What to expect from the jobs report on Friday | CNN Business

[ad_1] Minneapolis CNN  —  The US labor market has kept trucking right along even as other areas of the economy have slowed. But that once high-octane ride is showing some signs of wear and tear amid the Federal Reserve’s yearlong efforts to cool inflation by suppressing demand. Job cuts are mounting, hiring activity is losing … Read more

The US economy is unwell. April could be a cruel month | CNN Business

[ad_1] 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. New York CNN  —  After months of a remarkably strong US labor market and economy, everything seems … Read more

Switzerland cuts bonus payouts for top Credit Suisse management | CNN Business

[ad_1] CNN  —  BERLIN -— Switzerland has instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered, the Federal Council said on Wednesday. Under Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important … Read more

The Fed could easily drive Black unemployment much higher than the overall jobless rate | CNN Business

[ad_1] New York CNN  —  Millions of jobs could be on the chopping block this year, as the Federal Reserve continues its rate-hiking campaign to tame inflation. But the effects of that action likely won’t reverberate evenly across the economy. The Fed has seen some success: Inflation has cooled for eighth consecutive months, according to … Read more

Britain’s pound is beating every other major currency this year | CNN Business

[ad_1] London CNN  —  The British pound crashed to a record low last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback. Sterling hit its highest level against the US dollar in 10 months on Tuesday, topping $1.25 for the first time since June 2022. The … Read more

Job openings shrank more than expected in February in a positive sign for the Fed | CNN Business

[ad_1] Minneapolis CNN  —  America isn’t taking down all of its “help wanted” signs just yet — but they are slowly starting to disappear. The number of available jobs in the United States dropped in February to 9.93 million, the lowest number since May 2021, according to data released Tuesday by the Bureau of Labor … Read more

What OPEC’s surprise oil cut means for gas prices | CNN Business

[ad_1] New York CNN  —  OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. The group known as OPEC+ announced Sunday it would cut oil production by more than 1.6 million barrels a day starting in May, running through the end of the year. The news … Read more

HSBC’s top execs face tense shareholders calling for a breakup | CNN Business

[ad_1] Hong Kong CNN  —  HSBC’s top brass defended their strategy Monday to frustrated shareholders in the lender’s largest market, as Europe’s biggest bank continued to face calls to be split up. At an informal shareholder meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn took questions from investors on issues ranging from … Read more

China Renaissance suspends trading, delays results after founder’s disappearance | CNN Business

[ad_1] Hong Kong CNN  —  China Renaissance, a top dealmaker in the country’s tech industry, said it would suspend trading of its shares and delay the release of its annual results because it still can’t get in touch with its founder. Bao Fan, 52, started the boutique investment bank in 2005 and has been unreachable … Read more

Oil prices surge after OPEC+ producers announce surprise cuts | CNN Business

[ad_1] Hong Kong/Atlanta CNN  —  Oil prices spiked during Asian trade Monday after OPEC+ producers said they would cut production in a surprise move. Brent crude, the global benchmark, jumped 4.8% to $83.73 a barrel, while WTI, the US benchmark, rose 4.9% to $79.36. Rising oil prices could mean inflation remains higher for longer, adding … Read more