By Mark Thompson, CNN Business The European Central Bank hiked interest rates by a record three-quarters of a percentage point on Thursday and promised more to come as it scrambles to contain the inflationary fallout from Russia’s invasion of Ukraine and the ensuing energy crisis. The move will take the benchmark rate for the 19
Continue Reading By Peter Valdes-Dapena, CNN Business Jeep will bring out three new all-electric SUVs over the next few years as it moves toward selling only electric vehicles in Europe by 2030 and having half its sales in the US be all-electric by then, too. Executives for the off-road SUV brand also indicated that more fully electric
Continue Reading By Nicole Goodkind, CNN Business The US dollar can’t be stopped. Fueled by the Federal Reserve’s aggressive tightening policy, the value of the greenback is appreciating to multi-decade highs and squashing currencies around the world. Typically, it’s emerging-market countries that shoulder the burden of a strong dollar. That’s because developing countries have been encouraged by
Continue Reading By Lauren Kent and Anna Cooban, CNN Business The United Kingdom on Thursday confirmed plans to subsidize energy bills for households and businesses, joining other European governments in a costly race to protect their economies from freezing up this winter as Russia cuts off supplies of gas. The UK plan could cost as much as
Continue Reading By Michelle Toh and Swati Gupta, CNN Business Amazon will halt the sale of devices that can disable seatbelt alarms in India following a request from the government. The Transport Ministry told CNN Business on Thursday that it had sent a notice to Amazon, ordering it to take down listings of replacement seatbelt clips that
Continue Reading By Lauren Kent, CNN Big oil companies are spending millions to portray themselves as taking action on climate change, but their investments and lobbying activities don’t live up to their planet-friendly claims, according to a new report. An analysis from London-based energy and climate think-tank InfluenceMap found that the amount of climate-positive messaging used by
Continue Reading By Rishi Iyengar, CNN Business Amazon CEO Andy Jassy isn’t looking to force the company’s workers back into the office anytime soon. “We don’t have a plan to require people to come back,” Jassy said at the Code Conference in Los Angeles on Wednesday. “But we’re going to proceed adaptively as we learn.” The online
Continue Reading By Jackie Wattles and Samantha Murphy Kelly, CNN Apple announced a forthcoming satellite connectivity feature called Emergency SOS via Satellite at its iPhone 14 launch event. The tool is intended to help people using the company’s next-generation phones to communicate when their cell service isn’t working — a process that Apple said took years to
Continue Reading By Catherine Thorbecke, CNN Business The days of using a paper clip to perform microsurgery to extract a tiny SIM card from a little tray in your iPhone may be coming to an end. At its closely-watched press event this week, Apple revealed that it is ditching the physical SIM cards and trays on its
Continue Reading By Samantha Murphy Kelly, CNN Business Apple unveiled its new iPhone 14 lineup at a press event on Wednesday, along with three new Apple Watch models, an update to its popular AirPods product line and a feature that could save lives when cell service isn’t available. At a closely-watched event from its headquarters in Cupertino,
Continue Reading By Matt McFarland, CNN Business The Tesla Model Y received the highest grade of any vehicle in a European safety test that ranked driver-assist systems like the automaker’s controversial Autopilot system. The 2022 Model Y’s 98% score in the “safety assist” category, which evaluated safety technologies like lane-keeping and automatic emergency braking, beat out vehicles
Continue Reading By Jackie Wattles, CNN Business The US military is racking up deals with commercial rocket companies to explore the idea of using rockets typically tasked with launching satellites or astronauts to shuttle military cargo around the world at record speeds. The companies so far tapped to join the military in exploring ways to bring that
Continue Reading By Matt Egan Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. US oil tumbled 5.1% to $82.41 a barrel in recent trading. That’s the lowest intraday price since January 24. US crude is now down by more than one-third since briefly hitting $130
Continue Reading By Matt Egan Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. US oil tumbled 5.1% to $82.41 a barrel in recent trading. That’s the lowest intraday price since January 24. US crude is now down by more than one-third since briefly hitting $130
Continue Reading By Paul R. La Monica, CNN Business Billionaire Ryan Cohen profited big when he briefly invested in struggling retailer Bed Bath & Beyond and helped it become a meme stock again. Now he faces an arguably tougher challenge with another of the original meme phenoms: GameStop. Cohen is the chairman of GameStop, which will report
Continue Reading By Frank Pallotta, CNN Business Cineworld Group — the world’s second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. The British company, which owns more than 500 movie theaters across the United States, said that it commenced Chapter 11 proceedings in the
Continue Reading By Chris Isidore, CNN Business The Major League Baseball Players Association is joining the AFL-CIO, the nation’s largest labor federation that includes unions representing a total of 12.5 million members. With only about 1,200 members, the MLBPA is fairly small by comparison to many of the other unions in the federation, But it is one
Continue Reading By David Goldman, CNN Business The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. A looming recession, a disastrous energy crunch and the highest inflation among G7 nations has sent the pound sinking over the
Continue Reading By David Goldman, CNN Business The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. A looming recession, a disastrous energy crunch and the highest inflation among G7 nations has sent the pound sinking over the
Continue Reading By Matt McFarland, CNN Business Tesla’s price for the feature it calls “full self-driving” has increased again. This time to $15,000, making it an unusually expensive option for a car. “After wide release of FSD Beta 10.69.2, price of FSD will rise to $15k in North America on September 5,” Musk tweeted last month. The
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