London CNN Business — Soaring energy costs drove UK inflation to a fresh high in October, the latest piece of bad news for an economy sliding into recession. The annual rate of inflation rose to 11.1% in October, up from 10.1% in the 12 months to September, the Office for National Statistics said on Wednesday. […]
Minneapolis CNN Business — A key measure of inflation, wholesale prices, rose by 8% in October from a year before, according to the latest report from the Bureau of Labor Statistics. The number is significantly better than forecasts. Economists expected the Producer Price Index, which measures prices paid for goods and services before they reach […]
New Delhi CNN Business — Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday. Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at […]
Hong Kong CNN Business — Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday […]
London CNN Business — Conventional economic logic hinges on a core assumption: Bigger economies are better, and finding ways to maintain or boost growth is paramount to improving society. But what if growth is at best doing little to fix the world’s problems, and at worst fostering the destruction of the planet and jeopardizing its […]
Hong Kong CNN Business — China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba (BABA) and JD.com (JD), will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 […]
New York CNN Business — The spectacular implosion of cryptocurrency exchange FTX, a so-called unicorn startup that was recently valued at $32 billion, is just the latest bit of bad news for investors in bitcoin, ethereum and other digital assets. But 2022 was already an awful year for crypto before the FTX-Binance soap opera. Bitcoin […]
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 third-quarter corporate earnings season is wrapping up: We now have reports from […]
China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list. The Hurun rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion […]
New York CNN Business — Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in […]