By Alicia Wallace, CNN Business Daily life continues to get more expensive as American households battle the worst inflation in 40 years. From meat to gas to clothing and housing, the average family now has to fork over hundreds more dollars each month compared to this time last year. Food prices alone are up almost
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By Anna Bahney, CNN Business Mortgage rates continued to rise this week, reaching their highest level in more than a decade. The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is significantly higher
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By Anneken Tappe, CNN Business A half-percentage point interest rate hike is officially on the table, Federal Reserve Chairman Jerome Powell said Thursday, as the central bank prepares to get inflation under control. “50 basis points will be on the table for the May meeting,” Powell said during a panel at the International Monetary Fund
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By Danielle Wiener-Bronner, CNN Business In a scathing open letter to McDonald’s shareholders, legendary investor Carl Icahn said the company’s leadership was “failing” its investors and misleading the public about its animal welfare practices. “McDonald’s’ Board of Directors … is failing shareholders and stakeholders by presiding over animal welfare violations, supply chain lapses and what
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By Oliver Darcy and Brian Stelter, CNN Business CNN+, the streaming service that was hyped as one of the most significant developments in the history of CNN, will shut down on April 30, just one month after it launched. CNN+ customers “will receive prorated refunds of subscription fees,” the company said. The decision was made
Continue Reading By Anna Bahney, CNN Business Mortgage rates continued to rise this week, reaching their highest level in more than a decade. The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is significantly higher
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By Clare Duffy, CNN Business Elon Musk on Thursday said he has lined up commitments worth $46.5 billion to finance a Twitter takeover deal, one week after he first made a public offer to buy the social media company. Musk said he has commitment letters to finance the deal, including two debt commitment letters from
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Opinion by Jessica J. González for CNN Business Perspectives When Elon Musk offered to buy Twitter and take it private last week, he wrote that he believed the company needed to be “transformed.” The next day, Musk took to the stage at a TED conference where he criticized the company for what he sees as
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By Mark Thompson and Chris Liakos, CNN Business One of Russia’s richest men has quit as CEO of Lukoil, the country’s second-largest oil company. In a brief statement Thursday, Lukoil said Vagit Alekperov informed the company “about his decision to resign” as a director and president of the company. The company did not disclose the
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By Faith Karimi, CNN Scoot over, Facebook and Instagram. There’s a newer photo-sharing app — and it’s not like other social media platforms. The app is called BeReal. And while you may not have heard of it, a lot of young people are signing up. Its active monthly users have skyrocketed this year by more
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By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American
Continue Reading By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American
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By Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have dropped
Continue Reading By Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have dropped
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The UM Board of Curators are set to meet Thursday morning at 9 a.m. at Missouri S&T and are scheduled to discuss inflation at the university among other topics.
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By Anna Cooban, CNN Business Nestlé, the world’s biggest food and drinks company, raised prices by more than 5% in the first three months of this year as it passed on rising costs to shoppers. Consumers in North America took the hardest hit, with an 8.5% rise in prices, the company said in its first-quarter
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By Paul R. La Monica, CNN Business Last month, the Federal Reserve raised interest rates for the first time since December 2018. Now there are growing expectations that the central bank is about to dramatically step up the size and pace of its rate hikes in order to put a brake on surging consumer prices.
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By Diksha Madhok, CNN Business Two of India’s biggest businesses are moving away from Russia, even as Prime Minister Narendra Modi refrains from taking a tough stance against Moscow over the war in Ukraine. Tata Steel, one of the largest steelmakers in India, said on Wednesday that it has “taken a conscious decision to stop
Continue Reading Story by Reuters Scientists in Australia are testing printed solar panels to power a Tesla on a 15,100-km (9,400-mile) journey beginning in September, which they hope will get the public thinking about steps to help avert climate change. The Charge Around Australia project will power a Tesla electric car with 18 of the team’s printed
Continue Reading By Kashif Kakvi, Rhea Mogul and Esha Mitra, CNN Shahdullah Baig stands among the rubble of what was once his modest two-bedroom home, his belongings buried under debris and broken bricks. “In the blink of an eye, my home was demolished,” said the 45-year-old fruit seller, whose kitchen, fruit cart, and cattle shed have ​all
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