CNN-Business-Consumer

By Charles Riley, CNN Business The Bank of England is hiking interest rates in an effort to fight surging prices even as the Omicron variant engulfs the United Kingdom and threatens to put the economy into reverse. The central bank’s Monetary Policy Committee said Thursday that it would raise interest rates from the record low

By Matt Egan, CNN Business Business leaders and former policymakers are sounding the cyber alarm. The JPMorgan International Council on Thursday urged the public and private sector to step up their cybersecurity efforts to combat an increasingly dangerous threat to the economy and national security. The council, which includes JPMorgan CEO Jamie Dimon, Johnson &

By Diksha Madhok, CNN Business Australia’s Qantas is choosing Airbus over Boeing to replace its domestic fleet. The decision is a big blow to the American aircraft maker, and a major win for its European rival. The airline said Thursday that it plans to buy 40 Airbus planes, including 20 A321XLR jets and 20 A220

By Jill Disis and Nectar Gan, CNN Business The longtime editor of one of China’s most outspoken and nationalistic state media outlets says he’s stepping down. Hu Xijin said Thursday that he has retired and is no longer serving as the editor-in-chief of the Global Times, according to a post on his verified Weibo account.

By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. How many people in your friend circles are Covid-positive right now? How many families do you know with kids who are quarantining at home due to a close contact? Here

By Rob McLean, CNN Business Reddit announced Wednesday that it has confidentially filed paperwork in its first big step toward an initial public offering, making it the latest tech firm to consider a Wall Street debut. The social media site said that it has not yet determined the number of shares to be offered or

By Yoonjung Seo and Amy Woodyatt, CNN Business South Korea’s largest dairy company, Seoul Milk, has apologized after releasing a controversial advert which some critics say portray women as cows. “We sincerely apologize to everyone who may have felt uncomfortable due to the milk advertisement video uploaded to the official YouTube channel of Seoul Milk

By Anneken Tappe, CNN Business America’s inflation spikes have prompted the Federal Reserve to pick up the pace in normalizing its pandemic-era monetary policy. On Wednesday, the central bank said it will wrap up its stimulus program faster than originally announced, and its updated economic projections show multiple interest rate increases in 2022. The central

By Anneken Tappe and Nathaniel Meyersohn, CNN Business Americans dialed back their spending in November, new data from the Census Bureau showed Wednesday. US retail sales grew by 0.3% in November, a sharp decline from the previous month and less than economists had predicted. Even so, sales were 16.1% higher than in the same period

By Julia Horowitz, CNN Business The Federal Reserve, faced with the highest jump in inflation in almost four decades, is preparing to pivot. What’s happening: Gone are the days when Chair Jerome Powell said inflation was “transitory.” When the Fed wraps up its final meeting of the year on Wednesday, it’s expected to announce that

By Matt Egan, CNN Business President Joe Biden is taking the political punches for high inflation. But price stability is the responsibility of the Federal Reserve, not the White House. And prices are anything but stable right now. Consumer prices spiked in November at the fastest pace since 1982. Producer prices soared by nearly 10%,

By Charles Riley, CNN Business Talk of stagflation has been brewing for months. Now that toxic combination of stagnant economic growth and high inflation appears to have arrived in the United Kingdom. UK consumer price inflation surged to 5.1% in November, its highest level in more than a decade, according to the Office for National

By Laura He, CNN Business China’s economy is still struggling with real estate woes and fallout from sporadic Covid-19 lockdowns. Throw the global spread of the Omicron variant into the mix and it could be looking at a sharp slowdown next year. Government data released Wednesday showed trouble spots for the world’s second largest economy

By Rhea Mogul and Vedika Sud, CNN The only survivor of a helicopter crash that killed India’s top military official has died from his injuries after nearly a week on life support, the Indian Air Force (IAF) said in a statement Wednesday. Group Capt. Varun Singh was in the helicopter with India’s Chief of Defense

By Matt Egan, CNN Business Former President Donald Trump’s new media venture has no known revenue or product. Trump Media & Technology Group (TMTG) posted an investor presentation last week that appears to contain errors and seems to have been partially copied and pasted from the internet. Bizarrely, one slide defines a user as a

By Michelle Toh, CNN Business Toyota is pumping more than $35 billion into electric vehicles as it tries to catch up with other global automakers in the race to cleaner cars. The world’s biggest carmaker announced Tuesday that it would invest 4 trillion yen ($35.2 billion) in developing battery-powered electric vehicles between 2022 and 2030