers. Three-quarters of manufacturers say inflationary
Continue Reading By Nicole Goodkind, CNN Business Cryptocurrency is having a terrible week. And it’s only Wednesday. Still, long-term investors are shrugging off the extreme drops in the a value of digital coins and the breakdown of the exchanges that make them available to investors. Bitcoin, the world’s most valuable cryptocurrency, dropped to near $21,000 Wednesday. It’s
Continue Reading By Jennifer Korn and David Goldman, CNN Business After nearly 27 years, an iconic Microsoft product is finally being put to rest. Internet Explorer 11 is now incompatible with Microsoft products, as announced by the company in a blog post Wednesday. The move comes over a year after Microsoft first announced its intention to phase
Continue Reading By Chris Isidore, CNN Business The high cost of gas and food is causing US consumers to pull back spending on other items, suggesting a slowdown in the economy’s main driving force. The monthly reading on retail sales showed a 0.3% drop in May compared with April, the first decline in spending since December. More
Continue Reading By Matt McFarland, CNN Business The National Highway Traffic Safety Administration released on Wednesday nine months of crash data from vehicles using driver-assist technologies like Tesla Autopilot as well as fully autonomous vehicles like Waymo’s robotaxis. NHTSA broke crash data into two categories based on the level of the autonomous systems: driver-assist systems — which
Continue Reading By Jordan Valinsky, CNN Business Don’t count Bill Gates among the fans of cryptocurrencies and NFTs. Those digital asset trends are “100% based on greater fool theory,” the Microsoft co-founder said Tuesday at a TechCrunch conference, referencing the notion that investors can make money on worthless or overvalued assets as long as people are willing
Continue Reading By Chris Isidore, CNN Business Ford is recalling 2.9 million vehicles that might not shift into the correct gear and could move in an unintended direction. The National Highway Safety Administration says it has six reports of property damage and four reports of injuries potentially related to the problem. Among the problems, the transmission on
Continue Reading By Anna Cooban, CNN Business Bitcoin continues to tumble this week to trade just above $20,000 on Wednesday as the cryptocurrency sell-off shows little sign of abating. The world’s most valuable cryptocurrency has fallen about 15% since Monday, and by nearly a third since Friday, according to data from crypto exchange Coinbase. The coin has
Continue Reading By Julia Horowitz, CNN Business The Federal Reserve knows it needs to demonstrate that it can get inflation under control — and fast. What’s happening: Pressure on the Fed has increased after the most recent batch of government data showed that annual inflation jumped to 8.6% in May, which was higher than economists had expected.
Continue Reading
By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the
Continue Reading By Diksha Madhok, CNN Business Indian billionaire Mukesh Ambani has now added a massive cricket deal to his empire. A venture backed by Ambani has won the digital rights to air the Indian Premier League (IPL), one of the world’s most valuable sports properties. Viacom18 — a joint venture between Paramount and Ambani’s Reliance Industries
Continue Reading By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting
Continue Reading By Laura He, CNN Business China’s economy showed some signs of improvement in May, but retail sales contracted for a third month in a row, indicating that Covid outbreaks continued to significantly depress consumer spending. Retail sales fell 6.7% in May from a year ago, according to China’s National Bureau of Statistics on Wednesday. That
Continue Reading By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting
Continue Reading By Simone McCarthy, CNN A Chinese national employed by Bloomberg News was released on bail earlier this year following more than a year in detention, according to Chinese authorities. Haze Fan, a member of Bloomberg’s bureau in Beijing, was last seen being escorted from her building in Beijing by “plain clothes security officials” in December
Continue Reading
A bear market is a decline of 20% or more from recent highs.
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Joe Kahn took over as executive editor of The New York Times on Tuesday, officially ascending to one of the most powerful positions in American journalism. It was the day,
Continue Reading