Money

By Anna Cooban, CNN London (CNN) — The Bank of England raised interest rates by a quarter of a percentage point Thursday as inflation remains stubbornly high, buoyed, in part, by strong wage growth. The move brings the main cost of borrowing for commercial banks in the United Kingdom to 5.25% — its highest level

By Michelle Toh, CNN Hong Kong (CNN) — The world’s largest brewer is counting the costs of being swept into a controversy over Bud Light in the United States. AB InBev said Thursday that US revenue fell 10% in the second quarter as sales of its top brand slumped. Sales to US retailers declined by

By Anna Cooban, CNN London (CNN) — Adidas upgraded its earnings outlook for the year Thursday, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. Adidas (ADDDF) now expects to make a €450 million ($491 million) operating loss in 2023, a much better outcome than the €700 million ($764

By Simone McCarthy Hong Kong (CNN) — China is proposing new measures to curb the amount of time that kids and teens can spend on their phones, as the country takes aim at internet addiction and tries to cultivate “good morality” and “socialist values” among minors. A proposal released by the Cyberspace Administration of China,

By Oliver Darcy, CNN (CNN) — A federal judge handed down a rare and alarming court decision this week that could have significant implications for the free press in America. Judge Christopher Cooper, of the US District Court for the District of Columbia, issued a ruling to compel CBS News senior correspondent Catherine Herridge to

By Anna Bahney, CNN (CNN) — The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt

By Ramishah Maruf, CNN New York (CNN) — Dua Lipa’s hit song ‘Levitating’ is back in court. The star and Warner Music Group are facing a multi-million dollar federal lawsuit in Los Angeles from musician Bosko Kante over copyright claims for the song, which spent 77 weeks on the Billboard Hot 100. In a lawsuit

By Bryan Mena and Jeanne Sahadi, CNN (CNN) — There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls —

By Jon Passantino and Chris Isidore, CNN New York (CNN) — Hollywood studios on Tuesday asked the Writers Guild back to the negotiating table in the first known talks since the nearly 100-day strike brought production of most television shows and movies to a halt. The meeting, sought by the Alliance of Motion Picture and

By Ramishah Maruf, CNN New York (CNN) — YouTuber MrBeast is suing the ghost kitchen behind MrBeast Burger to stop production of its popular burger, claiming the company is taking advantage of his brand to expand rather than focusing on the quality of the food. The lawsuit was filed in the US District Court in

By Danielle Wiener-Bronner, CNN New York (CNN) — Starbucks’ China business is back after dropping due to Covid restrictions last year. In the three months ending on July 2, sales at Chinese locations open at least 13 months spiked 46% year-over-year, the company said Tuesday. China has been a key growth driver for Starbucks. But

By Elisabeth Buchwald, CNN (CNN) — Fitch Ratings downgraded its US debt rating on Tuesday from the highest AAA rating to AA+, citing “a steady deterioration in standards of governance.” The downgrade comes after lawmakers negotiated up until the last minute on a debt ceiling deal earlier this year, risking the nation’s first default. But

By Nicole Goodkind, CNN New York (CNN) — A Congressional select committee is investigating BlackRock, the world’s largest asset manager, and MSCI, one of the biggest providers of index funds, to determine whether they are investing Americans’ savings in Chinese companies blacklisted by the US government for security and human rights issues. The Select Committee

By Parija Kavilanz, CNN New York (CNN) — Lunchables, which is making its way into school lunchrooms this fall, is testing out yet another destination for parents to find its grab-and-go snack trays for kids–the produce aisle. Kraft Heinz (KHC), which makes Lunchables, said a new offering of its popular packaged meal for the first

By Ramishah Maruf, CNN New York (CNN) — General Motors said Tuesday is recalling almost 900 vehicles worldwide because the Takata-made air bag inflator may explode, potentially striking drivers and passengers with sharp metal fragments. The vehicles included are 767 2013 models of the Chevrolet Camaro, Sonic and Volt; and the Buick Verano, in the

By Jack Guy and Junko Ogura, CNN (CNN) — The Warner Bros. Film Group has apologized after the Twitter account for its “Barbie” film sparked backlash over its embrace of memes that appeared to depict the character immersed in atomic blast imagery from Universal’s film “Oppenheimer.” The posts sparked controversy in Japan and strong public

By Ellie Stevens New York (CNN) — The photos online of Taco Bell’s Mexican Pizza last September reeled in New York resident Frank Siragusa. But the $5.49 fast food treat he wound up with has now prompted him to launch a class-action suit against the taco chain. In a Brooklyn federal court Monday, Siragusa accused

By Jordan Valinsky, CNN New York (CNN) — Bud Light’s decline is benefiting one of its biggest rivals. Molson Coors, brewer of Miller Lite and Coors Light beers, reported Tuesday its single best quarter of revenue since its 2005 merger, as drinkers continue to shift their allegiance away from the Anheuser Busch-made beer. In a

By Catherine Thorbecke, CNN New York (CNN) — Uber has reported that its revenue ticked up 14% last quarter, marking a slower pace of growth than recent quarters when sales surged as riders returned to pre-pandemic habits. The company on Tuesday reported revenue of $9.2 billion for the quarter ending in June, a 14% increase

By Brian Fung, CNN Washington, DC (CNN) — Twitter has sued the Center for Countering Digital Hate, a nonprofit group that has criticized the company’s handling of hate speech, following through on a litigation threat that had been publicly revealed just hours before. The lawsuit filed Monday in San Francisco federal court accuses CCDH of

By Laura He, CNN Hong Kong (CNN) — Plunging sales of new homes and the reported cancellation of a share placement by China’s biggest property developer on Tuesday underscored the depth of the country’s real estate crisis. Reports that Country Garden had abruptly pulled an attempt to raise $300 million by issuing new shares in

By Michelle Toh, CNN Hong Kong (CNN) — HSBC’s profits have soared as it continues to cut costs and cash in on high interest rates around the world. Europe’s biggest bank said Tuesday that pre-tax profit grew by $4.1 billion to $8.8 billion in the second quarter compared to the same time a year before.

By Reuters Hong Kong’s stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. In its latest revision to listing rules, the bourse repealed a whole section focusing on risks from China’s

By Elizabeth Joseph, CNN (CNN) — Officials from the San Francisco Department of Building Inspection on Monday morning observed that the new “X” on top of the building formerly known as Twitter’s headquarters was being dismantled, according to Patrick Hannan, the department’s spokesman. The news comes after the company was issued a notice of violation

By Eva Rothenberg, CNN (CNN) — AMC Theaters (AMC) hit a revenue record last week, driven by the overwhelming success of the “Barbenheimer” pop culture craze. In a news release on Sunday, the world’s largest theater chain announced that from July 21-27, it earned its largest single-week admissions revenue since the company’s founding in 1920.

By Allison Morrow, CNN New York (CNN) — The Securities and Exchange Commission asked Coinbase to halt trading on all cryptocurrencies except for bitcoin before it sued the company in June, Coinbase’s chief executive told the Financial Times. The SEC’s request left Coinbase, America’s largest crypto exchange, with no choice but to take the matter

By Nadia Bidarian, CNN (CNN) — E-cigarette company Juul Labs is seeking US authorization to sell a “next-generation” vape with age verification capabilities in the United States. To verify a user’s age, the proposed vape pairs with a phone app, requiring a customer to either upload their government ID and a real-time selfie or input

By Jordan Valinsky, CNN New York (CNN) — Manchester United and Adidas are extending their apparel-sponsorship contract in a record-breaking £900 million ($1.2 billion) deal that lasts for another decade. The German sportswear company will continue making kits and other apparel for the British football team, in one of the biggest Premiere League sponsorships that

By Anna Cooban, CNN London (CNN) — The UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments. Prime Minister Rishi Sunak said Monday that he

By Chris Isidore, CNN New York (CNN) — Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers. The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers

By Michelle Toh, CNN Hong Kong (CNN) — People in Asia aren’t guzzling as much beer as they used to. Dutch brewer Heineken (HEINY) announced disappointing earnings and cut its financial outlook Monday, posting a 9% drop in net profit in the first half due to a downturn in what is normally its most profitable

By Laura He and Wayne Chang, CNN Hong Kong (CNN) — China unveiled a series of measures to boost domestic consumption Monday after more gloomy data about the health of the economy. But it stopped short of announcing a major package of new spending or tax cuts. The official Purchasing Managers’ Index (PMI), which measures

By Jamiel Lynch, CNN San Francisco (CNN) — In a complaint, the city of San Francisco says they have visited the headquarters of the company formerly known as Twitter twice since Friday regarding the new flashing “X” sign on top of the building. According to the complaint, a notice of violation (NOV) was issued for

By Eva Rothenberg, CNN (CNN) — X, formerly known as Twitter, has reinstated Kanye West’s account on the social media platform. West will not be able to monetize his account, and no ads will appear next to his posts, the company told the Wall Street Journal on Saturday. The musician’s account was suspended in December

By Nicole Goodkind, CNN New York (CNN) — A 14-year-old boy who cleaned meat cutting machines was “falling asleep in class and missing class as a result and suffering injuries from chemical burns” in Nebraska from 2021 to 2022, according to the Labor Department. Another 13-year-old suffered severe burns from cleaning agents. Packers Sanitation Services

By Clare Duffy, Sarah-Grace Mankarious and Tiffany Baker, CNN (CNN) — For years, it felt like the social media landscape didn’t change much. New apps came, new apps went, and the last one to really make a dent in the market was TikTok back in 2020. But in the nine months since billionaire Elon Musk

By Rebekah Riess and Zoe Sottile, CNN (CNN) — The Uber test driver behind the wheel of one of the company’s self-driving cars, when it hit and killed a pedestrian in 2018, pleaded guilty to endangerment and was sentenced to three years of supervised probation Friday, according to officials. Rafaela Vasquez was watching television on

By Eva Rothenberg, CNN (CNN) — It was an explosive week for “Barbenheimer,” with the atomic bomb and the atomic blond working hand in plastic hand to deliver box office dynamite. In their first week in domestic theaters, “Barbie” and “Oppenheimer” grossed more than $368 million combined. Greta Gerwig’s dazzling doll surpassed a quarter of

Ellie Stevens (CNN) — Trader Joe’s announced a recall of two types of cookies, stating that they may contain a foreign material, rocks, in a statement on Friday. According to the statement, Almond Windmill Cookies with sell-by dates of 10/02/23 and 10/19/23 through 10/21/23 or Dark Chocolate Chunk Cookies with sell by dates of 10/17/23

By Danielle Wiener-Bronner, CNN New York (CNN) — During its first few days in theaters, “Barbie” raked in $337 million globally in the box office, the largest opening weekend of 2023 so far. But even before the numbers came in, “Barbie” was a merchandising hit. The film had been generating hype for months, thanks to

By Ramishah Maruf, CNN New York (CNN) — Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control. The FDIC agreed to assume all the deposits of Heartland Tri-State Bank to protect customers, entering a purchase and assumption agreement with Dream First Bank of Syracuse, Kansas. That means

By Gregory Wallace, CNN (CNN) — The Biden administration on Friday proposed modest increases to fuel efficiency standards for the vehicles most Americans drive. The proposal fits alongside the administration’s push for increasing the share of electric vehicles on the roads. The US Department of Transportation is taking public feedback this summer and fall on

By Nicole Goodkind, CNN New York (CNN) — The meme traders are back. Shares of Tupperware (TUP) have exploded by about 165% this week and more than 300% over the last month for no discernible reason. The Florida-based container company has been in hot water for some time. Sales are on the decline and Tupperware

CNN By Nicole Goodkind, CNN New York (CNN) — The meme traders are back. Shares of Tupperware (TUP) have exploded by about 165% this week and more than 300% over the last month for no discernible reason. The Florida-based container company has been in hot water for some time. Sales are on the decline and

By Eva Rothenberg, CNN (CNN) — International airlines have reported significant profits this year, boosted by strong demand for leisure travel – and events, such as the World Cup, which gave Qatar Airways an enormous lift. On Thursday, International Airlines Group, which includes Aer Lingus and British Airways, announced a record profit of about $1.4

CNN By Bryan Mena, CNN Washington, DC (CNN) — US consumers have been feeling a whole lot better this summer as inflation has continued to slow. Consumer sentiment tracked by the University of Michigan rose 11% in July from the prior month, reaching its highest level since October 2021, according to a final reading of

By Chris Isidore, CNN New York (CNN) — ExxonMobil’s profit fell sharply in the second quarter on lower oil and natural gas prices, leaving earnings below Wall Street forecasts. The company earned $7.9 billion, or $1.94 a share, down 56% from a year earlier. Analysts surveyed by Refinitiv had forecast earnings of $2.01 a share.

By Mark Thompson, CNN (CNN) — Solid economic growth in France and Spain, and a very modest recovery in Germany could be enough to confirm that the euro area has already exited a recession that started in the final quarter of 2022. Official data showed that French GDP was up 0.5% in the April-June period,

By Laura He, CNN (CNN) — Japan’s central bank kept interest rates unchanged Friday despite rising inflation but hinted that it could gradually abandon years of ultra-cheap money, sending the yen soaring and stocks tumbling. The Bank of Japan (BOJ) said it kept unchanged its short-term interest rate at minus 0.1% and maintained its target

By Rhea Mogul, CNN New Delhi (CNN) — A Bollywood film has been accused of trivializing the murder of millions during the Holocaust with flippant dialogue and a storyline that uses the Nazi’s death camps as a metaphor for relationship woes, prompting a prominent Jewish rights group to call for its removal from streaming platforms.

By Elisabeth Buchwald, CNN New York (CNN) — US bank regulators advanced proposals on Thursday aimed at safeguarding the nation’s largest banks in the wake of three regional bank failures earlier this year. The new rules proposed by the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation would

By Allison Morrow, CNN New York (CNN) — A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. Her lawyers say

By Chris Isidore, CNN New York (CNN) — Losses are going up on Ford’s electric vehicle business, but profit from its traditional internal combustion engine vehicles allowed it to beat Wall Street expectations. The company earned 72 cents a share in the second quarter on an adjusted basis, up from 68 cents a share and