By Jeanne Sahadi, CNN Business Federal Reserve Chairman Jerome Powell on Friday made clear that interest rates were likely to continue moving higher in the central bank’s ongoing bid to quash high inflation. The Fed intends to use its policymaking “tools forcefully to bring demand and supply into better balance,” Powell said during his keynote
Continue Reading By Sonia Moghe, CNN The families of Sandy Hook victims allege that Alex Jones’ company Free Speech Systems has “systematically transferred millions of dollars” to Jones, his family and companies he controls in order to avoid compensating victims’ families, according to a court filing. The Thursday filing from attorneys for the families was made as
Continue Reading By Peter Valdes-Dapena, CNN Business Just weeks after announcing it was raising the price of the Ford F-150 Lightning electric pickup, Ford announced it is similarly boosting prices for its other popular electric vehicle, the Mustang Mach-E. When Ford begins taking orders on Tuesday for the 2023 model year Mach-E, prices will be about $3,000
Continue Reading By Rishi Iyengar, CNN Business Flights used to be a chance to sit back (albeit a bit cramped) and watch a recently released movie or catch up on some reading. Now they’re just another place to log on. Delta and United each host more than 1.5 million inflight WiFi sessions a month, the airlines told
Continue Reading By Jennifer Korn Pilots are in high demand lately — such high demand, in fact, that pilots from the recently defunct ExpressJet Airlines are finding themselves with new job offers, without so much as an interview, days after their employer declared bankruptcy. Piedmont Airlines, a regional airline based in Maryland and subsidiary of American Airlines,
Continue Reading By Martha C. White Federal Reserve chairman Jerome Powell warned that the central bank’s mission to tame inflation will result in “some pain” for US households. In a keynote speech at the Federal Reserve’s annual Jackson Hole Economic Symposium Friday morning, Powell said that the path to reducing inflation would not be quick or easy,
Continue Reading By Nicole Goodkind, CNN Business The US has a jobs problem: There are too many of them. There are currently around two jobs available for every unemployed person, and as a result, employers have had to raise wages to attract suitable candidates. That sounds like a good thing — and it is for Americans who
Continue Reading By Brian Fung, CNN House Republicans want Meta CEO Mark Zuckerberg to hand over a vast array of additional records pertaining to the company’s handling of a 2020 New York Post article containing allegations about Hunter Biden, after Zuckerberg indicated last week that an FBI warning about Russian propaganda contributed to the article’s temporary suppression
Continue Reading By Rachel Metz and Catherine Thorbecke, CNN Business In a rare and lengthy interview, Mark Zuckerberg spoke with controversial comedian and podcast host Joe Rogan about Meta’s plans to release a new virtual-reality headset, his newfound love of jiu-jitsu and his company’s decision to limit the reach of an article about Hunter Biden that came
Continue Reading By Clare Duffy, CNN Business Elon Musk’s legal team is seeking to delay the trial with Twitter over their $44 billion acquisition deal by a month in light of the whistleblower disclosure alleging that the company has serious security vulnerabilities. The case is currently set to go to trial in the Delaware Chancery Court for
Continue Reading By Clare Duffy, CNN Business A stunning whistleblower disclosure from Twitter’s former head of security accuses the company of having a reactive approach to misinformation and platform manipulation, a disconnect between product and safety teams, content moderation shortcomings and a lack of controls to prevent foreign interference, all of which could raise questions about the
Continue Reading By Martha C. White At the Federal Reserve’s annual Jackson Hole Economic Symposium, chairman Jerome Powell telegraphed a greater sense of urgency about taming inflation than he has in previous remarks, calling price stability “the bedrock of our economy.” In his keynote speech Friday morning, Powell said that the central bank’s “overarching focus” was on
Continue Reading By Jeanne Sahadi, CNN Business The now viral phrase “quiet quitting” is annoyingly imprecise and misleading. Some say it means doing the bare minimum at work or just not going above and beyond. Others say it’s about setting healthy boundaries or not mindlessly buying into ‘hustle culture.’ And then there are those who say it’s
Continue Reading Martha C. White On Friday, the Bureau of Labor Statistics reported that the US unemployment rate had ticked up to 3.7% in August, an increase that surprised economists who had expected it to remain at July’s 3.5%. In a normal labor market, rising unemployment is a red flag. But even though today’s labor market is
Continue Reading By Anna Cooban, CNN Business Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries. State gas giant Gazprom is burning off, or “flaring,” about
Continue Reading By Anna Cooban, CNN Business Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries. State gas giant Gazprom is burning off, or “flaring,” about
Continue Reading By Alicia Wallace, CNN Business The Federal Reserve’s favored inflation indicator showed that prices took a breather last month as fuel costs continued to fall from record highs. The Personal Consumption Expenditures price index rose by 6.3% for the year ended in July, down from the 40-year high of 6.8% reported in June, according to
Continue Reading By Anna Cooban, CNN Business Workers in the United Kingdom have had enough of falling living standards. Rail workers, journalists, lawyers, and postal workers have gone on strike in recent weeks to demand higher pay as inflation soars to its highest level in decades. At least 155,000 workers are currently on strike, including staff at
Continue Reading Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, which kicked off Thursday evening. Wall Street will be closely watching the Jackson Hole Economic Symposium — which returned to an in-person format after two years of being held virtually — searching for clues about where
Continue Reading By Julia Horowitz, CNN Business The big event for investors on Friday is in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will speak about the economy at a gathering of central bankers. Wall Street will be hanging on to Powell’s every word for clues about just how big the Fed’s next rate hike
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