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CNN By Bryan Mena, CNN The Federal Reserve voted unanimously to raise interest rates by a quarter point Wednesday, the tenth rate hike since the central bank started its battle against inflation last March. The move comes amid ongoing fragility in the banking sector triggered partly by higher interest rates, and following the collapse of
Continue ReadingBy Bryan Mena, CNN The Federal Reserve voted unanimously to raise interest rates by a quarter point Wednesday, the tenth rate hike since the central bank started its battle against inflation last March. The move comes amid ongoing fragility in the banking sector triggered partly by higher interest rates, and following the collapse of three
Continue ReadingBy Danielle Wiener-Bronner, CNN The pandemic helped revive an old-fashioned meal category: the frozen dinner. Now Kraft is betting big that it can convince customers to keep picking this option. On Wednesday, Kraft Heinz officially introduced Homebake 425°/:30, the company’s new line of frozen meals. The line has 15 items: five mains, five starchy sides,
Continue ReadingBy Laura He, CNN Tesla has raised prices in its most important electric vehicle markets, including China and the United States, reversing a series of recent price cuts that have pushed the company’s profit margin to the lowest since 2020 and sparked a price war. The US car manufacturer has increased the prices of its
Continue ReadingBy Vedika Sud, Rhea Mogul and Sania Farooqui CNN The women wake just after dawn at the makeshift protest site, their belongings stacked under mosquito nets as a row of mattresses line the pavement in New Delhi. By 8 a.m., they begin training — some run up and down the road, while others perform drills
Continue ReadingBy Danielle Wiener-Bronner, CNN During his first earnings call as the new Starbucks CEO, Laxman Narasimhan praised the company for its financial performance. He outlined how he thinks stores can better meet demand. He didn’t mention the unionizaton drive sweeping through stores, however. “Our performance is strong, but our health could be stronger,” he said
Continue ReadingBy Chris Isidore, CNN Ford is once again cutting the price of its electric SUV, the Mustang Mach-E, as it ramps up its price war with Tesla. Tesla, the leader in EV sales by a large margin, has cut prices six times so far this year. Its price cuts have eaten into its industry-leading profit
Continue ReadingBy Matt Egan, CNN JPMorgan Chase has once again come to the rescue of the banking system by acquiring a doomed bank. And that makes Democratic Sen. Elizabeth Warren very worried. By blessing JPMorgan’s takeover of First Republic Bank, Warren fears federal regulators just made the” Too Big to Fail” problem even worse. “What happened
Continue ReadingCNN By Sam Fossum Ahead of a highly anticipated meeting between President Joe Biden and Congressional leaders on Tuesday, senior Treasury officials reiterated dire warnings of economic “chaos” and “catastrophe” if the US doesn’t raise the debt ceiling as the country barrels toward default in early June. “I know he wants to set up a
Continue ReadingBy Elisabeth Buchwald, CNN For the second time this year, the Federal Reserve is gearing up to raise interest rates right after a bank failure. In this instance, the Fed’s decision this Wednesday will come just two days following the collapse of First Republic Bank, the second-biggest bank failure in US history. Like Silicon Valley
Continue ReadingBy Chris Isidore, CNN American Airlines pilots voted to go on strike Monday. Southwest pilots are holding a strike vote as well. But none of those union members will be allowed to go on strike anytime soon — if at all — under the labor law that applies to airline workers. That law is the
Continue ReadingBy Peter Valdes-Dapena, CNN Business A decade ago, the Tesla Model S was MotorTrend’s Car of the Year and Consumer Reports hailed it as the best car it had ever tested. It was so good, Consumer Reports had to rethink its own rating scale because the Model S was literally off the charts. The Model
Continue ReadingBy Alicia Wallace, CNN The number of open jobs in the United States has dropped to the lowest level since May 2021, a reflection of a labor market that is slowly settling back into balance after the Federal Reserve’s yearlong campaign to cool off the economy. Job openings totaled 9.59 million in March, according to
Continue ReadingBy Nathaniel Meyersohn, CNN US Congress is stepping up the pressure on Chinese fast-fashion giant Shein. In a letter to the Securities and Exchange Commission Monday, a bipartisan group of 22 US House of Representatives members asked the SEC to require that Shein certify that any of its products that are made in China do
Continue ReadingCNN By Elisabeth Buchwald, CNN When Federal Reserve Chair Jerome Powell talks, markets listen. But you may not. But what Powell says matters a lot. He (and other members of the Fed) have power over your bank account, employment situation and more. *Enter CNN’s economy explainer reporter* Powell’s press conference Wednesday was filled with phrases
Continue ReadingBy Krystal Hur, CNN Stocks fell steeply Tuesday as investors grew fearful that turmoil in the banking sector has not been contained, and ahead of a key policy decision from the Federal Reserve. The Dow fell about 475 points, or 1.4% by midday Tuesday after tumbling nearly 600 points earlier in the session. The broad-based
Continue ReadingBy Jordan Valinsky, CNN Business Tuesday Morning is going out of business and closing all of its stores. It is the second major US home goods retailer to go bust in recent days. The retailer announced on Facebook and its website that it has started a going-out-of-business sale with 30% off discounts on its products
Continue ReadingBy Julia Horowitz, CNN Europe’s banks are pulling back access to credit, and a key measure of inflation in the region has cooled, bolstering the case for the European Central Bank to ease off its aggressive campaign of interest rate hikes when it meets later this week. Inflation among the 20 countries that use the
Continue ReadingBy Nathaniel Meyersohn, CNN Kroger, the largest grocery chain in the United States, is ditching its long-running weekly newspaper ad circulars announcing the latest grocery specials. The ads for Kroger stores and subsidiaries, including Ralphs, Fred Meyer and King Soopers, will shift online. Printed copies will be available in stores, the company said. The company
Continue ReadingCNN By Chris Isidore and Juliana Liu, CNN More than 11,000 members of the Writers Guild of America (WGA) are set to go on strike Tuesday morning for the first time since 2007, a move that could bring an immediate halt to the production of many television shows and possibly delay the start of new
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