By Danielle Wiener-Bronner, CNN Business Food is still getting more expensive, but at a slower pace than earlier this year. In the month of October, food was .6% pricier compared to September, adjusting for seasonal swings, according to data released Thursday by the Bureau of Labor Statistics. For the year through October, without seasonal adjustments,
Continue Reading By Allison Morrow, CNN Business In the space of a week, a 30-year-old entrepreneur once hailed as a modern-day J.P. Morgan watched his digital empire, including billions of his own fortune, evaporate in a death spiral that’s shaken the foundations of the trillion-dollar crypto industry. On Thursday, Sam Bankman-Fried issued a mea culpa: “I f**ked
Continue Reading By Anna Bahney, CNN Business Mortgage rates have jumped back above 7%, after dropping last week. The 30-year fixed-rate mortgage averaged 7.08% in the week ending November 10, up from 6.95% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 2.98%. Mortgage rates have risen throughout most of
Continue Reading By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as a
Continue Reading By Nicole Goodkind, CNN Business The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or 90% of the index’s total membership. Results were mostly solid, with companies from Goldman Sachs to GM reporting strong profits. But it’s all about what’s next — and companies’ projections
Continue Reading By Jennifer Korn, CNN Business The near collapse this week of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto startup and investment community. But the fallout could also spread to the sports industry. Like other crypto companies, FTX has invested heavily in sports sponsorships, including partnerships and naming rights in
Continue Reading By Clare Duffy, CNN Business Video by John General, CNN Business In 2019, Air Company made a splash when it launched vodka derived from recaptured carbon, in an effort to reduce the amount of the harmful greenhouse gas in the atmosphere. Today, the Brooklyn-based startup has begun using the same process to make fuel for
Continue Reading By Clare Duffy, CNN Business Video by John General, CNN Business In 2019, Air Company made a splash when it launched vodka derived from recaptured carbon, in an effort to reduce the amount of the harmful greenhouse gas in the atmosphere. Today, the Brooklyn-based startup has begun using the same process to make fuel for
Continue Reading By Alicia Wallace, CNN Business Americans and the Federal Reserve got some welcome news Thursday on inflation. The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected and the lowest annual inflation reading since January. The stock market skyrocketed on the
Continue Reading By Alicia Wallace, CNN Business The economy was top of mind for voters in the midterm elections, exit polls showed, adding even more weight to a highly anticipated inflation report due out on Thursday. The Consumer Price Index for October, which measures the change in price of everything from pork chops to plane tickets, will
Continue Reading By Oliver Darcy, CNN Business The White House believes that the press has “egg on their faces, yet again.” That’s according to a White House official who spoke candidly with CNN on Wednesday about the media’s “red wave” narrative that wasn’t. Heading into Tuesday, the dominant narrative in the press — especially right-wing media —
Continue Reading By Brian Fung, CNN Twitter appears to be battling a wave of celebrity and corporate impersonators on its platform who have quickly gamed the company’s new paid verification system, hours after its launch. CNN has confirmed multiple verified Twitter accounts have been suspended by the platform after other users posted screenshots showing misleading content from
Continue Reading By Clare Duffy, Oliver Darcy and Donie O’Sullivan, CNN Business Elon Musk has publicly clashed with a growing number of Twitter employees about the state of the platform, and fired at least one of them in a tweet, in an unusually visible sign of corporate chaos after his $44 billion takeover of the influential company.
Continue Reading By Nikki Carvajal, CNN President Joe Biden said Twitter owner and Tesla CEO Elon Musk’s relationship with other countries was “worthy of being looked at,” but declined to say how that could be done. “I think that Elon Musk’s cooperation and/or technical relationships with other countries is worthy of being looked at, whether or not
Continue Reading By Chris Isidore, CNN Business Electric truckmaker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers. On the one hand, Rivian reported a smaller than expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast
Continue Reading By Brian Fung, CNN Twitter owner Elon Musk pleaded with advertisers to keep using his platform on Wednesday as he sketched out his plans for user verification, content moderation and even his intention to add banking features to Twitter in front of a live audience of over 100,000 users. During an hour-long Twitter Spaces session
Continue Reading By Allison Morrow, CNN Business So, you won the lottery. Congrats! What do you do now? Once you’re done screaming and dancing in a shower of Champagne, take a moment to gather yourself and start thinking about the more pragmatic aspects of your new life as a multimillionaire (or billionaire) What will you do with
Continue Reading By Alicia Wallace, CNN Business The economy was top of mind for voters in the midterm elections, exit polls showed, adding even more weight to a highly anticipated inflation report due out on Thursday. The Consumer Price Index for October, which measures the change in price of everything from pork chops to plane tickets, will
Continue Reading By Allison Morrow, CNN Business Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself. Bankman-Fried, widely known as SBF, started this week firmly in the realm of billionaires, with an estimated fortune of more than $15 billion, according the
Continue Reading By Matt Egan, CNN Business Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders. At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in
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