Wall Street slumps as sinking British pound rattles markets
By CNN Business Staff The-CNN-Wire™ & © 2022 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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The rich are the biggest winners of Britain’s tax-cutting gamble
By Anna Cooban, CNN Business The United Kingdom’s big tax-cutting gamble to boost economic growth will benefit the rich far more than millions of people on lower incomes. On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in
Continue Reading Amazon puts a second Prime Day sale on the calendar
By Jordan Valinsky, CNN Business Amazon is adding another Prime Day to the calender. The company announced Monday that the sale, called “Prime Early Access Sale,” will take place October 11-12. The 48-hour event is only for members of its Prime subscription program and will feature discounts on “hundreds of thousands” of items. “Prime Early
Continue Reading Forget a soft landing. The market’s best hope is a ‘growth’ recession
By Nicole Goodkind, CNN Business Investors are waking up to the harsh reality of just how much pain the economy may have to endure as the Federal Reserve continues its fight against stubbornly high inflation. The Fed darkened its tone at last week’s policy meeting, warning of serious economic hardship ahead, and markets finally took
Continue Reading The bond market is crumbling. That’s bad for Wall Street and Main Street
By Nicole Goodkind, CNN Business The global bond market is having a historically awful year. The yield on the 10-year US Treasury bond, a proxy for borrowing costs, briefly moved above 4% on Wednesday for the first time in 12 years. That’s a bad omen for Wall Street and Main Street. What’s happening: This hasn’t
Continue Reading While DeSantis was flying legal asylum seekers to Martha’s Vineyard, business owners in his state were struggling for workers
By Vanessa Yurkevich, CNN For the past two years Jan Gautam has been filling in sporadically as a housekeeper at hotels in Orlando, Florida, run by Interessant Hotels & Resort Management, or IHRMC. When he’s not making beds, he’s busy running the company. He’s the President and CEO of IHRMC — which is based in
Continue Reading Airlines add flights to Hong Kong but the aviation hub won’t be back to normal anytime soon
By Michelle Toh, CNN Business International airlines are scrambling to add more flights to Hong Kong as the city ends two and a half years of quarantine measures, leading to a surge in demand for travel. The new measures took effect Monday. Now, instead of having to isolate in a hotel room at their own
Continue Reading Apple is making the iPhone 14 in India as China headaches mount
By Diksha Madhok, CNN Business Apple has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain away from China. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous
Continue Reading 12-year-old boy in ‘critical condition’ following alleged gang-rape in New Delhi
By Hannah Ritchie, Manveena Suri and Rhea Mogul, CNN A 12-year-old boy is in “critical condition” after he was allegedly gang-raped and beaten in India’s capital New Delhi, according to a statement from the city’s police and a complaint lodged by the boy’s family to the Delhi Commission for Women (DCW). Delhi Police Deputy Commissioner
Continue Reading UK government forced to ditch plan to slash top rate of tax
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 British pound plummets to record low against the dollar
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 This guy is using AI to make a movie — and you can help decide what happens next
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 Intel is the Dow’s biggest loser
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 This iconic bar of soap, with two weird claims to fame, has stuck around for nearly 150 years
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 Iran’s sweeping internet blackouts are a serious cause for concern
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 Workers at Home Depot in Philadelphia file for union vote
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 GM investing $760 million in Toledo factory to make electric car drive units
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: IEA head: Electric cars are transforming the auto industry. That’s good news for the climate
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 Markets hate Liz Truss’ plan for the UK. Just look at these charts
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 Billionaire hedge fund manager argues for increasing immigration to fight inflation
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
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