By Anneken Tappe, CNN Business America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday. US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% between January and March, adjusted for seasonal swings,
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By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in
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By Anna Cooban and James Frater, CNN Business Europe’s united front against Moscow is being put to the test as countries struggle to agree a ban on Russian oil imports. European Union diplomats failed to reach consensus Sunday on the terms of an embargo, but held further talks Monday in preparation for a summit of
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By Anna Cooban, CNN Business The UK government is introducing a £5 billion ($6.3 billion) tax on the windfall profits of its oil and gas companies, bowing to pressure from campaigners to raise money to help millions of people struggling with the worst cost-of-living crisis in decades. Finance Minister Rishi Sunak unveiled the new 25%
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By Samantha Murphy Kelly, CNN Business Millions of students who participated in virtual learning during the Covid-19 pandemic had their personal data and online behaviors tracked by educational apps and websites without their consent and in many cases shared with third-party advertising technology companies, a new report has found. Human Rights Watch, an international advocacy
Continue Reading By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in
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By Mark Thompson and Clare Sebastian, CNN Business Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further
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By Nathaniel Meyersohn, CNN Business At the grocery store, shoppers have seen food prices increase at their fastest pace in decades. Yet the price of one hot, juicy, spit-roasted favorite hasn’t budged at several top chains: rotisserie chickens. Despite a 16.4% annual increase in chicken prices rotisserie chickens remain $4.99 at Costco and BJ’s Wholesale
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Brian Fung, CNN Business Twitter has agreed to pay $150 million in fines after the US government sued the social media company on Wednesday, alleging that it misled consumers about how it protects their personal data. According to the federal lawsuit, Twitter failed to tell its users for years that it used their contact
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By Matt Egan, CNN Business Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that. “He’s obsessed with the fact that gas prices are so high and people are hurting,” Granholm
Continue Reading By Nathaniel Meyersohn, CNN Business At the grocery store, shoppers have seen food prices increase at their fastest pace in decades. Yet the price of one hot, juicy, spit-roasted favorite hasn’t budged at several top chains: rotisserie chickens. Despite a 16.4% annual increase in chicken prices rotisserie chickens remain $4.99 at Costco and BJ’s Wholesale
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By Matt McFarland, CNN Business Retail sales of new cars are forecast to fall 20.9% this month compared to the same time last year, amid vehicle shortages and sky-high prices, according to the automotive research firms J.D. Power and LMC Automotive. The forecast is in part due to ongoing supply chain disruption and the resulting
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By Anneken Tappe, CNN Business The Federal Reserve means business when it comes to tightening monetary policy. After raising its benchmark interest rate by half a percentage point earlier this month — the first rate hike of that magnitude in more than two decades — investors should brace for more of this medicine, the central
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By Jackie Wattles, CNN Business Boeing’s Starliner spacecraft made a safe return home from its five-day stay at the International Space Station on Wednesday, concluding a long-awaited test mission that could pave the way for the Starliner to launch astronauts for the first time later this year. After detaching from its port at the ISS
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By Clare Duffy, CNN Business Twitter on Wednesday held what could be its last annual shareholder meeting as a public company for a long time after Elon Musk agreed to take it private in a $44 billion deal. But the meeting took place against the backdrop of ongoing drama over Musk’s attempts to pause the
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By Julia Horowitz, CNN Business Mykhailo Fedorov, Ukraine’s minister of digital transformation, hadn’t left the country since Russia invaded three months ago. But he traveled hundreds of miles from Kyiv to Davos, Switzerland, to send a message to some of the world’s biggest technology companies: We need you to do more. Fedorov said in an
Continue Reading By Julia Horowitz, CNN Business Mykhailo Fedorov, Ukraine’s minister of digital transformation, hadn’t left the country since Russia invaded three months ago. But he traveled hundreds of miles from Kyiv to Davos, Switzerland, to send a message to some of the world’s biggest technology companies: We need you to do more. Fedorov said in an
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By Paul R. La Monica, CNN Business What crypto crash? Bitcoin prices may be plunging, but you wouldn’t know it by checking out the cars on the super popular Formula One racing circuit. F1 is crazy for crypto. Eight of the 10 teams racing in the high-profile international series have a crypto-related sponsor. F1 has
Continue Reading By Samantha Murphy Kelly, CNN Business Millions of students who participated in virtual learning during the Covid-19 pandemic had their personal data and online behaviors tracked by educational apps and websites without their consent and in many cases shared with third-party advertising technology companies, a new report has found. Human Rights Watch, an international advocacy
Continue Reading