Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, later this week. Wall Street will be closely watching the Jackson Hole Economic Symposium — which will return to an in-person format after two years of being held virtually — searching for clues about where the
Continue Reading By Anna Cooban, CNN Business The United Kingdom will have to find an answer to soaring energy bills soon or risk a humanitarian crisis. But freezing gas and electricity prices over the next two winters could cost the government over £100 billion ($118 billion), more than it spent paying millions of people’s salaries during the
Continue Reading By Brian Fung, CNN Twitter’s former head of security is blowing the whistle on company practices that he says have jeopardized US national security and misled investors and regulators. With a nearly 200-page disclosure to the US government, Peiter “Mudge” Zatko has become the latest whistleblower to come forward from the tech industry. Zatko levels
Continue Reading By Jordan Valinsky, CNN Business Two months ago, Australian media site Crikey called “Murdoch” an “unindicted co-conspirator” in the Jan. 6 attack on the US Capitol. Fox Corp. CEO Lachlan Murdoch’s lawyers have been battling Crikey ever since. On Monday, Crikey published an open letter and took out a full-page ad in the New York
Continue Reading Opinion by Derrick Johnson and Wisdom Cole for CNN Business Perspectives With the simple stroke of a pen, President Biden has the unique opportunity to unlock financial freedom for countless Black Americans and low-income communities. But according to CNN reporting, he might cancel just $10,000 of student loan debt per borrower for those earning less
Continue Reading By Brian Fung, CNN The Federal Trade Commission has agreed to remove Mark Zuckerberg from a lawsuit the agency filed last month to stop Facebook-parent Meta from acquiring a virtual reality technology company, Within Unlimited. Zuckerberg will no longer be a named defendant in the suit, according to a joint court filing by Meta and
Continue Reading By Julia Horowitz, CNN Business When Russian President Vladimir Putin launched his unprovoked invasion of Ukraine in late February, investors were as shocked as much of the rest of the world. They rushed to digest the consequences, as the war disrupted supply chains and triggered unprecedented Western sanctions, straining a global economy already under pressure.
Continue Reading By Frank Pallotta, CNN Business Hollywood loves a comeback story, and MoviePass, one of the industry’s most notorious flops, is trying to write one of the most epic sequels in history. The revolutionary movie ticketing service, which sent shock waves through Hollywood in 2017 before collapsing in 2019, has risen from the dead after its
Continue Reading By Chris Isidore, CNN Business The only thing that climbed as high as gas prices earlier this year was the disapproval of President Joe Biden, as Americans blamed him for record prices at the pump. But Biden had relatively little control over the prices set primarily by global markets. If Biden got too much blame
Continue Reading By Sean Lyngaas, CNN Business Nearly 25 years ago, a young computer programmer named Peiter “Mudge” Zatko told Congress that the internet was woefully insecure. A big part of the issue, Zatko told a Senate panel, was that software and e-commerce companies “want to ignore problems as long as possible. It’s cheaper for them.” Now,
Continue Reading By Anna Bahney, CNN Business Rents hit a record high in July for the 17th month in a row, putting ever more pressure on renters. The national median rent hit a new record high of $1,879 a month in July, up 12.3% from a year ago, according to Realtor.com. While rents have been hitting new
Continue Reading By Michelle Toh, CNN Business People on the frontlines of Europe’s gas crisis are scrambling to get solar panels for their homes and businesses as they confront a “perfect storm” that’s sending energy prices to record levels. In the first six months of this year, Germany saw a 22% jump in the installation of solar
Continue Reading By Rhea Mogul, Junko Ogura and Tetsu Sukegawa, CNN Prime Minister Fumio Kishida said Wednesday Japan will restart idled nuclear plants and consider developing next-generation reactors, in a policy reversal that will see the nation turn back toward atomic energy as fuel prices soar worldwide. Kishida told reporters he had instructed officials to come up
Continue Reading By Diksha Madhok, CNN Business Asia’s richest man has launched a hostile bid to take over an influential broadcaster in India and gain a firmer footing in the country’s vibrant media space. AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate, said in a statement late on Tuesday that it has acquired a 29%
Continue Reading By Jennifer Korn, CNN Business Yelp on Tuesday said it is introducing a new label to more clearly identify crisis pregnancy centers, which do not perform abortions and typically attempt to persuade people from terminating pregnancies, in the latest example of tech companies adapting their policies in the wake of the demise of Roe v.
Continue Reading By Jennifer Korn ExpressJet Airlines, which calls itself a “reboot” of the company formerly flying as Delta Connection and United Express, filed for Chapter 11 bankruptcy Monday in Delaware and ceased operations, according to the company website. “We regret that a combination of market and economic conditions lead us to take this action,” the company
Continue Reading By Alicia Wallace, CNN Business Business activity at private US companies in early August dropped off at some of the sharpest rates seen since the beginning of the pandemic as rising interest rates and high inflation crimped consumer spending, according to data released Tuesday. The latest S&P Global preliminary flash composite purchasing managers index, or
Continue Reading By Brian Fung, CNN Twitter is exceptionally vulnerable to exploitation by foreign governments in ways that threaten US national security, and may even have foreign spies currently active on its payroll, according to Peiter “Mudge” Zatko, the whistleblower at the center of a massive public disclosure effort reported Tuesday by CNN and The Washington Post.
Continue Reading By Catherine Thorbecke, CNN Business Over the years, Facebook has used Instagram to compete with rivals like Snapchat and TikTok by cloning their signature features. Now, a newer, fast-growing service appears to have caught the company’s attention: BeReal. Instagram is testing a feature called “IG Candid Challenges” that appears strikingly similar to the core concept
Continue Reading By Paul R. La Monica, CNN Business Wall Street analysts are typically — to quote an old REM song — shiny happy people. They don’t often issue overly skeptical research reports on the companies they cover. And they tend not to ask executives tough questions on earnings calls, leaning toward a more “Great quarter, guys!”
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