By Paul R. La Monica, CNN Business So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 313 points, or 1%. The S&P
Continue Reading By Paul R. La Monica, CNN Business So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 313 points, or 1%. The S&P
Continue Reading By Brian Fung and Clare Duffy, CNN Business Twitter’s lawyers are set to question Elon Musk in a deposition that could last up to three day starting Sept. 26 as part of ongoing litigation over their $44 billion acquisition deal, according to a court filing Tuesday. The company’s lawyers will also depose Musk lieutenant Jared
Continue Reading By Paul R. La Monica, CNN Business Peloton formally unveiled its high-priced new rowing machine Tuesday. But the company is still facing rough currents as it struggles to find its way into more friendly stock market waters. Shares of Peloton are down a staggering 70% this year. Co-founders John Foley and Hisao Kushi announced last
Continue Reading Opinion by Mark Suzman for CNN Business Perspectives The first two decades of the 21st century provided more progress for more people than perhaps any other period in human history. Deaths from malaria, HIV and tuberculosis were cut in half. Child deaths fell dramatically. Polio was nearly eradicated. And the global poverty rate fell by
Continue Reading By Anna Bahney Home building bounced back a bit last month even though demand for new homes among buyers had started to cool off and the cost of building supplies remained high. August housing starts, a measure of new home construction, jumped 12.2% from July, and were down 0.1% from a year ago, according to
Continue Reading By Angela Dewan, CNN Business Rich economies should hit oil and gas companies with new windfall taxes to provide help for countries suffering from climate change, and people struggling with soaring energy and food bills, UN Secretary General António Guterres said Tuesday. The UN chief accused energy giants of “feasting on hundreds of billions of
Continue Reading By Matt McFarland, CNN Business Gabe Klein, who has led transportation departments in Washington, DC and Chicago, will head the Biden administration’s $7.5 billion program to build out the country’s electric vehicle charging network. Klein will serve as executive director of the Joint Office of Energy and Transportation, which was established by the bipartisan infrastructure
Continue Reading By Chris Isidore, CNN Business The still-clogged global supply chain continues to wreak havoc on the auto industry. Ford said late Monday it will end September with between 40,000 and 45,000 large pickups and SUVs that it can’t finish because it doesn’t have all the parts. Negotiations on various supplies, which Ford did not identify,
Continue Reading By Rachel Metz, CNN Business Regulators have spent years trying to make big tech companies pay for the ways they harvest and, at times, abuse users’ data. One state, meanwhile, is literally making them pay up — and pay out directly to consumers. Illinois is one of just a few states in the United States
Continue Reading By Julia Horowitz, CNN Business For years, the climate for hedge funds was tough. Volatility was low. The price of everything was going up. It wasn’t that hard to make money. In that type of environment, why think outside the box? But as central banks continue with their aggressive campaign of interest rate hikes aimed
Continue Reading By Chris Isidore and Matt McFarland, CNN Business The fact that there is not a freight railroad strike happening this week is a huge win for the US economy and its still struggling supply chain. But that doesn’t mean that the freight railroads are providing good service to their customers. Many of the problems tangling
Continue Reading By Michelle Toh, CNN Business People around the world are searching for ways to shield themselves from the impact of stubbornly high inflation, and the rich are no exception. Nuno Matos, HSBC’s CEO of wealth and personal banking, told CNN Business that global investors were “not being as active as they used to be,” with
Continue Reading By Clare Duffy, CNN Business Twitter co-founder and former CEO Jack Dorsey will be questioned on Tuesday morning by lawyers for the company and Elon Musk as part of the court fight over their $44 billion acquisition deal, according to a notice of a deposition filed Monday. Dorsey — who stepped down as CEO of
Continue Reading By Catherine Thorbecke, CNN Business Rockstar Games confirmed on Monday that hackers had leaked some unreleased footage from its next iteration of the wildly popular “Grand Theft Auto” franchise. The video gaming community was rocked by the emergence online of some screenshots and game-play videos purportedly from the highly-anticipated next installment of “Grand Theft Auto,”
Continue Reading By Nadeen Ebrahim, CNN The oil boom brought about by the Ukraine war has made energy-rich Middle Eastern countries extraordinarily wealthy once again. But experts warn that it may be the last such upswing. The energy price spike triggered by the war lifted the Gulf states out of an almost decade-long economic slump that saw
Continue Reading By Brian Fung, CNN Uber has linked the cybersecurity incident it disclosed last week to hackers affiliated with the Lapsus$ gang, a group accused of numerous high-profile corporate data breaches. The company also said the attackers were able to download or access company Slack messages and invoice-related data from an internal tool. In a blog
Continue Reading By Brian Fung, CNN Uber has linked the cybersecurity incident it disclosed last week to hackers affiliated with the Lapsus$ gang, a group accused of numerous high-profile corporate data breaches. The company also said the attackers were able to download or access company Slack messages and invoice-related data from an internal tool. In a blog
Continue Reading By Peter Valdes-Dapena, CNN Business As the big Chrysler 300 sedan, with its trademark large square grille, approaches the end of an 18-year production run, the brand unveiled a special edition model in Detroit last Tuesday night. That model, the Chrysler 300C, comes with a 485-horsepower V8, but it could have had much more power
Continue Reading By Alicia Wallace, CNN Business President Joe Biden expressed optimism about the direction of the US economy Sunday, saying America will be able to rein in historically high inflation and that he’s hoping the Federal Reserve will achieve a “soft landing” by slowing economic growth without going into recession. “I’m telling the American people that
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