By Matt Egan, CNN Business The Senate voted on Tuesday to confirm Lael Brainard as the Federal Reserve’s vice chair, approving a key Biden nominee empowered to help lead the central bank’s fight against high inflation. Brainard, currently a governor at the Fed, received some bipartisan support, with multiple Republicans supporting her nomination to a
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By Chris Isidore, CNN Business The first all-electric Ford F-150 Lightning rolled off the assembly line in Detroit on Tuesday, with a great deal riding on its launch for both the company and electric vehicles overall. Interest and demand in the vehicles have been very strong, with Ford taking 200,000 preorders for the electric version
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By Nicole Goodkind, CNN Business Inflation is at a 40-year high, and Americans are feeling it. A gallon of gas costs about double what it cost in January 2021. Home prices were up a whopping 19.8% year-over-year in February. And, in March, groceries cost 10% more than they did a year earlier. Thankfully some analysts
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By Jackie Wattles, CNN Business SpaceX’s Falcon 9 rocket and Crew Dragon spacecraft are headed back to the launch pad, kicking off the second astronaut mission for SpaceX in just one month. On board will be four professional astronauts, destined for the International Space Station, including the first Black woman to join the ISS crew.
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By Jeanne Sahadi, CNN Business Fidelity Investments announced Tuesday that it will offer bitcoin as an investment option in its 401(k) plans by the middle of this year. It’s a big move given that Fidelity is the largest 401(k) plan provider in the United States, acting as custodian for 23,000 plans, which have 20.4 million
Continue Reading By Jeanne Sahadi, CNN Business Fidelity Investments announced Tuesday that it will offer bitcoin as an investment option in its 401(k) plans by the middle of this year. It’s a big move given that Fidelity is the largest 401(k) plan provider in the United States, acting as custodian for 23,000 plans, which have 20.4 million
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By Nicole Goodkind, CNN Business US markets plunged on Tuesday. The Dow fell 810 points, or 2.4%, as an April sell-off spurred by fears of an economic slowdown continued following Monday’s short-lived recovery. The losses were led by mega cap tech stocks as investors await key corporate earnings reports this week. First quarter results from
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By Oliver Darcy, CNN Business The New York Post and Michelle Gotthelf, the former editor in chief of the tabloid’s digital operation, announced in a joint statement Tuesday that they had settled the explosive lawsuit Gotthelf had filed earlier this year. Gotthelf had alleged in her lawsuit that she was wrongfully fired after she reported
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By Matt Egan, CNN Business Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one. Now, it’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation. “We will get a major recession,” Deutsche Bank economists
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By Brian Stelter, CNN Business As Netflix licks its wounds and investors worry about big streaming bets, David Zaslav is positioning Warner Bros. Discovery as a “far more balanced” company. “We have the ability to ring any number of cash registers,” Zaslav, the longtime Discovery CEO who took control of WarnerMedia earlier this month, told
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By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal, including
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By Michelle Toh, CNN Business Indonesia will start restricting exports of palm oil this week, a move that could make the global food crisis worse and push up the prices of hundreds of consumer products. President Joko Widodo announced Friday that Indonesia would suspend exports of cooking oil, and the raw materials used to make
Continue Reading By Michelle Toh, CNN Business Indonesia will start restricting exports of palm oil this week, a move that could make the global food crisis worse and push up the prices of hundreds of consumer products. President Joko Widodo announced Friday that Indonesia would suspend exports of cooking oil, and the raw materials used to make
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By Anna Bahney, CNN Business US home prices continued to surge higher in February. Prices rose 19.8% year-over-year in February, an even higher rate than the 19.2% growth seen in January, according to the S&P CoreLogic Case-Shiller US National Home Price Index. Phoenix, Tampa and Miami reported the highest year-over-year gains among the 20 US
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Opinion by Levar Stoney and John Giles for CNN Business Perspectives Families across America are precariously perched on the edge of a hunger cliff. With inflation on the rise and supply chain backlogs, more families have been turning to food banks, forcing programs nationwide to ration supplies and cut services. And now the war in
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By Julia Horowitz, CNN Business The world’s richest man wasn’t convinced he’d be successful in his bid to buy Twitter, one of the most influential social media companies on the planet. But Tesla CEO Elon Musk pulled it off. On Monday, Twitter announced that it had reached a deal to sell the company to Musk
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By Julia Horowitz, CNN Business The world’s richest man wasn’t convinced he’d be successful in his bid to buy Twitter, one of the most influential social media companies on the planet. But Tesla CEO Elon Musk pulled it off. On Monday, Twitter announced that it had reached a deal to sell the company to Musk
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By Laura He, CNN Business Chinese stocks slumped deeper into a bear market Tuesday and the yuan traded near a 17-month low as investors grow increasingly pessimistic about the impact of Covid-19 lockdowns on the world’s second biggest economy. The Chinese currency traded at 6.57 to the US dollar in offshore trade, after plunging to
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By Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
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By Sara Ashley O’Brien and Clare Duffy, CNN Business Four years ago, Twitter cofounder and then-CEO Jack Dorsey laid out four key focus areas that would propel the company’s growth. Among them: promoting “healthy conversation” on the platform. After years of criticism for Twitter’s apparent failures to prevent its platform from turning toxic, Dorsey acknowledged
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