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By Anna Bahney, CNN Home buyers have proved to be mortgage rate sensitive, with home sales over the past year tanking as rates have surged, and improving during periods when rates have ticked down. The past year has shown that as monthly mortgage payments decline, demand goes up. But a new study shows that 5.5%
Continue ReadingBryan Mena, CNN In response to last month’s turbulence in the banking industry, financial regulators on Friday proposed a more comprehensive approach in identifying and addressing threats to financial stability, including closer scrutiny of nonbank financial companies. US Treasury Secretary Janet Yellen announced a new framework proposed by the Financial Stability Oversight Council that outlines
Continue ReadingBy David Goldman, CNN SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last month, announced that two of its top executives have left their jobs. Gregory Becker, the company’s former CEO, and Daniel Beck, SVB’s former chief financial officer, left the company earlier this
Continue ReadingBy Chris Isidore, CNN After a series of price cuts throughout most of this year, Tesla is raising the prices of its two upper-end models: the Model S and the Model X. The decision is a reversal of its strategy that was confirmed just this week by CEO Elon Musk during a conference call with
Continue ReadingBy Rebekah Riess and Peter Valdes-Dapena, CNN A coalition of attorneys general for 17 states and the District of Columbia on Thursday called for a federal recall of Hyundai and Kia vehicles that they say are unsafe and too easy to steal. The attorneys general called for the recall “following the companies’ continued failure to
Continue ReadingBy Julia Horowitz and Catherine Nicholls, CNN Europe’s air traffic control authority says it has been battling an ongoing attack, claimed by pro-Russian hackers, since Wednesday. There hasn’t been any impact on flights, though access to its website has been affected, according to the European Organization for the Safety of Air Navigation, or Eurocontrol. “The
Continue ReadingBy Nicole Goodkind, CNN Oil and gas stocks have been on a two-year tear, ripping ahead as natural gas prices surged due to supply chain kinks, a strong economy, and Russia’s invasion of Ukraine. Fears of a recession are now slamming on the brakes. What’s happening: Brutally high oil and gas prices were the talk
Continue ReadingBy Clare Sebastian, Livvy Doherty and Julia Horowitz, CNN The waters of the Bay of Lakonikos, on the south-eastern side of Greece’s Peloponnese peninsula, are a bright turquoise color. Its shores are an important nesting site for sea turtles. Yet it’s not just a place of natural beauty. The area has become a key hub
Continue ReadingBy Nectar Gan, CNN BMW has landed in hot water in China over tubs of ice cream. The luxury German automaker’s Mini unit had to apologize repeatedly after being accused of discrimination against Chinese visitors when handing out free ice cream at the Shanghai auto show this week. Videos circulating widely on social media Thursday
Continue ReadingCNN By Jennifer Korn, CNN Fox News’ legal battle with Dominion Voting Systems is over. It now has to deal with Smartmatic, which is seeking billions of dollars more than its rival wanted in damages. The voting technology company filed a lawsuit against Fox in New York state courts for defamation following the 2020 election,
Continue ReadingBy Oliver Darcy, CNN Fox Corporation chief executive Lachlan Murdoch on Friday dropped his defamation lawsuit against the publisher of Crikey, the scrappy Australian news and commentary site, after it published an article last year that called him an “unindicted co-conspirator” in the January 6 attack, his lawyer said. Murdoch’s lawyer, John Churchill, said Murdoch
Continue ReadingCNN By Marshall Cohen, CNN Fox News has agreed to provide voting technology company Smartmatic with additional material about its corporate chairman Rupert Murdoch and other top executives, as part of Smartmatic’s $2.7 billion lawsuit against the right-wing network. The agreement was announced Wednesday at a court hearing in Manhattan regarding the defamation case, which
Continue ReadingBy Marshall Cohen, CNN A top lawyer for Smartmatic, the voting technology company whose defamation lawsuit against Fox News is still pending, said Thursday that he won’t accept any settlement smaller than the $787 million Fox agreed to pay Dominion, and that his client needs a “full retraction” from the right-wing network disavowing the lies
Continue ReadingBy Nicole Goodkind, CNN The ongoing commercial real estate slowdown has a new victim: Blackstone, the largest owner of commercial real estate globally. The company saw its distributable earnings — the profit distributed to shareholders after expenses — plunge 36% since last year. That’s raising eyebrows on Wall Street as investors assess the fallout from
Continue ReadingBy Jeanne Sahadi, CNN The $787.5 million settlement that Fox News has agreed to pay in the historic defamation case from Dominion Voting Systems is a blockbuster number by any measure — but when all is said and done, the chances that the right-wing network will end up absorbing the full cost is highly unlikely.
Continue ReadingCNN Elisabeth Buchwald, CNN You’d hardly know by looking at financial markets that the US debt limit was breached in January. But that’s starting to change, in what is shaping up to be a nail-biting game of debt ceiling squabbling as the shot clock is winding down. If lawmakers don’t raise the nation’s borrowing limit
Continue ReadingElisabeth Buchwald, CNN You’d hardly know by looking at financial markets that the US debt limit was breached in January. But that’s starting to change, in what is shaping up to be a nail-biting game of debt ceiling squabbling as the shot clock is winding down. If lawmakers don’t raise the nation’s borrowing limit by
Continue ReadingBy Chris Isidore, CNN Tesla has cut the prices of its EVs repeatedly this year. Now investors are cutting the price of its shares. Shares of Tesla tumbled nearly 10% Thursday following its disappointing earnings report on Wednesday evening, as it reported that its profit margins fell below the 20% mark that analysts had been
Continue ReadingCNN By Chris Isidore, CNN A Utah CEO who is demanding that many of his remote employees start working in the company’s offices says staff members must make sacrifices, and questions whether people who serve as primary caregivers for their children, specifically working mothers and single mothers, are doing right by both their employers and
Continue ReadingBy Krystal Hur, CNN An employee at the Consumer Financial Protection Bureau sent confidential data about hundreds of thousands of consumer accounts to their personal email, the agency told CNN on Thursday. Approximately 14 emails included consumer personally identifiable information, or PII. The employee also sent two spreadsheets that listed names and transaction-specific account numbers
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