Money

By Anneken Tappe and Nathaniel Meyersohn, CNN Business Consumers are getting grumpy about inflation, Omicron and a host of other challenges. That’s not a good sign for the US economy. Americans shopped less in December, causing the first drop in retail sales since the summer. Sales dropped 1.9% compared with November, adjusted for seasonal swings,

By Julia Horowitz, CNN Business Tech stocks have been plunging as Wall Street obsesses over the Federal Reserve’s next moves and how aggressively it will hike borrowing costs over the next 12 months to rein in inflation. But attention could soon shift elsewhere as corporate earnings season arrives, delivering a distraction from the economy and

By Paul R. La Monica, CNN Business The Main Street and Wall Street gap is widening again. Big banks had a stellar end to 2021 with rates on the rise. Yet many Americans are hurting from surging prices and burnout from the Covid-induced labor shortage. JPMorgan Chase posted strong results for the fourth quarter Friday,

By Michelle Toh, CNN Business Indian billionaire Mukesh Ambani is going big on green energy. His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs. The

By Julia Horowitz, CNN Business The world needs more electricity. That will mean severe climate damage, unless something changes soon. A report published Friday by the International Energy Agency found that global demand for electricity surged 6% in 2021, fueled by a colder winter and the dramatic economic rebound from the pandemic. That drove both

By Manveena Suri, Swati Gupta and Rhea Mogul, CNN At least nine people were killed and 36 others injured after a passenger train derailed in India’s West Bengal state late Thursday, according to the railway operator. Indian Railways spokesperson Rajesh Bajpai said four out of 12 carriages on the interstate express train veered off the

By Vanessa Yurkevich, CNN The nation’s largest industry trade groups are calling the US Supreme Court’s decision to block US President Joe Biden’s vaccine or testing requirement for businesses a victory for employers. On Thursday, the Supreme Court froze a lower court opinion that allowed the mandate to go into effect nationwide. The Biden administration’s

By Anna Bahney, CNN Business In the second big jump of 2022, mortgage rates again rose to a high not seen since the start of the pandemic. The 30-year fixed-rate mortgage averaged 3.45% in the week ending January 13, up from an average 3.22% the week before, according to Freddie Mac. It’s the highest the

By Chris Isidore, CNN Business About 8,000 grocery store workers at 77 King Soopers and City Markets stores in the Denver area are on strike after the union rejected what the company described as its best and final offer to replace a recently expired contract. The strike started Wednesday morning against the stores, which are

By Matt Egan Goldman Sachs is extending its work-from-home guidance by another two weeks amid the wave of Covid-19 infections. The Wall Street bank on Thursday encouraged US employees who can work remotely to do so until February 1, a Goldman Sachs spokesperson told CNN. That is in line with new health policies Goldman Sachs

By Paul R. La Monica, CNN Business Auto racing is arguably hotter than ever, thanks in part to the super popular Netflix series “Drive to Survive,” which has given viewers an intimate, behind the scenes look at the Formula 1 racing circuit. Now, one of the most famous names in racing history, former IndyCar champion

By Matt Egan, CNN Business Inflation has vaulted to the top of CEOs’ worry list. More than half (55%) of global CEOs fear pricing pressures will stay elevated until mid-2023 — or beyond, according to a survey released Thursday by the Conference Board. Inflation is now viewed by executives as the No. 2 external threat

By Chris Isidore and Allison Morrow, CNN Business Inflation isn’t just an economic headache — it’s become a political blame game that will almost certainly define this year’s midterm election campaigns. But the cause of inflation doesn’t lie with any single government action or lack of action. And fixing it — that is, bringing current