Money

By Laura He, CNN Business China’s economy showed some signs of improvement in May, but retail sales contracted for a third month in a row, indicating that Covid outbreaks continued to significantly depress consumer spending. Retail sales fell 6.7% in May from a year ago, according to China’s National Bureau of Statistics on Wednesday. That

By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting

By Simone McCarthy, CNN A Chinese national employed by Bloomberg News was released on bail earlier this year following more than a year in detention, according to Chinese authorities. Haze Fan, a member of Bloomberg’s bureau in Beijing, was last seen being escorted from her building in Beijing by “plain clothes security officials” in December

By Peter Valdes-Dapena, CNN Business Volkswagen has been saying for years that it intends to, one day, sell more electric cars than Tesla. That could finally happen in 2024, according to a new report from Bloomberg Intelligence. Over the next few years, these two automakers will battle to be the leader in global electric vehicle

By Jeanne Sahadi, CNN Business The market rout has been painful for investors. But the sting may be especially sharp for anyone who has recently retired or is planning to in the next year or two. It’s worth remembering that bear markets are not unusual or permanent. Since 1928 there have been roughly one or

By David Goldman, CNN Business The stock market won’t be satisfied unless the Federal Reserve takes drastic action on inflation. Investors now overwhelmingly predict the Fed will raise rates by a remarkable three-quarters of a percentage point at the conclusion of its policy meeting Wednesday. That hasn’t happened since 1994, when Alan Greenspan ran the

By Allison Morrow, CNN Business Bears. Bulls. Two big, scary mammals that serve as Wall Street shorthand for the stock market’s general mood. Bear = pretty much everyone’s selling. Bull = pretty much everyone’s buying. This week, US stocks fell into a “bear” market, dropping more than 20% from their most recent peak in early

By Paul R. La Monica, CNN Business Recession fears may be raging on Wall Street and Main Street, but there are still some potentially good signs for the economy emanating from Corporate America’s corner offices. Despite worries about soaring inflation and higher interest rates, big businesses are still in pretty solid financial shape. Corporate bankruptcy

By Anna Cooban, CNN Business Millionaires are leaving Russia in droves after the country invaded Ukraine and the West imposed sanctions. Almost three times as many Russian millionaires are expected to leave the country this year than in 2019, the year before the pandemic, according to a report by Henley & Partners, a company that

By Peter Valdes-Dapena, CNN Business With gas prices passing $5 a gallon in many places, drivers may wish that they had a hybrid vehicle. In fact, many owners of newer vehicles could already be driving a hybrid and not even know it. Hybrid technology is finding its way into all sorts of vehicles that aren’t

By Paul R. La Monica, CNN Business Joe Biden may not be as obsessed with the stock market as his predecessor was — at least not publicly. But this year’s turmoil on Wall Street has dealt the president a tough blow. The S&P 500 has now lost all of its gains since Biden was inaugurated

By Jordan Valinsky, CNN Business Crypto exchange Coinbase is laying off 18% of its employees as the digital currency market continues to crumble. CEO Brian Armstrong said in an open letter Tuesday that the “difficult decision” to lay off about 1,000 employees was made to ensure “we stay healthy during this economic downturn.” The exchange