Money

By Parija Kavilanz, CNN Business Families may not skimp on holiday gifts for their loved ones this year, but they’ll likely slim down their list of recipients, turn to credit cards and dip into savings to afford them, according to an industry forecast Thursday. So who will be on the list? The kids, the grandparents,

By Oliver Darcy, CNN Business Shepard Smith will exit CNBC later this year after the business-focused news network announced on Thursday that it will cancel his show as it undergoes a “strategic realignment” under new leadership. The end of “The News with Shepard Smith,” which will air its final episode later this month, comes a

By Anna Cooban, CNN Business Commodities giant Glencore has been ordered to pay a record £281 million ($314 million) penalty by a UK court for bribing officials across Africa to gain access to oil. The UK government’s Serious Fraud Office (SFO), which brought the case against Glencore Energy UK, said on Thursday that the penalty

By Allison Morrow, CNN Business A new CNN poll shows that three-quarters of likely voters feel like the US economy is in a recession. It’s probably not, but that’s not the point. The technical definition of a recession is two consecutive quarters of economic contraction, which the US economy recorded in the first half of

By Parija Kavilanz, CNN Business Who can resist a sandwich — especially if it’s free? November 3rd marks National Sandwich Day (yes, it’s a thing.) That means it is time to spotlight the humble meal that’s probably most appreciated by kids, parents and working professionals for being a quick and easy way to stuff the

By Anna Bahney, CNN Business Mortgage rates fell this week after surpassing 7% for the first time in 20 years last week. The 30-year fixed-rate mortgage averaged 6.95% in the week ending November 3rd, down from 7.08% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage

By Frank Pallotta, CNN Business In 2019, Netflix said in a letter to shareholders “we… are advertising free,” and added that being commercial-free is a “deep part of our brand proposition.” That all changed Thursday when the streaming leader launched “Basic with Ads,” the platform’s much anticipated ad-supported subscription plan. The new tier will cost

By Anna Bahney, CNN Business If you bought your first home during the past year, consider yourself one of the fortunate few. Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were

By Hanna Ziady and Julia Horowitz, CNN Business The Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards a recession that could last two years. The central bank made

By Frank Pallotta, CNN Business Leslie Moonves, former chief executive officer of CBS, and CBS reached a $30.5 million settlement with the office of the attorney general of New York, Letitia James, on Wednesday. The settlement is a part of an investigation by the state alleging that “CBS and its senior leadership knew about multiple