By Chris Isidore, CNN Business American Airlines expanded on its plan to drop first-class seats on its international flights and replace them with more business class seats. Some of the new seats on long-haul international flights will be dubbed “Flagship Suites” and feature seats that convert into beds and doors for privacy. The change was
Continue Reading By Anna Bahney, CNN Business Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 23.8% in September from a year
Continue Reading By Anna Bahney, CNN Business Mortgage rates rose again this week, stopping just short of the 7% mark. The 30-year fixed-rate mortgage averaged 6.94% in the week ending October 20, up from 6.92% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage rates have more than
Continue Reading By Julia Horowitz, CNN Business Twelve days from now, the Federal Reserve will meet again, and expectations for the central bank’s next moves are firming up. The consensus among investors: Persistently hot inflation means the Fed will need to continue with its string of aggressive interest rate hikes, which is unprecedented in the modern era.
Continue Reading By Paul R. La Monica, CNN Business The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. And it’s still possible another rate increase of that magnitude could come in December. But the big question for many investors —
Continue Reading By Clare Duffy, CNN Business After months of layoffs, hiring freezes and other cost-cutting measures, big tech companies are set to provide the most detailed look yet at just how bad things have gotten for their businesses amid fears of a looming recession. Snapchat’s parent company, which tanked much of the tech sector in May
Continue Reading By Clare Duffy, CNN Business After months of layoffs, hiring freezes and other cost-cutting measures, big tech companies are set to provide the most detailed look yet at just how bad things have gotten for their businesses amid fears of a looming recession. Snapchat’s parent company, which tanked much of the tech sector in May
Continue Reading By Jordan Valinsky, CNN Business Barilla can’t avoid a class-action lawsuit over allegedly deceptive advertising about the pasta’s origins, a federal judge ruled this week. At issue is the brand’s slogan “Italy’s No. 1 brand of pasta,” which the lawsuit says can lead customers to believe it’s actually made in Italy. The customers that filed
Continue Reading By Jordan Valinsky, CNN Business For any company that’s been around for a century, it can be hard to keep the brand fresh. Wonder Bread hopes its latest stunt can help. The 101-year-old bread maker will have a float in this year’s Macy’s Thanksgiving Day Parade, marking the first-time ever the kitchen staple has joined
Continue Reading By Brian Fung, CNN GIFs — those short, animated images that were a staple of internet memes and culture in the 1990s and 2000s — may be going out of fashion now as social media users have largely moved on to emojis and video. But a long-running legal battle over who can control access to
Continue Reading By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Laura He, CNN Business Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concerns about China’s rising Covid cases and economic outlook. The plunge comes at a time when members of China’s ruling Communist Party are meeting for the 20th Party Congress, a major leadership reshuffle that sets the
Continue Reading By Eric Cheung and Will Ripley, CNN Business Many Asian countries introduced tougher Covid-19 restrictions than in other continents, a reality that has caused concerns about elevated levels of stress, anxiety and isolation. Now, a number of young entrepreneurs are leveraging technology to provide greater access to mental healthcare there. In July, Singapore-based Intellect raised
Continue Reading By Catherine Thorbecke, CNN Business Uber is launching an in-house advertising division and rolling out its own form of targeted digital ads as it seeks to develop new revenue sources. The ridehailing giant announced the launch of its “enterprise-wide” advertising unit on Wednesday, saying it will be helmed by Amazon advertising veteran Mark Grether. Uber
Continue Reading By Chris Isidore, CNN Business Tesla posted a solid quarter of earnings and record revenue, but now says it will fall short of its target for a 50% growth in the number of cars it sells this year. As recently as July it said it was still aiming for a target of a 50% growth
Continue Reading By Chris Isidore, CNN Business It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. But the good news for drivers — and Biden — is that several factors are pointing to lower prices ahead at the pump. The
Continue Reading By Chris Isidore, CNN Business Tesla posted improved third quarter earnings that were generally in line with Wall Street forecasts, but profits were still just short of where they were at the start of the year before supply chain problems ate into its production and sales. In its earnings summary issued to investors Wednesday, Tesla
Continue Reading By Jeanne Sahadi, CNN Business There’s really nothing nice to say about inflation when it comes to your bottom line. It’s hard on your wallet. It’s hard on your savings because it reduces the buying power of the dollars you socked away. And it’s hard on your paycheck, because chances are your last raise did
Continue Reading By Alicia Wallace, CNN Business Economic factors, not just lockdown-induced forced proximity, played a key role in last year’s “baby bump,” according to the economists behind a new working paper released earlier this week. Economists from UCLA, Northwestern and Princeton universities found that pandemic trends, such as increased work flexibility, helped push up US birth
Continue Reading By Jeanne Sahadi, CNN Business Inflation may be pushing prices up, but it also may help push up your take-home pay starting next year. Thanks to inflation adjustments to 2023 federal income tax brackets and other provisions announced by the Internal Revenue Service this week, more of your 2023 wages may be subject to lower
Continue Reading