US oil price lowest in nearly a year, gas down 6% in a month

US oil price lowest in nearly a year, gas down 6% in a month

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. West Texas Intermediate crude oil futures, the US benchmark, slid 2.7% on Monday to trade close to $74 a barrel, a level last reached in December 2021. … Read more

China markets tank as protests erupt over Covid lockdowns

China markets tank as protests erupt over Covid lockdowns

hong kong CNN Business — China’s major stock indices and its currency have opened sharply lower Monday, as widespread protests against the country’s stringent Covid-19 restrictions over the weekend roiled investor sentiment. Hong Kong’s Hang Seng (HSI) Index fell as much as 4.2% in early trading. It has since pared some losses and last traded … Read more

Hong Kong finds Cardinal Joseph Zen guilty over pro-democracy protest fund

Hong Kong finds Cardinal Joseph Zen guilty over pro-democracy protest fund

hong kong CNN — A 90-year-old former bishop and outspoken critic of China’s ruling Communist Party was found guilty Friday on a charge relating to his role in a relief fund for Hong Kong’s pro-democracy protests in 2019. Cardinal Joseph Zen and five others, including the Cantopop singer Denise Ho, contravened the Societies Ordinance by … Read more

Mortgage rates fall for the second week in a row

Mortgage rates fall for the second week in a row

Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. The 30-year fixed-rate mortgage averaged 6.58% in the week ending November 23, down from 6.61% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen throughout most of 2022, spurred … Read more

Fed set to offer more rate hike clues

Fed set to offer more rate hike clues

New York CNN Business — Americans are getting ready for food, family and football on Thursday, but investors may still want to hold off until a little bit later Wednesday before starting to give thanks. That’s because the Federal Reserve will release the minutes from its latest meeting at 2pm ET, which could provide more … Read more

Student loan payment freeze extended through June

Student loan payment freeze extended through June

CNN — The Biden administration is yet again extending the pause on federal student loan payments, a benefit that began in March 2020 to help people who were struggling financially due to the Covid-19 pandemic. The extension comes as the Biden administration’s student loan forgiveness program is tied up in the courts. Officials had told … Read more

Student loan relief: Biden administration notifies approved applicants as program remains tied up in courts

Student loan relief: Biden administration notifies approved applicants as program remains tied up in courts

CNN — The Biden administration started notifying individuals who are approved for federal student loan relief on Saturday even as the future of that relief remains in limbo after lower courts blocked the program nationwide. The Department of Education began sending emails to borrowers who have been approved to have their federal student loans relieved, … Read more

Elizabeth Holmes sentenced to more than 11 years in prison for fraud

Elizabeth Holmes sentenced to more than 11 years in prison for fraud

CNN — Elizabeth Holmes was sentenced to more than 11 years in prison on Friday following her conviction in January for defrauding investors while running the failed blood testing startup Theranos. Judge Edward Davila imposed a sentence of 11 years and three months in prison, with another three years of supervision after Holmes is released. … Read more

Home sales drop for 9th month

Home sales drop for 9th month

Home sales in the United States declined for the ninth month in a row in October as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 28.4% in October from a year ago and down 5.9% … Read more

Biden administration asks Supreme Court to let student debt relief program go forward

Biden administration asks Supreme Court to let student debt relief program go forward

CNN — The Biden administration asked the Supreme Court on Friday to allow its controversial student loan debt relief program to go into effect while legal challenges play out across the country. The program promises to deliver up to $20,000 of debt relief for millions of borrowers, but has been on hold after lower courts … Read more