Money

By Parija Kavilanz, CNN Business Americans are cutting back at the gas pump — and not just the amount of fuel they put in their tanks. Consumers are also changing the way they fill their grocery bags with rest-stop food and other essentials. The trigger: soaring inflation. The average price of gas is hovering around

By Matt Egan, CNN Business Federal Reserve Chairman Jerome Powell told lawmakers on Thursday that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street. Powell said that although it’s “certainly possible” to get inflation under control without causing job losses, that may not be the case. “There is a risk

By Hannah Ritchie, CNN Mining in Western Australia, a multi-billion dollar industry which helps power the nation’s economy, is plagued by an “abhorrent and systemic” culture of sexual abuse, according to a parliamentary inquiry published Thursday. After an investigation lasting almost a year, a committee led by state lawmakers detailed widespread sexual harassment, degradation, assault

By Jordan Valinsky, CNN Business Nike is the latest Western brand to leave Russia. In a statement, the clothing manufacturer said that it has “made the decision to leave the Russian marketplace” and that its “priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway is betting that the oil boom isn’t going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway made

By Alicia Wallace, CNN Business Mortgage rates continue to climb as the Federal Reserve seeks to tame unwieldy inflation. The 30-year fixed-rate mortgage averaged 5.81% in the week ending June 23, edging up from 5.78% the week before, according to Freddie Mac. This time last year, rates averaged 3.02%, and the last time rates were

By Michelle Toh, CNN Business Tesla cars are being kept off some roads in China as authorities bar them from sensitive areas, reportedly including a seaside resort town where a top leadership gathering could take place next month. The reports suggest that the automaker continues to face deep mistrust from officials about whether its vehicles

By Julia Horowitz, CNN Business Fears of a recession and the Federal Reserve’s aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn’t gotten as much attention as the bleeding in stocks or cryptocurrencies, but it’s been painful. What’s happening: A major exchange-traded fund that tracks blue chip bonds

By Alisha Ebrahimji, CNN A Black former contract worker at Tesla’s Fremont, California, factory turned down ​a judge’s offer for a reduced payout of $15 million in damages, thus setting the stage for a possible re-trial of his case. Tesla had requested a new trial after the man was originally awarded nearly $137 million in

By Alicia Wallace, CNN Business The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. Although quickly rising mortgage rates are already appearing to cool overheated

By Anna Chernova and Chris Liakos President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties. “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the