By Laura He, CNN Swedish mining company LKAB says it has found Europe’s largest deposit of rare earth oxides in the country’s north, a discovery that could reduce the continent’s reliance on China for the critical resource. Rare earth minerals play a key role in generating clean energy and producing electric vehicles and consumer electronics.
Continue Reading By Kocha Olarn and Michelle Toh, CNN For years, Thailand welcomed legions of Chinese tourists to its golden beaches, shopping districts and striking temples. That came to a screeching halt during the Covid pandemic, as China virtually sealed its borders. Now, the Southeast Asian nation is back on the welcome wagon — and telling the
Continue Reading By Laura He, CNN China reported a record trade surplus for 2022, as its key export sector delivered robust growth for most of last year, providing much-needed support for the world’s second largest economy that’s hammered by its zero-Covid policy. But plunging shipments in December suggest exports are likely to struggle in early 2023 as
Continue Reading By Pierre Meilhan, CNN A Boeing 737 Max 8 took off in China on Friday, for the first time since the government grounded all 737 Max 8 planes in 2019, according to the flight tracking website, Flightradar24. In March 2019, Chinese aviation authorities instructed airlines in the country to ground all their Boeing 737 MAX
Continue Reading By Diksha Madhok, CNN Semiconductor giant Taiwan Semiconductor Manufacturing Company (TSMC) may expand its global manufacturing footprint even further. The company is considering opening its first plant in Europe and a second one in Japan, its CEO CC Wei said in an earnings call on Thursday. TSMC, which produces an estimated 90% of the world’s
Continue Reading By Juliana Liu, CNN Corporate workers at Starbucks must return to the office at least three days a week by the end of January, interim CEO Howard Schultz announced in a Wednesday memo, as another corporate giant clamps down on remote work. Employees within commuting distance of the company’s Seattle headquarters will be required to
Continue Reading By Mark Morales, CNN New York City Mayor Eric Adams unveiled the state of the city’s economic outlook as part of a $102.7 billion budget proposal for 2024 on Thursday, highlighting slow economic growth despite spikes in tourism and jobs. Adams touted investments that will be made into public safety and affordable housing while promoting
Continue Reading By Brian Fung, CNN An unfavorable ruling against Google in a closely watched Supreme Court case this term about YouTube’s recommendation engine could have sweeping unintended consequences for much of the wider internet, the search giant argued in a legal filing Thursday. Google, which owns YouTube, is fighting a high-stakes court battle over whether algorithmically
Continue Reading By Alicia Wallace, CNN The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal
Continue Reading By Alicia Wallace, CNN The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal
Continue Reading By Alicia Wallace, CNN Eggs, milk, butter, flour … if you were making pancakes last year, it would have cost you. Food prices surged in 2022. Grocery prices remain stubbornly high (and nearly double the rate of overall inflation) at 11.8% year over year, according to data released Thursday by the Bureau of Labor Statistics.
Continue Reading By Jordan Valinsky, CNN Business HBO Max, which debuted in May 2020, is getting its first-ever price hike. Effective immediately, the ad-free HBO Max plan will be $15.99 per month — an increase of $1. That’s 50 cents more than Netflix’s standard plan, which costs $15.49 per month. HBO Max with ads, which launched in
Continue Reading By Laura Paddison, CNN ExxonMobil’s own scientists accurately predicted future global warming in reports dating back to the late 1970s and early 1980s, despite the company publicly continuing for years to cast doubt on climate science and lobby against climate action, according to a new analysis. Researchers examined climate projections produced between 1977 and 2003
Continue Reading By Jeanne Sahadi, CNN The IRS will start accepting 2022 federal income tax returns on January 23, the tax agency announced on Thursday. Of course, you don’t have to file your return that early. The official due date for returns this year will be Tuesday, April 18, the agency announced. That’s because April 15 —
Continue Reading By Pete Muntean, CNN The Federal Aviation Administration software that failed Wednesday causing thousands of flight delays and cancellations is 30 years old and at least six years away from being updated, a government source familiar with the situation tells CNN. The FAA also now says “personnel who failed to follow procedures” caused the computer
Continue Reading By Pete Muntean, CNN The Federal Aviation Administration software that failed Wednesday causing thousands of flight delays and cancellations is 30 years old and at least six years away from being updated, a government source familiar with the situation tells CNN. The FAA also now says “personnel who failed to follow procedures” caused the computer
Continue Reading By Samantha Murphy Kelly, CNN Business Over the years, Apple has added touchscreens to almost every computing device imaginable, from phones and tablets to smartwatches, but it has refrained from bringing the feature to its Mac product line — even as a long list of rivals did so with their laptops and desktops. In 2010,
Continue Reading By Anna Bahney, CNN Mortgage rates inched down last week, after a slight increase the week before. The 30-year fixed-rate mortgage averaged 6.33% in the week ending January 12, down from 6.48% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.45%. “While mortgage rates have resumed their decline,
Continue Reading By Nathaniel Meyersohn, CNN Walmart will eliminate single-use paper and plastic carryout bags at the register from stores in New York, Connecticut and Colorado this month. The company previously stopped giving out single-use plastic bags in New York and Connecticut and in some areas in Colorado. Walmart offers reusable shopping bags starting at 74 cents
Continue Reading By Alicia Wallace, CNN For the first time in nearly three years, inflation fell on a monthly basis. Consumer prices decreased by 0.1% in December, the Bureau of Labor Statistics reported Thursday in its Consumer Price Index. The last time prices were lower than the previous month was May 2020. The closely watched inflation gauge
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