By Matt Egan, CNN Business The Covid era of free money has come to an end. After dropping interest rates to zero in March 2020 to revive the economy, the Federal Reserve has just shifted gears to go into inflation-fighting mode. Fed officials said Wednesday they are raising interest rates, beginning their first cycle of
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By Rebekah Riess, CNN Business The U.S. Coast Guard is working on a plan to safely refloat a 1,095-foot container ship operated by Evergreen Marine Corp. that grounded in the Chesapeake Bay Sunday night. This comes nearly a year after the container ship Ever Given, also operated by Evergreen Marine, became grounded in the Suez
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By Brian Stelter and Oliver Darcy, CNN Business Fox News correspondent Benjamin Hall, who was severely injured while reporting outside Kyiv on Monday, has been evacuated from the country, Fox said. “Ben is alert and in good spirits,” Fox News Media CEO Suzanne Scott said Wednesday in a memo to staffers. “He is being treated
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By Charles Riley, CNN Business Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more. The world’s second-largest crude oil exporter could be forced to limit output by
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By Rachel Metz, CNN Business Instagram is rolling out new tools that parents can use to help monitor and limit their kids’ usage of the photo-sharing app, months after disclosures from a Facebook whistleblower raised concerns about the platform’s impact on younger users. The tools, released Wednesday, offer parents the ability to see how much
Continue Reading By Rachel Metz, CNN Business Instagram is rolling out new tools that parents can use to help monitor and limit their kids’ usage of the photo-sharing app, months after disclosures from a Facebook whistleblower raised concerns about the platform’s impact on younger users. The tools, released Wednesday, offer parents the ability to see how much
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By Matt Egan, CNN Business President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes. Biden fired off a tweet Wednesday morning highlighting the painfully slow decline in gasoline prices in
Continue Reading By Brian Stelter and Oliver Darcy, CNN Business Fox News correspondent Benjamin Hall, who was severely injured while reporting outside Kyiv on Monday, has been evacuated from the country, Fox said. “Ben is alert and in good spirits,” Fox News Media CEO Suzanne Scott said Wednesday in a memo to staffers. “He is being treated
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By Anneken Tappe, CNN Business The Federal Reserve will likely hike interest rates on Wednesday, marking the end of the ultra-low rate environment the pandemic ushered in two years ago. The market expects a quarter-percentage point to be added to the benchmark rate, lifting it above zero. It would be the first rate hike since
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By David Goldman, CNN Business Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. But it’s not out of the woods yet. That’s because the funds the country used to make the debt
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By Julia Horowitz, CNN Business Harsh sanctions against Russia following its invasion of Ukraine are fueling a moment of deep uncertainty for financial markets. And while the full effects of efforts to punish the world’s 11th biggest economy remain unknown, a crucial moment has arrived. What’s happening: Russia could start the clock Wednesday on its
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By Danielle Wiener-Bronner, CNN Business Starbucks CEO Kevin Johnson will step down on April 4 after five years at the helm of the company, Starbucks said in a statement Wednesday. Howard Schultz, who spent decades leading the company before Johnson, will take over as interim CEO and rejoin its board as the company searches for
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By Laura He, CNN Business Chinese stocks had their best day in years Wednesday as Beijing promised measures to “substantially” boost economic growth and keep financial markets stable. Hong Kong’s benchmark Hang Seng Index ended up 9.1%, the biggest one-day gain since October 2008. China’s Shanghai Composite also rallied 3.5%, the strongest gain for that
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By Michelle Toh, CNN Business Li-Ning goods will be detained by US authorities after US Customs and Border Protection said an investigation indicated that the Chinese sportswear giant uses North Korean labor in its supply chain. Starting this week, the company’s merchandise will be detained at all US ports, the CBP announced Tuesday. “Such merchandise
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By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
Continue Reading By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
Continue Reading By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
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By Chris Isidore, CNN Business Jet fuel prices are soaring along with other fuel costs. So are airfares. Blame the return of passenger demand — rather than fuel prices — if you pay more for a flight this spring or summer. The nation’s leading airline executives appeared at a JPMorgan investor conference Tuesday and all
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By Jennifer Korn, CNN Business Forget the stereo. Your next car could come with a virtual reality entertainment system. Holoride, a tech startup whose promise is “turning vehicles into moving theme parks,” recently announced at the SXSW festival in Austin that it is bringing VR headsets to select Audi SUVs and sedans this summer. With
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By Phil Mattingly and Kaitlan Collins, CNN Sarah Bloom Raskin has withdrawn from consideration to be a nominee for the Federal Reserve Board of Governors. Raskin submitted her withdrawal in a letter to President Joe Biden. Biden nominated Raskin in January for the position of vice chair of supervision at the Fed, a role that
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