Money

By Taylor Romine, CNN California’s minimum wage is expected to increase to $15.50 per hour next January because a state provision regarding inflation was triggered, Gov. Gavin Newsom’s office said Thursday. Newsom’s office indicated in a release that the state’s minimum wage law requires an accelerated increase when inflation goes beyond 7%. The Consumer Price

By Matt Egan, CNN Business David Beasley, head of the United Nations World Food Programme, is pleading with Russian President Vladimir Putin to reopen Ukraine’s Black Sea ports before global calamity strikes. “Millions of people around the world will die because these ports are being blocked,” Beasley told CNN during a conference on Thursday. Asked

By Peter Valdes-Dapena, CNN Business Mercedes-Benz is recalling 292,000 SUVs and advising owners of the vehicles to stop driving them until a potential problem, which could cause the power brake system to fail, can be fixed, if needed. The recall and advisory apply to Mercedes ML-, GL-. and R-class SUVs from the 2006 through 2012

By Chris Isidore, CNN Business Diesel prices are soaring to record levels, and record low inventories of the fuel in parts of the United States are sparking fears of worse to come. Even if you’ve never bought a gallon of diesel in your life, as is the case for most US drivers, high diesel prices

By Ali Zaslav The US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. The final vote was 80-19. “Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed,” said Senate Majority Leader Chuck Schumer ahead

By Paul R. La Monica, CNN Business Apes of Reddit, rejoice! Shares of meme stock darling GameStop soared 10% Thursday, prompting trades to be halted several times due to volatility. But there was no specific news to justify or explain the big pop. Other meme stocks, including AMC, Bed Bath & Beyond and Beyond Meat

By Parija Kavilanz and Danielle Wiener-Bronner, CNN Business At the height of the pandemic, as the coronavirus infected tens of thousands of meat industry workers and caused hundreds to die, executives at the nation’s largest meat producers were aware of the transmission risk in their plants and successfully lobbied the Trump White House and the

By Hadas Gold and Abeer Salman, CNN Thousands gathered in the West Bank city of Ramallah on Thursday to mourn slain Al Jazeera journalist Shireen Abu Akleh, as the Palestinian Authority vowed to take the case to the International Criminal Court (ICC). Journalists, diplomats, religious leaders, and officials including Arab members of Israel’s parliament, the

By Anna Bahney, CNN Business Manhattan rents just hit an all-time high — again. For the third straight month, rents have reached new record highs. The monthly rent paid by a tenant for a condo or coop in Manhattan was $3,870 in April, up 39% from a year earlier, according to a report from the

By Amarachi Orie, CNN Business Adidas advertisements showing photo grids of bare breasts have been banned in the UK by the Advertising Standards Authority. The apparel company’s promotional material for its sports bras, released in February, featured a grid of photographs of various women’s unclothed chests. The images, which appeared in a tweet and two

By Paul R. La Monica, CNN Business Somebody cue the stock market’s park ranger: Bears are having a picnic on Wall Street this year. The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the

By Anna Bahney, CNN Business Mortgage rates moved higher this week, continuing an upward trend that has kept rates above 5% since mid-April. The 30-year, fixed-rate mortgage averaged 5.30% in the week ending May 12, up from 5.27% the week before, according to Freddie Mac. It is the highest since 2009 and well above the

By Allison Morrow, CNN Business Within the often head-scratching world of cryptocurrencies, there’s a small but growing sub-species known as “algorithmic stablecoins” that have some investors and regulators ringing alarm bells. This week, one popular so-called algo coin cratered, wiping out billions of dollars’ worth of value in just a few days. The coin, called