By Mark Thompson, CNN Business The Bank of England announced its seventh interest rate hike in less than a year on Thursday, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy. The central bank repeated last month’s hike of half a percentage point, taking rates to 2.25% from
Continue Reading By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Matt Egan Goldman Sachs told its New York City-based employees on Wednesday that as of November 1 they will no longer need to get vaccinated for Covid-19, CNN has learned. The move comes weeks after Goldman Sachs relaxed its Covid requirements for all US employees except those based in New York, its home city.
Continue Reading By Alicia Wallace, CNN Business In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a “softening labor market.” Data, however, doesn’t mince words. The Fed’s latest economic projections, released Wednesday
Continue Reading By Jennifer Korn, CNN Business Live-streaming giant Twitch on Tuesday said it will take additional steps to crack down on unlicensed gambling content on its platform after facing backlash from some of its top creators. The Amazon-owned service plans to prohibit gambling sites from streaming on the platform if they are not licensed in the
Continue Reading By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By Jeanne Sahadi, CNN Business In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward
Continue Reading By David Goldman, CNN Business US stocks fell sharply in Friday trading as investors continued to worry about even more rate hikes from the Federal Reserve that could land the US economy in a recession. The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P
Continue Reading By Emmet Lyons and Ken Olshansky There will be “people on the street” globally unless steps are taken to protect the most vulnerable from inflation, International Monetary Fund’s (IMF) chief Kristalina Georgieva warned on Wednesday. “It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of
Continue Reading By Peter Valdes-Dapena, CNN Business When Ford chief executive Jim Farley split the company’s passenger vehicle business into two parts — one for electric cars, the other for gasoline-powered vehicles — Farley put himself in charge of the electric car business, a division called Model e. The assumption among a lot of industry observers was
Continue Reading By Paul R. La Monica, CNN Business Prospective home buyers are getting hit by a double whammy of bad news: Prices remain prohibitively high for many consumers, largely due to low supply. Mortgage rates have also skyrocketed to their highest level in 14 years. That is weighing on demand for both new home construction as
Continue Reading By Catherine Thorbecke, CNN Business Nearly one year after Microsoft launched its flagship Windows 11, the tech giant has officially rolled out its first major update to the operating system. The update, which is available for free for current Windows 11 users, was released in more than 190 countries on Tuesday. Many of the new
Continue Reading By Brian Fung, CNN TikTok has begun to require “mandatory verification” for political accounts based in the United States and will be prohibiting all political fundraising on its short-video platform, the company said Wednesday. The changes could affect the way many of the company’s millions of US users engage with political content ahead of the
Continue Reading By Nicole Goodkind, CNN Business Just like misery, inflation loves company. And as price increases linger near 40-year highs, the United States has plenty of it. A perfect storm of stimulus cash during the pandemic, a strong demand for goods, geopolitical chaos and supply chain kinks have led to a surge in prices globally. In
Continue Reading By Anna Bahney, CNN Business Home sales declined for the seventh month in a row in August as higher mortgage rates and stubbornly high prices pushed prospective buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 19.9% from a year ago and down
Continue Reading By Jackie Wattles, CNN Business A Russian capsule took an American astronaut to space today, marking a notable continuation of the Russian-US partnership in space in an era of great geopolitical tension. The spacecraft took off from the famed Baikonur Cosmodrome in Kazakhstan, carrying NASA astronaut Dr. Frank Rubio and two Russian cosmonauts — Dmitri
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