September 21, 2022: Fed raises interest rates by three-quarters of a percentage point
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The Fed’s credibility is still on the line
By Julia Horowitz, CNN Business The Federal Reserve’s latest policy announcement represents a critical moment, as Wall Street waits to see how hard the central bank will go in its campaign to bring down stubbornly high inflation. What’s happening: The Fed is expected to raise its key interest rate by three-quarters of a percentage point
Continue Reading US dollar hits new 20-year high as Russia calls up reservists
By Julia Horowitz and Anna Cooban, CNN Business The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address Wednesday, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and threatened
Continue Reading America gained 2.5 million new millionaires last year
By Michelle Toh, CNN Business The number of rich people in the world rose at a rapid pace last year, boosted by gains in the stock market and house prices. As many as 5.2 million people became millionaires last year, with nearly half in the United States alone, according to Credit Suisse’s latest annual wealth
Continue Reading Fed goes big again with third-straight three-quarter-point rate hike
By Nicole Goodkind, CNN Business The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy. The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new
Continue Reading The historic streak of falling US gas prices is over
By Matt Egan and Chris Isidore, CNN Business Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest
Continue Reading US in talks with India about rethinking reliance on Russian arms and energy
By Jennifer Hansler, Kylie Atwood and Rhea Mogul, CNN The United States is in “deep” talks with India over its reliance on Russian arms and energy, a US State Department official said Tuesday, in a development that could further isolate Moscow on the international stage. Russia “is no longer a reliable weapons supplier” and Indian
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QUESTION OF THE DAY: Are you feeling better about the economy?
President Joe Biden said in a “60 Minutes” interview that aired Sunday that inflation is showing signs of easing.
Continue Reading China’s ‘Lipstick King’ returns to live-streaming show after mysterious three-month disappearance
By Laura He, CNN Business One of China’s most popular livestreamers quietly resurfaced online Tuesday night, after a three-month absence linked to his appearance with a cake shaped like a tank, in what many believed was an oblique reference to the Tiananmen Square massacre. On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a
Continue Reading Movie theaters reopen in Indian-controlled Kashmir for the first time in more than two decades
By Rhea Mogul and Manveena Suri, CNN Movie theaters in Indian-controlled Kashmir have reopened their doors, more than two decades after they were forced shut during an armed rebellion that saw multiple threats and attacks on crowded public places. The lieutenant governor of Jammu and Kashmir, Manoj Sinha, inaugurated the disputed region’s newest cinema on
Continue Reading NYC faces a potential fiscal cliff with a nearly $10 billion deficit by 2026
By Alison Kosik and Kate Trafecante, CNN Business The New York State Comptroller said Tuesday that several of New York City’s fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023,
Continue Reading Beyond Meat suspends executive after he was arrested on suspicion of biting a man’s nose
By Allison Morrow, CNN Business Beyond Meat suspended its chief operating officer after he was arrested over the weekend on suspicion of biting a man’s nose during a fight following an Arkansas football game. Police arrested the vegan food purveyor’s COO Doug Ramsey on charges of “terroristic threatening” and third-degree battery on Saturday night. Ramsey
Continue Reading Saudi Arabia buys pair of SpaceX astronaut seats from Axiom
By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading Saudi Arabia buys pair of SpaceX astronaut seats from Axiom
By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading GOP attorneys general threaten Visa, American Express and MasterCard over gun-store code
By Matt Egan Two dozen Republican attorneys general warned Visa, American Express and MasterCard on Tuesday not to go ahead with their plans to add a new merchant category code for gun retailers. In a letter to the CEOs of the card giants, the officials expressed serious concern that adopting a new sales code for
Continue Reading Walmart and Target push to lower credit card fees
By Nathaniel Meyersohn, CNN Business Frustrated by extra credit card fees when you shop? A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. The effort is backed by retail giants including Walmart, Target,
Continue Reading Gap is laying off 500 corporate employees as challenges mount
By Jordan Valinsky, CNN Business Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. The cuts include a mix of layoffs and open roles being axed at the company’s corporate offices in New York, San Francisco and across Asia, according to a person
Continue Reading FTC probes Amazon’s $1.7 billion acquisition of Roomba maker iRobot
By Brian Fung, CNN The Federal Trade Commission is taking a closer look at Amazon’s proposed acquisition of iRobot, the company that produces the Roomba series of automated vacuum cleaners, according to a financial disclosure on Tuesday. On Monday, the FTC requested more information from both companies about the $1.7 billion deal, according to an
Continue Reading Queen Elizabeth’s funeral draws 26 million viewers in the UK
By Anna Cooban, CNN Business More than 26 million people tuned in to watch the Queen’s funeral in the United Kingdom on Monday, the first to be televised for a British monarch. An average of 26.2 million people watched the hour of the Queen’s funeral service in Westminster Abbey on TV screens, according to the
Continue Reading Crypto firm Wintermute hit by $160 million theft
By Jennifer Korn, CNN Business Hackers have stolen around $160 million worth of cryptocurrency from crypto market maker Wintermute, the company said Tuesday. The incident marks the latest in a growing list of large crypto thefts this year. The hack is said to have targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of
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