Money

By Ella Nilsen, CNN When the Biden administration’s proposed rule for which vehicles qualify for its revamped EV tax credit goes into effect on April 18, the number of eligible cars will actually shrink. President Joe Biden and auto companies face a conundrum as they try to exponentially increase the number of electric vehicles on

By Chris Isidore, CNN Norfolk Southern CEO Alan Shaw got $9.8 million in total compensation in 2022, more than double the $4.7 million he received in 2021. Shaw was promoted to the top job in May. Shaw has been the face of the railroad since a derailment of one of its trains in East Palestine,

By Alicia Wallace, CNN The Federal Reserve’s preferred inflation gauge cooled back down in February after ticking up unexpectedly the month before, a welcome sign in the central bank’s long battle to bring down historic price increases. The Personal Consumption Expenditures price index rose 5% for the 12 months ended in February, lower than January’s

By Julia Horowitz, CNN Inflation in Europe has fallen to its slowest pace in more than a year, though stark signs of persistent underlying pressure on prices will complicate policymakers’ next move on borrowing costs. Prices in the 20 countries that use the euro rose 6.9% this month compared with a year ago, the European

By Nicole Goodkind, CNN It cost the Federal Deposit Insurance Corporation about $23 billion to clean up the mess that Silicon Valley Bank and Signature Bank left in the wake of their collapses earlier this month. Now, as the dust clears and the US banking system steadies, the FDIC needs to figure out where to

By Matt Egan, CNN A US default would have such devastating economic and financial consequences that many observers dismiss the possibility out of hand. But investors are not ruling out such a nightmare scenario. Even though a default could wipe out millions of jobs and wreak havoc on Wall Street, the White House and Republican

By Hanna Ziady and Julia Horowitz, CNN Regulation introduced after the 2008 financial crisis was supposed to make bank bailouts a thing of the past. But its biggest test so far has revealed some serious shortcomings. In what feels like deja-vu, governments have had to step in as lenders of last resort to prevent the

By Laura He, CNN A key index measuring the strength of China’s massive services sector jumped to its highest level in more than a decade, as the country’s economic recovery gained traction. The official non-manufacturing Purchasing Managers’ Index (PMI) soared to 58.2 in March from 56.3 in February, marking the best level since 2011, according

By Laura He, CNN China’s government, strapped for cash after years of enforcing a costly zero-Covid policy, is cutting medical benefits and planning to raise the retirement age, in deeply unpopular moves that are fueling widespread public anger. Thousands of elderly people have been taking to the streets since January to protest big cuts to

By Jessie Yeung, Manveena Suri and Vedika Sud, CNN At least 35 people were killed Thursday after falling into a stepwell at a Hindu temple in central India after its floor covering collapsed, according to local officials. The incident happened at the Shri Beleshwar Mahadev Jhulelal Temple in the city of Indore, in Madhya Pradesh

By Michael Rios and Michelle Toh, CNN Britain has reached an agreement to join a major free trade bloc in the Pacific region. The country will become the first new member, and the first in Europe, to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since it came into force in 2018. Although