By Anna Bahney, CNN Business Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home. The sweeping changes include
Continue Reading By Nathaniel Meyersohn, CNN Business The Great Recession in 2008 pushed struggling Americans to rely more heavily on dollar stores and prompted other shoppers to visit them for the first time. Now, more than a decade later, a similar pattern is showing up at US discount chains as shoppers try to manage record-high gas prices
Continue Reading By Paul R. La Monica, CNN Business The once hot blank-check merger trend is fading fast. The stock market has been cratering so far this year — leaving special purpose acquisition companies, which buy private firms in order to take them public without the need for a traditional initial public offering, with difficulty finding targets.
Continue Reading By Paul R. La Monica, CNN Business If you want to find the stock price of Mark Zuckerberg’s company, typing the familiar “FB” ticker on your favorite search engine, brokerage firm app or financial news site (hopefully this one!) will soon give you an error message or redirect. That’s because the company formerly known as
Continue Reading By Frank Pallotta, CNN Business President Joe Biden made his first in-person appearance on a late night talk show when he stopped by “Jimmy Kimmel Live!” Wednesday night. Kimmel kicked off his interview with the President on Wednesday by saying that Biden is to “aviator sunglasses what Tom Cruise is to aviator sunglasses.” Then Kimmel
Continue Reading Opinion by Lisa Osborne Ross for CNN Business Perspectives During a recent visit to Minneapolis, a colleague and I stopped by Cup Foods, the convenience store that served as the backdrop of George Floyd’s murder. It was disheartening to see that, despite our national reckoning on racial justice, not much has changed over the past
Continue Reading By Julia Horowitz, CNN Business For years, ExxonMobil struggled to court investors as fears about the climate crisis and criticism of its business strategy kept would-be shareholders at bay. Now, the oil giant is staging a dramatic comeback. What’s happening: Shares of Exxon climbed above $100 apiece on Tuesday for the first time since 2014.
Continue Reading By Brian Fung, CNN Business Services like Facebook and Twitter could change radically for millions of Americans in the coming years depending on how the courts decide one hotly debated question: Should social media platforms be regulated like railroads? It’s a question that’s gotten increased attention lately as a number of states, including Texas and
Continue Reading Opinion by Lisa Osborne Ross for CNN Business Perspectives During a recent visit to Minneapolis, a colleague and I stopped by Cup Foods, the convenience store that served as the backdrop of George Floyd’s murder. It was disheartening to see that, despite our national reckoning on racial justice, not much has changed over the past
Continue Reading By Matt Egan, CNN Business The Biden administration has issued new investment restrictions that prohibit Americans from buying Russian stocks and bonds. The ban is the latest step by US officials to crank up the financial pressure on Russia in response to Moscow’s invasion of Ukraine. New guidance issued Monday by the Treasury Department explains
Continue Reading By Anna Cooban, CNN Business The growing trend of buying things now but paying for them later is creating a debt trap for many shoppers in the United Kingdom. More than 40% of people in the United Kingdom who opt for such offers — which allow buyers to pay for their purchases in installments, often
Continue Reading By Peter Valdes-Dapena, CNN Business Gas prices that keep going up by the day have got a lot of people thinking about buying an electric vehicle. There is no question that electric vehicles cost much, much less to fuel than gasoline-powered models, especially with gas prices at around almost $5 a gallon on average, according
Continue Reading By Angela Dewan, CNN Members of the European Parliament voted Wednesday to ban the sale of new combustion engine cars by 2035, in what would be one of the world’s strongest laws to phase out gasoline vehicles, if approved by the European Council. While the measure must still be debated by the Council and passed
Continue Reading By David Goldman, CNN Business Vishal Garg, the Better.com CEO who fired 900 employees over Zoom just before Christmas, has been sued by a former executive for allegedly misleading investors. The SoftBank-backed online mortgage company agreed to a $7.7 billion merger with a blank-check firm to take the company public just over a year ago,
Continue Reading By Chris Isidore, CNN Business Another day, another record for US gas prices. The US average for the price of a gallon of regular gas hit $4.96 according to the most recent reading from AAA Wednesday. It marked the 12th straight day, and the 29th time in the last 30 that gas has set a
Continue Reading By Julia Horowitz, CNN Business For years, ExxonMobil struggled to court investors as fears about the climate crisis and criticism of its business strategy kept would-be shareholders at bay. Now, the oil giant is staging a dramatic comeback. What’s happening: Shares of Exxon climbed above $100 apiece on Tuesday for the first time since 2014.
Continue Reading By Kathryn Vasel, CNN Business The strong labor market has given us near record low unemployment, higher wages — and an unfortunate uptick in the number of reports of job seekers getting scammed. “We are definitely seeing job scams,” said Rhonda Perkins, attorney and chief of staff of the Federal Trade Commission’s division of marketing
Continue Reading By Michelle Toh, CNN Business Nike is deactivating its Run Club app in China, becoming the latest Western company to reconfigure its business in the world’s second largest economy. The US sportswear giant posted a notice to runners in mainland China, saying the app will “cease service and operation” there starting July 8. In a
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion,” the latest film in the Jurassic Park franchise, stomps into theaters this weekend. The sixth film in the dinosaurs-run-amok series could be one of the biggest of the summer — if not the entire year. This shouldn’t come as a surprise. The Jurassic Park franchise has been
Continue Reading By Frank Pallotta, CNN Business “Jurassic World: Dominion,” the latest film in the Jurassic Park franchise, stomps into theaters this weekend. The sixth film in the dinosaurs-run-amok series could be one of the biggest of the summer — if not the entire year. This shouldn’t come as a surprise. The Jurassic Park franchise has been
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