By Matt Egan, CNN Business Turmoil on Wall Street is a feature, not a bug, of the Federal Reserve’s fight against inflation, according to former New York Federal Reserve President Bill Dudley. “What’s happening right now is exactly what the Federal Reserve wants to happen,” Dudley told CNN in an interview, referring to recent volatility
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Opinion by Paul Hockenos for CNN Business Perspectives Russia’s announcement last week that it was halting all gas deliveries to Poland and Bulgaria may have sounded like a bombshell, perhaps even presaging a complete suspension of gas flows to all of Europe. This certainly was Russian president Vladimir Putin’s intent: to strike fear into the
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By Jordan Valinsky, CNN Business Intuit, the owner of tax filing software TurboTax, has agreed to pay $141 million in a settlement with all 50 states for allegedly steering millions of low-income Americans away from free tax-filing services. The settlement, announced Wednesday by New York Attorney General Letitia James, said about 4.4 million customers were
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By Matt Egan, CNN Business JPMorgan Chase CEO Jamie Dimon said Wednesday that the Federal Reserve should have moved sooner to raise interest rates and conceded the odds do not favor taming inflation without sparking a recession. “We’re a little late but remember two years ago we had 15% unemployment and no vaccine. People should
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By Julia Horowitz, CNN Business The Federal Reserve is finally getting aggressive in its bid to fight decades-high inflation. What’s happening: The central bank is expected to hike interest rates by half a percentage point on Wednesday for the first time since 2000. Investors think it will deliver hikes of the same magnitude in June
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By Laura He, CNN Business BYD, the Warren Buffett-backed Chinese electric vehicle maker, had a bumper month in the world’s largest car market, despite strict Covid lockdowns that have disrupted production and sales for many of its major rivals. The company reported Tuesday that its sales of electric vehicles and plug-in hybrids soared 313% in
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By Anneken Tappe, CNN Business The Federal Reserve said Wednesday it is raising interest rates by a half-percentage point to get a handle on the worst inflation America has seen in 40 years. It’s the first time in 22 years that the central bank has hiked rates this much. The decision was unanimous, with all
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By Laura He, CNN Business Hong Hao, a prominent market analyst in China, has left the state-owned bank he worked for just days after his social media accounts were shut down following downbeat remarks he made about the economy. Tencent’s WeChat froze Hong’s public account over the weekend, after he posted about huge outflows of
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By Mark Thompson, CNN Business The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has
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By Laura He, CNN Business Didi says it is facing an investigation by US regulators into its botched IPO last year. The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, “subject to strict compliance with
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By Danielle Wiener-Bronner, CNN Business Starbucks interim CEO Howard Schultz has a message for workers interested in unionizing: If you do, you could miss out on higher wages. The coffee chain said it would raise wages back in October. Starbucks will honor those commitments to employees even if they have voted to unionize, Schultz said
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By Sara Ashley O’Brien, CNN Business Airbnb reported more than 100 million bookings during the first quarter of this year, a record for the company that underscores the turnaround from when its business was decimated in the early months of the pandemic. The resurgence in demand has sent the company’s rental rates to new heights
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By Brian Fung and Sara O’Brien, CNN Business Vice President Kamala Harris and Labor Secretary Marty Walsh will meet with union leaders Thursday including Christian Smalls, the former Amazon employee who helped successfully organize workers at an Amazon facility in Staten Island. The meeting, which will take place at the White House, will also involve
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By Paul LeBlanc and Oliver Darcy, CNN ABC News’ Chief Washington Correspondent Jonathan Karl tested positive for Covid-19 Monday night, a source familiar with the matter told CNN. “He tested negative on Saturday afternoon before the White House Correspondents Dinner by medically supervised staff. He had no symptoms on Saturday,” the source said, adding that
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By Jackie Wattles, CNN Business Rocket Lab this week made an ostentatious attempt to catch a rocket as it fell from space using a hook-wielding helicopter that snagged the rocket mid-air only for the pilots to intentionally drop it moments later because of safety concerns. The display is all part of the company’s plan to
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By Jeanne Sahadi, CNN Business If a popular piece of retirement legislation makes it to President Biden’s desk this year, it would give older 401(k) participants the opportunity to contribute more to their nest egg and possibly bolster their tax-free savings. Currently, anyone 50 or older may contribute an additional $6,500 on top of the
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By Brian Fung, CNN Elon Musk appeared to endorse a key European law regulating social media on Monday when he appeared in a video with Thierry Breton, a top EU commissioner and digital regulator. In the video, Breton said he met with Musk to explain the finer points of the Digital Services Act, a forthcoming
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By Jackie Wattles, CNN Business Two passengers that flew on one of Blue Origin’s supersonic flights to the edge of space have shared footage of the 10-minute journey captured behind the scenes or inside the capsule during flight, giving a rare glimpse into the full experience. Cameron Bess — who rode alongside their father, venture
Continue Reading By Jackie Wattles, CNN Business Two passengers that flew on one of Blue Origin’s supersonic flights to the edge of space have shared footage of the 10-minute journey captured behind the scenes or inside the capsule during flight, giving a rare glimpse into the full experience. Cameron Bess — who rode alongside their father, venture
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By Allison Morrow, CNN Business Millions of women in more than 25 states face an abortion ban if the Supreme Court overturns Roe v. Wade, the landmark 1973 decision that legalized the procedure nationwide. For many of those women, employers’ benefit packages may be the only way they can soon afford a legal abortion. Amazon
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