By Reuters The US auto safety regulator announced on Tuesday its first-ever reward to a whistleblower, handing out more than $24 million to a former Hyundai employee who provided key information about safety lapses at the South Korean carmaker. The award to ex-Hyundai Motor engineer Kim Gwang-ho is the biggest ever in a whistleblower case
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By Allison Morrow, CNN Business The world’s wealthiest people have unfathomable riches. But there’s a huge difference between wealth and income, and that’s what makes Elon Musk’s weekend Twitter stunt, polling his followers about whether to sell 10% of his Tesla stock, both fascinating and jarring. For the uninitiated: Musk, like many ultra-wealthy heads of
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By Anneken Tappe, CNN Business There’s no end in sight for higher prices. US consumer price inflation surged higher again in October, the Bureau of Labor Statistics reported Wednesday. Over the past 12 months, prices climbed 6.2% — the biggest increase since November 1990. Stripping out food and energy prices, which tend to be more
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By Anneken Tappe, CNN Business American households are carrying record amounts of debt as home and auto prices surge, Covid infections continue to fall and people get out their credit cards again. Between July and September, US household debt climbed to a new record of $15.24 trillion, the Federal Reserve Bank of New York said
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By Paul R. La Monica and Chris Isidore, CNN Business General Electric, the industrial conglomerate founded by Thomas Edison in 1892, is breaking up. GE announced plans Tuesday to split into three separate companies. GE will become separate, publicly traded companies for its aviation, healthcare and energy businesses. The company said it hopes to spin
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By Paul R. La Monica, CNN Business Bitcoin has rocketed to an all-time high of nearly $70,000. But investors are even more excited about ethereum, which is now the world’s second most valuable cryptocurency. Ethereum, or ether for short, is also trading at record levels. It’s now hovering around $4,850, having soared more than 560%
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By Julia Horowitz, CNN Business US President Joe Biden faces growing pressure to intervene in oil markets as Americans pay higher prices at the pump. But given the dynamics at play, is there really anything productive he can do? What’s happening: Nearly a dozen Senate Democrats called on Biden on Monday to fight rising gas
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By Paul R. La Monica, CNN Business The current mood on Wall Street can only be described in one way: euphoric. All the major stock market indexes are at record highs. The Nasdaq is on an eleven-day winning streak. Bond yields remain relatively low. And cryptocurrencies like bitcoin and ethereum are at all-time highs too.
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By Rachel Metz, CNN Business In February, Zillow appeared so confident in its ability to use artificial intelligence to estimate the value of homes that it announced a new option: for certain homes, its so-called “Zestimate” would also represent an initial cash offer from the company to purchase the property. The move, touted by a
Continue Reading By Rachel Metz, CNN Business In February, Zillow appeared so confident in its ability to use artificial intelligence to estimate the value of homes that it announced a new option: for certain homes, its so-called “Zestimate” would also represent an initial cash offer from the company to purchase the property. The move, touted by a
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By Radina Gigova, CNN Ukraine’s English-language newspaper, the Kyiv Post, has suspended publication after 26 years. Adnan Kivan, the publisher of the Kyiv Post, said the newspaper will close immediately “for a short time” and Chief Editor Brian Bonner “will retire after closing down the operations of the newspaper.” Kivan, a businessman based in Odessa,
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By Sean Lyngaas, CNN Business Researchers say they have found more than a dozen vulnerabilities in software used in medical devices and machinery used in other industries that, if exploited by a hacker, could cause critical equipment such as patient monitors to crash. The research, shared exclusively with CNN, points to the challenges that hospitals
Continue Reading By Sean Lyngaas, CNN Business Researchers say they have found more than a dozen vulnerabilities in software used in medical devices and machinery used in other industries that, if exploited by a hacker, could cause critical equipment such as patient monitors to crash. The research, shared exclusively with CNN, points to the challenges that hospitals
Continue Reading By Paul R. La Monica and Chris Isidore, CNN Business General Electric, the industrial conglomerate founded by Thomas Edison in 1892, is breaking up. GE announced plans Tuesday to split into three separate companies. GE will become separate, publicly traded companies for its aviation, healthcare and energy businesses. The company said it hopes to spin
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By Jack Guy, CNN Business One of Apple’s first computers is up for auction and it could sell for as much as $600,000. The Apple-1 that is going under the hammer on Tuesday is one of the few surviving examples of Apple’s first computer in the world, according to John Moran Auctioneers. The lot includes
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By Michelle Toh, CNN Business Troubles in China’s vast real estate sector could spill over to the global economy — including the United States, according to the Federal Reserve. The US central bank warned Monday that China’s ongoing property woes could elevate “financial stresses in China, [which] could further strain global financial markets and negatively
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By Jackie Wattles, CNN Business Four astronauts splashed down off the coast of Florida aboard their SpaceX Crew Dragon capsule, capping off their six-month stay in space. Their journey kicked off Monday just after 2 pm ET when the astronauts strapped into the Crew Dragon capsule, which had remained attached to the International Space Station
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By Matt Egan, CNN Business Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation’s emergency oil stockpile, or even taking the more extreme step of banning oil exports. In the letter, Senators Elizabeth Warren, Sherrod Brown, Jack Reed
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By Rob McLean, CNN Business Two cryptocurrencies have hit new milestones. Bitcoin hit an all-time high of $68,530.34 early Tuesday, according to CoinMarketCap. That’s just a few weeks after it hit a previous high of nearly $67,000 before sliding as much as 12%. Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to
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By Jeanne Sahadi, CNN Business Maybe you have a natural affinity for making and managing money. Or maybe you’re just trying not to make a hash of it. Either way, someone at some point in your life likely dropped a pearl of wisdom in your lap that has made your financial life better than it
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