Baidu unveiled on July 21, 2022, the sixth generation of its self-driving electric car built for ride-hailing rides — at a cost nearly 50% below that of a model announced last year. Baidu BEIJING — Chinese tech giant Baidu announced Thursday it has cut the price of its robotaxi vehicles by nearly half, lowering costs
In this article NCLH It’s one of the most basic laws of economics: When prices rise, demand falls. But despite rising travel costs and inflation, vacationers aren’t showing much interest in canceling their summer plans. Yet, they certainly appear open to changing them. Nearly 70% of those planning summer vacations said they anticipated making changes
Rep. Kevin Brady, R-Texas. Bloomberg | Bloomberg | Getty Images In response to reports that the Biden administration could soon move to forgive student debt, Republican leaders warned Wednesday of “the perils” of such action. “It’s a giveaway to highly educated college grads,” said Rep. Kevin Brady, R-Texas, ranking member of the House Ways and
The Asian Development Bank has cut its growth forecast for China due to concerns over the country’s zero-Covid approach and strict lockdowns, which put even more pressure on the real estate sector. Gross domestic product growth for the world’s second largest economy is expected to be at 4% in 2022, down from an earlier estimate
In this article UAL United Airlines on Wednesday notched a key profit milestone in its pandemic recovery, but said it will scale back its growth plans through 2023. United reported its first quarterly profit — $329 million — since the Covid-19 pandemic began without the help of federal payroll aid, which expired almost a year
U.S. President Joe Biden spoke with media on July 20, 2022, after disembarking Air Force One at Joint Base Andrews in Maryland. Brendan Smialowski | Afp | Getty Images BEIJING — U.S. President Joe Biden said he expects to speak with Chinese President Xi Jinping by the end of the month. He did not elaborate
Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing on May 10, 2022. Tom Williams | Reuters Sen. Elizabeth Warren, D-Mass., along with 22 more Democratic lawmakers, want to save millions of Americans time and money by pushing the IRS to create its own free
Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the National Association of Realtors, as prices set records and rates surged. The sales count declined to a seasonally adjusted annualized rate of 5.12 million units last month, the group said. Sales were 14.2% lower compared with June
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Shoppers explore a mostly empty mall in Columbus, Ohio. Matthew Hatcher | Getty Images Don’t expect the stream of departures from retailers’ C-suites to stop anytime soon. Already this year, Gap and Bed Bath & Beyond abruptly replaced their CEOs as the companies’ sales plunged. GameStop fired its chief financial officer in the middle of
In this article BTC.CM= COIN Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped. Chesnot | Getty Images Coinbase said it had no counterparty exposure to several collapsed crypto firms, seeking to allay fears about the impact of a liquidity crisis in the industry on its business.
MARK RALSTON | AFP | Getty Images So you didn’t win the $555 million Mega Millions jackpot Tuesday night. The glass half-full view? Phew! You dodged a huge tax bill. Of course, you get another shot in the next drawing to land a windfall — and then give a boatload of it to Uncle Sam.
In this article GS Pawel Toczynski | The Image Bank | Getty Images The U.S. economy is going through one of the most difficult periods I’ve seen in my 40-year career. Inflation, labor shortages, supply chain disruptions — all of them are hitting big business hard and small businesses even harder. And so this week,
To keep up with the surging cost of living, consumers are spending more and saving less — and rising interest rates aren’t helping the matter. Next week, the Federal Reserve likely will raise rates by another three-quarters of a percentage point, although some on Wall Street still think it could opt for a full percentage point increase.
In this article NFLX Netflix shares jumped after the company said it lost fewer subscribers than anticipated during the second quarter. The streamer also said it aimed to unveil its lower-cost, ad-supported tier in early 2023. This comes on the heels of Netflix tapping Microsoft to be its partner on the ad-supported offering. “We’ll likely
NEW YORK, US – JULY 10: An aerial view of the cruise ship “Norwegian Joy” sails up the Hudson River in front of the skyline of Manhattan as the sun sets in New York City, United States on July 10, 2022. Lokman Vural Elibol | Anadolu Agency | Getty Images Shares of cruise lines including
Problems at Celsius appear to have been simmering for years before the crypto lender filed for bankruptcy. The crypto company saw a range of internal missteps leading up to its recent turmoil, according to former employees and internal documents CNBC reviewed. Multiple employees painted a picture of risk-taking, disorganization and alleged market manipulation. “The biggest issue
Considering the impact of inflation, consumers are spending more on back-to-school supplies — and then some — as retailers pass along credit card fees in the form of higher prices. This year, total back-to-school spending is expected to match the 2021 record high of $37 billion, according to the National Retail Federation. The so-called swipe
Chinese real estate developers, including highly indebted Evergrande, have operated a business that relied on selling apartments before they were completed. Pictured here is an Evergrande development in Beijing on Jan. 6, 2022. Bloomberg | Bloomberg | Getty Images BEIJING — China’s real estate market desperately needs a boost in confidence, analysts said, after reports
In this article NFLX Good enough. Netflix didn’t blow the roof off its second-quarter earnings. It announced it lost about 1 million global subscribers in the quarter, marking the second consecutive quarter it has hemorrhaged customers. And it lost 1.3 million subscribers in the U.S. and Canada, marking the third time in the last five