Bitcoin price drops back below $20,000

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours. Bitcoin had dropped on … Read more

Average US gas price dips below $5 a gallon

new York CNN Business — US drivers got a slight — very slight — break on prices this weekend as the AAA average for a gallon of unleaded gas fell below the $5 mark. The average price Sunday was $4.98 a gallon, down from $4.99 in Saturday’s reading. The average gas price had been $5 … Read more

Global markets and US stock futures turn lower after Fed rate hike

Hong Kong CNN Business — European markets and US stock futures fell Thursday, a day after the Fed got tough on inflation with its biggest rate hike since 1994. France’s CAC 40 (CAC40) fell 2.3%, and Germany’s DAX (DAX) 2.7%, while the FTSE 100 (UKX) slipped 2.6%. US stocks had closed higher on Wednesday after … Read more

European Central Bank tries to ease fears of debt crisis after bond ‘panic’

London/New York CNN Business — The European Central Bank has tried to calm fears of a debt crisis by promising “flexibility” in managing its huge balance sheet and accelerating work on new ways to reduce stress on heavily indebted countries like Italy and Greece as interest rates rise. At its regular meeting last week, the … Read more

Two more states hit $5 a gallon gas prices

new York CNN — The gas price spike keeps getting worse. The national average jumped to $4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month. There are now 10 states where the average price of gasoline is $5 a gallon or … Read more

Russia is about to shut off some of Germany’s gas

London CNN Business — Russia is about to shut off its natural gas supplies to Shell’s German customers. Gazprom (GZPFY), the Russian state energy giant, said on Tuesday it would suspend natural gas exports to Shell (SHLX) starting Wednesday because the company had failed to make payments in rubles. “Shell Energy Europe Limited has notified … Read more

Your Memorial Day BBQ is going to cost you a lot more this year

new York CNN Business — People who got an early jump on their Memorial Day barbecue shopping may have noticed something alarming: Prices are up. Way up. Sticker shock is everywhere, from burgers to buns, from ketchup to mustard. The good news is there some Price relief at stores now. In the four weeks through … Read more

‘Lunchflation’ is real. Returning to the office is costing us a fortune

Millions of employees started working remotely after the pandemic first took hold in 2020. But now, more people are returning to the office – and they’re being greeted by much higher prices for just about everything. foods commuting daycare. Rising gas prices and soaring inflation have made going back to the office more expensive. And … Read more

UK inflation hits 40-year high of 9%

British inflation leapt last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up help for households facing a worsening cost-of-living crisis. Consumer price inflation hit 9% in April, the Office for National Statistics said, surpassing even the peaks of the early 1990s recession that many Britons … Read more

Home Depot’s strong quarter shows housing market is still booming

new York CNN Business — Home Depot has a message for all of the economic naysayers: Hold my plywood. The home improvement retail giant reported better-than-expected gains in sales and earnings for the first quarter Tuesday and lifted its outlook for the rest of this fiscal year. Shares of Home Depot (HD), one of the … Read more