Editor’s Note: Gad Levanon is the chief economist at the Burning Glass Institute. He’s the former head of The Conference Board’s Labor Market Institute. The opinions expressed in this commentary are his own. To many economists and analysts, the US economy has represented a paradox this year. On the one hand, GDP growth has slowed […]
London CNN Business — The UK government could award oil and gas companies more than 100 new licenses to drill in the North Sea, as it looks for ways to bolster energy security amid a global supply crunch. Launched Friday, the licensing round won’t lead to new UK production for several years. And when drilling […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN Business — The White House isn’t very happy with OPEC’s decision to slash oil production […]
Hong Kong CNN Business — Hong Kong’s flagship airline Cathay Pacific is facing “unprecedented” staff shortages and may not be ready to handle a surge in demand, as the city winds up its strict Covid policy and reopens for international travel. A top local union warned Thursday of “a record number of resignations from the […]
CNN — A military court in Myanmar has sentenced a Japanese journalist to 10 years in prison for sedition and violating a law on electronic communications after he filmed an anti-government protest in July, a Japanese diplomat said on Thursday. Toru Kubota, 26, was arrested by plainclothes police in Yangon, where he was filming a […]
CNN — Last June, Toyota warned owners of its first mainstream electric vehicle, the BZ4X, to stop driving their SUVs and have them transported to dealers because of a scary problem: the wheels could fall off after driving even just a few miles. Now, more than three months later, Toyota has announced that it has […]
After rising for six weeks in a row, mortgage rates retreated last week. The 30-year fixed-rate mortgage averaged 6.66% in the week ending October 5, down from 6.70% the week before, according to Freddie Mac. Mortgage rates have more than doubled since the start of this year as the Federal Reserve continues its unprecedented campaign […]
New York CNN Business — Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. More price increases at the pump likely lay ahead. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day hike in nearly […]
The deaths of dozens of young children in Gambia from acute kidney injuries may be linked to contaminated cough and cold syrups made by an Indian drug manufacturer, the World Health Organization said on Wednesday. The findings, announced by WHO Director-General Tedros Adhanom Ghebreyesus, followed tests on several medicinal syrups that were suspected of causing […]
London CNN Business — OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia and […]