Missouri secretary of state warns about an increase in Mexico timeshare scams
Missouri Secretary of State Jay Ashcroft is warning about a recent increase in schemes targeting owners of timeshare properties in Mexico.
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A Muslim teenager was killed at a protest in India. His family wants answers
By Hannah Ritchie, Rishabh Pratap, Rhea Mogul and Hilary Whiteman, CNN “They’re firing bullets, they’re firing bullets!” a voice yells on video over the sound of gunfire during clashes between police and Muslim protesters in the eastern Indian city of Ranchi. Footage posted to social media of the June 10 protest shows 15-year-old Mudassir Alam
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Local business owner says proposed gas tax holiday could benefit consumers
Biden will call on Congress to suspend federal gasoline and diesel taxes until September, according to reports.
Continue Reading Black former Tesla contractor turned down $15 million award in racial harassment suit, likely setting up new trial
By Alisha Ebrahimji, CNN A Black former contract worker at Tesla’s Fremont, California, factory turned down a judge’s offer for a reduced payout of $15 million in damages, thus setting the stage for a possible re-trial of his case. Tesla had requested a new trial after the man was originally awarded nearly $137 million in
Continue Reading The dream of owning a home is out of reach for 4 million Americans
By Alicia Wallace, CNN Business The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. Although quickly rising mortgage rates are already appearing to cool overheated
Continue Reading All the recession warning signs this week
By Ramishah Maruf, CNN It’s the question everyone is asking: Are we about to enter a recession? A tepid stock market, soaring inflation, and rising interest rates have left Americans less than optimistic about the state of the economy. Consumer sentiment has plunged to a record low, according to a University of Michigan survey released
Continue Reading Putin says Russia is rerouting trade to China and India
By Anna Chernova and Chris Liakos President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties. “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the
Continue Reading The US economy shrank 1.6% in the first quarter, adding to recession fears
By Alicia Wallace, CNN Business The US economy shrank at a slightly faster rate than previously estimated during the first quarter, the Bureau of Economic Analysis said Wednesday. With one quarter of negative economic growth in the books, the data adds to fears that a recession may be looming. Real gross domestic product declined at
Continue Reading ‘Hang them all’: January 6 committee members target of violent rhetoric on right-wing social media platforms
By Donie O’Sullivan and Whitney Wild, CNN Business Calls for violence against members of the January 6 committee are circulating on some of the same online platforms that helped fuel the lies that led to the insurrection, a new analysis has found. Users on these platforms are openly calling for the execution of committee members,
Continue Reading Ukrainian journalist Maks Levin ‘executed in cold blood,’ report says
By Vasco Cotovio, CNN Pro-journalist and free speech non-government organization Reporters Without Borders (RSF) says it has evidence that Russian soldiers executed journalist Maks Levin in a forest near Kyiv on March 13. Levin, a Ukrainian photojournalist who worked with a number of major Western news outlets including Reuters and the BBC disappeared on March
Continue Reading ‘Hang them all’: January 6 committee members target of violent rhetoric on right-wing social media platforms
By Donie O’Sullivan and Whitney Wild, CNN Business Calls for violence against members of the January 6 committee are circulating on some of the same online platforms that helped fuel the lies that led to the insurrection, a new analysis has found. Users on these platforms are openly calling for the execution of committee members,
Continue Reading JPMorgan lays off hundreds of employees in mortgage division as rates spike
By Matt Egan, CNN Business JPMorgan Chase is laying off employees this week in response to the spike in mortgage rates that has rocked the housing market. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” JPMorgan said in a statement. Hundreds of JPMorgan employees will be laid off,
Continue Reading Juul vape pens could be pulled from US shelves. Altria shares tumble
By Jordan Valinsky, CNN Business A report that the Food and Drug Administration might order Juul to pull its products from store shelves has sent shares of Altria plunging. The cigarette company owns a 35% stake in Juul. The Wall Street Journal reported Wednesday that the FDA could order the e-cigarette maker to remove its
Continue Reading Sitting pretty? Revlon stock surges after bankruptcy filing
By Paul R. La Monica, CNN Business Move over, GameStop and AMC. And forget about bitcoin and other cryptocurrencies. Revlon, the struggling makeup and cosmetics company that filed for bankruptcy last week, is the latest meme stock craze among the army of individual investors on Reddit. Shares of Revlon soared nearly 35% Wednesday afternoon in
Continue Reading Why Kellogg is turning its back on Frosted Flakes and Froot Loops
By Danielle Wiener-Bronner, CNN Business For years, Kellogg’s has been synonymous with Froot Loops, Frosted Flakes, Special K and other cereals. Now, it’s focusing on snacks. Kellogg announced Tuesday that it is splitting into three separate companies, spinning off its US, Canadian and Caribbean cereal businesses into one group and its plant-based food businesses, including
Continue Reading What today’s retirees want future retirees to know
By Jeanne Sahadi, CNN Business US retirees have some advice for their younger selves, and by extension anyone who has yet to retire: Save more. Save earlier. Make a financial plan for retirement. And don’t forget to account for taxes and inflation — they’ll hit you harder than you expect. Those are key takeaways from
Continue Reading Rents to rise for more than a million New Yorkers in rent stabilized apartments
By Alison Kosik, for CNN Business The NYC Rent Guidelines Board (RGB) has given the green light to allow landlords in New York City to hike rents on more than one million rent stabilized apartments. The RGB, which regulates rent stabilized apartments in Manhattan, voted 5 to 4 on Tuesday to approve raising rates on
Continue Reading Well, drivers, we’ve got good news and bad news about gas prices
By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. There’s good news and bad news on the gas prices front. Good news: Some price relief could be on the way. The bad news: It’s because traders are
Continue Reading Price cap on Russian oil could shake up the market
By Julia Horowitz, CNN Business Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn’t worked. Russia’s government is making just as much money
Continue Reading Elizabeth Warren to Fed chair Jerome Powell: Don’t ‘drive this economy off a cliff’
By Matt Egan for CNN Business Fed Chairman Jerome Powell conceded that the Federal Reserve’s aggressive interest rate hikes won’t solve two of the biggest problems facing families: high prices for gas and groceries. During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid
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