By Julia Horowitz, CNN Business Credit Suisse said it will buy back up to $3 billion in its own bonds to save money on debt servicing costs while taking advantage of low prices. The announcement on Friday comes after investors displayed concerns about the financial position of the troubled Swiss bank before it announces its
Continue Reading By Paul LeBlanc, CNN Former US Treasury Secretary Larry Summers said Thursday it’s “more likely than not” the US will enter a recession, calling it a consequence of the “excesses the economy has been through.” “Historical experience suggests that the kind of inflation we have rarely returns to normal levels — target levels of around
Continue Reading by Matt Egan, CNN Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his
Continue Reading By Frank Pallotta, CNN Business Netflix is going to the movies, but only for a week. “Glass Onion: A Knives Out Mystery,” the new whodunit starring Daniel Craig, will debut at the three major US theater chains — AMC, Regal and Cinemark — for a week one month before it streams on Netflix, the company
Continue Reading By Clare Duffy, CNN Business The judge overseeing the acquisition dispute between Elon Musk and Twitter on Thursday ruled to pause the legal proceedings until Oct. 28 following a request from the Tesla CEO, meaning the trial that was set to begin Oct. 17 will not go ahead as planned. Twitter had opposed Musk’s motion
Continue Reading By Peter Valdes-Dapena, CNN Business Last June, Toyota warned owners of its first mainstream electric vehicle, the BZ4X, to stop driving their SUVs and have them transported to dealers because of a scary problem: the wheels could fall off after driving even just a few miles. Now, more than three months later, Toyota has announced
Continue Reading By Peter Valdes-Dapena, CNN Business Last June, Toyota warned owners of its first mainstream electric vehicle, the BZ4X, to stop driving their SUVs and have them transported to dealers because of a scary problem: the wheels could fall off after driving even just a few miles. Now, more than three months later, Toyota has announced
Continue Reading By Alicia Wallace, CNN Business The global economic outlook is darkening and the risks of recession are quickly rising: That’s the latest message from the International Monetary Fund, which said Thursday it will once again lower its growth projections. “We estimate that countries accounting for about one-third of the world economy will experience at least
Continue Reading By Clare Duffy, CNN Business Lawyers for Elon Musk and Twitter have agreed to postpone the Tesla CEO’s deposition in the court fight over their $44 billion acquisition agreement, a source familiar with the negotiations told CNN. The decision comes as the two sides renew negotiations to complete the deal. Musk’s deposition had been set
Continue Reading By Paul R. La Monica, CNN Business The midterm elections are a little more than a month away, and if Wall Street had a vote, it’d be for more gridlock. Just a few months ago, many political observers and Wall Street experts were predicting that the GOP would gain control of the Senate and possibly
Continue Reading By Peter Valdes-Dapena, CNN Business Ford is again raising prices on the F-150 Lightning electric pickup, but the price increase will impact only the base model. The truck has only been in production since late April and prices were already raised once in early August. When the F-150 Lightning first went on sale, the base
Continue Reading By Catherine Thorbecke, CNN Business Amazon said Thursday it plans to hire 150,000 new employees across the United States to meet demand ahead of the busy holiday shopping season. The openings, which include full-time, seasonal and part-time roles, range from packing and picking to sorting and shipping, the company said. The announcement comes just days
Continue Reading By Anna Bahney, CNN Business After rising for six weeks in a row, mortgage rates retreated last week. The 30-year fixed-rate mortgage averaged 6.66% in the week ending October 5, down from 6.70% the week before, according to Freddie Mac. Mortgage rates have more than doubled since the start of this year as the Federal
Continue Reading By Samantha Murphy Kelly, CNN Business Google on Thursday unveiled its new Pixel 7 smartphone lineup and its first-ever Pixel smartwatch, packed with tracking and health features from its subsidiary Fitbit. At a press event in New York City, Google showed off the new Pixel 7 and Pixel 7 Pro devices, which largely look the
Continue Reading By Samantha Murphy Kelly, CNN Business Google on Thursday unveiled its new Pixel 7 smartphone lineup and its first-ever Pixel smartwatch, packed with tracking and health features from its subsidiary Fitbit. At a press event in New York City, Google showed off the new Pixel 7 and Pixel 7 Pro devices, which largely look the
Continue Reading By Jordan Valinsky, CNN Business Tyson Foods is the latest company closing its Chicago-area offices, joining Boeing, Caterpillar and Citadel among others. The poultry producer said Wednesday that it’s bringing together its corporate employees at its global headquarters in Arkansas, resulting in the closure of three offices, including downtown Chicago, Downers Grove, Illinois, and Dakota
Continue Reading By Alicia Wallace, CNN Business When the Bureau of Labor Statistics releases its latest monthly jobs report on Friday, all eyes will be on whether the labor market is showing signs of loosening up — one of many crucial factors that will help the Federal Reserve determine its next steps in its fight against decades-high
Continue Reading By Clare Duffy, CNN Business Nearly three months after Elon Musk told Twitter he wanted out of his $44 billion agreement to buy the social media company, the Tesla CEO now once again wants to move forward with the deal. The reversal, if finalized, not only has the potential to create upheaval for Twitter employees
Continue Reading By Jordan Valinsky, CNN Business Peloton is undergoing another round of layoffs — its fourth this year — with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line. The company said in a statement that a “key aspect of Peloton’s transformation journey is optimizing efficiencies
Continue Reading By Nicole Goodkind, CNN Business Investors are tightening their neck braces as US stocks soar upwards, plummet back down and then do it all over. Stock market volatility is at its bumpiest level since July. The whiplash-inducing ride comes as conflicting data paints a cloudy picture about the state of the US economy. Investors have
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