By Mark Thompson and Adam Renton, CNN The British government is reversing plans to scrap the highest rate of income tax, announcing the embarrassing retreat after a rebellion among its own lawmakers and a week of financial and economic turmoil. In a statement on Monday, finance minister Kwasi Kwarteng said the tax cut for the
Continue Reading By Laura He, Jessie Yeung and Jonny Hallam, CNN Business The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances. The plunge of nearly 5% to just above $1.03 came during trading in Asia and Australia on Monday and extended a
Continue Reading By Rachel Metz, CNN Business “Salt” resembles many science-fiction films from the ’70s and early ’80s, complete with 35mm footage of space freighters and moody alien landscapes. But while it looks like a throwback, the way it was created points to what could be a new frontier for making movies. “Salt” is the brainchild of
Continue Reading By Paul R. La Monica, CNN Business Semiconductors are in everything. Our phones, our laptops, our televisions. Even our cars. But concerns about a global recession and continued worries about supply shortages stemming from lingering pandemic-related shutdowns in Asia over the past two years are hurting top chip companies. Shares of Intel are down more
Continue Reading By Parija Kavilanz, CNN Business Walk into a Walmart, Target, any drugstore chain in your neighborhood or a corner bodega for New York City dwellers, and chances are you’ll find an Ivory Soap bar, or a pack of 10 bars for under $5, sitting on the shelf. This iconic cake of soap, invented almost 150
Continue Reading By Catherine Thorbecke, CNN Business When Iranian authorities pulled the plug on the internet in 2019 amid anti-government protests, the international community struggled to track the civilian carnage that followed. The people of Iran had taken to the streets to demonstrate after fuel prices surged as much as 300% overnight. The New York Times reported
Continue Reading By Chris Isidore, CNN Business Workers at an Home Depot store in Philadelphia have filed to have a vote to be represented by a union. The store, at 4640 Roosevelt Blvd. in Philadelphia, has about 275 employees, according to the filing by an independent union, Home Depot Workers United, which is seeking the vote. Vincent
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors is investing $760 million in its Toledo Propulsion Systems factory, which builds transmissions for gas-powered vehicles, so that it can make electric drive units for electric vehicles, too. The drive units will be used in GM electric trucks, the automaker said, including the GMC Hummer EV, which is
Continue Reading Opinion by Fatih Birol for CNN Business Perspectives The global energy crisis sparked by Russia’s invasion of Ukraine is causing hardship around the world and shining a spotlight on the flaws in today’s energy system. Volatile prices are hurting consumers and businesses while greenhouse gas emissions are rising and air pollution is leading to millions
Continue Reading By Julia Horowitz, CNN Business When the UK government, led by new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also
Continue Reading By Allison Morrow, CNN Business Bill Ackman, the billionaire hedge fund manager and activist investor, has an alternative idea to fight inflation: Increase immigration. He criticized the Federal Reserve’s interest-rate hikes in a series of tweets Thursday and Friday as a blunt tool that will destroy consumer demand and trigger a recession. “Inflation can be
Continue Reading By Matt Egan, CNN Business Even Goldman Sachs is succumbing to the gloomy mood on Wall Street by abandoning its previously optimistic stance and warning that US stocks will end the year deeply in the red. Goldman Sachs took an ax late Thursday to its stock market forecast, slashing its year-end target for the S&P
Continue Reading By Jordan Valinsky, CNN Business McDonald’s will have to defend itself against a $10 billion lawsuit from media mogul Byron Allen over an allegation that the fast food chain doesn’t advertise with Black-owned media. A federal court ruled last week said that Allen and his company, Allen Media Group, can try to prove in court
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Paul R. La Monica, CNN Business Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to
Continue Reading By Matt Egan Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp drop in
Continue Reading By Frank Pallotta, CNN Business Slugger Aaron Judge is chasing baseball history. So where can you watch it? The New York Yankees outfielder is on the brink of hitting the most home runs in American League history as he sits on 60 for the season. The current record is 61, which was set in 1961
Continue Reading By David Goldman, CNN Business US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P
Continue Reading By Alicia Wallace, CNN Business In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a “softening labor market.” Data, however, doesn’t mince words. The Fed’s latest economic projections, released Wednesday
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