By Anna Bahney, CNN Mortgage rates shot up for the third-straight week, as inflation concerns make rates more volatile. The 30-year fixed-rate mortgage averaged 6.5% in the week ending February 23, up from 6.32% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.89%. Rates had
Continue Reading By Danielle Wiener-Bronner, CNN Domino’s delivery problems aren’t over. In the last quarter of 2022 sales at locations open at least a year ticked up just 0.9% in the United States, below analyst expectations. Shares plunged about 11% on Thursday following the results. “We experienced significant pressure on our U.S. delivery business in 2022,” CEO
Continue Reading By Jordan Valinsky, CNN President Joe Biden has announced that he’s nominating Ajay Banga, a former MasterCard executive, to serve as president of the World Bank. In a statement, Biden said that Banga is “uniquely equipped to lead the World Bank at this critical moment in history” and that he has a “proven track record
Continue Reading By Kara Scannell, Lauren del Valle and Fredreka Schouten, CNN Federal prosecutors announced four new criminal charges against Sam Bankman-Fried, the founder of crypto trading platform FTX, expanding his potential liability in what authorities allege is a billion-dollar fraud. The new charges, unsealed in a superseding indictment on Thursday, add to the already serious charges
Continue Reading By Parija Kavilanz, CNN Some people love them, some people hate them. Worse, a large number of us who receive them on special occasions are indifferent to them, or even forget about them entirely. Such is the sad fate of gift cards — millions of which go unused each year and have a collective value
Continue Reading By Chris Isidore and Alicia Wallace, CNN The US economy grew at a 2.7% annual rate in the final three months of the year, the Commerce Department reported Thursday. That’s less than the previous estimate of 2.9% growth in the quarter. The slower increase in gross domestic product, a broad measure of economic activity, could
Continue Reading By Nicole Goodkind, CNN There’s a new tussle brewing in the animal kingdom of Wall Street: Hawks vs. Bulls. Policymakers at the Federal Reserve have repeatedly signaled that interest rates will be higher for longer and that restrictive policy will inevitably cool the economy. Yet hope springs eternal for investors who have opted to ignore
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Laura He, CNN In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of
Continue Reading By Chris Isidore, CNN Norfolk Southern has agreed to give one of its unions the paid sick days it demanded for members in negotiations last year, and is in talks to grant sick days to its other unions as well. The announcement comes hours after the company’s chief financial officer, Mark George, told investors that
Continue Reading By Jeanne Sahadi, CNN If your company lays you off, your employer might offer you severance pay — but only if you agree to adhere to a number of restrictions. Staying quiet is often one of them. But the National Labor Relations Board this week put employers on notice that they can no longer silence
Continue Reading By Sean Lyngaas, CNN A cyberattack earlier this month forced produce giant Dole to temporarily shut down production plants in North America and halt food shipments to grocery stores, according to a company memo about the incident obtained by CNN. The previously unreported hack — which a source familiar with the incident said was ransomware
Continue Reading By Jen Christensen, CNN The US Food and Drug Administration announced Wednesday that it has filed complaints against four makers of e-cigarette products, as the companies did not get authorization from the FDA to sell their products in the US market. This is the first time that the agency has filed what it calls a
Continue Reading By Anna Bahney, CNN The Biden administration announced Wednesday a change that will save an estimated 850,000 home buyers — primarily low- and middle-income and first-time buyers — an average of $800 on home financing costs this year. The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the
Continue Reading By Peter Valdes-Dapena, CNN Business For those who have ever felt the urge to whip off a TikTok video from inside their car, Mercedes-Benz owners might be able to do that from inside the 2024 E-class without even having get out their phones. That means dance moves could be possible using both hands, as long
Continue Reading By Peter Valdes-Dapena, CNN Business For those who have ever felt the urge to whip off a TikTok video from inside their car, Mercedes-Benz owners might be able to do that from inside the 2024 E-class without even having get out their phones. That means dance moves could be possible using both hands, as long
Continue Reading By Jon Passantino National Public Radio will lay off 10% of its staff after projecting a $30 million budget shortfall, NPR’s chief executive John Lansing wrote in a memo to staff Wednesday. It becomes just the latest media outlet to make painful cuts as a dramatic slowdown in the advertising market continues to send shockwaves
Continue Reading By Chris Isidore, CNN Norfolk Southern CEO Alan Shaw pledged Tuesday the freight railroad will spend $6.5 million to help those affected by the release of toxic chemicals from its derailment nearly three weeks ago in East Palestine, Ohio. But in a plan released earlier this year, the company said it’s planning to spend more
Continue Reading