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By Anna Bahney, CNN Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. The 30-year fixed-rate mortgage averaged 6.65% in the week ending March 2, up from 6.5% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.76%. Rates had been trending
Continue ReadingBy Danielle Wiener-Bronner, CNN Calls to boycott Hershey are spreading on Twitter in response to the chocolate company’s International Women’s Day Canadian campaign, which includes a trans woman. It’s the latest example of a brand generating a strong but mixed reaction to a promotional campaign that touches on cultural or societal issues. Fae Johnstone, a
Continue ReadingBy Nathaniel Meyersohn, CNN Big retailers say consumer demand is starting to buckle from the strain of inflation and customers are making changes in how they shop. Target, Best Buy, Macy’s and other chains say shoppers have pulled back on discretionary goods like clothing, electronics and home improvement. They have shifted their spending to paying
Continue ReadingBy Allison Morrow, CNN Silvergate Capital, a dominant lender to cryptocurrency firms, is spiraling. The bank’s shares fell more than 55% Thursday after it told the Securities and Exchange Commission in a filing Wednesday night that it won’t be able to file its annual report on time and that it is evaluating its ability to
Continue ReadingBy Jordan Valinsky, CNN Business Elizabeth Holmes, the former CEO of Theranos convicted of defrauding investors, is seeking to delay the start of her 11-year prison sentence because she has “two very young children” to be with. The court filing last week represents the first public acknowledgment that Holmes gave has given birth to her
Continue ReadingBy Anna Bahney, CNN While more Americans own homes today than a decade ago and the rate is increasing across all races, the gap between Black homeownership rates and that of any other race or ethnic group is even larger now than in 2011, according to a new analysis by the National Association of Realtors.
Continue ReadingBy Nicole Goodkind, CNN Wall Street investors are reaching for their neck braces in preparation for yet another volatile swing in stock markets: A surging US dollar. The greenback — which is not just the dominant global currency but also “the key variable affecting global economic conditions,” according to the New York Federal Reserve —
Continue ReadingBy Julia Horowitz, CNN Inflation in Europe fell again in February, though not as sharply as expected, and national data showed accelerating price rises in many of the region’s top economies. Annual inflation across the 20 countries that use the euro dipped to 8.5%, from 8.6% the previous month, according to an initial estimate released
Continue ReadingBy Laura He, CNN One of China’s richest women has fully taken over Country Garden, a top real estate developer, after her father resigned, which added to a string of prominent entrepreneurs retreating from their posts during a historic downturn in the property market. Yang Huiyan succeeded her father Yang Guoqiang as chairman of the
Continue ReadingBy Rhea Mogul and Vedika Sud, CNN Foreign ministers from the world’s biggest economies convened in New Delhi Thursday in what was seen as a grand test for Indian diplomacy, which ultimately didn’t succeed in reaching a consensus because of Russia’s ongoing invasion of Ukraine. In the second high-level ministerial meeting under India’s Group of
Continue ReadingBy Danielle Wiener-Bronner, CNN Starbucks has displayed “egregious and widespread misconduct” in its dealings with employees involved in efforts to unionize Buffalo, New York, stores, a National Labor Relations Board judge said in an order Wednesday. As a result, the company must reinstate and make whole a number of workers who were let go from
Continue ReadingBy Chris Isidore, CNN Tesla’s next vehicle assembly plant will be in Mexico near Monterrey, CEO Elon Musk announced Wednesday. “We’re super excited about it,” Musk said during an investor day for the company. “We’ll continue to expand production at all of our existing factories. So this is not moving output to anywhere, from anywhere.
Continue ReadingBy Nathaniel Meyersohn, CNN Amazon, Uber and Lyft recently ended extra fuel surcharges as gas prices dropped late last year. But there’s a catch. Beginning last March, Uber riders were paying an extra $0.45 or $0.55 in fees per trip and an additional $0.35 or $0.45 for Uber Eats food delivery, depending on the location.
Continue ReadingBy Jeanne Sahadi, CNN A lot can change in two decades. Or… not. In 2022, US women on average earned about 82 cents for every dollar a man earned, according to a new Pew Research Center analysis of median hourly earnings of both full- and part-time workers. That’s a big leap from the 65 cents
Continue ReadingCNN By Jeanne Sahadi, CNN A lot can change in two decades. Or… not. In 2022, US women on average earned about 82 cents for every dollar a man earned, according to a new Pew Research Center analysis of median hourly earnings of both full- and part-time workers. That’s a big leap from the 65
Continue ReadingBy Oliver Darcy, CNN Business Former House Speaker Paul Ryan was grilled last week over his decision to remain on the board of directors of Fox News’ parent company after damning court documents showed that the right-wing network knowingly peddled election lies to its audience. In the interview, conducted by conservative commentator Charlie Sykes at
Continue ReadingBy Anna Bahney, CNN Applications for a mortgage fell for the third week in a row and now sit at a 28-year low for the second-straight week, according to data released Wednesday. With mortgage rates half a percentage point higher over the past month, home buyers are pulling back even as the spring home buying
Continue ReadingBy Chris Isidore, CNN Shares of upstart EV maker Rivian plunged more than 16% Wednesday after ithe company reported disappointing revenue and gave 2023 delivery guidance that fell short of Wall Street hopes. The company reported a loss excluding special items of $1.6 billion in the fourth quarter, up from $1.2 billion in the year-earlier
Continue ReadingBy Paul R. La Monica, CNN Novavax, which makes the Nuvaxovid vaccine used to treat Covid-19, posted huge sales gains for the past three years during the height of the pandemic. But the company is now facing serious financial challenges — and has even warned it may not be able to survive. The Gaithersburg, Maryland-based
Continue ReadingBy Chris Isidore and Peter Valdes-Dapena, CNN General Motors is cutting an unspecified number of white-collar jobs globally, part of its announced efforts to slash costs to remain competitive in the shift to electric vehicles. “We are looking at all the ways of addressing efficiency and performance,” said Arden Hoffman, the company’s chief people officer,
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