By Paul R. La Monica, CNN Business The prices of bitcoin and other top cryptocurrencies have been more than cut in half this year. Now the great crypto crash of 2022 is crushing leading digital asset brokerage firms Coinbase and Robinhood too. Shares of Coinbase have lost nearly three-quarters of their value in 2022, and
Continue Reading By Alicia Wallace, CNN Business US consumer confidence continues to sour in the face of high gas and food prices and rising recession risks, according to new data released Tuesday from The Conference Board. The consumer confidence index for June dropped to 98.7 from May’s revised reading of 103.2, which was adjusted downward by more
Continue Reading By Alicia Wallace, CNN Business US home prices ran hot again in April, notching another month of more than 20% year-over-year gains, according to the latest S&P CoreLogic Case Shiller US National Home Price Index data, released Tuesday. Home prices rose 20.4% in April from the year before, compared to a 20.6% rise seen in
Continue Reading By Julia Horowitz, CNN Business A growing number of investors have come to the conclusion that a recession in the United States is probably looming, fueling a sharp sell-off in stocks and bonds as Wall Street braces for impact. What’s happening: A shallow recession late this year or early next year is “becoming the consensus
Continue Reading By Nicole Goodkind, CNN Business Retailers typically want their sales numbers to be red hot, not their customers. But Bed Bath & Beyond is reportedly dealing with cooled momentum and heated customers at its stores. A new report from Bank of America claims that the company has cut air conditioning in an effort to quickly
Continue Reading By Julia Horowitz, CNN Business This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don’t need to go as far back as 1918.
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors has said that Cadillac, its luxury brand, will lead the automaker into the electric future. It will be the first GM brand to go all-electric and its first EV model is the Cadillac Lyriq, a crossover SUV that’s one of the best Cadillacs I’ve driven in a long
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors has said that Cadillac, its luxury brand, will lead the automaker into the electric future. It will be the first GM brand to go all-electric and its first EV model is the Cadillac Lyriq, a crossover SUV that’s one of the best Cadillacs I’ve driven in a long
Continue Reading By Michelle Toh, CNN Business British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in
Continue Reading By Jordan Valinsky, CNN Business Ernst & Young has been slapped with a record $100 million fine from the US government after regulators discovered that the company knew some of its auditors were cheating on exams for several years and did nothing to stop it. The Securities and Exchange Commission said Tuesday that a “significant
Continue Reading By Rhea Mogul and Esha Mitra, CNN Delhi police have arrested a prominent Muslim journalist, accusing him of insulting religious beliefs on social media, in a move condemned by free speech advocates. Mohammed Zubair, co-founder of fact-checking website Alt News, which debunks misinformation in the Indian media, was arrested Monday and remanded overnight in police
Continue Reading By Laura He, CNN Business Tencent’s biggest shareholder will reduce its stake in the social media and gaming giant, just over a year after promising it would not sell the stock for three years. Prosus, a spin-off by South African media and internet investment firm Naspers, said Monday it will cut its huge stake in
Continue Reading By Rachel Metz, CNN Business Instagram is testing new ways to verify its youngest users’ ages, including by using artificial intelligence that analyzes a photo and estimates how old the user is. Meta-owned Instagram said in a blog post on Thursday that AI is one of three new methods it’s testing to verify users’ ages
Continue Reading By Chuck Johnston and Ramishah Maruf, CNN At least 800 flights were canceled across the United States on Monday afternoon, according to the flight-tracking website FlightAware. This follows another chaotic travel weekend with more than 1,500 domestic flights canceled Saturday and Sunday. Delta alone canceled at least 224 flights Monday, or 7% of its operations,
Continue Reading By Paul R. La Monica, CNN Business Plans to make former president Donald Trump’s media company public appear to have hit another roadblock. Digital World Acquisition Corp. — the special purpose acquisition company (SPAC) that has agreed to merge with Trump Media & Technology Group — said in a regulatory filing Monday that its board
Continue Reading By Oliver Darcy, CNN Business MSNBC announced on Monday that Alex Wagner will take over the network’s all-important 9pm time slot four days a week. The elevation of Wagner, made by MSNBC president Rashida Jones, is arguably the most important programming decision the network boss has made since taking over as head of the cable
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” has flown to new heights. The sequel to the 1986 blockbuster, in which Tom Cruise reprises the famed role of Pete “Maverick” Mitchell, has crossed the $1 billion mark at the worldwide box office, according to Paramount. “Maverick” is the first film in Cruise’s more than 40-year
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” has flown to new heights. The sequel to the 1986 blockbuster, in which Tom Cruise reprises the famed role of Pete “Maverick” Mitchell, has crossed the $1 billion mark at the worldwide box office, according to Paramount. “Maverick” is the first film in Cruise’s more than 40-year
Continue Reading By Rachel Metz, CNN Business Instagram is testing new ways to verify its youngest users’ ages, including by using artificial intelligence that analyzes a photo and estimates how old the user is. Meta-owned Instagram said in a blog post on Thursday that AI is one of three new methods it’s testing to verify users’ ages
Continue Reading By Clare Duffy, CNN Business In the wake of the Supreme Court’s controversial decision to overturn Roe v. Wade, people have flooded social media platforms with information about how to access in-person or medication abortions to help those in states that have outlawed the procedure or could soon do so. But the situation could create
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