Money

By Matt Egan and Chris Isidore, CNN Business The average price for gasoline in California hit $6 a gallon Tuesday for the first time — and analysts at JPMorgan are warning that price could be the national average before the end of the summer. The startling forecast comes as US gas prices have surged to

By Matt McFarland, CNN Business Traffic deaths in the United States continue to spike, as the National Highway Traffic Safety Administration estimated Tuesday that there were 42,915 such fatalities in 2021. That would be the most traffic deaths in 16 years, NHTSA said. Estimated deaths increased 10.5% from 2020, but the number of deaths per

By Peter Valdes-Dapena, CNN Business After Renault announced its departure this week from the Russian auto market amid the country’s war with Ukraine, Moscow’s mayor announced its factory will be used to restart the defunct Soviet-era Moskvich car brand. Little known outside the former Soviet Union and its satellite countries, Moskvich was founded around 1930

By Nicole Goodkind, CNN Business A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a “massive fraudulent scheme” that involved the investments of public pensions, religious organizations and other foundations. The settlements with the US Department of Justice and US Securities and Exchange Commission are

By Jon Sarlin, CNN Business Editor’s Note: If you or someone you know is struggling with suicidal thoughts or mental health matters, please call the National Suicide Prevention Lifeline at 800-273-8255 to connect with a trained counselor or visit the NSPL site. On Twitter and Reddit, stunned Luna and TerraUSD investors tried to take stock

By Anneken Tappe, CNN Business Hindsight is 20:20, even for the Federal Reserve. The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome

By Chris Isidore, CNN Business AerCap Holdings, the aircraft leasing giant that is the world’s largest owner of jets, lost 113 planes when Russia seized them in response to sanctions triggered by the war in Ukraine. The seizures of the planes and 11 jet engines by Russian authorities caused AerCap to take a $2.7 billion

By Jordan Valinsky, CNN Business Beloved discount store Century 21 is reopening in New York City nearly two years after the pandemic forced it out of business. The retailer, which sold designer clothing at bargain basement prices, is reopening in spring 2023 at its former location near the World Trade Center in downtown Manhattan. A

By Chris Isidore, CNN Business How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold.

By Brian Stelter, CNN Business In the wake of the Buffalo supermarket mass shooting and widespread discussion of far-right violent extremism, Fox’s prime time hosts pivoted to what they claim is the true threat: The left. Condemnations of “the left” echoed across Tucker Carlson, Sean Hannity and Laura Ingraham’s highly-rated shows on Monday night. The

By Anna Cooban, CNN Business Europe can’t make up its mind on how to pay for Russia natural gas imports that continue to fuel homes, businesses and power stations. The confusion centers on the logistics of the payments themselves. Several European gas buyers have been preparing to work around the Kremlin’s demand that gas bills

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway has been a top investor in Wells Fargo for the past few years, despite the company’s fake account scandal, overcharging foreign-exchange customers and myriad other problems. Now, the Oracle of Omaha has finally thrown in the towel. Berkshire Hathaway disclosed late Monday that it