Martha C. White for CNN Business Americans piled on $40.1 billion worth of debt in June, the Federal Reserve said Friday afternoon. The figure was considerably higher than economists’ forecasts, after May’s revised total of $23.8 billion. Americans’ borrowing grew by 10.5% in June, compared to 6.3% in May, according to the Fed’s G.19 consumer
Continue Reading By Gabe Cohen, CNN There are medicines that Angelina Scott can’t live without. Between her Atrial Fibrillation, high blood pressure and high cholesterol, the 45-year-old notary is currently taking five prescriptions. “You can’t tell your heart, please don’t stop beating,” Scott told CNN. But with sky high inflation and hundreds of dollars in monthly medical
Continue Reading By Gabe Cohen, CNN There are medicines that Angelina Scott can’t live without. Between her Atrial Fibrillation, high blood pressure and high cholesterol, the 45-year-old notary is currently taking five prescriptions. “You can’t tell your heart, please don’t stop beating,” Scott told CNN. But with sky high inflation and hundreds of dollars in monthly medical
Continue Reading By Frank Pallotta, CNN Business In November 2019, Disney debuted Disney+, kicking off the so-called streaming wars and prompting companies across the media world to spend billions of dollars to launch services to take on Netflix. Netflix was seen as the existential threat to the legacy media industry, so following its lead on subscriber growth
Continue Reading By Frank Pallotta, CNN Business HBO Max and Discovery+ are finally joining forces. The long-awaited merger of the two services will debut in the US next summer before being rolled out overseas, Warner Bros. Discovery announced on Thursday during its second quarter earnings call. The company did not say if the new offering would have
Continue Reading By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue Reading By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue Reading By Alicia Wallace, CNN Business The US economy has now regained all jobs lost during the pandemic, after a blowout July jobs report that showed a gain of 528,000 jobs, according to data released Friday by the Bureau of Labor Statistics. The massive monthly gain was more than double the 250,000 that economists were expecting,
Continue Reading By Jennifer Korn and Clare Duffy, CNN Twitter has subpoenaed a number of Elon Musk’s associates, according to court filings and public statements, as the company moves forward with its legal fight against the Tesla billionaire over his attempt to terminate their $44 billion acquisition deal. The list of those who have received subpoenas includes
Continue Reading By Jennifer Korn and Clare Duffy, CNN Twitter has subpoenaed a number of Elon Musk’s associates, according to court filings and public statements, as the company moves forward with its legal fight against the Tesla billionaire over his attempt to terminate their $44 billion acquisition deal. The list of those who have received subpoenas includes
Continue Reading By Matt Egan The selloff in the oil market gathered momentum Thursday on growing concerns about weakening demand for gasoline. US oil dropped 2.3% to $88.54 a barrel, the weakest settle since February 2. Brent crude, the world benchmark, fell around 3%. A government report released Wednesday unnerved oil traders by revealing an unexpected build
Continue Reading By Oliver Darcy, CNN Business A Texas judge on Thursday denied a request for a mistrial from the attorney for right-wing conspiracy theorist Alex Jones in a trial that will decide how much in damages is awarded to the parents of a Sandy Hook victim who won a default judgment against Jones. A hearing about
Continue Reading By Oliver Darcy, CNN Business Alyssa Farah Griffin and Ana Navarro, two conservatives who have been extraordinarily critical of former President Donald Trump, were officially announced on Thursday as a permanent co-hosts of “The View.” Co-host Whoopi Goldberg made the announcements during two live segments on the ABC daytime talk show. Griffin said she was
Continue Reading By Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There was a war
Continue Reading By Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There was a war
Continue Reading By Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There was a war
Continue Reading By Chris Isidore, CNN Business US airlines just had one of the most lucrative quarters in history. Passengers are suffering for it. The record revenue many airlines reported in April, May and June came via very high airfares and packed airplanes. A series of service disruptions caused by staffing shortages has made flying even worse.
Continue Reading By Chris Isidore, CNN Business US airlines just had one of the most lucrative quarters in history. Passengers are suffering for it. The record revenue many airlines reported in April, May and June came via very high airfares and packed airplanes. A series of service disruptions caused by staffing shortages has made flying even worse.
Continue Reading By Chris Isidore, CNN Business Shares of luxury electric car maker Lucid plunged more than 10% Thursday after the company disclosed it will make roughly half the cars this year it had planned to build. The company said it is dealing with the serious supply chain problems that have disrupted other automakers’ production as well.
Continue Reading By Nathaniel Meyersohn, CNN Business Early in the pandemic, people realized they were going to be spending a lot more time at home. So they decided to upgrade. Shoppers dished out for new sofas, beds and decor, remodeled their kitchens and backyards and invested in their remote work setup. Demand was so hot that it
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