OPEC and Russia slash oil production in bid to boost prices
In a move that could drive up gas prices, the oil cartel will cut production by 2 million barrels per day starting in November.
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In a move that could drive up gas prices, the oil cartel will cut production by 2 million barrels per day starting in November.
"The Fed isn't about to 'pivot' and there is more monetary tightening to come," said one analyst.
The bill's passage is a significant achievement for Democrats as they look to maintain their hold on Congress in the November midterm elections.
Billionaire Elon Musk said Tuesday he intends to reverse Twitter's ban against former President Donald Trump. CBS News' Tanya Rivero and Dan Patterson break down this announcement with CBS News tech reporter Dan Patterson.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
After billionaire Elon Musk said that he was abandoning his $44 billion buyout, Twitter vowed to pursue him in court.
The start of 2022 has pushed Wall Street into a bear market. Here's what the rest of the year could hold for investors.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
Manufacturers are again downsizing packaging in an effort to ease the hit from inflation. Are they going too far?
News alleviates investor doubts over billionaire's resolve, sending Twitter stocks up 5.5% in after-hours trading.
As prices continue to rise in the midst of one of the largest periods of inflation America has ever seen, Dr. Christopher Thornburg, an economist and cofounder of Beacon Economics, joined the studio to offer advice on how people can prepare for "recession shock."
A warning from Bank of America has brought more questions than answers as experts warn of an oncoming recession. Dr. Richard Thornburg, an economist and founding partner of Beacon Economics, joined the studio to discuss the potential "recession shock" and what it means.
President Biden on Thursday announced the release of 180 million additional barrels of oil over the next six months to combat gas prices, as well as urged Congress to impose fees on companies that he accuses of "hoarding without producing" and discussed his plans to boost the domestic production of critical minerals. CBS News' Tanya Rivero and Meg Oliver sit down with Tamar Essner, a principal at Vectis Energy Partners, to discuss.
After backing out of a high-profile trip to the World Climate Conference, rumors and conspiracy theories began to emerge online about the Governor's handling of the job.
The consumer price index rose four tenths of a percent in September, 5.4 percent higher than what it was last year according to the U.S. Labor Department.
While many people worry about the long term economic effects of the coronavirus pandemic, some economists said the bounce back may be quicker than expected.
Amazon and Netflix continue to do well as coronavirus isolates people in their homes, but many other companies have benefited or may soon.
President Trump on Tuesday said he wants the U.S. "opened up" by Easter Sunday, which falls on April 12, despite an acceleration of coronavirus cases across the country.
Nearly 1 in 5 Americans say they have been laid off or have had their work hours cut over the coronavirus pandemic.
The revision is the first in the forecast's 68-year history where an update was published between its scheduled quarterly releases.
Southern Californians should expect to see a dip in the economy due to the growing precautions put in place to mitigate the spread of coronavirus in the U.S.
Looks like more people are finding work. The latest US jobs report shows hiring jumped in April -- employers added 263,000 jobs.
Stocks plunged Tuesday ahead of a day of mourning honoring the late President George H.W. Bush.
The economy is just as strong today as it was last week. Keep that in mind as you process the Dow's breathtaking 1,175-point plunge on Monday.
Hundreds of Orange County residents gathered in Garden Grove on Tuesday night to demand answers from GKN Aerospace leadership during a special city council meeting.
Wade Meckler and Jo Adell keyed a five-run second inning with two-run doubles, and Walbert Ureña navigated heavy traffic through five shutout innings to lead the Los Angeles Angels to a 10-1 victory over the Houston Astros.
The shooting happened at around 11 p.m. on Sunday night near Sixth and Ramsey streets, according to Banning police.
A bird tested positive for West Nile virus, the second case in Ventura County.
The crash happened at Suds & Duds Coin-Op Laundry in the 900 block of Aviation Boulevard.
Republican Steve Hilton, a former Fox News host and adviser to former British Prime Minister David Cameron, will advance to November's general election in the race to become California's next governor, CBS News projects.
CBS News projects that incumbent Los Angeles Mayor Karen Bass will face off against Nithya Raman in November's runoff election.
Hundreds of Orange County residents gathered in Garden Grove on Tuesday night to demand answers from GKN Aerospace leadership during a special city council meeting.
The shooting happened at around 11 p.m. on Sunday night near Sixth and Ramsey streets, according to Banning police.
A bird tested positive for West Nile virus, the second case in Ventura County.
The shooting happened at around 11 p.m. on Sunday night near Sixth and Ramsey streets, according to Banning police.
A bird tested positive for West Nile virus, the second case in Ventura County.
The crash happened at Suds & Duds Coin-Op Laundry in the 900 block of Aviation Boulevard.
Along with the recent opening of LA Metro's three new D Line stations comes a new collection of public art for all to see.
While Gene Evin Atkins, 36, was acquitted of first-degree murder, jurors deadlocked on a second-degree murder charge and convicted him on 40 other charges, including attempted murder, assault with a semi-automatic firearm on a peace officer, attempted carjacking, and mayhem.
Hundreds of Orange County residents gathered in Garden Grove on Tuesday night to demand answers from GKN Aerospace leadership during a special city council meeting.
The Orange County District Attorney's Office said officers found her in a running shower with her toddler's body.
Police arrested the 28-year-old man after he crashed and attempted to hide in thick brush near Hayes Avenue and De Luz Road in Murrieta.
One person was taken into custody for the stabbing, which deputies said may be gang-related.
Garden Grove residents urged their city council to close the GKN Aerospace facility at the center of a chemical leak in late May.
Team Rubicon volunteers are set to remove dozens of dead trees and vegetation to help mitigate wildfire risk on Big Bear as part of a nearly four-year plan to remove what was left behind by the 2022 Radford Fire and the 2024 Line Fire.
Hermosa Beach police arrested a suspect who allegedly broke into a home while the residents, including two small children, were still inside early Monday morning.
Banning police are investigating an assault that left a man in critical condition after he was allegedly attacked by a person with a baseball bat on Sunday afternoon.
An 18-year-old man was killed in an off-roading crash near Menifee over the weekend, according to the California Highway Patrol.
Police arrested the 28-year-old man after he crashed and attempted to hide in thick brush near Hayes Avenue and De Luz Road in Murrieta.
The U.S. being a host country for the World Cup generates interest among fans, but less so among those who are not soccer fans.
NASA's Artemis III astronauts plan to carry out rendezvous and docking procedures with commercial moon landers being built by SpaceX and Blue Origin.
Nick Reiner is accused of stabbing his parents Rob and Michele Singer Reiner to death at their home in December.
President Trump abruptly ended an interview with NBC News when repeatedly challenged on his claims of election fraud
New York Fed survey shows growing concern about household finances and the job market, even as the job market remains solid.
Republican Steve Hilton, a former Fox News host and adviser to former British Prime Minister David Cameron, will advance to November's general election in the race to become California's next governor, CBS News projects.
Donald Trump was booed loudly by fans inside Madison Square Garden when he was shown on video screens during the national anthem prior to Game 3 of the NBA Finals on Monday.
CBS News projects that incumbent Los Angeles Mayor Karen Bass will face off against Nithya Raman in November's runoff election.
President Trump abruptly ended an interview with NBC News when repeatedly challenged on his claims of election fraud
The Trump administration on Monday announced it is seeking to revoke the citizenship of 17 U.S. citizens accused of immigration fraud.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
San Francisco officials said Tuesday that the city has filed a lawsuit against leading manufacturers of ultra-processed foods, accusing them of producing products linked to serious health issues and alleging that the companies knowingly made the foods addictive.
A bill that would reverse a 25% tax increase on California's legal cannabis industry is heading to Gov. Gavin Newsom's desk, after being approved by the legislature.
Los Angeles County health officials on Saturday confirmed the fifth measles case of the year in an international traveler who arrived at Los Angeles International Airport earlier in the week.
At least 80 deaths have been reported in a new Ebola disease outbreak in Congo and Uganda, authorities said.
California public health officials said on Wednesday that they have identified a fifth resident who may have been exposed to the Andes hantavirus due to the outbreak on the MV Hondius cruise ship.
An American on the repatriation flight began showing symptoms of hantavirus and another "tested mildly PCR positive for the Andes virus," the Department of Health and Human Services says.
Three passengers have been evacuated from a cruise ship hit by a hantavirus outbreak, as related cases are confirmed in Switzerland and South Africa.
The California State Assembly passed a new bill that they hope can rein in a black market in restaurant reservations.
Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Some Trader Joe's shoppers will get a payout after a lawsuit alleged that the retailer's customer receipts put shoppers at risk of ID theft.
California Attorney General Rob Bonta and local prosecutors urged parents to check their children's e-bikes, saying some of the vehicles may be motorcycles or mopeds capable of high speeds.
A home-based food movement has been heating up in California, with home cooks turning their beloved family recipes into small businesses.
Wade Meckler and Jo Adell keyed a five-run second inning with two-run doubles, and Walbert Ureña navigated heavy traffic through five shutout innings to lead the Los Angeles Angels to a 10-1 victory over the Houston Astros.
The Dodgers quickly pulled away once Pirates ace Paul Skenes exited in a 12-3 win on Tuesday night.
Los Angeles Angels pitcher Jack Kochanowicz needs Tommy John surgery, the team said Tuesday, and the 25-yeaer-old right-hander is expected to be sidelined through the 2027 season.
Peter Laviolette will be the next head coach of the Los Angeles Kings, the team announced on Tuesday. He will be the permanent replacement for interim coach D.J. Smith, who replaced Jim Hiller in March.
The U.S. being a host country for the World Cup generates interest among fans, but less so among those who are not soccer fans.
"Schmigadoon!" — which was tied for the most nominations, with 12 — won Best Musical, and "Liberation" took home the honor of Best Play at the 2026 Tony Awards.
Peabo Bryson, a two-time Grammy-winning singer and songwriter known for Disney movie hits "Beauty and the Beast" and "A Whole New World," has died at age 75.
President Trump said he is considering replacing the Freedom 250 concert series with a rally after many artists dropped out.
Sonny Rollins, the legendary tenor saxophonist known for his bold tone and constant experimentation, has died at 95.
The CBS LA American Music Awards Red Carpet Special will capture the moments as the stars arrive at the MGM Grand Garden Arena in Las Vegas and airs from 4 p.m. to 5 p.m. PDT on CBS LA and streaming online on CBS News Los Angeles.
Nicole Comstock reports from Pomona, where she learns more about the "inappropriate images" that somehow made it into the city's recreation guide that was sent to residents.
CBS LA's Laurie Perez shows us the preparations in place for the upcoming 2026 FIFA World Cup matches in Los Angeles County.
Desmond Shaw flies to the MacArthur for tonight's Look At This!
As votes from last Tuesday's election continue to be counted, some have voiced concerns about voting laws for homeless residents. Mike Rogers reports.
Newport Beach lifeguards urged inexperienced beachgoers to stay out of the waters as huge waves drew thousands to Orange County's coast. Lesley Marin reports.
Some of golf's best are facing off at the U.S. Women's Open at the Riviera Country Club in the Pacific Palisades over the weekend. The event runs from June 2 to June 7.
Widely considered the greatest architect of his time, Frank Gehry helped shape Los Angeles' skyline.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Franklin Fire in Malibu quickly grew overnight and threatened several homes. Evacuation orders were issued and Pepperdine University instructed students to shelter in place.
