Opinion by Desmond Lachman for CNN Business Perspectives History will not judge the Jerome Powell Federal Reserve kindly. First, it brought us multi-decade high inflation. Now, it is putting us well on the path to a hard economic landing. Last year, at a time when the US economy was recovering strongly, the Fed kept its
Continue Reading By Jordan Valinsky, CNN Business Lego is planning to spend more than $1 billion to build a factory in the United States. The company announced Wednesday plans for a 1.7-million square foot plant in Virginia, which will employ roughly 1,800 people once its completed in 2025. It will be the Danish company’s seventh global factory
Continue Reading By Frank Pallotta, CNN Business Vince McMahon, the CEO of WWE, is being investigated by the company’s board for agreeing to pay a secret $3 million settlement to a former employee he allegedly had an affair with, according to a Wall Street Journal report. The separation agreement, which was reportedly made in January, prevents the
Continue Reading By Brian Fung, CNN European Union officials on Thursday announced new, voluntary commitments by companies including Google, Facebook-parent Meta, Twitter and TikTok to limit the spread of fake and misleading content. Under the newest version of a code of conduct originally established in 2018, nearly three dozen entities vowed to step up efforts to detect
Continue Reading By Frank Pallotta, CNN Business Pixar is one of the most popular brands in animation as well as one of the most important studios in Disney’s media kingdom. But it has been a while since audiences could go to a theater to see one of its films. After releasing its last three features directly on
Continue Reading By Anna Bahney, CNN Business Mortgage rates surged by more than half a percentage point this week amid rising inflation and an interest rate hike by the Federal Reserve, according to Freddie Mac. The jump is the largest one-week increase since 1987. The 30-year fixed-rate mortgage averaged 5.78% in the week ending June 16, up
Continue Reading By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the
Continue Reading By Jennifer Korn, CNN Business Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase. But last week, Jia was one
Continue Reading By Jordan Valinsky, CNN Business Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. The nail polish and lipstick maker said the move will allow it to “strategically reorganize” its finances, pointing to “liquidity constraints” sparked by supply chain disruptions and inflation. Revlon is
Continue Reading By Jordan Valinsky, CNN Business Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. The nail polish and lipstick maker said the move will allow it to “strategically reorganize” its finances, pointing to “liquidity constraints” sparked by supply chain disruptions and inflation. Revlon is
Continue Reading By Julia Horowitz, CNN Business Central banks are racing to stay on top of rapidly changing economic and financial conditions as they try to contain rampant inflation, a difficult task that could put their credibility on the line. What’s happening: The Federal Reserve raised interest rates on Wednesday by three-quarters of a percentage point for
Continue Reading By Jordan Valinsky, CNN Business Lego is planning to spend more than $1 billion to build a factory in the United States. The company announced Wednesday plans for a 1.7-million square foot plant in Virginia, which will employ roughly 1,800 people once its completed in 2025. It will be the Danish company’s seventh global factory
Continue Reading By Anna Cooban, CNN Business The United Kingdom’s central bank has hiked interest rates for a fifth time since December in a bid to tame spiraling inflation. The Bank of England said on Thursday that it would raise the cost of borrowing by 25 basis points to 1.25% despite fears that soaring prices are already
Continue Reading By Nathaniel Meyersohn, CNN Business The Covid-19 pandemic was expected to turn us all into permanent online shoppers, never to set foot in physical stores again. Instead, consumers have apparently gotten tired of ordering everything while sitting on the couch and have returned to shopping the old-fashioned way. “As the pandemic has subsided, you’re seeing
Continue Reading By Julia Horowitz, CNN Business The European Union’s embargo on 90% of the oil it imports from Russia is the toughest punishment it’s inflicted on the Kremlin since President Vladimir Putin ordered the invasion of Ukraine. But a smaller part of the latest sanctions package could prove just as significant. A ban on insuring ships
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COLUMBIA, Mo. (KMIZ) The Federal Reserve made the largest interest rate increase since 1994 on Wednesday. The increase comes as a response to the record-high inflation rates. The Consumer Price Index reported that inflation increased to 8.6% in May, and CPI reported that Shelter has risen by 0.6% putting it at 5.5%. Joe Haslag, a
Continue Reading By Laura He, CNN Business European markets and US stock futures fell Thursday, a day after the Fed got tough on inflation with its biggest rate hike since 1994. France’s CAC 40 fell 2.3%, and Germany’s DAX 2.7%, while the FTSE 100 slipped 2.6%. US stocks had closed higher on Wednesday after the Federal Reserve
Continue Reading By Jennifer Korn, CNN Business Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase. But last week, Jia was one
Continue Reading Catherine Thorbecke, CNN Business Apple workers at a retail outpost in Towson, Maryland, are set to begin voting on Wednesday in a union election, with the potential to form the first labor union in one of the tech giant’s US stores. Voting will take place in person at a vacant store in the Towson Town
Continue Reading By Anna Bahney, CNN Business Mortgage rates are climbing, home sales are dropping and some of the nation’s largest real estate companies are announcing layoffs. Redfin said it cut about 8% of its employees and Compass said it would reduce its workforce by 10%. The cutbacks are the latest indication that the red hot housing
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