By Chris Isidore and Betsy Klein, CNN Business Worried about supply chain problems that are already causing problems for the nation’s economy, President Joe Biden took action Friday to prevent 115,000 US railroad workers from going on strike as planned early Monday morning, A strike would have brought nearly 30% of the nation’s freight to
Continue Reading By Matt McFarland, CNN Business 47 Hertz customers have filed a lawsuit against the rental company that describes horror stories after they were allegedly falsely reported as having stolen its rental cars, and in some cases even jailed. The plaintiffs allege being blind-sided by arrests — sometimes at gunpoint — and in some cases spending
Continue Reading By Nicole Goodkind, CNN Business US stocks surged Friday as an end-of-week rally gained momentum and sent the Dow up over 600 points. A new batch of bank earnings and economic data Friday morning increased investors’ optimism about the state of the economy and lessened worries that the Federal Reserve could raise rates by a
Continue Reading By Matt McFarland, CNN Business The problem with trees is that they are too slow. Part of the issue with catastrophic climate change is that, by some measures, an incredible amount of damage is already done. Even if all the coal-fired power plants were magically turned into wind and solar overnight, and all our cars
Continue Reading By Matt McFarland, CNN Business The problem with trees is that they are too slow. Part of the issue with catastrophic climate change is that, by some measures, an incredible amount of damage is already done. Even if all the coal-fired power plants were magically turned into wind and solar overnight, and all our cars
Continue Reading By Alicia Wallace, CNN Business Americans are feeling slightly better about the economy, but painfully high inflation is still keeping consumer sentiment at close to an all-time low, according to preliminary survey data released by the University of Michigan on Friday. The preliminary index for the university’s Surveys of Consumers rose to 51.1 in July
Continue Reading By Kathryn Vasel, CNN Business Many employers have made it clear that they want their workers to return to the office — at least part of the time. But some employees, who have spent the last two years working almost entirely remotely, are wondering why they need to return to in-person work at all. Gas
Continue Reading Martha C. White Although prices at the pump serve as one of the most prominent symbols of rampant inflation, economists are more worried about the spillover effects of price spikes for another major source of fuel: diesel. Diesel plays an outsized role in consumer prices because it and its chemical cousins, jet fuel and maritime
Continue Reading Martha C. White Although prices at the pump serve as one of the most prominent symbols of rampant inflation, economists are more worried about the spillover effects of price spikes for another major source of fuel: diesel. Diesel plays an outsized role in consumer prices because it and its chemical cousins, jet fuel and maritime
Continue Reading By Laura He, CNN Business China’s banking regulator has pledged to boost lending to help developers finish stalled property projects and boost buyers’ demand, as a growing mortgage boycott by homebuyers exacerbates the country’s real estate woes. The China Banking and Insurance Regulatory Commission (CBIRC) reiterated Thursday that it will provide “active credit support” for
Continue Reading By Nicole Goodkind, CNN Business US markets took a beating on Thursday as big bank earnings delivered disappointing results. Markets and the economy have endured three turbulent months. The Federal Reserve’s rate rise regime and Russia’s invasion of Ukraine have slammed investor and borrower sentiment. The financial sector is hurting, too. Analysts expect earnings to
Continue Reading By Laura He, CNN Business China’s economy has recorded its worst quarterly performance in over two years, after months of harsh Covid lockdowns wreaked havoc across the country. Gross domestic product in the world’s second largest economy expanded by just 0.4% in the three months to June 30, compared with the same period last year,
Continue Reading By Sara Ashley O’Brien, CNN Business Five more passengers are suing Uber over alleged sexual assault incidents that occurred in recent months at the hands of drivers on its platform. The lawsuit is the latest reminder of the flood of lawsuits that Uber and competitor Lyft face as they work to combat well-known safety issues
Continue Reading By Jeanne Sahadi, CNN Business US employers say they expect the average raise to be 4.1% in 2023, which would be the largest hike in 15 years, according to a survey of more than 1,400 organizations from advisory firm Willis Towers Watson. But that extra money may not go far. That 4.1% is less than
Continue Reading By Jordan Valinsky, CNN Business Wordle is jumping from the P-H-O-N-E to the B-O-A-R-D. Hasbro is partnering with the New York Times, which owns the popular online word puzzle, to create “Wordle: The Party Game.” The new board game “delivers classic Wordle gameplay, but now in an all new way,” the companies said in a
Continue Reading By Jordan Valinsky, CNN Business Wordle is jumping from the P-H-O-N-E to the B-O-A-R-D. Hasbro is partnering with the New York Times, which owns the popular online word puzzle, to create “Wordle: The Party Game.” The new board game “delivers classic Wordle gameplay, but now in an all new way,” the companies said in a
Continue Reading By Peter Valdes-Dapena, CNN Business BMW is now offering British drivers the option of enjoying a heated seat on a monthly subscription basis. Of course, you can still get heated seats the regular way — just buy them as an option when you purchase the car — but for those who didn’t do that, or
Continue Reading By Julia Horowitz, CNN Business If a recession were to arrive in the United States, there would normally be evidence of pain at America’s biggest lenders. But so far, top banks aren’t seeing major signs of weakness, even as they admit they’re bracing for tougher times ahead. What’s happening: Results from JPMorgan Chase, Wells Fargo
Continue Reading By Matt McFarland, CNN Business Andrej Karpathy, Tesla’s director of artificial intelligence, announced Wednesday he’s leaving the company only months before its anticipated release of its long-delayed “full self-driving” software to 1 million people. Tesla’s driver-assist features made significant advances in his tenure, but also have drawn increased scrutiny from regulators over their safety record.
Continue Reading By Anna Bahney, CNN Business Mortgage rates are on the rise again after a dramatic drop last week. The 30-year fixed-rate mortgage averaged 5.51% in the week ending July 14, up from 5.3% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.88%. Rates rose
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