By Matt Egan It’s never a great time to carry credit card debt. But right now is arguably the worst time. The Federal Reserve’s war on inflation has driven up the average credit card APR (annual percentage rate) to 19.04% as of November 9, according to Bankrate.com. That’s the highest rate since Bankrate.com’s database began
Continue Reading By Julia Horowitz, CNN Business The world may be losing the fight against the climate crisis, but investors are still willing to throw money at oil and gas companies. That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world
Continue Reading By Danielle Wiener-Bronner, CNN Business Between warnings of a recession, high inflation and layoff fears, the news is bleak. Why not have some chocolate? Chocolate makers are reporting booming sales as stressed out customers reach for something sweet to take the edge off. In the third quarter, sales of Hershey’s chocolates, which include Reese’s, Kit
Continue Reading By Allison Morrow, CNN Business So, you won the lottery. Congrats! What do you do now? Once you’re done screaming and dancing in a shower of Champagne, take a moment to gather yourself and start thinking about the more pragmatic aspects of your new life as a multimillionaire (or billionaire) What will you do with
Continue Reading By Stella Chan, CNN The owner of Joe’s Service Center in Altadena, California, who came to the United States from Syria in 1980 with $14,000 in his pocket, is now a millionaire after selling the sole winning Powerball lottery ticket. California Lottery officials presented the check to Joe Chahayed and his sons Joe Jr. and
Continue Reading By Anna Bahney, CNN Business Redfin is set to shutter its home-flipping business and reduce its workforce by 13%, laying off 862 employees. About 264 of the job cuts will be directly related to the shutdown of RedfinNow, the company’s instant buying, or iBuying, business in which it purchases a home as-is, completes minor improvements
Continue Reading By Allison Morrow, CNN Business In an abrupt reversal, cryptocurrency exchange Binance pulled out of a deal to acquire its embattled rival FTX, saying the company’s problems were “beyond our control or ability to help.” Binance, the world’s largest crypto exchange, said it reviewed FTX’s finances as part of the due diligence process, and it
Continue Reading By Anna Cooban and Chris Stern, CNN Business The German government has blocked the sale of one of its semiconductor factories to a Chinese-owned tech company because of security concerns. Germany’s economic ministry said in a statement that it had prohibited Elmos Semiconductor, which makes chips for the automotive industry, from selling its factory in
Continue Reading By Paul R. La Monica, CNN Business Wall Street was betting on a red wave in the midterm elections Tuesday. But it appears that didn’t happen. And investors saw red on their trading screens Wednesday. Stocks ended the day broadly lower, with the Dow plunging more than 645 points, or 2%. Merck was the only
Continue Reading By Oliver Darcy, CNN Business The White House believes that the press has “egg on their faces, yet again.” That’s according to a White House official who spoke candidly with CNN on Wednesday about the media’s “red wave” narrative that wasn’t. Heading into Tuesday, the dominant narrative in the press — especially right-wing media —
Continue Reading By Jackie Wattles, CNN Business A cargo spacecraft successfully docked with the International Space Station Wednesday morning, despite making its two-day trek through space with only one functioning solar panel. US defense contractor Northrop Grumman’s Cygnus spacecraft, which was carrying 8,200 pounds of science experiments and supplies for the astronauts on board the ISS, lifted
Continue Reading By Frank Pallotta, CNN Business Changes are coming for Wordle … again. For starters the New York Times this week named Tracy Bennett the new editor of Wordle, the wildly popular online puzzle game that gives players six chances to guess a five-letter word daily. With an editor in place, the Times said that the
Continue Reading By Nicole Goodkind, CNN Business The results of Tuesday’s midterm elections will set the agenda for the next Congress. That could mean changes to fiscal policy, which uses taxes and government spending to influence a country’s economy. But when it comes to the stock market, this election ranks fairly low on the list of things
Continue Reading By Nicole Goodkind, CNN Business The results of Tuesday’s midterm elections will set the agenda for the next Congress. That could mean changes to fiscal policy, which uses taxes and government spending to influence a country’s economy. But when it comes to the stock market, this election ranks fairly low on the list of things
Continue Reading By Catherine Thorbecke, CNN Business Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the
Continue Reading By Nathaniel Meyersohn, CNN Business If residents of Alabama, Utah, Alaska, Hawaii or Nevada wanted a chance to win this week’s record Powerball jackpot, they had to travel to another state to buy a ticket. These five states do not offer government-operated lotteries or participate in interstate drawings with rollover jackpots such as Powerball or
Continue Reading By Eoin McSweeney and Ella Nilsen, CNN China and the other 104 members of the Asian Infrastructure Investment Bank are “deeply committed” to their net-zero targets, says the chief of the continent’s largest multilateral development bank. “All of the members are committed to net zero, particularly many developing countries who certainly have a lot of
Continue Reading By Chris Isidore, CNN Business Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla
Continue Reading By Paul R. La Monica, CNN Business US stocks were mostly unchanged in premarket trading as results from Tuesday’s midterm elections rolled in. Investors have been betting on a big Republican wave in the elections. If Republicans take at least one chamber of Congress, that will likely result in more gridlock, which the market usually
Continue Reading By Paul R. La Monica, CNN Business US stocks were mostly unchanged in premarket trading as results from Tuesday’s midterm elections rolled in. Investors have been betting on a big Republican wave in the elections. If Republicans take at least one chamber of Congress, that will likely result in more gridlock, which the market usually
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