By Laura He, CNN Business China on Friday slashed a key interest rate to rescue its slumping housing market and head off a major downturn in the world’s second largest economy. The People’s Bank of China cut its five-year loan prime rate (LPR) by 15 basis points to 4.45%, the second reduction this year and
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By Laura He, CNN Business China is buying record amounts of cheap Russian coal, even as Western nations slam Moscow with sanctions over the invasion of Ukraine. In April, not only did the world’s second largest economy buy more coal from Russia than ever before, it also eliminated import tariffs on all types of coal,
Continue Reading By Laura He, CNN Business China is buying record amounts of cheap Russian coal, even as Western nations slam Moscow with sanctions over the invasion of Ukraine. In April, not only did the world’s second largest economy buy more coal from Russia than ever before, it also eliminated import tariffs on all types of coal,
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By Jackie Wattles, CNN Business Boeing’s Starliner spacecraft made a safe return home from its five-day stay at the International Space Station on Wednesday, concluding a long-awaited test mission that could pave the way for the Starliner to launch astronauts for the first time later this year. After detaching from its port at the ISS
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By Peter Valdes-Dapena, CNN Business Mercedes-Benz confirmed on Thursday that it recently sold the world’s most expensive car. A very rare 1955 Mercedes-Benz SLR coupe that had been kept in the German automaker’s collection was sold to a private owner for €135 million, the equivalent of $142 million. That price makes it the most expensive
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By Christiane Amanpour, Jo Shelley, Ahmet Mengli and Maddie Araujo, CNN It’s a somber Thursday morning at TOLOnews, Afghanistan’s leading independent news channel. The staff was told the day before that the Taliban have ordered female presenters to cover their faces on air. The devastating directive came on Wednesday from the Ministry for the Propagation
Continue Reading By Christiane Amanpour, Jo Shelley, Ahmet Mengli and Maddie Araujo, CNN It’s a somber Thursday morning at TOLOnews, Afghanistan’s leading independent news channel. The staff was told the day before that the Taliban have ordered female presenters to cover their faces on air. The devastating directive came on Wednesday from the Ministry for the Propagation
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By Matt McFarland, CNN Business The National Highway Traffic Safety Administration said Wednesday that it is investigating a Tesla crash in Newport Beach, California, this month that killed three people in the vehicle and injured three construction workers. The NHTSA team that conducts in-depth crash investigations is examining the crash’s circumstances, including whether Tesla’s driver-assist
Continue Reading By Matt McFarland, CNN Business The National Highway Traffic Safety Administration said Wednesday that it is investigating a Tesla crash in Newport Beach, California, this month that killed three people in the vehicle and injured three construction workers. The NHTSA team that conducts in-depth crash investigations is examining the crash’s circumstances, including whether Tesla’s driver-assist
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By Brian Fung, CNN Business Google, Facebook’s parent Meta, and Amazon could have to spin off chunks of their advertising businesses under Congress’s latest bill targeting Big Tech, according to the US senators behind the proposal. The bill introduced Thursday by Sens. Mike Lee, Amy Klobuchar, Ted Cruz and Richard Blumenthal zeroes in on the
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By Nathaniel Meyersohn, CNN Business In August of 2001, more than 100 people gathered on the East Side of Buffalo, New York. The setting, an empty lot in a nearly all-Black neighborhood of this upstate New York city, drew prominent visitors. They included Hillary Clinton and Chuck Schumer, the two US senators from the state
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By Peter Valdes-Dapena, CNN Business Ford is advising the owners of 39,013 Ford Expedition and Lincoln Navigator SUVs to park their vehicles outdoors because they could spontaneously catch fire. The specific full-sized SUVs in question were all built during a four-month period between December 1, 2020 and April 30, 2021, according to a Ford statement
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By Jackie Wattles, CNN Business Boeing launched its Starliner spacecraft, designed to ferry astronauts to and from the International Space Station, on an uncrewed test mission toward the orbiting outpost Thursday evening. After two prior attempts to complete such a mission failed, Boeing’s goal is to prove the spacecraft can dock with the ISS. It
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By Brian Fung, CNN Business Twitter will now apply warning labels to — and cease recommending — claims that outside experts have identified as misinformation during fast-moving times of crisis, the social media company said Thursday. The platform’s new crisis misinformation policy is designed to slow the spread of viral falsehoods during natural disasters, armed
Continue Reading By Nathaniel Meyersohn, CNN Business In August of 2001, more than 100 people gathered on the East Side of Buffalo, New York. The setting, an empty lot in a nearly all-Black neighborhood of this upstate New York city, drew prominent visitors. They included Hillary Clinton and Chuck Schumer, the two US senators from the state
Continue Reading By Nathaniel Meyersohn, CNN Business In August of 2001, more than 100 people gathered on the East Side of Buffalo, New York. The setting, an empty lot in a nearly all-Black neighborhood of this upstate New York city, drew prominent visitors. They included Hillary Clinton and Chuck Schumer, the two US senators from the state
Continue Reading By Nathaniel Meyersohn, CNN Business In August of 2001, more than 100 people gathered on the East Side of Buffalo, New York. The setting, an empty lot in a nearly all-Black neighborhood of this upstate New York city, drew prominent visitors. They included Hillary Clinton and Chuck Schumer, the two US senators from the state
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By Jeanne Sahadi, CNN Business When it comes to fraying nerves, this spring is really outperforming. Stocks are now in bear market territory. Interest rates — and Covid cases — are climbing. Inflation remains high. Geopolitical unrest continues. And all of it combined is sparking recession fears. No one’s finances are immune. But there are
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By Anna Bahney, CNN Business Rents in the US climbed to a new record high again in April, and they are expected to keep rising. The national median rent was $1,827 a month in April, up 16.7% from a year ago, according to a report from Realtor.com. Rent has been steadily increasing since early last
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By Julia Horowitz, CNN Business Shares of retailers were pummeled on Wednesday as investors dug through the latest earnings results from Target and Walmart, which were flush with signs that the economy is entering a period of deep uncertainty. What’s happening: Inflation is already causing consumers to pull back spending on some items as they
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