By Inke Kappeler, Allegra Goodwin and Mark Thompson, CNN Business Germany is nationalizing Uniper, its biggest importer of natural gas, as part of an €8 billion ($7.9 billion) plan to prevent an energy shortage this winter. Europe has been hit by soaring natural gas and electricity prices as a result of Russia’s invasion of Ukraine
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Continue Reading By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,
Continue Reading By Julia Horowitz, CNN Business The Federal Reserve’s latest policy announcement represents a critical moment, as Wall Street waits to see how hard the central bank will go in its campaign to bring down stubbornly high inflation. What’s happening: The Fed is expected to raise its key interest rate by three-quarters of a percentage point
Continue Reading By Julia Horowitz and Anna Cooban, CNN Business The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address Wednesday, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and threatened
Continue Reading By Michelle Toh, CNN Business The number of rich people in the world rose at a rapid pace last year, boosted by gains in the stock market and house prices. As many as 5.2 million people became millionaires last year, with nearly half in the United States alone, according to Credit Suisse’s latest annual wealth
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy. The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new
Continue Reading By Matt Egan and Chris Isidore, CNN Business Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest
Continue Reading By Jennifer Hansler, Kylie Atwood and Rhea Mogul, CNN The United States is in “deep” talks with India over its reliance on Russian arms and energy, a US State Department official said Tuesday, in a development that could further isolate Moscow on the international stage. Russia “is no longer a reliable weapons supplier” and Indian
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President Joe Biden said in a “60 Minutes” interview that aired Sunday that inflation is showing signs of easing.
Continue Reading By Laura He, CNN Business One of China’s most popular livestreamers quietly resurfaced online Tuesday night, after a three-month absence linked to his appearance with a cake shaped like a tank, in what many believed was an oblique reference to the Tiananmen Square massacre. On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a
Continue Reading By Rhea Mogul and Manveena Suri, CNN Movie theaters in Indian-controlled Kashmir have reopened their doors, more than two decades after they were forced shut during an armed rebellion that saw multiple threats and attacks on crowded public places. The lieutenant governor of Jammu and Kashmir, Manoj Sinha, inaugurated the disputed region’s newest cinema on
Continue Reading By Alison Kosik and Kate Trafecante, CNN Business The New York State Comptroller said Tuesday that several of New York City’s fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023,
Continue Reading By Allison Morrow, CNN Business Beyond Meat suspended its chief operating officer after he was arrested over the weekend on suspicion of biting a man’s nose during a fight following an Arkansas football game. Police arrested the vegan food purveyor’s COO Doug Ramsey on charges of “terroristic threatening” and third-degree battery on Saturday night. Ramsey
Continue Reading By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading By Matt Egan Two dozen Republican attorneys general warned Visa, American Express and MasterCard on Tuesday not to go ahead with their plans to add a new merchant category code for gun retailers. In a letter to the CEOs of the card giants, the officials expressed serious concern that adopting a new sales code for
Continue Reading By Nathaniel Meyersohn, CNN Business Frustrated by extra credit card fees when you shop? A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. The effort is backed by retail giants including Walmart, Target,
Continue Reading By Jordan Valinsky, CNN Business Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. The cuts include a mix of layoffs and open roles being axed at the company’s corporate offices in New York, San Francisco and across Asia, according to a person
Continue Reading By Brian Fung, CNN The Federal Trade Commission is taking a closer look at Amazon’s proposed acquisition of iRobot, the company that produces the Roomba series of automated vacuum cleaners, according to a financial disclosure on Tuesday. On Monday, the FTC requested more information from both companies about the $1.7 billion deal, according to an
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