CNN-Business-Consumer

By Nicole Goodkind, CNN Business The Federal Reserve approved a fourth-straight rate hike of three-quarters of a percentage point on Wednesday as part of its aggressive battle to bring down the white-hot inflation that is plaguing the US economy. The supersized hike brings the central bank’s benchmark lending rate to a new target range of

By Jordan Valinsky, CNN Business This year marks the 25th anniversary of Starbucks’ holiday cups, an annual tradition that unofficially rings in the season for the chain’s fervent fans. Beginning Thursday, customers will have their hot drinks served in one of four new festive cups with designs that “offer the comforts and cheer of the

By Michelle Toh, CNN Business Hong Kong leader John Lee sought to drum up confidence in the city’s future as a global financial hub on Wednesday, as he welcomed some of Wall Street’s top executives to its biggest international event in years. Speaking at an investment summit that has attracted more than 200 participants from

by Greg Wallace, CNN A shortage of airline pilots is leading pilots at America’s largest carriers to push for better pay and benefits. The union representing United Airlines pilots said Tuesday its members rejected a tentative contract, voting 94% against the deal. It accused management of delays and said pilots deserve better now that the

By Matt Egan, CNN Business As the Federal Reserve kicks off another pivotal rate-setting meeting, lawmakers are reminding the central bank exactly just how high the stakes are. In a letter sent Monday to Fed Chair Jerome Powell, Democratic senators expressed concern about the Fed’s plan to continue raising interest rates at an “alarming pace”

By Paul R. La Monica, CNN Business Wall Street bulls may have come thundering back in October as bears appear to have gone into hibernation. But there’s another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. There has been little demand for private companies to

By Matt Egan, CNN Business Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. “If you

By Jackie Wattles, CNN SpaceX’s Falcon Heavy — a towering, three-pronged vehicle that is the most powerful operational rocket in the world — returned to the skies on Tuesday for the first time since mid-2019. The rocket launched at 9:41 a.m. ET from NASA’s Kennedy Space Center in Florida, hauling satellites to space for the

By Matt Egan, CNN Business The Federal Reserve’s war on inflation isn’t just painful for home buyers and people with credit card debt. Uncle Sam is getting squeezed by higher borrowing costs, too. The cost to finance America’s growing mountain of debt is rising rapidly as the Fed scrambles to put out the inflation fire

By Hanna Ziady, CNN Business BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying

By Mark Thompson, Mayumi Maruyama and Alex Stambaugh, CNN Oleg Tinkov, the founder of a major Russian digital bank, has renounced his Russian citizenship in protest over the war in Ukraine. “I have taken the decision to exit my Russian citizenship,” Tinkov announced in a post on Instagram on Monday alongside a photo of a

By Rhea Mogul, Manveena Suri and Swati Gupta, CNN More than 50 children are among 135 people killed in Sunday’s bridge collapse in India’s Gujarat state, according to a list of victims published by state authorities on Wednesday. Investigators are examining why the historic suspension bridge in the town of Morbi collapsed, sending dozens of

By CNN Business staff A federal judge blocked Penguin Random House from buying Simon & Schuster, arguing that the combination of the two book business giants would illegally reduce competition. The ruling, most of which remained confidential, comes nearly a year after the Justice Department sued to block the deal. US District Court Judge Florence

By Parija Kavilanz, CNN Business What staffing shortage? One Miami Chick-fil-A owner/operator has been deluged with applications after switching his staff to a three-day, 14-hour workweek. Justin Lindsey was looking for a novel way to reward workers who were “literally working 70 hours a week, week in and week out,” he recently told QSR magazine.

By Paul R. La Monica, CNN Business The Dow fell nearly 130 points, or 0.4% Monday, but it still ended October up 14% — its best monthly gain since January 1976. The blue chips remain off by almost 10% this year, though. Meanwhile, the S&P 500, which closed down 0.8% Monday, has dropped about 20%

By Nicole Goodkind, CNN Business When will central banks stop raising interest rates? That’s the multi-trillion dollar question that has Wall Street analysts wearing wrist braces from shaking their Magic 8 Balls so hard. Unfortunately, the answer they’re receiving is “reply hazy, try again.” What’s happening: Last week, European Central Bank officials announced another massive

By Julia Horowitz, CNN Business European inflation has accelerated to a new record high as energy and food prices in the region continue to skyrocket. Prices across the 19 countries that use the euro increased at an annual rate of 10.7% in October, up from 9.9% in September, according to initial estimates released Monday. Energy

By Hanna Ziady, CNN Business Prices of wheat and corn on global commodities markets rose on Monday after Russia pulled out of a deal that had allowed some vital grain exports from Ukraine to pass through the Black Sea despite the war. Wheat futures on the Chicago Board of Trade jumped 5.5% on Monday to

By Oliver Darcy and Donie O’Sullivan, CNN Elon Musk on Sunday gave credence to a fringe conspiracy theory about the violent attack on Paul Pelosi. The new Twitter owner tweeted a link to an article full of baseless claims about Pelosi. The article was posted on a website that purports to be a news outlet.

By Paul R. La Monica, CNN Business The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. And it’s still possible another rate increase of that magnitude could come in December. But the big question for many investors —

By Frank Pallotta, CNN Business “Saturday Night Live” kicked off this week’s episode with Heidi Gardner leading a PBS NewsHour focused on three notable Republicans before the midterm elections in less than two weeks. First up was Herschel Walker, played by Kenan Thompson. “My name is Herschel Walker Texas Ranger,” Thompson as Walker said, kicking

By Peter Valdes-Dapena, CNN Business The Tesla Cyberquads for Kids, made by Radio Flyer, has been recalled because it doesn’t meet federal safety standards. Owners are being offered a full refund after they disable the electric all-terrain vehicle. Intended as toy, Radio Flyer said the Cyberquad for Kids was designed for riders aged eight and

By Nathaniel Meyersohn, CNN Business McDonald’s said this week that it sold half of its new Happy Meals geared toward adults –Cactus Plant Flea Market Boxes– in just four days. But four decades ago, when the first Happy Meal debuted, the company didn’t quite get it. “They were reluctant a little bit. They didn’t immediately

By Danielle Wiener-Bronner, CNN Business McDonald’s stock hit an all time high Friday as Wall Street cheered the company’s third quarter results. The share price hit about $274 on Friday, a jump of roughly 3% for the day. On Thursday, McDonald’s reported consolidated revenues of about $5.87 billion for the third quarter, a year-over-year decline