Money

By Chris Isidore, CNN Business The high cost of gas and food is causing US consumers to pull back spending on other items, suggesting a slowdown in the economy’s main driving force. The monthly reading on retail sales showed a 0.3% drop in May compared with April, the first decline in spending since December. More

By Matt McFarland, CNN Business The National Highway Traffic Safety Administration released on Wednesday nine months of crash data from vehicles using driver-assist technologies like Tesla Autopilot as well as fully autonomous vehicles like Waymo’s robotaxis. NHTSA broke crash data into two categories based on the level of the autonomous systems: driver-assist systems — which

By Chris Isidore, CNN Business Ford is recalling 2.9 million vehicles that might not shift into the correct gear and could move in an unintended direction. The National Highway Safety Administration says it has six reports of property damage and four reports of injuries potentially related to the problem. Among the problems, the transmission on

By Anna Cooban, CNN Business Bitcoin continues to tumble this week to trade just above $20,000 on Wednesday as the cryptocurrency sell-off shows little sign of abating. The world’s most valuable cryptocurrency has fallen about 15% since Monday, and by nearly a third since Friday, according to data from crypto exchange Coinbase. The coin has

By Julia Horowitz, CNN Business The Federal Reserve knows it needs to demonstrate that it can get inflation under control — and fast. What’s happening: Pressure on the Fed has increased after the most recent batch of government data showed that annual inflation jumped to 8.6% in May, which was higher than economists had expected.

By Diksha Madhok, CNN Business Indian billionaire Mukesh Ambani has now added a massive cricket deal to his empire. A venture backed by Ambani has won the digital rights to air the Indian Premier League (IPL), one of the world’s most valuable sports properties. Viacom18 — a joint venture between Paramount and Ambani’s Reliance Industries

By Laura He, CNN Business China’s economy showed some signs of improvement in May, but retail sales contracted for a third month in a row, indicating that Covid outbreaks continued to significantly depress consumer spending. Retail sales fell 6.7% in May from a year ago, according to China’s National Bureau of Statistics on Wednesday. That

By Clare Sebastian and Julia Horowitz, CNN Business The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting

By Simone McCarthy, CNN A Chinese national employed by Bloomberg News was released on bail earlier this year following more than a year in detention, according to Chinese authorities. Haze Fan, a member of Bloomberg’s bureau in Beijing, was last seen being escorted from her building in Beijing by “plain clothes security officials” in December