Money

By Chris Isidore, CNN Wholesale price growth cooled off significantly in December, the Bureau of Labor Statistics reported Wednesday, indicating that the Federal Reserve’s aggressive interest rate hikes may finally be bringing price pressures under control. The Producer Price Index — a key inflation metric that measures prices paid for goods and services by businesses

By Nathaniel Meyersohn, CNN Party City filed for bankruptcy protection Tuesday, weighed down by competition and years of financial losses. The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said

By Nicole Goodkind, CNN The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. Noting the risks could be “material,” the Fed said the banks will have to show how their finances fare under a

By Alicia Wallace, CNN It was a ho-hum end to 2022 for spending in America. US retail sales continued their fall in December, dropping by 1.1% as inflation remained high, the Commerce Department reported Wednesday. That’s the largest monthly decline since December 2021, and practically every category (except for building materials, groceries and sporting goods)

By Nathaniel Meyersohn, CNN The masked thief rode into a Walgreens in San Francico on a bicycle, pedaled to an aisle in the health and wellness section, and loaded a black garbage bag with items off the shelf. Then he got back on the bike, and rode out through the automatic doors. Videos of brazen

By Anna Cooban, CNN Global oil demand is expected to hit its highest-ever level this year on the back of China’s swift reopening of its economy. Oil demand could surge by 1.9 million barrels per day to reach a record 101.7 million barrels per day, the International Energy Agency said in its latest monthly report,

By Ivana Kottasová, CNN The UN Secretary General has accused fossil fuel producers and their financial backers of “racing to expand production, knowing full well that their business model is inconsistent with human survival.” Speaking at the World Economic Forum in Davos on Wednesday, António Guterres said the commitment to limit global warming to 1.5

Philip Wang Alvin Chau, one of Macao’s high-profile gambling promoters, has been sentenced to 18 years in prison for racketeering and illegal gambling activities, the city’s public broadcaster TDM reported Wednesday. Chau, 48, was the former chairman of Suncity Group, a Macao-based company that helped promote gambling by lending credit to high rollers. Macao is

By Hanna Ziady, CNN South Africa’s President Cyril Ramaphosa was forced this week to cancel a trip to Davos by an escalating energy crisis that is inflicting rolling blackouts on the continent’s most developed economy. Ramaphosa swapped his trip to the World Economic Forum in Switzerland for emergency meetings on the “ongoing energy crisis,” his

By Vanessa Yurkevich, CNN Women living in states that restrict or ban abortion face greater economic insecurity than those living in states where they have access, new research finds. Since the nearly seven months since the Supreme Court overturned Roe v. Wade, half of all states — 26 in total — have implemented new abortion

By Laura He, CNN The yen plunged on Wednesday after the Bank of Japan decided to maintain its ultra-easy monetary policy, defying market expectations that rising inflation could force the central bank to move away from low interest rates. The BOJ kept its yield curve control (YCC) targets unchanged as it concluded a two-day policy