By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the
Continue Reading By Jennifer Korn, CNN Business Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase. But last week, Jia was one
Continue Reading By Jordan Valinsky, CNN Business Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. The nail polish and lipstick maker said the move will allow it to “strategically reorganize” its finances, pointing to “liquidity constraints” sparked by supply chain disruptions and inflation. Revlon is
Continue Reading By Jordan Valinsky, CNN Business Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. The nail polish and lipstick maker said the move will allow it to “strategically reorganize” its finances, pointing to “liquidity constraints” sparked by supply chain disruptions and inflation. Revlon is
Continue Reading By Julia Horowitz, CNN Business Central banks are racing to stay on top of rapidly changing economic and financial conditions as they try to contain rampant inflation, a difficult task that could put their credibility on the line. What’s happening: The Federal Reserve raised interest rates on Wednesday by three-quarters of a percentage point for
Continue Reading By Jordan Valinsky, CNN Business Lego is planning to spend more than $1 billion to build a factory in the United States. The company announced Wednesday plans for a 1.7-million square foot plant in Virginia, which will employ roughly 1,800 people once its completed in 2025. It will be the Danish company’s seventh global factory
Continue Reading By Anna Cooban, CNN Business The United Kingdom’s central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation. The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are already
Continue Reading By Nathaniel Meyersohn, CNN Business The Covid-19 pandemic was expected to turn us all into permanent online shoppers, never to set foot in physical stores again. Instead, consumers have apparently gotten tired of ordering everything while sitting on the couch and have returned to shopping the old-fashioned way. “As the pandemic has subsided, you’re seeing
Continue Reading By Julia Horowitz, CNN Business The European Union’s embargo on 90% of the oil it imports from Russia is the toughest punishment it’s inflicted on the Kremlin since President Vladimir Putin ordered the invasion of Ukraine. But a smaller part of the latest sanctions package could prove just as significant. A ban on insuring ships
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COLUMBIA, Mo. (KMIZ) The Federal Reserve made the largest interest rate increase since 1994 on Wednesday. The increase comes as a response to the record-high inflation rates. The Consumer Price Index reported that inflation increased to 8.6% in May, and CPI reported that Shelter has risen by 0.6% putting it at 5.5%. Joe Haslag, a
Continue Reading By Laura He, CNN Business European markets and US stock futures fell Thursday, a day after the Fed got tough on inflation with its biggest rate hike since 1994. France’s CAC 40 fell 2.3%, and Germany’s DAX 2.7%, while the FTSE 100 slipped 2.6%. US stocks had closed higher on Wednesday after the Federal Reserve
Continue Reading By Jennifer Korn, CNN Business Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase. But last week, Jia was one
Continue Reading Catherine Thorbecke, CNN Business Apple workers at a retail outpost in Towson, Maryland, are set to begin voting on Wednesday in a union election, with the potential to form the first labor union in one of the tech giant’s US stores. Voting will take place in person at a vacant store in the Towson Town
Continue Reading By Anna Bahney, CNN Business Mortgage rates are climbing, home sales are dropping and some of the nation’s largest real estate companies are announcing layoffs. Redfin said it cut about 8% of its employees and Compass said it would reduce its workforce by 10%. The cutbacks are the latest indication that the red hot housing
Continue Reading By Anna Bahney, CNN Business Another indication the hot housing market is cooling off? New residential construction and the number of permits issued for building homes both fell in May. The number of housing starts fell for the second month in a row in May, dropping 14.4% from April and 3.5% from the year before.
Continue Reading By Nicole Goodkind, CNN Business The mission of the Federal Reserve is to foster the stability of US monetary systems. It’s the reason the central bank was created in 1913, and it’s the reason it still exists today. So when inflation threatens to potentially destabilize the dollar, it’s the Fed’s job to spring to action.
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle white-hot inflation that is plaguing the economy, frustrating consumers and stifling the Biden administration. It’s the largest rate hike since 1994, and will affect millions of American businesses and households,
Continue Reading By Blake Ellis and Melanie Hicken, CNN An 18-year-old US Merchant Marine Academy student who was repeatedly harassed and groped by older, male crew members during a training program aboard a commercial ship was so terrified of being sexually assaulted that she slept in a locked bathroom, clutching a knife for protection, a lawsuit filed
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle white-hot inflation that is plaguing the economy, frustrating consumers and stifling the Biden administration. It’s the largest rate hike since 1994, and will affect millions of American businesses and households,
Continue Reading By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
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