Money Archives

An oil platform off the coast of Santa Barbara

US oil prices hit $90 a barrel for the first time since 2014

February 3, 2022 1:40 PM CNN Newsource

By Matt Egan, CNN Business US oil prices jumped above $90 a barrel on Thursday for the first time in more than seven years. The latest rally comes just a day after OPEC and its allies declined to aggressively ramp up production to cool off red-hot energy prices. Crude jumped 2.2% to $90.15 a barrel

Single-family homes are seen in this aerial photograph taken over San Diego

Equity-rich homeowners are ‘sitting pretty’ amid sky high real estate prices

February 3, 2022 1:38 PM CNN Newsource

By Anna Bahney, CNN Business Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of

A morning commuter carrying an umbrella while walking through the City of London

The big reason the US and UK are facing such a massive labor shortage

February 3, 2022 1:37 PM CNN Newsource

Opinion by Carlo Pizzinelli and Ippei Shibata for CNN Business Perspectives Almost two years after the pandemic upended labor markets, job openings are plentiful in many advanced economies, yet workers have not fully returned. The broader trend of plentiful jobs and not enough workers can have major implications for growth, inequality and inflation. This gap,

Wag, a dog-walking startup that once raised $300 million from a single investor, is going public through a SPAC

February 3, 2022 1:32 PM CNN Newsource

By Sara Ashley O’Brien, CNN Business Wag, a dog-walking startup that once received $300 million from a single investor only to stumble in executing its strategy, is set to go public in a deal valued not much higher than that one investment. Wag said Thursday that it has entered an agreement to go public through

Zuckerberg owned more than 398 million Meta shares

Meta’s market value just dropped by more than most companies are worth

February 3, 2022 1:30 PM CNN Newsource

By Clare Duffy, CNN Business Meta Platforms, the company formerly known as Facebook, just had its worst trading day in its history as a public company. The company’s shares closed down more than 26% Thursday, shaving off nearly $240 billion from its market value, after a rough earnings report released after trading hours on Wednesday.

Meta is giving avatars four-foot personal boundaries in its Horizon Worlds and Horizon Venues VR apps; this image gives a sense for what that will be like

Meta is giving avatars a four-foot buffer zone to cut back on VR harassment

February 3, 2022 1:30 PM CNN

By Rachel Metz, CNN Business Meta, the parent company of Facebook, has a new feature aimed at cutting down on harassment and assault in virtual reality: It will give avatars in its Horizon Worlds social app and Horizon Venues events app an invisible “personal boundary” of four feet to stop others from getting too close.

Democrats call for the Biden administration to limit US natural gas exports. Pictured is a natural gas pipeline near Midland

Democrats call for Biden officials to limit US natural gas exports because of rising home heating costs

February 3, 2022 12:59 PM CNN Newsource

By Matt Egan, CNN Business Nearly a dozen US Senators are calling for the Biden administration to curb overseas shipments of natural gas as Americans struggle with home heating sticker shock this winter. “As families across the country continue to face steep residential energy and heating costs, we urge you to take swift action to

Melinda French Gates reportedly won’t give bulk of her wealth to Gates Foundation

February 3, 2022 11:32 AM CNN Newsource

By Jennifer Korn, CNN Business Melinda French Gates may be shifting her approach to how she gives away her vast wealth following her high-profile divorce last year from Microsoft founder Bill Gates. French Gates is said to have decided not to give the bulk of her estimated $11.4 billion fortune to the Bill & Melinda

A number of artists have left Spotify because of comments by podcast host Joe Rogan. Singer Neil Young

Here’s who has left Spotify because of Joe Rogan

February 3, 2022 11:22 AM CNN Newsource

By Frank Pallotta, CNN Business Spotify has had a rough couple of weeks. Its stock took a big hit Wednesday because of a slowing growth forecast, and the company has seen creators from the music and podcasting world desert the platform because of comments by comedian and podcast host Joe Rogan. While the departures are

Tesla owners complain about 'phantom braking.' A Tesla Model 3 here travels on a road in Rocklin

Tesla owners complain about ‘phantom braking.’ Federal safety regulator considers a probe

February 3, 2022 10:52 AM CNN Newsource

By Chris Isidore and Matt McFarland, CNN Business Federal safety regulators are mulling a probe after Tesla owners complained that their cars were stopping for no reason. The issue may stem from Tesla’s automatic braking feature hitting the brakes when there is no need to do so. A spokesperson for the National Highway Traffic Safety

Meta plummets, dragging stocks lower

February 3, 2022 10:23 AM CNN Newsource

By Anneken Tappe, CNN Business Meta ruined things for the stock market on Thursday. Wall Street was deep in the red as the tech company formerly known as Facebook plummeted following its earnings report. The Nasdaq Composite finished the day down 3.7%. The S&P 500, the broadest measure of the US stock market, fell 2.4%.

Hershey is planning price increases this year.

Everything Hershey makes is going to get more expensive

February 3, 2022 9:54 AM CNN Newsource

By Danielle Wiener-Bronner, CNN Business Stress eating is about to get more expensive: Hershey is raising prices this year. “Pricing will be an important lever for us this year and is expected to drive most of our growth,” Hershey CEO Michele Buck said in prepared remarks discussing the company’s financial results Thursday. In its 2022

What it takes to make money flipping homes in a crazy real estate market

February 3, 2022 9:32 AM CNN Newsource

By Anna Bahney, CNN Business More people are flipping homes, but they are making less of a profit. Investors looking to get a piece of skyrocketing home prices by buying a home, fixing it up and then quickly putting it back on the market, aren’t getting quite the returns they used to. Finding a home

Nintendo Switch tops lifetime sales of Wii console

February 3, 2022 9:24 AM CNN

By Reuters Nintendo Co Ltd sold 18.95 million Switch video game consoles in the nine months to the end of December, the Japanese company said on Thursday, taking total sales past 100 million and beating the lifetime sales of its Wii console. Although the figure undershot the 24.1 million Switch units sold in the same

The international cycling season kicked off at Winter Park in northwest Saudi Arabia on Tuesday

Will a new tax dent business-friendly Dubai?

February 3, 2022 9:23 AM CNN Newsource

By Celine Alkhaldi and Eoin McSweeney, CNN Almost 90% of Dubai’s population is made up of foreigners who flocked to the Gulf business hub for its yearlong sunshine, a chance for prosperity and, of course, zero taxes. But this week, the United Arab Emirates, of which Dubai is part, announced the introduction of a corporate

Amazon and Facebook's Meta are two of the market's biggest players. A tractor-trailer carrying goods from Amazon Prime travels on the highway on December 21

Amazon is the anti-Facebook

February 3, 2022 9:22 AM CNN

By Julia Horowitz, CNN Business Amazon and Facebook’s Meta are two of the market’s biggest players. Both have come under pressure during a recent sell-off in tech stocks. But this morning, the direction of these companies and their stocks couldn’t look more different. What’s happening: Facebook’s earnings report triggered a 26% collapse in its stock

Tesla owners are more Republican than you’d think

February 3, 2022 8:42 AM CNN Newsource

By Chris Isidore, CNN Business Elon Musk has trained his Twitter guns on top Democrats such as Bernie Sanders and Elizabeth Warren. Now he’s going after Joe Biden. Last week, after Biden praised General Motors’ announcement that it would invest $7 billion to build EV pickups and batteries in Michigan, Musk tweeted that the president

America’s economic recovery is about to go into reverse

February 3, 2022 8:18 AM CNN

By Anneken Tappe, CNN Business The Omicron variant put a massive speed bump in the road to America’s recovery this winter. The first signs of trouble could show up in the January jobs report Friday. The White House on Monday prepared Americans for disappointment about the jobs numbers: Jared Bernstein, a member of the White

Where are the users? Why Facebook’s stock is imploding

February 3, 2022 7:16 AM CNN Newsource

By Julia Horowitz, CNN Business Competition from TikTok. A stagnant user base in key markets. A pricey bid to invest in virtual reality that could take years to pay off. These are just a few reasons investors are dumping Facebook’s Meta after a disastrous earnings report, which could wipe more than $200 billion off the

Thousands more flights are canceled as a massive winter storm tears across the US

February 3, 2022 7:03 AM CNN Newsource

By Jordan Valinsky, CNN Business US airlines canceled thousands more flights Thursday as a powerful winter storm packing ice, rain, sleet and several inches of snow is stretching from the Midwest to the South and eventually parts of the Northeast. On Thursday, there were more than 4,200 cancellations within, into, or out of the United