By Anna Cooban, CNN Turkey’s stock market has sunk 15% in the three days since a devastating earthquake hit parts of the country’s south, piling further pain onto an already fragile economy. Trading on Istanbul’s stock exchange was halted Wednesday after the main index dropped 7% in early dealing, according to Turkey’s Central Securities Depository.
Continue Reading By Nicole Goodkind, CNN Federal Reserve Chairman Jerome Powell threw markets into a tizzy on Tuesday as he spoke about the economy alongside his former boss, Carlyle Group co-founder David Rubenstein, at the Economic Club of Washington. Stocks struggled for direction as investors tried to get a read on Powell’s economic outlook, attitude towards inflation
Continue Reading By Juliana Liu, CNN Trade between the United States and China hit a record high in 2022, even as political tension heightened between the world’s top two economies. The bilateral goods trade between the countries rose to $690.6 billion last year, according to official US data, which was released Tuesday. Exports to China increased by
Continue Reading By Vanessa Yurkevich, CNN CSX Transportation announced Tuesday that it had reached a deal with two railroad unions regarding paid sick leave. The agreement reached between CSX and the Brotherhood of Maintenance of Way Employes Division, which represents engineers, and the Brotherhood of Railway Carmen, which represents mechanical workers, will provide 5,000 union members employed
Continue Reading By Laura He, CNN Even for a famously frugal nation, Chinese people saved a lot last year. Stuck at home due to Covid restrictions, they socked away a record $2.6 trillion. Now that life is returning to normal, hopes are high that consumers will spend with a vengeance, providing a much-needed boost to the world’s
Continue Reading By Jeanne Sahadi, CNN Business Millions of Californians in 2022 got a special check from their state government to offer relief from a variety of negative economic events including inflation. Millions of taxpayers in other states got different types of special payments from their state governments as well — such as income or property tax
Continue Reading By Jeanne Sahadi, CNN However you feel about doing your taxes, chances are that, if you expect to get a refund, you’ll want it fast. The IRS says it typically issues federal refunds within 21 calendar days of accepting your tax return, assuming there are no issues. (More on those in a minute.) Tom O’Saben,
Continue Reading By Alicia Wallace, CNN As retail sales took a bit of a breather in December, so did the credit cards. US consumers’ outstanding credit grew by $11.56 billion to end the year, according to Federal Reserve data released Tuesday. It’s the lowest monthly gain since January 2021 and well below economists’ expectations of $25 billion.
Continue Reading By Nicole Goodkind, CNN Everyone seems to be in a bit of a debt bind at the moment: The US government has run out of credit to spend, high inflation and interest rates have taken a big bite out of debt-laden tech companies that expected pandemic-era growth to continue and US credit card debt reached
Continue Reading By Alicia Wallace, CNN The US labor market remains “extraordinarily strong” and Friday’s monster jobs report underscored that the central bank has more work to do to bring down inflation, Federal Reserve Chairman Jerome Powell said Tuesday. “We didn’t expect it to be this strong,” Powell said of the January jobs report, which showed the
Continue Reading By Catherine Thorbecke, CNN Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes. In a memo to employees, Zoom’s CEO Eric Yuan said the layoffs would impact
Continue Reading By Clare Duffy, CNN Microsoft on Tuesday announced a revamp of its Bing search engine and Edge web browser powered by artificial intelligence, weeks after it confirmed plans to invest billions in OpenAI, the company behind ChatGPT. With the updates, Bing will not only provide a list of search results, but will also answer questions,
Continue Reading By Brian Fung, CNN Twitter temporarily suspended Montana Republican Sen. Steve Daines’s account for violations of the company’s sensitive media policy. For several hours on Tuesday, Daines’ Twitter profile displayed messages indicating the account was “temporarily unavailable because it violates the Twitter Media Policy.” According to an aide to the senator, Daines’ account was suspended
Continue Reading By Brian Fung, CNN Top US lawmakers on the Senate Intelligence Committee want answers from Meta on a newly disclosed internal investigation it conducted in 2018 that found tens of thousands of software developers in China, Russia and other “high-risk” countries may have had access to detailed Facebook user data before the company clamped down
Continue Reading By Paul R. La Monica, CNN Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, understands that consumers are still struggling to deal with high prices. And he has the frozen lasagna to prove it. Kashkari told CNN’s Poppy Harlow Tuesday that he knows first hand how expensive many consumer goods and services are.
Continue Reading By Alicia Wallace, CNN Inflation surged in January by the most in three months, according to the latest Consumer Price Index released Tuesday. But despite the monthly increase of 0.5%, inflation continued to slow on a year-over-year basis to 6.4%, according to the Bureau of Labor Statistics. That’s down from December’s 6.5% but higher than
Continue Reading By Parija Kavilanz, CNN On Super Bowl Sunday, an army of volunteers will be ready outside and inside State Farm Stadium in Glendale, Arizona to execute a time-sensitive game plan of their own. Their mission: recover and redistribute a tremendous volume of surplus food. Thousands of Eagles and Chiefs fans will gather on February 12
Continue Reading By Julia Horowitz, CNN The United Kingdom is pushing ahead with plans to create a digital pound issued by the Bank of England that would offer a stable alternative to bitcoin or ether. The central bank and the UK Treasury said Monday that an official digital currency is “likely to be needed in the future.”
Continue Reading By Julia Horowitz, CNN The United Kingdom is pushing ahead with plans to create a digital pound issued by the Bank of England that would offer a stable alternative to bitcoin or ether. The central bank and the UK Treasury said Monday that an official digital currency is “likely to be needed in the future.”
Continue Reading By Chris Isidore, CNN Boeing plans to cut about 2,000 white-collar jobs in finance and human resources, and it will be shifting some of that work to an outside contractor in India. Although Boeing will reduce office staff, the company is preparing to add 10,000 employees focused on engineering and manufacturing. The company said that
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