Opinion by Bill Carter for CNN Business Perspectives Almost 50 years ago, fresh out of school, I was transfixed by the coverage of the famous hearings into the Watergate break-in. They were certainly as compelling as anything I saw on television in that era. And I wasn’t the only one: An estimated 80 million watched
Continue Reading By Jeanne Sahadi, CNN Business Will there be a recession? And, if so, just how bad will it be for my finances? Those questions are looming large for Americans after the Federal Reserve yet again raised rates to combat high inflation, and the latest gross domestic product report showed that the economy slowed for the
Continue Reading By Tami Luhby, CNN Employers continued hiking workers’ pay at a brisker-than-expected pace, but the increases still weren’t enough to compensate for the even faster rise in inflation. Wages and salaries for civilian workers increased 1.4% in the second quarter and 5.3% over the year ending in June, according to the Bureau of Labor Statistics’
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JEFFERSON CITY, Mo. (KMIZ) On Wednesday, Break Time Convenience Stores reported on Facebook there was a fuel issue at several locations. The convenience store reportedly identified seven locations: four in Jefferson City (Truman Blvd, MO Blvd, Main St, McCarty),two in Sedalia (808 E Broadway, 318 W Broadway),and in California—where this problem may be present. On
Continue Reading By Alicia Wallace, CNN Business Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices. The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period
Continue Reading By Chris Isidore, CNN Business ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the
Continue Reading By Julia Horowitz, CNN Business When you think about a shrinking economy, what comes to mind? Factories shutting down. A wave of job losses and few open positions. Huge financial losses that batter most industries. That’s not what America is seeing right now, even though the country’s gross domestic product has declined for two consecutive
Continue Reading Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives A couple of months ago, when the consensus outlook for the economy was fairly sanguine, we warned that the economy was “close to entering a recession,” but that there was still time to make hay in the jobs market. But now that a recession
Continue Reading By Nadine Schmidt and Lauren Kent in London The German city of Hanover has banned hot water in public buildings and has introduced measures to reduce heating and energy usage as Europe faces a potential natural gas crisis this winter. “Every kilowatt-hour saved saves the gas storage tanks,” said the mayor’s office in a news
Continue Reading By Nadine Schmidt and Anna Cooban, CNN Business The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany’s economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft’s subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing
Continue Reading By Anna Cooban and Julia Horowitz, CNN Business Europe’s economy grew unexpectedly in the second quarter of this year, allaying concerns — for now — that the continent may have slid into a recession. The European Union’s economy grew at a seasonally adjusted 4% last quarter when compared to the same quarter a year ago
Continue Reading By Nicole Goodkind and Tal Yellin, CNN If you’re confused about whether the US economy is in a recession, you’re not alone. On one hand, gross domestic product, a key measure of economic output, shrank for the second straight quarter this week, raising fears that the country has entered — or will soon enter —
Continue Reading By Laura He, CNN Business China’s top leadership has gone quiet on the growth targets it had set for the year, as the world’s second-largest economy continues to battle a largely self-inflicted economic slowdown. In early March, China’s government had said that the country would target gross domestic product growth of about 5.5% this year.
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Clare Duffy, CNN Business Even the world’s most valuable tech company isn’t immune to the more challenging global economic climate. Apple on Thursday reported its profits declined by nearly 11% in the three months ending in June from the same period a year ago as the company works through an economic downturn and supply
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Peter Valdes-Dapena, CNN Business Under a new green energy bill agreed to by Democratic Sens. Chuck Schumer and Joe Manchin, automakers like Tesla and General Motors would regain the ability to offer federal tax credits to customers who buy their electric vehicles. Hurdles to the bill’s passage remain, but if it becomes law it
Continue Reading By Alicia Wallace, CNN Business While the latest GDP report showed the US economy contracted again in the second quarter, Treasury Secretary Janet Yellen said there’s no fear that America is currently in a recession. “That is not what we’re seeing right now when you look at the economy,” she said. “Job creation is continuing,
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