By Rob McLean, CNN Business GM is recalling hundreds of thousands of vehicles because of a problem with third-row seatbelts. The National Highway Traffic Safety Administration indicated on August 11 that GM is recalling 2021-2022 Cadillac Escalades, Chevrolet Suburbans, Tahoes and GMC Yukons that have third-row seats. “The rivet that retains the buckle to the
Continue Reading By Matt Egan Interest rates on credit cards are so high these days that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year, according to the Consumer Financial Protection Bureau. The Fed has been aggressively raising interest rates this year in a bid to
Continue Reading By Matt Egan Interest rates on credit cards are so high these days that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year, according to the Consumer Financial Protection Bureau. The Fed has been aggressively raising interest rates this year in a bid to
Continue Reading By Matt McFarland, CNN Business President Biden signed into law the Inflation Reduction Act on Tuesday, and it will reshape the electric vehicle tax credit. Automakers and consumers have scrambled in the last week to brace for its impact. Some car buyers are relieved to have finalized purchases before today, when qualifying became generally more
Continue Reading By Matt McFarland, CNN Business President Biden signed into law the Inflation Reduction Act on Tuesday, and it will reshape the electric vehicle tax credit. Automakers and consumers have scrambled in the last week to brace for its impact. Some car buyers are relieved to have finalized purchases before today, when qualifying became generally more
Continue Reading By Jennifer Korn, CNN Business A staggering $1.9 billion worth of cryptocurrency was stolen in hacks of various services in the first seven months of this year, marking a 60% increase from the same period in the year prior, according to a report released Tuesday from blockchain analysis firm Chainalysis. The surge comes even as
Continue Reading By Jackie Wattles, CNN Business American Airlines is placing a bet on a future in which supersonic jets might return to the skies, shuttling passengers on some routes at speeds roughly twice as fast as current commercial aircraft. Exactly how big that bet is, however, remains unclear. American, which said it put down a deposit
Continue Reading By Catherine Thorbecke and Rishi Iyengar, CNN Business A coalition of Amazon employees walked off the job on Monday at an air freight facility in San Bernardino, California, demanding better pay and working conditions, in the latest sign that worker organizing efforts continue to spread across the tech giant’s vast retail and logistics network. The
Continue Reading By Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the worst
Continue Reading By Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the worst
Continue Reading By Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the worst
Continue Reading By Catherine Thorbecke, CNN Business Nearly three years after Adam Neumann stepped down as CEO of WeWork following a failed attempt to take the company public, he is said to once again be in charge of a billion-dollar real estate startup. Andreessen Horowitz, the prominent venture capital firm known for its early investments in Twitter
Continue Reading By Sara Ashley O’Brien, CNN Business Chris, a homeowner in Des Moines, was surprised when a woman he didn’t know recently pulled into his driveway and asked if he could move his vehicles. She believed she had booked his pool for the night after someone had wrongfully listed it on a platform devoted to renting
Continue Reading By Frank Pallotta, CNN Business Walmart+ — in its effort to become a true competitor to Amazon Prime — will offer Paramount+ as part of its membership offering, the companies announced Monday. Starting in September, Walmart+ subscribers will have access to Paramount+’s wide array of content from series including “Star Trek: Strange New Worlds” to
Continue Reading By Anna Bahney, CNN Business Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market. July housing starts, a measure of new home construction, plunged 9.6% month-over-month and 8.1% from a year ago, according to the US
Continue Reading By Paul R. La Monica, CNN Business Soaring mortgage rates and unaffordable home prices are worrisome signs for the broader housing market and economy. In another worrisome sign, housing starts and building permits for July both fell from June levels and missed economists’ forecasts. But don’t tell that to Home Depot. The home improvement retail
Continue Reading By Chris Isidore, CNN Business Walmart had good news Tuesday for investors and economists worried about a looming recession, as the retail giant gave a much rosier picture of consumer spending than it offered less than a month ago. On July 25, Walmart warned about its earnings for the rest of the year, saying that
Continue Reading By Julia Horowitz, CNN Business It’s a moment of great uncertainty for the US economy, as high inflation and rising interest rates feed fears that a recession could be around the corner. But the Oracle of Omaha isn’t losing faith. What’s happening: Last quarter, Warren Buffett’s Berkshire Hathaway boosted its holdings in Apple by 3.9
Continue Reading By Anna Cooban, CNN Business UK workers have suffered the biggest drop in their spending power in more than 20 years as prices keep soaring. Average real wages — which account for inflation — fell by 3% between April and June compared with the same period last year, according to data from the Office for
Continue Reading By Laura He, CNN Business China’s Sichuan province has ordered all factories to shut down for six days to ease a power shortage in the region as a scorching heat wave sweeps across the country. Sichuan is a key manufacturing location for the semiconductor and solar panel industries and the power rationing will hit factories
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