By Nicole Goodkind, CNN Business San Francisco Federal Reserve president Mary Daly said Thursday morning that raising interest rates by either half or three quarters of a percentage point in September would be a “reasonable” way to bring inflation down. The hikes would follow back-to-back 75-basis point increases by the Federal Reserve, intended to tackle
Continue Reading By Julia Horowitz, CNN Business When consumers were stuck inside during the early stages of the Covid-19 pandemic, there weren’t many places to spend money. So they turned their attention to technology, scooping up new gaming consoles, monitors and PCs that made living and working from home a bit easier. Now, as people return to
Continue Reading By Peter Valdes-Dapena, CNN Business Dodge, famous for offering cars with big and powerful V8 engines, is phasing out some of its iconic, gas-powered muscle cars in favor of electric power. To ease fans into this new era, the company has opted to mimic some muscle car sensations — including shifting gears and a loud
Continue Reading By Homero De la Fuente, CNN The NCAA’s Big Ten Conference announced on Thursday it has reached a massive media rights agreement with CBS, FOX, NBC and NBCUniversal’s Peacock for a deal reportedly worth an average of at least $1 billion a year. CNN has reached out to the Big Ten Conference to confirm the
Continue Reading By Parija Kavilanz, CNN Business Kohl’s can’t seem to catch a break, and it may have only itself to blame. The department store chain on Thursday presented a dour outlook for 2022, saying it expects full-year sales to fall 5% to 6% compared to a year ago and blaming high inflation for preventing shoppers —
Continue Reading By Frank Pallotta, CNN Business CNN’s “Reliable Sources with Brian Stelter” is coming to an end. The company announced Thursday that it is ending the media analysis show that has aired in various iterations for 30 years. Its last episode will be this Sunday. “As a result Brian Stelter will leave the company,” a CNN
Continue Reading By Jennifer Korn, CNN Business Hundreds of workers at Google-parent Alphabet are calling on the company to take steps to expand abortion protections for users and contractors in a post-Roe world, according to a statement Thursday from a union representing the workers. In the petition, which was signed by more than 650 workers at the
Continue Reading By Jennifer Korn, CNN Business Hundreds of workers at Google-parent Alphabet are calling on the company to take steps to expand abortion protections for users and contractors in a post-Roe world, according to a statement Thursday from a union representing the workers. In the petition, which was signed by more than 650 workers at the
Continue Reading By Alexandra Peers, CNN Business On Christmas Day 2020, Netflix premiered “Bridgerton,” an old-fashioned lushly designed Regency Romance. Gorgeously costumed, multiracial, LGBTQ-friendly and featuring sizzling sex and explicit nudity, it seemed just the thing TV needed in the global Covid lockdown. The series had viewership of 82 million households worldwide within four months, according to
Continue Reading By Frank Pallotta, CNN Business Even after Vince McMahon, the former WWE chief executive, retired from the company amid an investigation into his hush money payments to women, news of additional payments is still coming out. The latest revelation involves former president Donald Trump. The Wall Street Journal reported Wednesday that $5 million of McMahon’s
Continue Reading By Matt Egan The cost of diesel has tumbled from record highs, easing inflationary pressure on everything from trucking and farming to construction. The national average for diesel dipped slightly below $5 a gallon on Thursday for the first time since March 9, according to AAA. At $4.999, diesel prices have declined 82 cents since
Continue Reading By Paul R. La Monica, CNN Business The saga of struggling retailer Bed Bath & Beyond keeps getting curiouser and curiouser. Shares of the company have surged more than 60% in the past week and soared nearly 250% in the past month thanks to meme investors on Reddit. Those self proclaimed “apes” have been touting
Continue Reading By Anna Bahney, CNN Business Mortgage rates ticked lower last week, falling back toward the 5% mark following economic reports that indicated inflation might have finally peaked. The 30-year fixed-rate mortgage averaged 5.13% in the week ending August 18, down from 5.22% the week before, according to Freddie Mac. Despite the latest drop, rates are
Continue Reading By Anna Bahney, CNN Business Home sales declined for the sixth month in a row in July as higher mortgage rates and prices push prospective buyers out of the market. Nevertheless, home prices continued to climb by double-digit percentages during the month. The median home price was $403,800 in July, up 10.8% from a year
Continue Reading By Peter Valdes-Dapena, CNN Business Hyundai’s Ioniq 5, an electric-only model with a sharp-edged design, was named Car and Driver’s Electric Vehicle of the Year. It’s only the second year the award has been given. Car and Driver staffers lauded the Hyundai’s performance — it gets up to 320 horsepower from two electric motors —
Continue Reading By Nicole Goodkind, CNN Business People are stressed out and exhausted. The past two and a half years, full of public health crises, recession and inflation, have been so eventful that news of a possible alien invasion barely even made a blip. Nights are sleepless and days restless, and we need an extra boost to
Continue Reading By Wayne Chang and Lauren Lau, CNN Business The United States and Taiwan have officially agreed to launch negotiations on a new trade and investment pact, according to statements released by Washington and Taipei. The two unveiled the US-Taiwan Initiative of 21st Century Trade in June, soon after Taiwan was excluded by US President Joe
Continue Reading By Julia Horowitz, CNN Business Estimating just how catastrophic climate change will be for the global economy has historically proven challenging. But this summer, it’s increasingly evident how quickly costs can pile up. Extreme heat and drought conditions are battering the United States, Europe and China, compounding problems for workers and businesses at a time
Continue Reading By Laura He, CNN Business China’s economic growth forecasts have been downgraded further by major investment banks, as the country grapples with its worst heatwave in 60 years. The extreme weather comes at a time when the world’s second largest economy is already slowing because of strict Covid-19 lockdowns and a real estate crisis. The
Continue Reading By Rhea Mogul and Manveena Suri, CNN A judge in southern India has ruled a woman wore “provocative” clothing, effectively dismissing her sexual assault complaint, causing public outcry in the country, where violence against women and girls make frequent headlines. The district court judge in Kerala state made the comments last week while granting anticipatory
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