Money

By Julia Horowitz, CNN Business The European Central Bank is about to raise interest rates for the first time in 11 years as it attempts to put a lid on record inflation fed by surging energy prices. What’s happening: The ECB has made clear that it will hike rates at its meeting on Thursday for

By Esha Mitra and Rhea Mogul, CNN Muslim journalist Mohammed Zubair has been freed from jail on the order of India’s Supreme Court after he was detained last month for allegedly insulting religious beliefs on social media. Zubair — co-founder of fact-checking website Alt News, which debunks misinformation in the Indian media — was arrested

By Matt McFarland, CNN Business The US Postal Service said Wednesday that at least 40% of its new delivery vehicles will be electric, up from the 10% it had once committed to, following a backlash from the Biden administration and others. Under the revised plan, the Postal Service would buy 33,800 electric vehicles, 25,000 of

By Chris Isidore, CNN Business Lockdowns caused by the Covid surge in China caused sales and profits to fall at Tesla compared to the first three months of the year, the first time since the pandemic surfaced in early 2020 that the company did not report a record profit. Tesla reported adjusted income of $2.6

By Jennifer Korn, CNN Business Alaska Airlines is rolling out electronic bag tags in an effort to speed up the airport check-in process for customers, the company said Tuesday. The new option, which Alaska is billing as the first of its kind for a US airline, will allow customers to skip the step of printing

By Paul R. La Monica, CNN Business The CEO of one of America’s largest banks is worried inflation will remain problematic for a while longer — and he thinks there’s a growing chance of a recession. Goldman Sachs CEO David Solomon said in an interview with CNN’s Poppy Harlow Wednesday that people need to “prepare

By Parija Kavilanz, CNN Business For one group of workers, the baby formula shortage is a multi-pronged crisis that threatens not only the well-being of their young children — but also their own livelihoods. Many shoppers’ weekly grocery trips don’t require much more than a short car ride into town. But that’s not how it

By Anna Bahney, CNN Business Home prices hit a new all-time high in June, even as home sales declined for the fifth straight month as a lack of affordability continues to push buyers out of the market. The median home price was $416,000 last month, up 13.4% from one year ago, according to a report

By Michelle Toh, CNN Business Macao’s casinos have been bleeding hundreds of millions of dollars a month during the pandemic. Now a prolonged lockdown is adding more uncertainty for players in the world’s largest gambling hub. Since last week, Macao has been under strict stay-home orders as it grapples with a surge in coronavirus cases.