New York CNN — Tesla’s stock is finishing out its tumultuous year with yet more turbulence: It’s up almost 6% Thursday, but still down more than 10% since last week. And a new cut to its price target from Morgan Stanley isn’t helping. Year-to-date, the stock is down about 70%. Morgan Stanley analysts on Thursday … Read more
New York CNN — The stunning collapse of one of crypto’s most prominent firms has quickly morphed into a legal battle pitting former executives and ex-romantic partners against one another. Last week, as FTX founder Sam Bankman-Fried was being extradited to the United States from the Bahamas, two of his former business partners pleaded guilty … Read more
New York CNN — The FBI says America has a “pig butchering” problem. And it’s costing victims millions of dollars. “We’re not talking about what’s going on at farms,” said Frank Fisher, public affairs specialist at the bureau’s Albuquerque division. “We’re talking about a cryptocurrency investment scam that is sweeping the country.” The term pig … Read more
New York CNN — A popular misconception has emerged about Elon Musk and Tesla: The megabillionaire’s love affair with Twitter is the main reason Tesla shares have lost so much value this year. But Tesla’s steep stock selloff this week proved that the problems at Musk’s car company go well beyond Twitter. Even as Musk … Read more
Minneapolis CNN — The trend is clear: Inflation is cooling off in America. The Federal Reserve’s preferred measurement of inflation showed price increases continued to moderate in November, providing yet another welcome indication that the period of painfully high prices has peaked. The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from … Read more
New York CNN — America’s economy grew much faster than previously thought in the third quarter, a sign that the Federal Reserve’s battle to cool the economy to fight inflation t is having only limited impact. The Commerce Department’s final reading Thursday morning showed gross domestic product, the broadest measure of the US economy, grew … Read more
Editor’s Note: This an update of a story that originally published on December 8, 2022. New York CNN Business — There soon may be new retirement rules in place that could make it easier for Americans to accumulate retirement savings — and make it less costly to withdraw them — if lawmakers pass a major … Read more
London CNN Business — The first images of banknotes featuring Britain’s King Charles III were unveiled on Tuesday by the Bank of England. Charles’ portrait will appear on English notes of £5, £10, £20 and £50. Meanwhile, the rest of the design will remain the same as the current notes that feature the late Queen … Read more
London CNN — Europe has agreed to a cap on natural gas prices, following months of debate over whether the measure will protect European households and businesses from extreme price spikes as temperatures plummet. In a Monday meeting, EU energy ministers agreed to trigger a cap if the price of month-ahead natural gas futures contracts … Read more
CNN — Elon Musk’s management of Twitter, including the banning of multiple journalists, has “severely damaged” market sentiment around Tesla, and risks sparking a backlash from advertisers and consumers, a Wall Street analyst warned on Monday. Oppenheimer & Co. downgraded its rating on Tesla, where Musk is the CEO, solely because of risks posed by … Read more