By Laura He, CNN Business China’s real estate sector is having a rocky start in 2022, as some of the country’s most high-profile developers struggle to shake off a crisis that has been growing for months. This week, two major credit rating agencies downgraded Shanghai-based developer Shimao Group further into junk territory. The company has
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By Michelle Toh, CNN Business A cryptocurrency CEO has become one of the richest people on Earth. Changpeng “CZ” Zhao, who runs the crypto exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96 billion, according to new calculations from the Bloomberg Billionaires Index published
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By Peter Valdes-Dapena, CNN Business Americans may be feeling uneasy about the economy, but if sales of ultra-luxury cars are any indication, the super rich are doing just fine. Both Rolls-Royce and Bentley posted record sales in 2021. Last year, Rolls-Royce delivered 5,586 cars around the world, the most cars Rolls-Royce has ever sold in
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By Matt Egan Federal Reserve Chairman Jerome Powell is pledging not to allow inflation to become ingrained in the American economy, according to prepared remarks released on Monday. “We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation,” Powell said
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By Clare Duffy, CNN Business A judge has ordered Google to turn over hundreds of internal documents — many related to its efforts to quash an employee union — as part of a National Labor Relations Board case over the tech giant’s firing of former employees. In 2019, a group of workers who had recently
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By Paul R. La Monica, CNN Business For some time, many investing experts have been predicting there will be a shift away from big tech towards value stocks. It might finally be happening — although tech stocks may not go down without a fight. The broader market fell Monday: The Dow dropped by about 163
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By Jackie Wattles, CNN Business If 2021 was the year of ostentatious displays of wealthy space tourists chartering one-off missions, 2022 promises to be yet another year solidifying the private sector’s grip on modern space travel. Big businesses are beginning to permeate every area of spaceflight, from the most spectacular private launches to the smallest
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By Paul Vercammen and Faith Karimi, CNN Robert Durst, the eccentric millionaire who fascinated viewers as the subject of HBO’s documentary series “The Jinx” before being convicted last year of murder, has died in a California prison hospital, according to his longtime attorney Dick DeGuerin. He was 78. Durst, who had been housed at the
Continue Reading By Paul Vercammen and Faith Karimi, CNN Robert Durst, the eccentric millionaire who fascinated viewers as the subject of HBO’s documentary series “The Jinx” before being convicted last year of murder, has died in a California prison hospital, according to his longtime attorney Dick DeGuerin. He was 78. Durst, who had been housed at the
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By Oliver Darcy, CNN Business Jesse Watters, the right-wing talk show host who throughout his career has courted controversy with incendiary commentary, will be Fox’s new 7 p.m. host, the network announced on Monday. The installment of the flame-thrower Watters into the key time slot cements a strategy Fox initiated soon after President Donald Trump
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By Jeanne Sahadi, CNN Business The IRS said Monday it would start accepting 2021 federal tax returns on Monday, January 24. The tax filing deadline this year is Monday, April 18. That’s the day by which you must have filed your 2021 individual return and paid any remaining federal income taxes owed for last year.
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By Allison Morrow, CNN Business President Joe Biden and other politicians will tell you inflation is Corporate America’s fault. Corporate America blames the administration’s pandemic assistance programs for putting too much cash into the economy. The reality, economists say, is that it’s all of those things. And more. Whichever of the two main inflation gauges
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By Rachel Metz, CNN Business Last summer, Allen Roach saw something that really disturbed him: His then-11-year-old son, Peyton, used a sword to slice off the arms and legs of characters in a virtual reality medieval fantasy game, Blade & Sorcery, then threw the dismembered digital bodies off a bridge. Sure, it all happened in
Continue Reading By Paul R. La Monica, CNN Business For some time, many investing experts have been predicting there will be a shift away from big tech towards value stocks. It might finally be happening — although tech stocks may not go down without a fight. The broader market fell Monday: The Dow dropped by about 163
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By Matt Egan, CNN Business The Federal Reserve is likely to raise interest rates four times this year in response to high inflation and low unemployment, Goldman Sachs advised clients on Sunday evening. Rate hikes from the Fed will raise the cost of borrowing, on everything from mortgages and car loans to credit cards. The
Continue Reading By Peter Valdes-Dapena, CNN Business Americans may be feeling uneasy about the economy, but if sales of ultra-luxury cars are any indication, the super rich are doing just fine. Both Rolls-Royce and Bentley posted record sales in 2021. Last year, Rolls-Royce delivered 5,586 cars around the world, the most cars Rolls-Royce has ever sold in
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By Paul R. La Monica, CNN Business Zynga, the mobile game developer known for hits like FarmVille, Words With Friends and a popular Texas Hold’em poker game, is pairing up with Take-Two Interactive, the developer of the Grand Theft Auto franchise of games. Take-Two said Monday it is buying Zynga in a cash-and-stock deal valued
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Opinion by Glenn Kelman for CNN Business Perspectives The Build Back Better bill, if it ever comes to pass, now seems unlikely to include any major climate change provisions. But we can still reduce our own carbon emissions, starting with our own homes. About 20% of greenhouse gases in the US come from homes. And
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By Jordan Valinsky, CNN Business Basically every fast food chain has a spicy sandwich on sale, but Arby’s version is so hot that it includes a fire retardant. Beginning Monday through February 6, Arby’s is selling what it deems the “spiciest sandwich on the market,” called the new Diablo Dare. It costs $5.99 and also
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By Danielle Wiener-Bronner, CNN Business Goldfish is growing up. Pepperidge Farm, which makes the crackers, is rolling out a new line of snacks called Goldfish Mega Bites, which is designed to appeal to adults. Mega Bites come in two flavors: Sharp Cheddar and Cheddar Jalapeno. The Mega Bites crackers, which are larger than traditional Goldfish,
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