London CNN Business — Rishi Sunak, Britain’s third prime minister in seven weeks, will face the huge challenge of projecting stability after a period of historic political and financial market chaos. But his other task — shepherding the country through a recession — is poised to be just as daunting. The former finance minister has […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. New York CNN Business — The housing market is rapidly losing steam. Interest rates continue to rise. The stock market remains volatile. And inflation continues to be a major problem for people trying […]
Tesla has cut starting prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world’s largest auto market. The price cuts, posted in listings on the electric vehicle giant’s China website on Monday, are […]
A US judge in Texas ruled on Friday that people killed in two Boeing (BA) 737 MAX crashes are legally considered “crime victims,” a designation that will determine what remedies should be imposed. In December, some crash victims’ relatives said the US Justice Department violated their legal rights when it struck a January 2021 deferred […]
CNN — Two people were taken into custody after authorities located and later disarmed a possible explosive device at Billy Bishop Toronto City Airport, police said. At around 4 p.m. Saturday, a device was found on a bicycle parked near the airport’s island-side ferry terminal, according to the airport’s social media account. Located on an […]
Hong Kong CNN — China’s economy is faltering. Unemployment is skyrocketing. Endless Covid lockdowns are wreaking havoc on businesses and people’s lives. The property sector is in crisis. Ties between Beijing and major global powers are under strain. The list of problems faced by the world’s second-largest economy goes on – and many of those […]
CNN — Snap’s bad year continues. Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. In a letter to investors, Snapchat’s parent company […]
CNN — When she took the keys to 10 Downing Street in the wake of Boris Johnson’s political demise, Liz Truss promised to “ride out the storm” of Britain’s economic crisis. Just over six weeks later, she was engulfed by a hurricane of her own making. It was a humiliating end to a calamitous premiership […]
Washington, DC CNN — Tesla buyers may be able to take advantage of new federal tax credits for electric vehicles next year, the automaker’s executives said Wednesday. The credits can be as large as $7,500 for new vehicles and $4,000 for used vehicles. Tesla’s eligibility for the previous tax credits ended in Jan. 2020 when […]
New York CNN Business — Even the uber-rich are on edge now about the economy. Elon Musk and Jeff Bezos, two of the wealthiest people on the entire planet (who generally don’t agree on much of anything), are both signaling some tension about a looming recession. Bezos earlier this week commented that it’s time to […]
