By Jeanne Sahadi, CNN Business The IRS on Friday announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. Starting next year, you will be allowed to contribute up to $22,500 into your 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s $2,000 —
Continue Reading By Nicole Goodkind, CNN Business It’s been a tumultuous year for retail traders — people who buy shares of individual companies or indexes on popular trading platforms like Robinhood or E-Trade. Facing an economic outlook full of bear markets, high inflation and interest rate hikes, they’ve finally decided that they’ve had enough. What’s happening: Back
Continue Reading Swati Gupta, CNN Business Google is facing the heat in India. The country’s antitrust regulator has imposed a penalty of approximately 13.4 billion rupees ($162 million) on Alphabet Inc’s Google for abusing its “dominant position in multiple markets in the Android mobile device ecosystem.” The Competition Commission of India (CCI) has asked Google to modify
Continue Reading By Oliver Darcy, CNN Business The right-wing channel Newsmax has banned Lara Logan from its air after she went on a QAnon-style rant during an appearance on the network this week. In a bizarre interview, Logan told host Eric Bolling that “the open border is Satan’s way of taking control of the world,” and later
Continue Reading Jon Sarlin, CNN Business The big news in crypto this week came via a court filing in Texas. FTX, the crypto giant that is led by arguably the most powerful person in the industry, is under investigation by Texas regulators for selling unregistered securities. “The Enforcement Division is now investigating FTX Trading, FTX US, and
Continue Reading By Vanessa Yurkevich and Chris Isidore, CNN Business US freight railroads rejected a new sick leave proposal from a union of track maintenance workers that is threatening to go on strike in less than 30 days without a new labor deal. The Brotherhood of Maintenance of Way Employes Division announced last week that its rank-and-file
Continue Reading By Nicole Goodkind, CNN Business Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September. But this
Continue Reading By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction
Continue Reading By Peter Valdes-Dapena, CNN Business BMW recently announced a $1.7 billion investment to help prepare its huge Spartanburg, South Carolina, factory to produce electric cars and SUVs. That sum included $700 million for the construction of a battery manufacturing plant nearby. Spartanburg is BMW’s largest factory anywhere in the world. It employs 11,000 people and
Continue Reading By Michael Ballaban Elon Musk made another one of his predictions. On Wednesday evening’s earnings call, the Tesla CEO claimed that his company, a maker of niche luxury cars, would someday be worth more than Apple and Saudi Aramco. Combined. Together, those companies are worth approximately $5 trillion. Tesla’s market value is $650 billion —
Continue Reading By Matt McFarland, CNN Business Tesla buyers may be able to take advantage of new federal tax credits for electric vehicles next year, the automaker’s executives said Wednesday. The credits can be as large as $7,500 for new vehicles and $4,000 for used vehicles. Tesla’s eligibility for the previous tax credits ended in Jan. 2020
Continue Reading By Alicia Wallace, CNN Business “Payday Friday” may soon be replaced by “Payday Wednesday.” This week, JPMorgan Chase, America’s largest bank, became the latest financial institution to offer customers early access to their direct deposits. Chase, the consumer and commercial banking arm of JPMorgan Chase, announced that its 1.4 million Secure Banking customers will automatically
Continue Reading By Paul R. La Monica, CNN Business Fads come and go in fashion. (Are skinny jeans no longer a thing?) The same is true of the stock market. Investors occasionally get too wrapped up in the latest big consumer or corporate trend, only to see companies get crushed when fickle tastes change — or even
Continue Reading By Allison Morrow, CNN Business Even the uber-rich are on edge now about the economy. Elon Musk and Jeff Bezos, two of the wealthiest people on the entire planet (who generally don’t agree on much of anything), are both signaling some tension about a looming recession. Bezos earlier this week commented that it’s time to
Continue Reading By Paul R. La Monica, CNN Business More bad news for anyone looking to buy a home: The benchmark 10-year Treasury bond yield rose to about 4.23% Thursday afternoon, the highest level since June 2008. Mortgage rates, which are now hovering just below 7%, tend to move in lockstep with the 10-year yield. Many market
Continue Reading By Chris Isidore, CNN Business American Airlines expanded on its plan to drop first-class seats on its international flights and replace them with more business class seats. Some of the new seats on long-haul international flights will be dubbed “Flagship Suites” and feature seats that convert into beds and doors for privacy. The change was
Continue Reading By Anna Bahney, CNN Business Home sales in the US declined for the eighth month in a row in September as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 23.8% in September from a year
Continue Reading By Anna Bahney, CNN Business Mortgage rates rose again this week, stopping just short of the 7% mark. The 30-year fixed-rate mortgage averaged 6.94% in the week ending October 20, up from 6.92% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.09%. Mortgage rates have more than
Continue Reading By Julia Horowitz, CNN Business Twelve days from now, the Federal Reserve will meet again, and expectations for the central bank’s next moves are firming up. The consensus among investors: Persistently hot inflation means the Fed will need to continue with its string of aggressive interest rate hikes, which is unprecedented in the modern era.
Continue Reading 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 —
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