Author: Press Room

Denis Wang says he always hated the car-buying process — until he met Rivian. Buying the automaker’s R1T electric pickup was so wonderful that he says he drove 45 minutes to Rivian’s Irvine, California, office to take the Rivian employee who shepherded him through his purchase out for coffee. (Rivian pairs new buyers with a “guide” who answers any questions during the process.) Wang said he brought a thank you card, and a $100 gift card to REI, knowing that his guide had a trip to South America coming up. “I felt like I kind of owed it to him,”…

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[The stream is slated to start at 08:45 a.m. ET. Please refresh the page if you do not see a player above at that time.]European Central Bank President Christine Lagarde is giving a press conference after the bank’s latest monetary policy decision.The ECB announced Thursday a 75-basis-point interest rate hike — its third consecutive increase this year — while also revealing new conditions for European banks.Subscribe to CNBC on YouTube.  Source: CNBC

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The US economy grew last quarter, bouncing back after shrinking in the first half of the year — but there are indications that consumer spending, which powers the US economy, is starting to soften. Gross domestic product — the broadest measure of economic activity — rose by an annualized rate of 2.6% during the third quarter, according to initial estimates released Thursday by the Bureau of Economic Analysis. That’s a turnaround from a decline of 1.6% in the first quarter of the year and negative 0.6% in the second. Economists had projected third-quarter growth of 2.4%, according to consensus estimates…

CNN  —  Russian TV host and 2018 presidential candidate Ksenia Sobchak has fled Russia for Lithuania, Russian state news agency TASS reported Thursday. Sobchack entered Lithuania using her Israeli passport, according to the country’s State Security Department director Darius Jauniskis. “Yes, I can confirm that Sobchak is in Lithuania,” TASS cited Jauniskis as saying. Sobchak left the country after it was revealed on Wednesday that her apartment had been searched as part of the criminal case against her commercial director Kirill Sukhanov, who was detained on extortion charges. “Our commercial director Kirill Sukhanov has been arrested. They are trying to…

The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing recession fears, the Bureau of Economic Analysis reported Thursday.GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, according to the advance estimate. That was above against the Dow Jones forecast for 2.3%.That reading follows consecutive negative quarters to start the year, meeting a commonly accepted definition of recession, though the National Bureau of Economic Research is generally considered the arbiter of downturns and expansions.The growth came…

It’s all going up: electricity, diesel, vegetables, the Internet, hotels, flights, and now, interest rates.Russia’s invasion of Ukraine, the worldwide energy crisis, on-and-off lockdowns in China and pandemic-era supply bottlenecks have come together to produce an explosive cocktail of spiralling prices.Everything, it seems, is becoming impossibly expensive.In an almost synchronised manner, central banks from all around the world are rushing to raise their key interest rates in a bid to tame high inflation, which, much to their dismay, continues to break monthly records.The European Central Bank (ECB) has bumped rates three times in four months, putting an abrupt end to…

The European Central Bank hiked interest rates by three quarters of a percentage point on Thursday, promising further hikes to come and forecasting an extended economic slowdown. The move will take the benchmark rate for the 19 countries using the euro to 1.5%. The central bank has now hiked rates at three consecutive meetings by a combined 2 percentage points in a bid to get control of inflation even as a recession looms. Before the hiking cycle began, rates in the region had been negative since 2014. “Inflation remains far too high and will stay above the [2%] target for…

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., demonstrates the Meta Quest Pro during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022.Michael Nagle | Bloomberg | Getty ImagesShares of Meta plunged 24.5% Thursday as investors and analysts digested the company’s third-quarter earnings miss and a weak fourth-quarter outlook. Shares closed at $97.94, the lowest price since 2016.The parent company of Facebook reported quarterly revenue of $27.7 billion Wednesday, a decline of more than 4% year over year and its second straight quarterly decline. Its profit plummeted 52% to $4.4 billion.Meta warned the fourth…