By Julia Horowitz, CNN Business In a bold attempt to get inflation under control, the European Central Bank on Thursday announced it would hike its key interest rate by a half percentage point. That marks the first time since 2011 that the ECB has raised rates, and takes Europe’s main rate back to zero. Rates
Continue Reading By Michelle Toh, CNN Business Baidu has unveiled plans for an electric self-driving car with a removable steering wheel, marking another step forward in the fast-moving robotaxi race in China. The Chinese tech giant, the country’s answer to Google, revealed the Apollo RT6, its sixth-generation autonomous vehicle, at its annual flagship conference on Thursday. Baidu’s
Continue Reading By Chris Isidore, CNN Business Part-time work has become a lot less popular, both with job seekers and employers. The number of workers who are working part of the time for economic reasons — because they can’t find full-time jobs, or because their employer has cut back their hours — hit a 20-year low of
Continue Reading By Julia Horowitz, CNN Business The European Central Bank is about to raise interest rates for the first time in 11 years as it attempts to put a lid on record inflation fed by surging energy prices. What’s happening: The ECB has made clear that it will hike rates at its meeting on Thursday for
Continue Reading By Anna Bahney, CNN Business Rents hit another record high in June, putting more pressure on renters. But with the costs associated with buying a home rising so much this year, renting remains a better deal. In June, the national median rent hit a new record high of $1,876 a month, up 14% from a
Continue Reading By Jackie Wattles, CNN Business Two astronauts — one European and one Russian — exited the airlock on the International Space Station for a spacewalk on Thursday, marking the first time in more than 20 years such a joint endeavor has taken place. Samantha Cristoforetti, an Italian astronaut with the European Space Agency, and Russian
Continue Reading By Yong Xiong, Larry Register and Laura He, CNN Business China’s cyberspace regulator fined Didi Global just over 8 billion yuan ($1.2 billion) on Thursday for violating cybersecurity and data laws, putting an end to a yearlong investigation into the ride-hailing giant. The Cyberspace Administration of China (CAC) said in a statement that the firm
Continue Reading By Anna Cooban, CNN Business The German government has stepped in to bail out one of its biggest energy companies — the latest casualty of Europe’s natural gas crisis. Gas distributor Uniper will receive up to €15 billion ($15.3 billion) from the government after months of Russian supply cuts and soaring spot market prices have
Continue Reading By Irene Nasser and Yong Xiong, CNN Business Gazprom has resumed gas shipments through the Nord Stream 1 pipeline, a vital artery linking Russia’s vast gas reserves to Europe via Germany. Gas began flowing again Thursday, data from the operator’s website showed, after the pipeline had been shut 10 days for scheduled maintenance. Many had
Continue Reading By Esha Mitra and Rhea Mogul, CNN Muslim journalist Mohammed Zubair has been freed from jail on the order of India’s Supreme Court after he was detained last month for allegedly insulting religious beliefs on social media. Zubair — co-founder of fact-checking website Alt News, which debunks misinformation in the Indian media — was arrested
Continue Reading By Matt McFarland, CNN Business The US Postal Service said Wednesday that at least 40% of its new delivery vehicles will be electric, up from the 10% it had once committed to, following a backlash from the Biden administration and others. Under the revised plan, the Postal Service would buy 33,800 electric vehicles, 25,000 of
Continue Reading By Chris Isidore, CNN Business Lockdowns caused by the Covid surge in China caused sales and profits to fall at Tesla compared to the first three months of the year, the first time since the pandemic surfaced in early 2020 that the company did not report a record profit. Tesla reported adjusted income of $2.6
Continue Reading By Jeanne Sahadi, CNN Business There really was no place for 401(k) investors to hide in the first half of this year. Even though their portfolios took a hit, they didn’t run for the hills. The Nasdaq was down 30%, while the S&P 500 and Russell 2000 indices were down more than 20% apiece. The
Continue Reading By Jennifer Korn, CNN Business Alaska Airlines is rolling out electronic bag tags in an effort to speed up the airport check-in process for customers, the company said Tuesday. The new option, which Alaska is billing as the first of its kind for a US airline, will allow customers to skip the step of printing
Continue Reading By Jennifer Korn, CNN Business Alaska Airlines is rolling out electronic bag tags in an effort to speed up the airport check-in process for customers, the company said Tuesday. The new option, which Alaska is billing as the first of its kind for a US airline, will allow customers to skip the step of printing
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of America’s largest banks is worried inflation will remain problematic for a while longer — and he thinks there’s a growing chance of a recession. Goldman Sachs CEO David Solomon said in an interview with CNN’s Poppy Harlow Wednesday that people need to “prepare
Continue Reading By Paul R. La Monica, CNN Business The CEO of one of America’s largest banks is worried inflation will remain problematic for a while longer — and he thinks there’s a growing chance of a recession. Goldman Sachs CEO David Solomon said in an interview with CNN’s Poppy Harlow Wednesday that people need to “prepare
Continue Reading By Julia Horowitz, CNN Business Europe’s economy, which accounts for almost a fifth of the world’s output, is facing its toughest test since the pandemic erupted more than two years ago. A cocktail of risks threatens to throw growth into reverse at a moment of deep uncertainty. Like the United States and other developed economies,
Continue Reading Opinion by Mark Zandi for CNN Business Perspectives The stock market is having a rough go. Since hitting an all-time high on the first trading day of the year, stock prices have fallen by more than 20%. Known as a bear market, the losses have been financially painful. Trillions of dollars in stock wealth has
Continue Reading By Parija Kavilanz, CNN Business For one group of workers, the baby formula shortage is a multi-pronged crisis that threatens not only the well-being of their young children — but also their own livelihoods. Many shoppers’ weekly grocery trips don’t require much more than a short car ride into town. But that’s not how it
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