By Brian Fung, CNN Amazon founder Jeff Bezos and CEO Andy Jassy must testify in an ongoing Federal Trade Commission probe into whether the company misled people into subscribing to Amazon Prime and other services, the agency said Wednesday. The decision follows earlier Amazon claims that FTC staff were harassing the two men and imposing
Continue Reading By Julia Horowitz, CNN Business When the Federal Reserve started hiking interest rates to combat decades-high inflation, Chair Jerome Powell stressed that the central bank could increase borrowing costs without inflicting too much damage on the economy. “We feel the economy is very strong and will be able to withstand tighter monetary policy,” Powell said
Continue Reading By Parija Kavilanz, CNN Business Halloween is still a month away, but Walmart is ready for Christmas. Walmart on Thursday said it’s getting the ball rolling on its year-end holiday shopping season at its stores and online as early as next month. Noting that more than half of its customers make their holiday shopping plans
Continue Reading By Junko Ogura, Emi Jozuka and Kathleen Benoza Japan tried to shore up the value of its currency Thursday by buying yen and selling US dollars for the first time in 24 years. The yen had earlier plunged to its lowest level since 1998 after the Federal Reserve hiked interest rates aggressively while the Bank
Continue Reading By Mark Thompson, CNN Business The Bank of England announced its seventh interest rate hike in less than a year on Thursday, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy. The central bank repeated last month’s hike of half a percentage point, taking rates to 2.25% from
Continue Reading By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Matt Egan Goldman Sachs told its New York City-based employees on Wednesday that as of November 1 they will no longer need to get vaccinated for Covid-19, CNN has learned. The move comes weeks after Goldman Sachs relaxed its Covid requirements for all US employees except those based in New York, its home city.
Continue Reading By Alicia Wallace, CNN Business In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a “softening labor market.” Data, however, doesn’t mince words. The Fed’s latest economic projections, released Wednesday
Continue Reading By Jennifer Korn, CNN Business Live-streaming giant Twitch on Tuesday said it will take additional steps to crack down on unlicensed gambling content on its platform after facing backlash from some of its top creators. The Amazon-owned service plans to prohibit gambling sites from streaming on the platform if they are not licensed in the
Continue Reading By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By David Goldman, CNN Business US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P
Continue Reading By Emmet Lyons and Ken Olshansky There will be “people on the street” globally unless steps are taken to protect the most vulnerable from inflation, International Monetary Fund’s (IMF) chief Kristalina Georgieva warned on Wednesday. “It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of
Continue Reading By Peter Valdes-Dapena, CNN Business When Ford chief executive Jim Farley split the company’s passenger vehicle business into two parts — one for electric cars, the other for gasoline-powered vehicles — Farley put himself in charge of the electric car business, a division called Model e. The assumption among a lot of industry observers was
Continue Reading By Paul R. La Monica, CNN Business Prospective home buyers are getting hit by a double whammy of bad news: Prices remain prohibitively high for many consumers, largely due to low supply. Mortgage rates have also skyrocketed to their highest level in 14 years. That is weighing on demand for both new home construction as
Continue Reading By Catherine Thorbecke, CNN Business Nearly one year after Microsoft launched its flagship Windows 11, the tech giant has officially rolled out its first major update to the operating system. The update, which is available for free for current Windows 11 users, was released in more than 190 countries on Tuesday. Many of the new
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