By Allison Morrow, CNN Business Around the world, warning signs of a recession are flashing. Wall Street is on edge. Central banks are hiking interest rates to try to rein in inflation. And geopolitical upheaval is exacerbating supply chain headaches that began in 2020. “We will get a major recession,” Deutsche Bank economists warned last
Continue Reading
Catherine Thorbecke, CNN Business Elon Musk said Twitter might soon charge fees for certain users, as the billionaire continues to tease how he might change the platform as its new owner. Musk, who struck a roughly $44 billion deal to buy Twitter last week, said in a tweet the platform will “always be free for
Continue Reading
By Sara Ashley O’Brien, CNN Business Airbnb is once again trying to stop people from using its platform to host unauthorized parties ahead of key summer holidays. The company said Wednesday it will be instituting “strict anti-party measures” for Memorial Day weekend for the first time and will reapply the same approach for July 4th
Continue Reading
By Frank Pallotta, CNN Business It’s May the 4th, a day for Star Wars nerds to geek out on Luke Skywalker, lightsabers and the Millennium Falcon. So why are so many sci fi fans talking about Spock, phasers and the USS Enterprise? Even though May 4th is known as “Star Wars Day” (as in, “May
Continue Reading
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
Continue Reading 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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading
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
Continue Reading