CNN – Business/Consumer

By Frank Pallotta, CNN Business Netflix is laying off 300 employees in the midst of a rough year for the streaming giant. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth,” a company spokesperson told CNN Business Thursday.

CNN, CNN BUSINESS By Chris Isidore, CNN Business Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter. The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production

By Matt Egan, CNN Business Federal Reserve Chairman Jerome Powell told lawmakers on Thursday that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street. Powell said that although it’s “certainly possible” to get inflation under control without causing job losses, that may not be the case. “There is a risk

By Hannah Ritchie, CNN Mining in Western Australia, a multi-billion dollar industry which helps power the nation’s economy, is plagued by an “abhorrent and systemic” culture of sexual abuse, according to a parliamentary inquiry published Thursday. After an investigation lasting almost a year, a committee led by state lawmakers detailed widespread sexual harassment, degradation, assault

By Jordan Valinsky, CNN Business Nike is the latest Western brand to leave Russia. In a statement, the clothing manufacturer said that it has “made the decision to leave the Russian marketplace” and that its “priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming

By Alicia Wallace, CNN Business Mortgage rates continue to climb as the Federal Reserve seeks to tame unwieldy inflation. The 30-year fixed-rate mortgage averaged 5.81% in the week ending June 23, edging up from 5.78% the week before, according to Freddie Mac. This time last year, rates averaged 3.02%, and the last time rates were

By Paul R. La Monica, CNN Business Warren Buffett’s Berkshire Hathaway is betting that the oil boom isn’t going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway made

Opinion by Mark Wolfe for CNN Business Perspectives Last week more than 125 million people in the US were living under heat warning and advisories and this week a second major heat wave is projected with more than 100 high temperatures records expected to be broken. And it’s only June. This year’s early heat waves

By Michelle Toh, CNN Business Tesla cars are being kept off some roads in China as authorities bar them from sensitive areas, reportedly including a seaside resort town where a top leadership gathering could take place next month. The reports suggest that the automaker continues to face deep mistrust from officials about whether its vehicles

By Julia Horowitz, CNN Business Fears of a recession and the Federal Reserve’s aggressive rate hikes have pushed investors to dump corporate debt in recent weeks. The sell-off hasn’t gotten as much attention as the bleeding in stocks or cryptocurrencies, but it’s been painful. What’s happening: A major exchange-traded fund that tracks blue chip bonds

By Nadine Schmidt and Mark Thompson, CNN Business Europe’s biggest economy is now officially running short of natural gas and is escalating a crisis plan to preserve supplies as Russia turns off the taps. Germany on Thursday activated the second phase of its three-stage gas emergency program, taking it one step closer to rationing supplies

CNN By Laura He, CNN Business Some Chinese property developers are going to extreme lengths to attract buyers. From accepting grain or garlic as part payment, to offering live pigs as an incentive to buyers, the unusual sales tactics underline the dire state of China’s vast real estate industry. A collapse in sales has accelerated

By Hannah Ritchie, Rishabh Pratap, Rhea Mogul and Hilary Whiteman, CNN “They’re firing bullets, they’re firing bullets!” a voice yells on video over the sound of gunfire during clashes between police and Muslim protesters in the eastern Indian city of Ranchi. Footage posted to social media of the June 10 protest shows 15-year-old Mudassir Alam