By Alicia Wallace, CNN Business Things were looking up for most Americans at the end of last year, with many households reporting their financial situation was better than at any other time since 2013. Nearly 7 out of 10 Americans surveyed by the Federal Reserve said they had the cash or cash equivalents on hand
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By Jackie Wattles, CNN Business Boeing managed to dock a spacecraft at the International Space Station late last week, but it was not without several minor hangups. The mission kicked off Thursday evening with a Florida launch, and the Starliner — which is designed to carry astronauts but is flying without people for this test
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By Paul R. La Monica, CNN Business Investors took a break from selling in May and going away, for one day at least. Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on
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By Julia Horowitz, CNN Business The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second
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By Paul R. La Monica, CNN Business Stablecoins are unstable. Cryptocurrencies don’t act like currency. Does digital money ever stand a chance of winning the establishment’s embrace? With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems
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By Catherine Thorbecke, CNN Business Facebook-parent Meta on Monday said it would soon offer more transparency and information to researchers about how political and social ads are targeted to users on the platform, months before the US midterm elections. Starting later this month, Meta will provide “detailed targeting information for social issue, electoral or political
Continue Reading Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives The economy is close to entering a recession, perhaps as soon as this year. To avoid taking too much of a financial hit, Americans will need to prepare. Last summer, we wrote that US economic growth was already starting to slow and the economy
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By Brian Fung, CNN Business Washington, DC, Attorney General Karl Racine sued Mark Zuckerberg on Monday, accusing the Facebook co-founder of misleading the public on the company’s handling of privacy and personal data in connection with the Cambridge Analytica scandal. The suit, filed in DC superior court, represents Racine’s latest attempt to hold Zuckerberg personally
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By Paul R. La Monica, CNN Business Inflation concerns have made it a brutal year for stocks, but wireless service is one area where prices aren’t rising much — and the sector has been a bright spot on Wall Street. So far in 2022, shares of T-Mobile are up 10% and AT&T’s stock has gained
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By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
Continue Reading By Nicole Goodkind, CNN Business What goes up must come down, and what goes bull must go bear. The conventional wisdom is that a bit of market madness is inevitable, cyclical and should give investors a potential buying opportunity. But unfortunately this downswing doesn’t appear to be the devil we know. Markets are contending with
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By Jordan Valinsky, CNN Business Goldman Sachs CEO David Solomon said he’s “devastated” about the shooting Sunday on a New York City subway train that left one of his employees dead. Solomon said the victim, Daniel Enriquez of Brooklyn, was a “beloved member” of the investment bank for nine years and that he “epitomized our
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By Allison Morrow, CNN Business In early 2021, in the midst of speculative stock market euphoria, a pair of day traders went viral on TikTok with a video explaining their winning strategy. “I see a stock going up and I buy it. And I just watch it until it stops going up, and I sell
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By Anna Cooban, CNN Business Germany’s frustration over some European countries’ resistance to an embargo of Russia’s oil was laid bare on Monday. “We have seen the worst of Europe [in] that only some states are blocking the development,” Robert Habeck, Germany’s economy minister, told a panel at the World Economic Forum in Davos, Switzerland.
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By Michelle Toh, CNN Business Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the
Continue Reading By Julia Horowitz, CNN Business The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second
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By Matt Egan, CNN The White House is considering an emergency declaration that would enable President Joe Biden to release diesel from a rarely used stockpile in a bid to address a major supply crunch, a senior White House official told CNN. The deliberations about tapping the Northeast Home Heating Oil Reserve underscore the level
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By Tami Luhby, CNN The Covid-19 pandemic has been good for the wallets of the wealthy. Some 573 people have joined the billionaire ranks since 2020, bringing the worldwide total to 2,668, according to an analysis released by Oxfam on Sunday. That means a new billionaire was minted about every 30 hours, on average, so
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By Ramishah Maruf, CNN Business Elon Musk is going after Insider for publishing a story alleging he sexually harassed a flight attendant on a SpaceX corporate jet in 2016 — but the news outlet’s global editor-in-chief Nicholas Carlson is standing by his team’s reporting. Musk tweeted Friday that his company Tesla is building a “hardcore
Continue Reading By Ramishah Maruf, CNN Business Elon Musk is going after Insider for publishing a story alleging he sexually harassed a flight attendant on a SpaceX corporate jet in 2016 — but the news outlet’s global editor-in-chief Nicholas Carlson is standing by his team’s reporting. Musk tweeted Friday that his company Tesla is building a “hardcore
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