By Jeanne Sahadi, CNN The Federal Reserve on Wednesday raised its key interest rate for the ninth time since last March. Each time the Fed raises the rate, lending rates that banks charge their customers tend to follow. That means consumer debt — especially variable-rate credit card debt — will get more expensive. “[T]he average
Continue Reading By Reuters Intel co-founder Gordon Moore, a pioneer in the semiconductor industry whose “Moore’s Law” predicted a steady rise in computing power for decades, died Friday at the age of 94, the company announced. Intel and Moore’s family philanthropic foundation said he died surrounded by family at his home in Hawaii. Co-launching Intel in 1968,
Continue Reading By Reuters Intel co-founder Gordon Moore, a pioneer in the semiconductor industry whose “Moore’s Law” predicted a steady rise in computing power for decades, died Friday at the age of 94, the company announced. Intel and Moore’s family philanthropic foundation said he died surrounded by family at his home in Hawaii. Co-launching Intel in 1968,
Continue Reading By Michelle Toh, CNN Travelers across Asia Pacific will likely continue to fork out more than usual for flights this year, even as planes return to the skies at a rate not seen since the start of the pandemic. Airfares within the region were 33% higher in February than the same month in 2019, compared
Continue Reading By Samantha Murphy Kelly, CNN Business On the eve of a high-profile TikTok hearing this week, the company shared that it now has more than 150 million US monthly active users. But after the heated, hours-long hearing, filled with lawmakers telling TikTok’s CEO the app should be banned, some may now be wondering where all
Continue Reading By Brian Fung, CNN The US government is tracking a growing number of foreign-linked business transactions that pose potential data risks to national security similar to those raised by TikTok, Treasury Secretary Janet Yellen told lawmakers Thursday. At a House Appropriations Committee hearing, Yellen said regulators charged with screening foreign investment deals for national security
Continue Reading By Hanna Ziady and Olesya Dmitracova, CNN A nationwide strike in France to protest a rise in the retirement age drew more than a million people onto the streets on Thursday before ending in violent clashes with police in Paris and other cities. The protest followed a strike of a similar magnitude in January and
Continue Reading By Matt Egan, CNN The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? For Tom Barkin, the decision wasn’t especially challenging. Inflation, he says, remains public enemy No. 1. “Inflation is high. Demand hadn’t seemed to come down. And so, the case for raising was
Continue Reading By Alicia Wallace, CNN One of the biggest unknowns since the Federal Reserve started its historic rate-hiking campaign has been how many jobs could be lost from the central bank’s deliberate effort to slow down the US economy. So far, the labor market has stayed white hot, with unemployment hovering at a half-century low. But
Continue Reading By Alicia Wallace, CNN One of the biggest unknowns since the Federal Reserve started its historic rate-hiking campaign has been how many jobs could be lost from the central bank’s deliberate effort to slow down the US economy. So far, the labor market has stayed white hot, with unemployment hovering at a half-century low. But
Continue Reading By Ivana Kottasová, CNN When EU lawmakers voted to ban the sale of new combustion engine cars in the bloc by 2035, it was a landmark victory for climate. In February, the European Parliament approved the law. All that was needed was a rubber stamp from the bloc’s political leaders. Then Germany changed its mind.
Continue Reading By Chris Isidore, CNN Twitter’s free blue “verified” checkmarks for notable users may finally be coming to an end. Ever since Elon Musk took control of the company in October, he’s been threatening to remove the “legacy” checkmarks that confirmed the identities of users like government officials, corporations, journalists, celebrities and other high-profile tweeters. Now
Continue Reading By Anna Bahney, CNN Mortgage rates have taken would-be buyers on a ride this year — and it’s only March. Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. But there are bound to be some bumps
Continue Reading By Jessie Yeung and Selina Wang, CNN TikTok is fighting to stay alive in the United States as pressure builds in Washington to ban the app if its Chinese owners don’t sell the company. But the wildly popular platform, developed with homegrown Chinese technology, isn’t accessible in China. In fact, it’s never existed there. Instead,
Continue Reading By Brian Fung, CNN After TikTok CEO Shou Chew testified for more than five hours on Thursday before a Congressional committee, one thing was clear: US lawmakers remain convinced that TikTok is an urgent threat to national security. The hearing, Chew’s first appearance before Congress, kicked off with a lawmaker calling for TikTok to be
Continue Reading By Brian Fung, CNN After TikTok CEO Shou Chew testified for more than five hours on Thursday before a Congressional committee, one thing was clear: US lawmakers remain convinced that TikTok is an urgent threat to national security. The hearing, Chew’s first appearance before Congress, kicked off with a lawmaker calling for TikTok to be
Continue Reading By Nicole Goodkind, CNN In the wake of Silicon Valley Bank’s collapse and subsequent banking meltdown, cash is king. The turmoil inflicted on financial markets has sent cautious investors running away from volatile markets and toward more liquid alternatives. Money market funds, widely thought to be one of the safest, lowest-risk investment options, have seen
Continue Reading By Anna Cooban, CNN Europe’s banking stocks tumbled Friday as investors acted on their lingering worries that the recent crises at some banks could spill over into the wider sector. Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, closed 3.8% lower. The index is down 18% from its high
Continue Reading By Sandi Sidhu and Chris Lau, CNN Chinese authorities have closed the Beijing office of Mintz Group, an American corporate due diligence firm, and detained five local staff, the company said Friday. In a statement provided to CNN, Mintz Group, which is based in New York, said it had not received any official legal notice
Continue Reading By Manveena Suri and Rhea Mogul, CNN The former leader of India’s main opposition political party has been disqualified as a lawmaker, a day after he was handed a two-year jail sentence for defamation, in a ruling his supporters say is politically motivated. India’s lower house, the Lok Sabha, said in a statement that Rahul
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