White House launches last ditch effort to dissuade OPEC from cutting oil production to avoid a ‘total disaster’

Washington CNN — The Biden administration has launched a full-scale pressure campaign in a last-ditch effort to deter Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter. The push comes ahead of Wednesday’s crucial meeting of OPEC+, the international cartel of oil producers that is widely expected to … Read more

Liz Truss admits mistakes on controversial tax cuts plan, but doubles down on it anyway

London CNN — British Prime Minister Liz Truss admitted mistakes had been made with her government’s controversial “mini-budget” announced last week – which felt the pound to historic lows and sparked market chaos – but stood by her policies. Speaking to the BBC’s Laura Kuenssberg on Sunday morning Truss said: “I do accept we should … Read more

6 GOP-led states sue Biden over student loan forgiveness plan

Washington CNN — Six Republican-led states sued President Joe Biden on Thursday in an effort to block his student forgiveness loan plan from taking effect. The lawsuit was filed in a federal court in Missouri by state attorneys general from Missouri, Arkansas, Kansas, Nebraska and South Carolina, as well as legal representatives from Iowa. “In … Read more

Student loan forgiveness: Biden administration kicks off student loan debt forgiveness process

CNN — The Biden administration on Thursday is kicking off its efforts toward forgiving student loan debt, sending updates on the process via email before the window to apply opens next month. In August, President Joe Biden announced his decision to cancel up to $10,000 in student loan debt for individuals making less than $125,000 … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

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 Business — The British pound hit a record low against the dollar on Monday … Read more

5 things to know for Sept. 27: Hurricane Ian, Japan, Trump, Student loans, Ukraine

CNN — The CIA has a museum with exhibits featuring spy gadgets, declassified artifacts and items like the covers for the binder and tablet used for President Joe Biden’s daily briefing. Interested in visiting? Well, unfortunately, the museum isn’t open to the public – but the agency has shared some very interesting pictures from inside. … Read more

CBO says Biden’s student loan cancellation plan could cost $400 billion

Washington CNN — President Joe Biden’s plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report released Monday. Biden announced the forgiveness plan in August, after facing mounting pressure from progressives to broadly cancel some student loan debt. … Read more

Markets hate Liz Truss’ plan for the UK. Just look at these charts

London CNN Business — When the UK government, led by the new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British Pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also … Read more

US dollar hits new 20-year high as Russia calls up reservists

London CNN Business — The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and Wednesday means threatened to use “all … Read more

Chinese company profits are collapsing as zero-Covid takes its toll

Hong Kong CNN Business — China is suffering one of its worst earnings recessions on record as Beijing’s zero-Covid policy and a real estate crisis take their toll on the country’s listed companies. More than 4,800 Chinese companies listed in Shanghai, Shenzhen and Beijing have now released their earnings for the first half of the … Read more