By Chris Isidore and Matt Egan, CNN Business Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. More price increases at the pump likely lay ahead. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day
Continue Reading By Catherine Thorbecke, CNN Business Amazon suspended dozens of workers at its only unionized warehouse on Tuesday, one day after they organized a work stoppage following a fire at the facility. About 50 workers at the facility in Staten Island, New York were suspended with pay, according to Connor Spence, one of the suspended workers.
Continue Reading By Peter Valdes-Dapena, CNN Business Changing America’s fleet of trucks and buses to run on electricity while, at the same time, changing the nation’s power grid to renewable fuels could prevent 67,000 premature deaths by 2050, according to a report from the American Lung Association. Trucks make up only 6% of vehicles on America’s roads
Continue Reading By Peter Valdes-Dapena, CNN Business Changing America’s fleet of trucks and buses to run on electricity while, at the same time, changing the nation’s power grid to renewable fuels could prevent 67,000 premature deaths by 2050, according to a report from the American Lung Association. Trucks make up only 6% of vehicles on America’s roads
Continue Reading By Paul R. La Monica, CNN Business Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer
Continue Reading By Paul R. La Monica, CNN Business Maybe that October market rally has some legs after all? Stocks were mostly unchanged Wednesday, even as a fresh batch of economic data revealed continued strength in the job market and America’s services sector. That’s led to new worries that the Federal Reserve’s aggressive rate hikes, meant to
Continue Reading By Hanna Ziady, CNN Business OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia
Continue Reading By Hanna Ziady, CNN Business OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia
Continue Reading By Parija Kavilanz, CNN Business REI has quit Black Friday, forever. For the past seven years, the retailer has closed its doors on the day after Thanksgiving to give its employees a day off. The Seattle-based seller of outdoor clothing and gear said October 4 that starting this year, every part of its business —
Continue Reading By Nicole Goodkind, CNN Business Persistently high inflation, the Federal Reserve’s tightening policy and record-breaking US debt have wreaked havoc on US Treasuries this year. Now, economists are noting a fundamental and worrisome imbalance in the bond market. There are trillions of dollars worth of bonds for sale, they say, but a growing scarcity of
Continue Reading By Laura He and Emiko Jozuka, CNN Business A quarter of a century ago, a major financial crisis ripped through Asia, shaking its economies to the core. Now, the ghost of 1997 is haunting the region again. Currencies and stock markets in Asia’s biggest economies have plunged to lows not seen in decades, as a
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By Jennifer Korn, CNN Business A board seat accepted and then rejected. A stunning $44 billion takeover offer with uncertain financing. And a surprise early morning tweet putting the deal on hold, temporarily. Even by the standards of Twitter, a company that has known plenty of chaos and dysfunction in its history, the weeks-long effort
Continue Reading By Oliver Darcy, CNN Business On Monday night, inside the upscale Parisian restaurant L’Avenue at Saks in midtown Manhattan, MSNBC President Rashida Jones hosted an intimate dinner to celebrate Alex Wagner. The glitzy event was attended by some of the most elite names in media, including MSNBC host Chris Hayes, Vanity Fair Editor-In-Chief Radhika Jones,
Continue Reading By Alicia Wallace, CNN Business America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.
Continue Reading By Jeanne Sahadi, CNN Business The competition to be listed among Fortune’s Most Powerful Women has gotten a little stiffer this year. In recognition of just how global business has become, Fortune decided to merge its domestic and international lists of top corporate women leaders. Still, in some ways, this year’s top 10 list is
Continue Reading By Rachel Metz, CNN Business The White House on Tuesday released a set of guidelines it hopes will spur companies to make and deploy artificial intelligence more responsibly and limit AI-based surveillance, despite the fact that there are few US laws compelling them to do so. The guidelines, which have been in the works for
Continue Reading By Peter Valdes-Dapena, CNN Business Average car prices are shooting higher and higher thanks to continued auto parts shortages. Interest rates are rocketing higher thanks to the federal government’s efforts to control inflation. And car companies and dealers have less incentive to take steps to bring down costs because demand is still vastly greater than
Continue Reading By Catherine Thorbecke, CNN Business Micron on Tuesday said it would invest up to $100 billion over the next two decades to build a massive semiconductor factory in upstate New York. The move comes in the wake of US government efforts to boost domestic chip production. The Idaho-based firm said it plans to build the
Continue Reading By Matt Egan, CNN Business Congressman Ro Khanna wants Federal Reserve Chairman Jerome Powell to apologize for the central bank’s handling of inflation. “I blame the Fed and I blame Powell for mismanaging the situation in the first place,” the Democratic Rep. told CNN in a phone interview. “He should take accountability that he messed
Continue Reading By Jeanne Sahadi, CNN Business One of the best ways to build wealth in the United States is to own your own business. But just 2% of businesses with employees are Black-owned, according to a report from the Alliance for Entrepreneurial Equity. And that has played a big part in widening the racial wealth gap
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