Money

Bill Barr subpoenaed by voting tech company Smartmatic in company’s defamation lawsuit against Fox News

July 29, 2022 12:14 PM CNN Newsource

By Oliver Darcy, CNN Business Voting technology company Smartmatic on Thursday subpoenaed former Attorney General Bill Barr in its $2.7 billion defamation lawsuit against Fox News, demanding he turn over any communications with the right-wing television channel’s personalities, executives, and owners. Specifically, the subpoena from Smartmatic seeks by September 16 any communication Barr had with

The owner of Tide and Dawn has a warning about the economy

July 29, 2022 10:42 AM CNN Newsource

By Nathaniel Meyersohn, CNN Business Here’s another sign that the economy is slowing. Procter & Gamble, the maker of Tide, Dawn, Bounty and other leading household brands, warned Friday that consumers were beginning to pull back on their spending as inflation concerns mount. P&G posted 7% sales growth during its most recent quarter ending June

It’s not just food and fuel: Inflation is impacting the cost of almost everything

July 29, 2022 9:51 AM CNN Newsource

By Alicia Wallace, CNN Business Inflation has crept into practically every corner of Americans’ lives. In Queens, New York, auto repair shop owner Audra Fordin says some customers have opted to save money by patching up a punctured tire only to be sideswiped by costlier repairs later. In Mount Juliet, Tennessee, the operators of a

Electric cars don’t need better batteries. America needs better charging networks

July 29, 2022 8:24 AM CNN Newsource

By Peter Valdes-Dapena, CNN Business With electric cars, people often talk about “range anxiety,” and how cars with bigger batteries and longer driving ranges will alleviate that. I just drove an electric car from New York City to Atlanta, a distance of about 950 miles, and it taught me something important. The problem really isn’t

HOOD-winked? Investors not celebrating one year after Robinhood’s IPO

July 29, 2022 7:18 AM CNN Newsource

By Paul R. La Monica, CNN Business It’s been one year since Robinhood went public. And to say that the online broker’s performance has been disastrous would be a massive understatement. If someone were to write a kids’ book about it, they could title it “Robinhood and the Terrible, Horrible, No Good, Very Bad Year.”

‘Absolutely sure’ US economy is not in recession, economist says

July 29, 2022 7:15 AM CNN Newsource

By Matt Egan, CNN Business The American economy is losing steam and is vulnerable to sinking into a recession but it’s not in one yet, according to Moody’s Analytics chief economist Mark Zandi. “This is a slowdown. We’re not in recession, certainly not during the first half of this year,” Zandi told CNN in a

Opinion: The January 6 hearings will have a bigger impact than Watergate

July 29, 2022 7:03 AM CNN Newsource

Opinion by Bill Carter for CNN Business Perspectives Almost 50 years ago, fresh out of school, I was transfixed by the coverage of the famous hearings into the Watergate break-in. They were certainly as compelling as anything I saw on television in that era. And I wasn’t the only one: An estimated 80 million watched

What a recession could mean for you

July 29, 2022 6:53 AM CNN Newsource

By Jeanne Sahadi, CNN Business Will there be a recession? And, if so, just how bad will it be for my finances? Those questions are looming large for Americans after the Federal Reserve yet again raised rates to combat high inflation, and the latest gross domestic product report showed that the economy slowed for the

Workers’ wages continue to climb, but not as fast as inflation

July 29, 2022 6:34 AM CNN Newsource

By Tami Luhby, CNN Employers continued hiking workers’ pay at a brisker-than-expected pace, but the increases still weren’t enough to compensate for the even faster rise in inflation. Wages and salaries for civilian workers increased 1.4% in the second quarter and 5.3% over the year ending in June, according to the Bureau of Labor Statistics’

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices

July 29, 2022 6:27 AM CNN Newsource

By Chris Isidore, CNN Business ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the

The Fed’s preferred inflation measure set a new 40-year high in June

July 29, 2022 6:08 AM CNN Newsource

By Alicia Wallace, CNN Business Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices. The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period

The strange reason America’s economy is shrinking

July 29, 2022 5:32 AM CNN Newsource

By Julia Horowitz, CNN Business When you think about a shrinking economy, what comes to mind? Factories shutting down. A wave of job losses and few open positions. Huge financial losses that batter most industries. That’s not what America is seeing right now, even though the country’s gross domestic product has declined for two consecutive

Opinion: The types of jobs to look for (and avoid) during a recession

July 29, 2022 5:31 AM CNN Newsource

Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives A couple of months ago, when the consensus outlook for the economy was fairly sanguine, we warned that the economy was “close to entering a recession,” but that there was still time to make hay in the jobs market. But now that a recession

Cold showers and no lights: How one German city is fighting Russia’s energy battle

July 29, 2022 4:00 AM CNN Newsource

By Nadine Schmidt and Lauren Kent in London The German city of Hanover has banned hot water in public buildings and has introduced measures to reduce heating and energy usage as Europe faces a potential natural gas crisis this winter. “Every kilowatt-hour saved saves the gas storage tanks,” said the mayor’s office in a news

Europe’s economy surprisingly grew last quarter, easing recession fears (for now)

July 29, 2022 2:42 AM CNN Newsource

By Anna Cooban and Julia Horowitz, CNN Business Europe’s economy grew unexpectedly in the second quarter of this year, allaying concerns — for now — that the continent may have slid into a recession. The European Union’s economy grew at a seasonally adjusted 4% last quarter when compared to the same quarter a year ago

So are we in a recession, or not?

July 29, 2022 2:01 AM CNN Newsource

By Nicole Goodkind and Tal Yellin, CNN If you’re confused about whether the US economy is in a recession, you’re not alone. On one hand, gross domestic product, a key measure of economic output, shrank for the second straight quarter this week, raising fears that the country has entered — or will soon enter —

China’s top leaders have gone silent on the country’s economic goals

July 29, 2022 12:59 AM CNN Newsource

By Laura He, CNN Business China’s top leadership has gone quiet on the growth targets it had set for the year, as the world’s second-largest economy continues to battle a largely self-inflicted economic slowdown. In early March, China’s government had said that the country would target gross domestic product growth of about 5.5% this year.

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