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By Reuters Argentina’s central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data. The central bank raised the benchmark rate for the 28-day term to 69.5% from 60%, a
Continue ReadingCNN, CNN BUSINESS By Yoonjung Seo and Gawon Bae, CNN Business The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea’s president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant. The billionaire was twice sent to prison but had been out on parole
Continue ReadingBy Yoonjung Seo and Gawon Bae, CNN Business The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea’s president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant. The billionaire was twice sent to prison but had been out on parole since last year,
Continue ReadingBy Matt McFarland, CNN Business Rivian said Thursday that it lost $1.7 billion in the second quarter of 2022 as it works to ramp up its vehicle production amid the on-going supply chain crunch. The automaker’s losses more than doubled from the same period last year, when it lost $580 million. Rivian CEO RJ Scaringe
Continue Readingby Matt Egan, CNN Shell and Chevron both said on Thursday that the companies halted oil production at several platforms in the Gulf of Mexico following a small leak that knocked a pair of pipelines offline. Shell shuttered three deepwater platforms. In a statement provided to CNN, Shell said it is “coordinating with local authorities
Continue ReadingBy Anna Bahney, CNN Business Despite rising mortgage rates that dampened sales, home prices continued to climb higher in the second quarter, with many more cities seeing double-digit price gains than in the first part of the year. The median single-family existing home price in the second quarter was $413,500 — the first time this
Continue ReadingCNN, CNNBUSINESS By Jennifer Korn ExpressJet Airlines, which calls itself a “reboot” of the company formerly flying as Delta Connection and United Express, filed for Chapter 11 bankruptcy Monday in Delaware and ceased operations, according to the company website. “We regret that a combination of market and economic conditions lead us to take this action,”
Continue ReadingBy Jackie Wattles, CNN Business United Airlines gave a $10 million deposit to a startup developing electric aircraft — all for the goal of shuttling customers to and from the airport by air rather than gridlocked roadways. It’s not clear when or if the plan will come to fruition, as Archer, the company developing the
Continue ReadingCNN, CNNBUSINESS By Rachel Metz, CNN Business Mark Zuckerberg has bet his company’s future on an ambitious long-term vision of people carrying out greater portions of their lives in virtual spaces through digital alter egos. But an image Zuckerberg recently posted to his Facebook page served as a reality check of sorts for virtual reality,
Continue ReadingBy Clare Duffy, CNN Business Meta on Thursday said it is testing expanded encryption features for Messenger and Instagram, days after the company came under scrutiny for providing messages to police in an abortion-related case. Facebook’s parent company said it plans to test making chats end-to-end encrypted by default for some Messenger users and to
Continue ReadingBy Jordan Valinsky, CNN Business For the third year in a row, the United States Postal Service is hiking the prices of its delivery services — but just for a few months. The postal service is requesting a temporary price increase on a variety of mail services for the peak holiday season to offset rising
Continue ReadingBy Brian Fung, CNN The Federal Trade Commission is considering whether to write sweeping new regulations that could restrict how businesses collect and use consumer data, hinting at a possible crackdown on commercial algorithms and a sprawling economy powered by the personal information of millions of Americans. On Thursday, the FTC announced it is accepting
Continue ReadingBy Frank Pallotta, CNN Business In November 2019, Disney debuted Disney+, kicking off the so-called streaming wars and prompting companies across the media world to spend billions of dollars to launch services to take on Netflix. Netflix was seen as the existential threat to the legacy media industry, so following its lead on subscriber growth
Continue ReadingBy Jennifer Korn Nearly half of US teens say they use the internet “almost constantly,” according to a new survey released on Wednesday. The survey of 1,316 teenagers delved into the technology habits of teens and was conducted by the Pew Research Center. The percentage of teens who reported a near constant level of online
Continue ReadingBy Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds, which offer
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business If you are getting closer to retirement age…or if you’re just a super conservative investor terrified of risky investments that may lose money…then you’ve probably heard you should have a 60/40 portfolio. That means 60% in stocks, which historically rise over time, and 40% in bonds,
Continue ReadingCNN, WPTV, KCAL, KCBS By Brian Fung, CNN Business Twitter will now label and demote misinformation about the upcoming US elections, such as false claims about how to cast a ballot or the outcomes of a race, as part of a broader set of content enforcement policies it’s activating ahead of the midterms, the company
Continue ReadingBy Brian Fung, CNN Business Twitter will now label and demote misinformation about the upcoming US elections, such as false claims about how to cast a ballot or the outcomes of a race, as part of a broader set of content enforcement policies it’s activating ahead of the midterms, the company said Thursday. The set
Continue ReadingBy Danielle Wiener-Bronner, CNN Business After closing its restaurants in Ukraine six months ago because of the Russian invasion, McDonald’s is starting to reopen in parts of the country. “We have decided to institute a phased plan to reopen some restaurants in Kyiv and western Ukraine,” Paul Pomroy, corporate senior vice president of international operated
Continue ReadingCNN, POOL, KUSA By Anna Cooban and Matt Egan, CNN Drivers in the United States can breathe a small sigh of relief — average gas prices have dropped below $4 a gallon for the first time since March. The national average price for regular gasoline fell to $3.99 a gallon on Thursday, according to AAA.
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