CNN – Business/Consumer

By Julia Horowitz, CNN Business The economic outlook for rich countries is getting better while developing economies are falling behind. That’s according to the latest forecast from the International Monetary Fund. The organization on Tuesday confirmed its prediction that the global economy will expand by 6% this year. But while growth estimates for countries like

By Julia Horowitz, CNN Business Tesla is making strides in its transformation from scrappy upstart to mature carmaker. And it has the numbers to prove it. What’s happening: The electric vehicle company netted a record $1.1 billion in profit during the second quarter. That’s more than double the $438 million it made in the first

By Matt Egan, CNN Business Home prices are climbing at the fastest pace in history, eclipsing even the boom in the days leading up to the Great Recession. Bidding wars have become common, many are forced to pay all cash and some bids are coming in $1 million over asking. It’s all sparking fears that

By Michelle Toh, CNN Business Chinese tech stocks keep getting slammed with a stunningly massive sell-off that has wiped out hundreds of billions of dollars in market value as investors continue to digest Beijing’s widening crackdown on private enterprise. Meituan closed down 17.7% in Hong Kong on Tuesday, eclipsing Monday’s massive 14% loss — making

By Matt Egan, CNN Business Dozens of business leaders, including the CEOs of BlackRock, United Airlines and Macy’s, called on lawmakers Monday to swiftly enact the $1.2 trillion bipartisan infrastructure bill that is stalled in Congress. More than 140 executives signed the public letter to congressional leaders expressing strong support for the bipartisan infrastructure framework,

By Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. In today’s business news: Yes, your cereal boxes are shrinking; a $30 billion insurance merger gets called off; and Philip Morris wants to ban cigarettes in

By Chris Isidore, CNN Business Tesla reported stronger-than-expected second quarter, with a record net income of $1.1 billion. It was far more than double the $438 million it made in the first quarter, and more than 10 times the net income it reported a year ago. And it answered a major criticism of investors who’ve

By Paul R. La Monica, CNN Business Chip giant Nvidia is the ninth-most valuable company in the S&P 500. With a market capitalization of almost $500 billion, the company is now worth nearly as much as semiconductor rivals Intel, Advanced Micro Devices and Qualcomm — combined. Could Nvidia soon wind up listed on the venerable

By Alexis Benveniste, CNN Business Amazon listed a job opening for a digital currency and blockchain product lead, sending cryptocurrencies soaring Monday. Bitcoin climbed to a six-week high of nearly $39,043, while ethereum reached $2,363. Dogecoin was last trading at about 22 cents per coin, giving it a $28.8 billion market cap. As of Monday

By Chris Isidore, CNN Business A proposed $30 billion insurance industry merger is off, one month after the Justice Department’s antitrust regulators sued to block it. It’s another sign of the tough stance the Biden administration is taking against corporate deal-making. The deal between Aon, which is incorporated in England and Wales, and Ireland-based Willis

By Anneken Tappe, CNN Business Goldman Sachs slashed its forecast for US economic activity in the second half of the year, pointing to sluggish consumer spending on services as well as the threats posed by the Covid-19 Delta variant. During the pandemic and the start of the recovery, Americans spent big on goods: Used car

By Frank Pallotta, CNN Business The Tokyo Olympics officially kicked off this weekend, and on the face of it, the ratings for Friday’s opening ceremony looked like a flop. According to early numbers, only 17 million people watched the opening ceremony on TV in the US. That’s down a sharp 36% from the Rio 2016

By Hanna Ziady, CNN Business Philip Morris International says it will stop selling Marlboro cigarettes in Britain within a decade as it called on the UK government to ban the sale of its tobacco products. The remarks come amid dwindling smoker numbers in the United Kingdom — where cigarettes have been sold in plain packaging

By CNN Business Staff Chinese officials are turning their crackdown on private business to yet another industry: education. A slew of big Chinese education and private tutoring companies are reeling from new rules barring them from turning a profit or raising funding on stock markets, with some warning that the regulations will hurt their business.

By Michelle Toh, CNN Business Cryptocurrencies rallied Monday, just a week after they were hit by a major sell-off. As of 4:45 a.m. ET on Monday, bitcoin, ethereum and dogecoin had soared 10%, 7.3% and 11%, respectively, over the past 24 hours, according to data from CoinDesk. Bitcoin climbed to a six-week high of nearly