London CNN — Europe’s two largest central banks raised interest rates sharply on Thursday, opting for bigger increases than the US Federal Reserve as inflation in the region remains near historically high levels. The European Central Bank (ECB) and the Bank of England lifted rates by another half a percentage point. Benchmark interest rates for … Read more
Hong Kong/London CNN — Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine. Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double … Read more
London CNN — Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud. The share sale — the largest offering by a company already … Read more
CNN — President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting hidden fees across multiple industries. These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already struggling … Read more
Minneapolis CNN — Despite the looming threat of recession and the cacophony of mass layoff announcements, US businesses still need workers — 11.01 million of them. The number of available jobs unexpectedly rose in December, climbing from a revised 10.44 million openings in November and exceeding economists’ expectations of 10.25 million, according to Bureau of … Read more
New York CNN — Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels towards bankruptcy. The closing stores are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, … Read more
London CNN — Europe’s stock markets have beaten Wall Street by the biggest margin in more than three decades over recent months as its economy looks set to dodge a recession many thought inevitable just a few weeks ago. Since late September, European market benchmarks have risen by 20 percentage points more than Wall Street … Read more
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. Washington CNN — Investors appear to be preparing for another match-up against their favorite sparring partners at … Read more
London CNN — Europe’s stock markets have beaten Wall Street by the biggest margin in more than three decades over recent months as its economy looks set to dodge a recession many thought inevitable just a few weeks ago. Since late September, European market benchmarks have risen by 20 percentage points more than Wall Street … Read more
CNN — President Joe Biden and House Speaker Kevin McCarthy’s talks on Wednesday are about more than a Washington power game. If the two most important leaders in Washington can’t agree to lift the debt ceiling by the time the Treasury runs out of money to pay its debts, the United States – the world’s … Read more