By Matt Egan Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. US oil tumbled 5.1% to $82.41 a barrel in recent trading. That’s the lowest intraday price since January 24. US crude is now down by more than one-third since briefly hitting $130
Continue Reading By Matt Egan Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. US oil tumbled 5.1% to $82.41 a barrel in recent trading. That’s the lowest intraday price since January 24. US crude is now down by more than one-third since briefly hitting $130
Continue Reading By Paul R. La Monica, CNN Business Billionaire Ryan Cohen profited big when he briefly invested in struggling retailer Bed Bath & Beyond and helped it become a meme stock again. Now he faces an arguably tougher challenge with another of the original meme phenoms: GameStop. Cohen is the chairman of GameStop, which will report
Continue Reading By Frank Pallotta, CNN Business Cineworld Group — the world’s second largest movie theater chain and owner of Regal Cinemas — said Wednesday that it has filed for Chapter 11 bankruptcy protection. The British company, which owns more than 500 movie theaters across the United States, said that it commenced Chapter 11 proceedings in the
Continue Reading By Chris Isidore, CNN Business The Major League Baseball Players Association is joining the AFL-CIO, the nation’s largest labor federation that includes unions representing a total of 12.5 million members. With only about 1,200 members, the MLBPA is fairly small by comparison to many of the other unions in the federation, But it is one
Continue Reading By David Goldman, CNN Business The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. A looming recession, a disastrous energy crunch and the highest inflation among G7 nations has sent the pound sinking over the
Continue Reading By David Goldman, CNN Business The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions. A looming recession, a disastrous energy crunch and the highest inflation among G7 nations has sent the pound sinking over the
Continue Reading By Matt McFarland, CNN Business Tesla’s price for the feature it calls “full self-driving” has increased again. This time to $15,000, making it an unusually expensive option for a car. “After wide release of FSD Beta 10.69.2, price of FSD will rise to $15k in North America on September 5,” Musk tweeted last month. The
Continue Reading By Clare Duffy, CNN Business A Delaware judge on Wednesday denied Elon Musk’s request to delay his trial with Twitter over their $44 billion acquisition deal after a former top executive alleged the company has serious security vulnerabilities. However, Musk’s team will be allowed to add arguments based on the former executive’s whistleblower disclosure to
Continue Reading By Lauren Kent and Anna Cooban, CNN Business The United Kingdom on Thursday confirmed plans to subsidize energy bills for households and businesses, joining other European governments in a costly race to protect their economies from freezing up this winter as Russia cuts off supplies of gas. The UK plan could cost as much as
Continue Reading By Anna Cooban, CNN Business The United Kingdom’s new prime minister is reportedly preparing to commit as much as £150 billion ($172 billion) to shield households and businesses from soaring energy bills, increasing government borrowing at a time when investors are already on edge about the country’s finances. Liz Truss, who earlier this week succeeded
Continue Reading By Matt Egan, CNN Business For many years after the Great Recession, the Federal Reserve did everything in its power to lower the unemployment rate. Now, the central bank is trying to do the exact opposite. David Rubenstein, the billionaire investor and co-founder of The Carlyle Group, told CNN last week the Fed is actively
Continue Reading By Matt Egan, CNN Business For many years after the Great Recession, the Federal Reserve did everything in its power to lower the unemployment rate. Now, the central bank is trying to do the exact opposite. David Rubenstein, the billionaire investor and co-founder of The Carlyle Group, told CNN last week the Fed is actively
Continue Reading By Jordan Valinsky, CNN Business Kim Kardashian is entering the world of private equity. She’s partnering with Jay Sammons, a former executive with Carlyle Group, to launch SKKY Partners, a new firm that will invest in fast-growing businesses across several sectors, including hospitality, media and consumer products. The fund hasn’t begun any raising money just
Continue Reading By Jordan Valinsky, CNN Business Serena Williams’ loss last week at the US Open, likely her final match, made history for ESPN. The roughly three-hour match averaged 4.8 million viewers, making it ESPN’s most-watched tennis match in its 43-year history. Ratings peaked during the match’s final set in the 10:15 pm quarter-hour, garnering 6.9 million
Continue Reading By Jordan Valinsky, CNN Business Serena Williams’ loss last week at the US Open, likely her final match, made history for ESPN. The roughly three-hour match averaged 4.8 million viewers, making it ESPN’s most-watched tennis match in its 43-year history. Ratings peaked during the match’s final set in the 10:15 pm quarter-hour, garnering 6.9 million
Continue Reading By Nicole Goodkind, CNN Business The world is in desperate need of water. Drought and increasing temperatures have threatened to impact nearly every major sector of the economy, from energy to agriculture to shipping. Markets are taking note. The S&P Global Water Index, which tracks 50 companies from around the world that are involved in
Continue Reading By Laura He, CNN Business China’s zero-Covid strategy of endless testing and lockdowns has hammered its economy and taken a toll on company profits, but it has delivered a windfall for test makers. Twelve of China’s top Covid testing firms have recently posted huge increases in both revenues and net profits for the first half
Continue Reading By Laura He, CNN Business China’s zero-Covid strategy of endless testings and lockdowns has hammered its economy and taken a toll on company profits, but it has delivered a windfall for test makers. Twelve of China’s top Covid testing firms have recently posted huge increases in both revenues and net profits for the first half
Continue Reading By Jackie Wattles, CNN Business NASA has two new dates in mind — September 23 or September 27 — for the next attempt at launching its massive new moon rocket on an uncrewed test mission. But there are still several things that could stand in the way of getting the Artemis I mission off the
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