Hong Kong CNN — Three years of strict pandemic controls in China and a real estate crash have drained local government coffers, leaving authorities across the country struggling with mountains of debt. The problem has gotten so extreme that some cities are now unable to provide basic services, and the risk of default is rising. […]
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 — Investors are pretty bad at living in the moment. We’re currently in the thick […]
CNN — If you came across a four bedroom, 3.5 bathroom home listed for sale recently on a quiet cul-de-sac in Cedar Rapids, Iowa, you might not think twice about the online listing. It included typical real estate descriptions like “ideal for entertaining” and “ample space for relaxation.” But JJ Johannes, the realtor for the […]
London CNN — China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens to […]
New York CNN — Newly unsealed bankruptcy documents revealed thousands of creditors to whom FTX owes money after the once-mighty crypto exchange collapsed in November. Wall Street heavyweights including Goldman Sachs and JPMorgan were named in the creditor list, which includes businesses, charities, individuals and other entities in a 116-page document filed late Wednesday. FTX […]
New York CNN — Chevron reported a record full-year profit of $36.5 billion, buoyed by high oil prices. Adjusted earnings for the year more than doubled from the $15.6 billion Chevron earned in 2021 and up 36% from its previous record profit set in 2011. The oil company’s fourth-quarter earnings came in at $7.9 billion, […]
The Pakistani rupee fell 9.6% against the dollar on Thursday, central bank data showed — the biggest one-day drop in over two decades — in a slump that may persuade the International Monetary Fund to resume lending to the country. The drop comes a day after foreign exchange companies removed a cap on the exchange […]
Minneapolis CNN — The US economy expanded again during the fourth quarter, registering solid growth to end 2022 even as consumers and businesses battled historically high inflation and rising interest rates. Gross domestic product — the broadest measure of economic activity — increased at an annualized rate of 2.9% from October to December last year, […]
New York CNN — Senator Elizabeth Warren, a longtime crypto critic, warned recent turbulence in the digital asset space will only continue unless a host of regulators strengthen protections for investors. “For all their talk of innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Voyager — are collapsing under the […]
London CNN — Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. An initial reading of the eurozone’s Purchasing Managers’ Index, which tracks activity […]