By Mark Thompson, CNN Business Inflation in the United Kingdom hit a new 40-year high last month, rising above 10% for the first time since 1982 and piling further pain on households already struggling to pay their bills. Annual consumer price inflation hit 10.1% in July, according to data published by the Office for National
Continue ReadingBy Rob McLean, CNN Business GM is recalling hundreds of thousands of vehicles because of a problem with third-row seatbelts. The National Highway Traffic Safety Administration indicated on August 11 that GM is recalling 2021-2022 Cadillac Escalades, Chevrolet Suburbans, Tahoes and GMC Yukons that have third-row seats. “The rivet that retains the buckle to the
Continue ReadingCNN By Matt Egan Interest rates on credit cards are so high these days that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year, according to the Consumer Financial Protection Bureau. The Fed has been aggressively raising interest rates this year in a bid
Continue ReadingBy Matt Egan Interest rates on credit cards are so high these days that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year, according to the Consumer Financial Protection Bureau. The Fed has been aggressively raising interest rates this year in a bid to
Continue ReadingBy Matt McFarland, CNN Business President Biden signed into law the Inflation Reduction Act on Tuesday, and it will reshape the electric vehicle tax credit. Automakers and consumers have scrambled in the last week to brace for its impact. Some car buyers are relieved to have finalized purchases before today, when qualifying became generally more
Continue ReadingCNN By Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the
Continue ReadingBy Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the worst
Continue ReadingCNN By Paul R. La Monica, CNN Business Zoom was one of the biggest beneficiaries of the work-from-anywhere trend that took hold during the height of the pandemic in 2020. But, as more people go back to the office on a regular basis, the stock has plunged. And one top Wall Street analyst thinks the
Continue ReadingBy Frank Pallotta, CNN Business Walmart+ — in its effort to become a true competitor to Amazon Prime — will offer Paramount+ as part of its membership offering, the companies announced Monday. Starting in September, Walmart+ subscribers will have access to Paramount+’s wide array of content from series including “Star Trek: Strange New Worlds” to
Continue ReadingBy Paul R. La Monica, CNN Business Soaring mortgage rates and unaffordable home prices are worrisome signs for the broader housing market and economy. In another worrisome sign, housing starts and building permits for July both fell from June levels and missed economists’ forecasts. But don’t tell that to Home Depot. The home improvement retail
Continue ReadingBy Anna Bahney, CNN Business Home builders pressed on the brakes once again last month as the cost of building supplies remained high and more prospective buyers were priced out of the market. July housing starts, a measure of new home construction, plunged 9.6% month-over-month and 8.1% from a year ago, according to the US
Continue ReadingBy Chris Isidore, CNN Business Walmart had good news Tuesday for investors and economists worried about a looming recession, as the retail giant gave a much rosier picture of consumer spending than it offered less than a month ago. On July 25, Walmart warned about its earnings for the rest of the year, saying that
Continue ReadingBy Julia Horowitz, CNN Business It’s a moment of great uncertainty for the US economy, as high inflation and rising interest rates feed fears that a recession could be around the corner. But the Oracle of Omaha isn’t losing faith. What’s happening: Last quarter, Warren Buffett’s Berkshire Hathaway boosted its holdings in Apple by 3.9
Continue ReadingBy Anna Cooban, CNN Business UK workers have suffered the biggest drop in their spending power in more than 20 years as prices keep soaring. Average real wages — which account for inflation — fell by 3% between April and June compared with the same period last year, according to data from the Office for
Continue ReadingBy Laura He, CNN Business China’s Sichuan province has ordered all factories to shut down for six days to ease a power shortage in the region as a scorching heat wave sweeps across the country. Sichuan is a key manufacturing location for the semiconductor and solar panel industries and the power rationing will hit factories
Continue ReadingBy Rob McLean, CNN Business Millions of baby swings and rockers that pose a risk of asphyxiation or other injuries to infants have been recalled, according to an announcement Monday from the US Consumer Product Safety Commission. 4moms, which manufactures products for young children, issued a recall of its MamaRoo Baby Swing — versions 1.0
Continue ReadingBy Peter Valdes-Dapena, CNN Business The modern Dodge Challenger muscle car and the closely related Dodge Charger four-door sedan are ending their long production runs next year. But Dodge, Stellantis’s American performance car brand, has a few special items in store to mark the occasion as those models rumble off into the sunset. For one
Continue ReadingBy Anna Bahney, CNN Business If you are feeling the pinch of higher rents, you’re not alone. Nearly 60% of renters saw a rent increase during the past year, while just 38% said they saw their income increase, according to a study from Freddie Mac. And renters were less likely than all employed respondents to
Continue ReadingBy Chris Isidore, CNN Business Tesla is celebrating its one millionth car manufactured in China, a major milestone for the electric car company’s global ambitions. But Tesla hasn’t overcome its recent troubles in the country just yet. The one-million milestone news came via a weekend tweet from Tesla CEO Elon Musk. But the China Passenger
Continue ReadingCNN By Peter Valdes-Dapena, CNN Business Dodge, famous for offering cars with big and powerful V8 engines, is phasing out some of its iconic, gas-powered muscle cars in favor of electric power. To ease fans into this new era, the company has opted to mimic some muscle car sensations — including shifting gears and a
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