By Anneken Tappe The US stock market took it on the chin again Tuesday, plummeting on worries about sustained high inflation that pushed bond yields higher. The debt ceiling debate raging in Washington didn’t help market sentiment either. The Dow dropped some 600 points at its low-point, and finished the day down 569 points, or
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By Walé Azeez, CNN Business The United Kingdom is suffering from fuel shortages, gaps on supermarket shelves, rising inflation and slowing economic growth. Prime Minister Boris Johnson insists he isn’t worried — but should he be? Johnson has in recent days brushed aside concerns about snarled supply chains and price hikes, saying they are consistent
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren announced Tuesday that she will oppose Federal Reserve Chairman Jerome Powell’s renomination, making her the highest-profile lawmaker to do so. “Your record gives me grave concern. Over and over you have acted to make our banking system less safe. And that makes you a dangerous man
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By Matt Egan, CNN Business Senator Elizabeth Warren on Monday urged the Securities and Exchange Commission to launch an insider trading investigation into transactions by high-level officials at the Federal Reserve. The Massachusetts Democrat called for the agency to conduct a “sweeping review of all securities trades” by Fed officials to determine if they violated
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By Matt Egan, CNN Business Americans should brace for sticker shock on home heating costs as temperatures drop this fall and winter. Prices for natural gas, the most common way to heat homes and a leading fuel source for generating electricity, have surged more than 180% over the past 12 months to $5.90 per million
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By Matt McFarland, CNN Business A wider group of Tesla owners who paid up to $10,000 for what the company calls its “full self-driving” software can now ask the automaker for access to a test version of the feature. But they’ll first have to show that they’re a sufficiently safe driver by allowing Tesla to
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By Julia Horowitz, CNN Business Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply. But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth. What’s happening: General Motors, Chrysler-owner Stellantis and Honda all recently
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By Jill Disis, CNN Business A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country’s vast economy and place even more strain on global supply chains. Companies in the country’s industrial heartlands have been told to limit their energy consumption in order
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By Sara Ashley O’Brien, CNN Business The testimony of a former Theranos lab director is set to continue Wednesday in the criminal trial of the failed blood-testing startup’s founder and former CEO, Elizabeth Holmes. It will mark the third day that jurors will hear from the man who is now known to be the first
Continue Reading By Amy Woodyatt, CNN Business As well as dropping people off at nightclubs, train stations and shopping centers, David Lawrie’s taxi drivers are relied upon to transport disabled passengers, and drive children to school. But as fuel stations across the UK run dry, those drivers are having to make difficult decisions about who does and
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By Matt Egan, CNN Business Treasury Secretary Janet Yellen warned lawmakers that the federal government will likely run out of cash and extraordinary measures by October 18 unless Congress raises the debt ceiling. The new estimate from Yellen raises the risk that the United States could default on its debt in a matter of weeks
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Opinion by Dana M. Peterson for CNN Business Perspectives High costs for everything, from food and gasoline to automobiles and airline tickets, have made the pandemic that much more difficult for US consumers. So of course, many were relieved to see that consumer prices rose by less than expected in August. But this unfortunately isn’t
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By Julia Horowitz, CNN Business Energy prices are skyrocketing around the world, with major consequences for markets as investors worry about the state of the economic recovery. What’s happening: Global markets are stumbling Tuesday as energy prices soar. One big problem has been shortages of natural gas, triggered by low stocks and a jump in
Continue Reading By Jill Disis, CNN Business A growing power supply crunch in China is triggering blackouts for households and forcing factories to cut production, threatening to slow the country’s vast economy and place even more strain on global supply chains. Companies in the country’s industrial heartlands have been told to limit their energy consumption in order
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By Chris Isidore, CNN Business For a year and a half, a lack of computer chips has been plaguing the auto industry, forcing plants to shut down, delaying auto shipments and sending car prices through the roof. But that’s not the only problem automakers face. Industry experts say automakers are having trouble getting all manner
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By Jessie Yeung, Swati Gupta and Meenketan Jha, CNN Business More than 25 million people across the Indian state of Rajasthan faced government-mandated internet shutdowns and restrictions on Sunday, in an effort to prevent cheating in a mass exam. Hundreds of thousands of candidates sat the Rajasthan Teacher Eligibility Test (REET), an exam that paves
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By Rishi Iyengar, CNN Business Activision Blizzard will pay $18 million to settle a lawsuit by a US government agency alleging harassment and discrimination, the firm said Monday. The gaming company, which owns hugely popular titles such as “Call of Duty,” “World of Warcraft” and “Candy Crush,” announced it had reached a settlement agreement with
Continue Reading By Peter Valdes-Dapena, CNN Business Ford Motor Co. and South Korea-based energy company SK Innovations are investing $11.4 billion to build two new enormous manufacturing campuses for electric vehicles, creating more than 10,000 new jobs and representing Ford’s largest-ever single manufacturing investment in the company’s 118-year history. Ford’s share of the investment will be $7
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By Danielle Wiener-Bronner, CNN Business A packaging mixup has prompted a recall of a batch of DiGiorno pepperoni pizzas. Nestlé USA, which owns the frozen pizza brand, has recalled a batch of 26-ounce boxes labeled DiGiorno Crispy Pan Crust Pepperoni Pizzas because they actually contain Three Meat Crispy Pan Crust Pizza. The three meat pizza
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By Clare Duffy, CNN Business TikTok has hit one of the most exclusive milestones in the tech industry. The company said in a blog post Monday that it now has more than 1 billion monthly active users around the world, making it the rare social media application not owned by Facebook or Google to claim
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