Money

By Anna Cooban, CNN Business Britons were hit Friday by a huge rise in energy bills, compounding the country’s worst cost-of-living crisis in decades. About 22 million households will see their annual bills soar to about £2,000 ($2,626) after the UK’s energy regulator lifted its price cap by 54% — the biggest jump since it

By Anneken Tappe, CNN Business America’s labor market is roaring back, adding another 431,000 jobs in March and bringing the unemployment rate to a new pandemic-era low of 3.6%, the Bureau of Labor Statistics reported Friday. Prior to the pandemic, the jobless rate was at 3.5%, matching the near 50-year low first set in 2019.

By Laura He, CNN Business China’s strict lockdown in Shanghai is heaping even more pressure on global supply chains. On Friday, Shanghai extended restrictions in many parts of the city, which is home to China’s financial hub and one of the world’s busiest ports. The Port of Shanghai had already been suffering from major holdups,

By Michelle Toh, CNN Business China and Europe’s top leaders are set to meet on Friday, as their vast and growing trade relationship threatens to be overshadowed by differences over Russia and other geopolitical tensions. At the virtual EU-China summit, Beijing is expected to face pressure from one of its top trading partners over the

By Peter Valdes-Dapena, CNN Business The Toyota Corolla became world’s best-selling car mostly because it’s inexpensive, efficient and practical. Exciting? Maybe not that. Over the decades — the Corolla model has been in production since 1966 — there have been some fun, high-performance versions of the compact car, though. On Thursday night in Long Beach,

By Steve Contorno, CNN Florida Gov. Ron DeSantis on Thursday signaled support for stripping Disney of its 55-year-old special status that allows the entertainment company to operate as an independent government around its Orlando-area theme park. It’s the latest fallout in the feud between DeSantis, a Republican widely seen as a potential 2024 presidential contender,

By Mirna Alsharif, CNN Business A former Yale administrative employee pleaded guilty on Monday of defrauding the university of more than $40.5 million by reselling electronics purchased with school funds over at least an eight-year period, according to court documents. Jamie Petrone-Codrington, 42, who was director of finance and lead administrator at the medical school’s

By Matt Egan, CNN Business The International Energy Agency is planning to hold an emergency meeting Friday, a person familiar with the matter confirmed to CNN, setting the stage for other nations to follow the United States’ lead in releasing oil from emergency reserves. After announcing a record release of 180 million barrels of oil,

By Anna Bahney, CNN Business The federal government’s emergency rental assistance program helped prevent more than one million evictions last year. An estimated 1.36 million renters avoided an eviction filing in 2021 as a result of the government’s unprecedented $46.5 billion rent relief program and other protections, according to a recent analysis by Princeton University’s

By Julia Chatterley Russia’s invasion of Ukraine has the world heading toward a global food crisis that could impact millions of people. But things are particularly dire in Ukraine. According to the World Food Programme, almost half of all Ukrainians are concerned about having enough food to eat. Among the many organizations that have offered

By Parija Kavilanz, CNN Business Can’t stand that old bookcase and dining table with the mismatched chairs you once thought looked so cool? If you bought them at Ikea, the retailer will pay you to get them back. The Swedish furniture and home goods chain said Thursday it is making its Buy Back & Resell

By Nathaniel Meyersohn, CNN Business Kohl’s is pushing back against intense pressure from Wall Street to make changes or sell the company. The retailer sent a sharply worded letter to shareholders Thursday ahead of the its annual meeting in May, urging them to reject an activist investor’s efforts to gain control of the company and

By Paul R. La Monica, CNN Business The stock market surged in March, but stumbled on the last day of the first quarter. And investors are reeling after a tough start to 2022. The Dow fell more than 550 points Thursday. It and the S&P 500 each dropped nearly 5% in the first three months