By Anna Bahney, CNN Business The days of ultra-cheap mortgages could be numbered, as rates rose back above the 3% mark last week. The average interest rate on a 30-year fixed-rate mortgage rose to 3.05% in the week ending October 14, according to Freddie Mac, the highest rate since April. The 15-year fixed-rate mortgage rose
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By Hannah Ryan, CNN Business Prince William has criticized billionaires who are focused on space tourism, saying they should instead be investing more time and money in saving Earth. The Duke of Cambridge spoke about the current rush for space travel in an interview with the BBC’s Newscast podcast, which aired on Thursday. He said:
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By Danielle Wiener-Bronner, CNN Business A year after announcing plans to introduce the McPlant burger, McDonald’s is ready to test it out in the United States. The McPlant, featuring a plant-based patty created in partnership with Beyond Meat, will be available at eight restaurants for a limited time starting November 3, McDonald’s said Thursday. The
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By Paul R. La Monica, CNN Business Several of America’s largest financial firms reported strong earnings and revenue Thursday thanks to solid demand for loans, better credit quality and a boom in mergers and initial public offerings. Morgan Stanley, Citigroup, Bank of America and even troubled Wells Fargo posted healthy results that surpassed analysts’ expectations.
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By Jordan Valinsky, CNN Business The ongoing supply chain crisis isn’t going to end anytime soon, according to a new survey of chief financial officers. The majority of the CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well into” 2022. They warned their companies are experiencing supply
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By Jordan Valinsky, CNN Business The ongoing supply chain crisis isn’t going to end anytime soon, according to a new survey of chief financial officers. The majority of the CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well into” 2022. They warned their companies are experiencing supply
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By Chris Isidore, CNN Business About 10,000 members of the United Auto Workers union went on strike against farm and construction equipment maker John Deere early Thursday morning. The UAW had reached a tentative agreement on a new six-year contact with the company two weeks ago, only to see 90% of the rank-and-file members of
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By Chris Isidore, CNN Business Wells Fargo’s third-quarter earnings were up 59% after it freed up money it had set aside to cover loan losses. The bank said it reduced the money it set aside to cover loan losses by $1.7 billion. It had raised those loan loss reserves early in 2020, when the future
Continue Reading By Chris Isidore, CNN Business Wells Fargo’s third-quarter earnings were up 59% after it freed up money it had set aside to cover loan losses. The bank said it reduced the money it set aside to cover loan losses by $1.7 billion. It had raised those loan loss reserves early in 2020, when the future
Continue Reading By Charles Riley, CNN Business William Shatner is firing a rhetorical rocket back at Prince William after the future king criticized space tourism. Shatner, who blasted into space earlier this week on one of Amazon founder Jeff Bezos’ rockets, said the British royal has “got the wrong idea” by saying that solving problems on Earth
Continue Reading By Hannah Ryan, CNN Business Prince William has criticized billionaires who are focused on space tourism, saying they should instead be investing more time and money in saving Earth. The Duke of Cambridge spoke about the current rush for space travel in an interview with the BBC’s Newscast podcast, which aired on Thursday. He said:
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By Oliver Darcy, CNN Business Nicholas Kristof, the Pulitzer Prize winning journalist, announced Thursday that he is departing The New York Times as he explores a run for governor of Oregon. “I’ve been on the ride of a lifetime with The Times. I’ve gotten to know presidents and tyrants, Nobel laureates and warlords, while visiting
Continue Reading Opinion by Rob Reich, Mehran Sahami and Jeremy M. Weinstein for CNN Business Perspectives Frances Haugen’s spellbinding testimony before Congress last week riveted the attention of lawmakers and the country. She claimed that Facebook’s own research found that the platform is harmful to teenage girls and amplifies dangerous speech that has led to violence and
Continue Reading Opinion by Rob Reich, Mehran Sahami and Jeremy M. Weinstein for CNN Business Perspectives Frances Haugen’s spellbinding testimony before Congress last week riveted the attention of lawmakers and the country. She claimed that Facebook’s own research found that the platform is harmful to teenage girls and amplifies dangerous speech that has led to violence and
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By Leah Asmelash, CNN There was a moment last year, as Covid-19 brought the entire planet to a standstill, when the chef and owner of one of the world’s most renowned and expensive restaurants thought he might lose everything. Daniel Humm’s restaurant, Eleven Madison Park, has three Michelin stars and had recently topped the World’s
Continue Reading Story by Leah Asmelash, CNN Video by Sean Clark, CNN Business There was a moment last year, as Covid-19 brought the entire planet to a standstill, when the chef and owner of one of the world’s most renowned and expensive restaurants thought he might lose everything. Daniel Humm’s restaurant, Eleven Madison Park, has three Michelin
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By Charles Riley, CNN Business Inflation is high. It could stay that way. The US consumer price index rose 5.4% over the previous year in September, according to data published Wednesday. Stripping out food and energy, which tend to be more volatile, prices rose 4% over the same period. Inflation has now been at elevated
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Story and video by John General The van rumbled through the desert in central California. Scorched Earth from controlled burns lined one side of dirt road we were traveling along. Surely, this van needed new shocks. The 105-degree heat bore down on us as we rounded some brush and came across a barren airstrip. One
Continue Reading By Rob McLean and Chris Isidore, CNN Business The auto industry continues its rush to build factories for production of the massive batteries needed to power electric vehicles. Automaker Stellantis, formed by last year’s merger of Fiat Chrysler and French automaker PSA Group, and South Korean battery maker LG Energy Solution announced Monday they are
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By Laura He, CNN Business The cost of goods leaving China’s factories is surging by the highest rate on record, stoking fears about stagflation in the world’s second largest economy at a time when it is already grappling with an extreme power crunch and deepening debt woes. The producer price index — which measures the
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