By Chris Isidore, CNN Ford said it will lose $3 billion on its sales of electric vehicles to consumers this year, but it still expects to hit the profit targets it set for this year of between $9 billion and $11 billion. Ford said those EV losses and the overall profit both come before expenses
Continue Reading By Nicole Goodkind, CNN The Federal Reserve raised interest rates by a quarter percentage point on Wednesday as it attempts to fight stubbornly high inflation while addressing risks to financial stability. Investors and economists had widely anticipated the quarter-point increase despite the recent meltdown in the banking sector. Still, Federal Reserve Chair Jerome Powell and
Continue Reading By Nicole Goodkind, CNN The Federal Reserve raised interest rates by a quarter percentage point on Wednesday as it attempts to fight stubbornly high inflation while addressing risks to financial stability. Investors and economists had widely anticipated the quarter-point increase despite the recent meltdown in the banking sector. Still, Federal Reserve Chair Jerome Powell and
Continue Reading By Catherine Thorbecke, CNN In his first appearance before Congress on Thursday, TikTok CEO Shou Chew was grilled by lawmakers who expressed deep skepticism about his company’s attempts to protect US user data and ease concerns about its ties to China. It was a rare chance for the public to hear from the Chew, who
Continue Reading By Catherine Thorbecke, CNN In his first appearance before Congress on Thursday, TikTok CEO Shou Chew was grilled by lawmakers who expressed deep skepticism about his company’s attempts to protect US user data and ease concerns about its ties to China. It was a rare chance for the public to hear from the Chew, who
Continue Reading By Hanna Ziady, CNN The Bank of England hiked interest rates by a quarter of a percentage point Thursday, extending its long-running fight to rein in prices after a surprise increase in inflation in February. The central bank’s 11th consecutive rate hike takes benchmark borrowing costs to 4.25%, the highest since October 2008. Like other
Continue Reading By Brian Fung and Nathaniel Meyersohn, CNN New rules from the US government could soon let Americans more easily cancel free trials and subscriptions they no longer want, according to the Federal Trade Commission. The proposed rule change announced Thursday would apply to vast swaths of the US economy, covering both digital and physical subscriptions.
Continue Reading By Mark Thompson, CNN Switzerland’s banking crisis has been halted, the country’s central bank said Thursday as it hiked interest rates for the fourth time in a bid to contain inflation. Together with the Swiss government and financial market regulator FINMA, the Swiss National Bank (SNB) helped orchestrate the emergency takeover of Credit Suisse by
Continue Reading By Juliana Liu China has approved its first Covid-19 vaccine based on mRNA technology, months after the country lifted strict pandemic measures. The vaccine was developed by CSPC Pharmaceutical Group, a homegrown firm based in the northern Chinese city of Shijiazhuang, it said in a Wednesday statement to the Hong Kong stock exchange. The vaccine
Continue Reading By Juliana Liu China has approved its first Covid-19 vaccine based on mRNA technology, months after the country lifted strict pandemic measures. The vaccine was developed by CSPC Pharmaceutical Group, a homegrown firm based in the northern Chinese city of Shijiazhuang, it said in a Wednesday statement to the Hong Kong stock exchange. The vaccine
Continue Reading By Dalal Mawad, Aurore Laborie, Oliver Briscoe and Joshua Berlinger, CNN French transport networks, oil refineries and schools were hit by widespread disruption Thursday as workers staged a national strike to protest an increase in the retirement age that was pushed through parliament without a vote. Though sporadic demonstrations had popped up in Paris and
Continue Reading By Laura He, CNN China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry.
Continue Reading By Laura He, CNN China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry.
Continue Reading By Juliana Liu and Anna Cooban, CNN European and Asian markets were mixed during Thursday trade as investors digested the decision by the US Federal Reserve to raise its main interest rate by 25 basis points in a bid to bring down inflation. European markets opened lower, with the region’s benchmark Stoxx Europe 600 index
Continue Reading By Matt Egan, CNN The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? For Tom Barkin, the decision wasn’t especially challenging. Inflation, he says, remains public enemy No. 1. “Inflation is high. Demand hadn’t seemed to come down. And so, the case for raising was
Continue Reading By Jackie Wattles, CNN Startup Relativity Space sent what it’s calling the “world’s first 3D-printed rocket” toward space on Wednesday, vaulting it into the upper reaches of the atmosphere. Though, it suffered an engine issue after launch and failed to reach orbit. Terran 1, a 110-foot-tall (33.5-meter) vehicle designed to haul lightweight satellites into orbital
Continue Reading By Laura He, CNN Nearly three years after the Trump administration threatened to ban TikTok if its Chinese owner didn’t sell the company to American investors, the video app is once again facing an existential threat. TikTok CEO Shou Zi Chew will appear later Thursday before US lawmakers, many of whom want the app banned
Continue Reading By Oliver Darcy, CNN Shou Zi Chew is getting ready for his inaugural trip to Congress. The TikTok chief executive has, for the last week, participated in near-daily, multi-hour prep sessions, CNN has learned, as he readies to face a bipartisan grilling on Thursday from lawmakers on a number of issues, most notably data privacy
Continue Reading By Oliver Darcy, CNN Shou Zi Chew is getting ready for his inaugural trip to Congress. The TikTok chief executive has, for the last week, participated in near-daily, multi-hour prep sessions, CNN has learned, as he readies to face a bipartisan grilling on Thursday from lawmakers on a number of issues, most notably data privacy
Continue Reading By Matt Egan, CNN Lael Brainard, President Joe Biden’s top economic adviser, met with JPMorgan Chase CEO Jamie Dimon and other leading Wall Street CEOs on Wednesday, people familiar with the matter told CNN. The meeting comes as the banking industry remains in turmoil following the biggest bank failures since 2008. Brainard, the director of
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