Martha C. White for CNN Business At a think tank conference Thursday, Federal Reserve Chairman Jerome Powell reiterated his pledge to stay the course on the central bank’s aggressive inflation-busting policy. “The Fed has, and accepts, responsibility for price stability,” he said at the Cato Institute’s 40th Annual Monetary Conference. “We need to act right
Continue Reading By Alicia Wallace, CNN Business The economy added 315,000 jobs in August, exceeding economists’ expectations but far below July’s blowout report, when employment surged by a revised 526,000 positions. The nation’s unemployment rate rose to 3.7% from 3.5%, as more people entered the labor market looking for work, the Bureau of Labor Statistics reported Friday.
Continue Reading By Alex Stambaugh, Julia Horowitz and Michelle Toh, CNN Business The West’s biggest economies on Friday agreed to impose a price cap on Russian oil in an attempt to reduce Moscow’s ability to fund its war in Ukraine without further stoking global inflation. Finance ministers from the G7 group of countries — the United States,
Continue Reading By Hilary Whiteman, CNN Australia shut its borders for more than two years during the pandemic, but it also blocked access to potential workers and it’s desperate to have them back. On Friday, the government boosted its permanent migration numbers to 195,000 from this financial year — a rise of 35,000 people. Employers are hopeful
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks has tapped Laxman Narasimhan as its next CEO. Narasimhan will become incoming CEO at Starbucks on October 1. He will officially begin his role in April and will then join the company’s board of directors, as well. The Reckitt Benckiser Group, where Narasimhan most recently served as CEO, announced
Continue Reading By Catherine Thorbecke, CNN Business With Apple widely expected to unveil the new iPhone 14 lineup at its upcoming event next Wednesday, a big question mark still surrounds how much, in this economy, the tech giant will charge for its latest-and-greatest smartphones. Apple has some famously loyal customers. Yet as broader economic forecasts get downgraded
Continue Reading By Matt McFarland, CNN Business This week Cruise, which counts General Motors as its largest shareholder, became the first robotaxi operator to recall its vehicles, following a June crash involving “major” damage and minor passenger injuries. The crash occurred after the Cruise robotaxi making a left turn stopped in the intersection, thinking that an oncoming
Continue Reading By Paul R. La Monica, CNN Business New month. Same old market volatility. Stocks rallied at the end of first day of September, which is historically the worst month for stocks. The Dow and S&P 500 snapped four-day slides but the Nasdaq is now on a five-day losing streak that started with the market’s swoon
Continue Reading By Matt Egan and Anna Bahney, CNN Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market. The new loan, launched this week, requires no minimum credit score nor
Continue Reading By Alicia Wallace, CNN Business The US economy shrank in the first half of the year, consumer sentiment plunged amid high inflation and unrest overseas, and some of the biggest names in business have cut thousands of jobs — but America’s labor market hasn’t skipped a beat. US employers announced just 20,485 layoffs in August,
Continue Reading By Paul R. La Monica, CNN Business The work-from-home boom may be over, and that’s not good news for one pandemic stock market darling. Zoom’s weak earnings outlook and plunging stock price raise the question of whether or not the video conferencing company is a one-trick pony that needs to be part of a larger
Continue Reading By Anna Bahney, CNN Business Mortgage rates continued to climb this week following comments by Federal Reserve Chairman Jerome Powell that the central bank is taking “forceful and rapid” steps to reduce inflation and slow the economy. The 30-year fixed-rate mortgage averaged 5.66% in the week ending September 1, up from 5.55% the week before,
Continue Reading By Kate Trafecante and Alicia Wallace for CNN Business Weekly jobless claims fell to the lowest level since late June as employers appear reluctant to part with workers in a tight labor market. According to a report from the US Department of Labor, 232,000 Americans filed first-time unemployment claims in the week ending August 27,
Continue Reading By Rachel Metz, CNN Business In January 2021, Rachel Tobac came up with a silly take on a serious topic: A sea shanty-like video in which she sang a tale about the importance of password security and multi-factor authentication. It came complete with a hauntingly harmonized chorus that includes the words, “Soon may a criminal
Continue Reading By Clare Duffy, CNN Business After years of users clamoring for such a feature, Twitter is finally testing edited tweets. Twitter said in — where else? — a tweet Thursday morning that some users may start seeing edited tweets in their feed because it is testing the long-awaited edit button. “This is happening and you’ll
Continue Reading Opinion by Gideon Maltz for CNN Business Perspectives One year ago, the world collapsed for Sayed Kabir Kamall, an Afghan of Uzbek heritage. Kabir had worked in procurement for the US embassy in Afghanistan and, in his spare time, was a popular musician, recording music in support of the Afghan military. But by August 15,
Continue Reading By Zayn Nabbi and Anna Cooban, CNN Business More than two in five Black, brown and minority ethnic workers in the United Kingdom say they have faced racism on the job, according to a new study. 41% of those workers “faced racism at work in the last five years,” according to a report published Wednesday
Continue Reading By Brian Fung, CNN Google is preparing for a wave of misinformation surrounding the US midterm elections by elevating trustworthy information and displaying it more prominently across services including search and YouTube, the company said Thursday. As part of the effort, Google plans to launch a new tool in the coming weeks that highlights local
Continue Reading By Anna Chernova, Frederik Pleitgen, Chris Liakos and Julia Horowitz, CNN Business The chairman of Russian oil and gas giant Lukoil has died after falling out of the window of a hospital in Moscow, according to Russian state media. “The man fell out of the sixth-floor window and died as a result of his injuries,”
Continue Reading By Anna Cooban, CNN Business A leading British retailer plans to feed 88,000 workers over the winter to help them cope with the surging cost of living. John Lewis Partnership — which owns supermarkets, departments stores and provides banking services — announced on Wednesday that it would offer free food to all employees, including temporary
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