London CNN Business — There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the only […]
New York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked […]
London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK […]
New York CNN Business — Warning lights are flashing in the global economy as high inflation, drastic rate hikes and the war in Ukraine take their toll. There is currently a 98.1% chance of a global recession, according to a probability model run by Ned Davis Research. The only other times that recession model was […]
New York CNN Business — Lisa Altman used to take pride in being able to eat what she wanted without worrying much about the cost. When she was growing up, seconds weren’t served and side dishes were rare. “My mom had a budget every week, and she stuck to it,” she said. “As I got […]
Americans looking to buy or rent a home have had a rough year. Rents are up by double-digit percentages in some cities. Meanwhile, buying a home is the most unaffordable it has been since the mid-1980s. Mortgage rates have surpassed 6% and home prices remain just off the record highs hit in recent months, pricing […]
New York CNN Business — Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest such streak on […]
Hong Kong/Seoul CNN Business — Clark Park, a 35-year-old YouTuber, is one of many people in South Korea fed up with high food prices. That’s why he grabbed his camera and joined a huge throng of shoppers clamoring for cheap fried chicken one August morning at Homeplus, a hypermarket chain that had just slashed 12% […]
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 announcement from the White House that a tentative deal has been reached […]
CNN Business — Another month of falling gas prices gave Americans’ wallets a bit of a reprieve in August. That sent consumers back to stores last month. The Census Bureau reported Thursday that a key measure of August US retail sales rose unexpectedly by 0.3% on a monthly basis, following a revised decrease of 0.4% […]