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

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

Wendy’s puts up the ‘for sale’ sign as it loses ground to McDonald’s and Burger King

new York CNN Business — Wendy’s may be up for sale. In a Tuesday filing with the Securities and Exchange Commission, Wendy’s chairman, Nelson Peltz, said that his management fund, Trian Partners, wants to explore a possible sale or merger for the burger chain. Other options to increase shareholder value are also on the table, … Read more

Didi’s disastrous foray onto Wall Street is over

Hong Kong CNN Business — Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the … Read more

Elon Musk proves once again that rules, norms don’t apply to him

new York CNN Business — How do you regulate a man worth more than $200 billion who thinks he knows better than everyone else? The simple answer is: You don’t. Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold. … 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

$5 gas could become widespread as prices hit another record

new York CNN Business — Prices at the pump continue to shatter records ahead of Memorial Day weekend. The national average for regular gas hit a fresh record of $4.48 a gallon Monday, according to AAA. That marks an increase of 15 cents in the past week and 40 cents in a month. Gas prices … Read more