Money

By Elisabeth Buchwald, CNN New York (CNN) — The US economy wasn’t supposed to expand this much — or even at all — after so many rate hikes. But against all odds, the economy grew at an annualized rate of almost 5% last quarter, the Commerce Department reported Thursday. That’s more than double the growth

By Diksha Madhok, CNN New Delhi (CNN) — One of India’s most revered entrepreneurs believes that young people need to put in exceptionally long hours at work if they want to see the country become a global economic powerhouse. N.R. Narayana Murthy, co-founder of the software behemoth Infosys, said India needs “highly determined, extremely disciplined

By Peter Valdes-Dapena, CNN (CNN) — Oil and gas company BP has agreed to purchase $100 million worth of electric vehicle chargers from Tesla. This marks the first time Tesla has ever sold chargers to another company, according to an announcement from BP. BP will begin installing the chargers next year, but no specific number

By Danielle Wiener-Bronner, CNN New York (CNN) — Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum wages for fast food (and fast casual) workers in the state. “We haven’t made a decision on exactly what level of pricing we’re going

By Ramishah Maruf, CNN New York (CNN) — Taylor Swift has another accolade to add to her lengthy resume this year: America’s favorite pop star is now a billionaire, according to a Bloomberg analysis. The outlet, which runs the Bloomberg Billionaires Index, said Swift’s total net worth is now at $1.1 billion, thanks to a

By Chris Isidore, CNN New York (CNN) — Ford earnings increased in the third quarter, the company reported Thursday, the day after it reached a tentative deal to end a nearly six-week strike by the United Auto Workers union. The company earned adjusted earnings before interest and taxes, or EBIT, of $2.2 billion, up from

By Catherine Thorbecke, CNN New York (CNN) — Amazon’s good year continues. The e-commerce giant on Thursday reported revenue of $143.1 billion for the quarter ending in September, marking a 13% increase from the same period last year and beating analysts’ estimates. The company reported quarterly profits of $9.9 billion, also beating estimates. Amazon Web Services,

By Matt Egan, CNN New York (CNN) — Private-equity billionaire Stephen Schwarzman doesn’t think office workers worked hard enough during Covid-19. Schwarzman, the Blackstone CEO whose fortune is estimated at $32 billion, told a crowd of investors at a ritzy Saudi Arabia conference known as “Davos in the Desert” that people who worked remotely during the pandemic

By Chris Isidore and Vanessa Yurkevich, CNN New York (CNN) — The picket lines are gone at the three Ford plants where workers have been on strike for nearly six weeks in some cases. But the strike at the company isn’t quite over, and there’s no immediate end in sight for the strikes at General

By Clare Duffy and Brian Fung, CNN New York (CNN) — The messaging app Telegram has restricted access to several channels closely associated with or operated by Hamas, as the militant group’s war with Israel rages on. One major channel with more than 700,000 followers and known to be operated by Hamas’ military wing, the al-Qassam Brigades, is no longer

By Anna Chernova and Katherina Krebs, CNN Paris (CNN) — Marina Ovsyannikova, the journalist who interrupted a live broadcast on Russian state TV with an anti-war protest sign at the onset of the Ukraine war, has told CNN that she was stripped of her parental custody rights by a Moscow court “for political reasons.” “I

By Anna Bahney, CNN Washington, DC (CNN) — Mortgage rates continued to climb this week amid a stronger-than-expected economy. The 30-year fixed-rate mortgage averaged 7.79% in the week ending October 26, up from 7.63% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 7.08%. “For the seventh

By Oliver Darcy, CNN (CNN) — Al Jazeera is grieving. The Qatari-funded news network said Wednesday that an Israeli air strike had killed the family of its Gaza bureau chief, Wael Al-Dahdouh — a devastating reality that Dahdouh learned on-air while reporting on the Israel-Hamas war. “The Al Jazeera Media Network extends its sincere condolences

By Anna Bahney, CNN Washington, DC (CNN) — US pending home sales ticked up in September despite mortgage rates surging over 7%. In a surprise move, pending home sales rose 1.1% in September from August, according to a report released Thursday by the National Association of Realtors. Pending sales were down 11% from a year ago.

By Matt Egan, CNN New York (CNN) — L.L. Bean has shuttered its flagship store, corporate headquarters, factories and other facilities in Maine, the outdoor goods retailer told CNN on Thursday, as authorities conduct a manhunt in the area for a person of interest in mass shootings. A spokesperson for the century-old company, one of Maine’s biggest employers, said

By Nicole Goodkind, CNN New York (CNN) — US stocks fell on Thursday under the pressure of disappointing third-quarter results from Big Tech companies and high Treasury yields. The Dow fell about 252 points, or 0.8%, and the S&P dropped 1.2%. The tech-heavy Nasdaq Composite, meanwhile, sank another 1.8%. Thursday’s drop comes after the S&P

By Bryan Mena, CNN Washington, DC (CNN) — The US economy expanded at a remarkably strong pace in the third quarter, despite interest rates at their highest level in 22 years. Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter,

By Hanna Ziady, CNN London (CNN) — The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe and war clouds the outlook. The ECB voted unanimously to keep the benchmark interest rate in the 20 countries that

By Oliver Darcy, CNN (CNN) — America’s newsrooms are — yet again — being forced to confront a familiar and unrelenting evil. Special reports. Banner headlines. Push alerts. They were all activated Wednesday night as news organizations found themselves suddenly tasked with covering the monstrous sickness of mass shootings that continue to plague American society,

By Brian Fung, CNN (CNN) — A group of US lawmakers wants answers from tax preparation companies, including TaxAct and H&R Block, about whether they may be continuing to transfer sensitive taxpayer data to tech platforms like Meta for advertising purposes, following a warning of possible penalties over the practice by federal regulators. In letters