Money

By Charles Riley, CNN Business Unnerved by surging prices, the Bank of England on Thursday became the first major central bank to hike interest rates since the pandemic began. The US Federal Reserve will follow in the coming months, with three rate hikes expected next year. You can quibble over the timing or the size

By Chris Isidore, CNN Business Kellogg says it has reached a second tentative agreement with the union representing 1,400 workers who have been on strike since early October. But the 10-week-long strike will continue until rank-and-file membership at the union ratify the agreement. Membership voted against a previous deal reached two weeks ago, which extended

By Reuters Rising consumption in China, India and the United States could bring global coal-fired power demand to a new all-time high this year, undermining efforts to cut greenhouse gas emissions, the International Energy Agency (IEA) said on Friday. The IEA said global power generation from coal was expected to reach 10,350 terawatt-hours in 2021,

Story by Reuters The US Senate passed legislation on Thursday to ban imports from China’s Xinjiang region over concerns about forced labor, part of Washington’s continued pushback against Beijing’s treatment of the country’s Uyghur Muslim minority. The Senate passed the Uyghur Forced Labor Prevention Act by unanimous consent, sending it to the White House, where

By Matt McFarland, CNN Business Rivian, the electric vehicle maker, plans to begin construction on a second manufacturing plant in 2022 even as it is falling short of its production goals at its existing plant. Rivian announced Thursday that the new $5 billion facility east of Atlanta, Georgia, will be capable of producing up to

By Matt Egan, CNN Business New car prices are skyrocketing at the fastest pace on record. And Senator Elizabeth Warren says a lack of competition in the semiconductor industry is at least partially to blame. The world is in the midst of an epic computer chip shortage, one largely driven by Covid outbreaks and skyrocketing

By Paul R. La Monica, CNN Business Regulators in Washington may crack down on the industry behind “buy now, pay later,” the increasingly popular method for consumers to purchase things online. The Consumer Financial Protection Bureau said Thursday that it is looking to “collect information on the risks and benefits of these fast-growing loans” from