CNN – Business/Consumer

By Matt Egan, CNN Business The Federal Reserve’s war on inflation isn’t just painful for home buyers and people with credit card debt. Uncle Sam is getting squeezed by higher borrowing costs, too. The cost to finance America’s growing mountain of debt is rising rapidly as the Fed scrambles to put out the inflation fire

By Hanna Ziady, CNN Business BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying

By Mark Thompson, Mayumi Maruyama and Alex Stambaugh, CNN Oleg Tinkov, the founder of a major Russian digital bank, has renounced his Russian citizenship in protest over the war in Ukraine. “I have taken the decision to exit my Russian citizenship,” Tinkov announced in a post on Instagram on Monday alongside a photo of a

By Rhea Mogul, Manveena Suri and Swati Gupta, CNN More than 50 children are among 135 people killed in Sunday’s bridge collapse in India’s Gujarat state, according to a list of victims published by state authorities on Wednesday. Investigators are examining why the historic suspension bridge in the town of Morbi collapsed, sending dozens of

By Parija Kavilanz, CNN Business What staffing shortage? One Miami Chick-fil-A owner/operator has been deluged with applications after switching his staff to a three-day, 14-hour workweek. Justin Lindsey was looking for a novel way to reward workers who were “literally working 70 hours a week, week in and week out,” he recently told QSR magazine.

By Paul R. La Monica, CNN Business The Dow fell nearly 130 points, or 0.4% Monday, but it still ended October up 14% — its best monthly gain since January 1976. The blue chips remain off by almost 10% this year, though. Meanwhile, the S&P 500, which closed down 0.8% Monday, has dropped about 20%

By Nicole Goodkind, CNN Business When will central banks stop raising interest rates? That’s the multi-trillion dollar question that has Wall Street analysts wearing wrist braces from shaking their Magic 8 Balls so hard. Unfortunately, the answer they’re receiving is “reply hazy, try again.” What’s happening: Last week, European Central Bank officials announced another massive

By Julia Horowitz, CNN Business European inflation has accelerated to a new record high as energy and food prices in the region continue to skyrocket. Prices across the 19 countries that use the euro increased at an annual rate of 10.7% in October, up from 9.9% in September, according to initial estimates released Monday. Energy

By Hanna Ziady, CNN Business Prices of wheat and corn on global commodities markets rose on Monday after Russia pulled out of a deal that had allowed some vital grain exports from Ukraine to pass through the Black Sea despite the war. Wheat futures on the Chicago Board of Trade jumped 5.5% on Monday to

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 —

By Frank Pallotta, CNN Business “Saturday Night Live” kicked off this week’s episode with Heidi Gardner leading a PBS NewsHour focused on three notable Republicans before the midterm elections in less than two weeks. First up was Herschel Walker, played by Kenan Thompson. “My name is Herschel Walker Texas Ranger,” Thompson as Walker said, kicking