Money

By Nathaniel Meyersohn, CNN New York (CNN) — America still loves a bargain. Consumers spent $12.7 billion across the web on July 11 and 12 during Amazon’s Prime Day sales, a 6.1% jump from a year ago, according to Adobe Analytics. Walmart, Target, and other retailers also offered savings deals to customers. Amazon said July

By Anna Cooban, CNN London (CNN) — The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. The benchmark price of Russian Urals crude topped $60 a barrel

By Oliver Darcy, CNN (CNN) — Three former high-ranking Fox executives are blasting Rupert Murdoch for Fox News’ role spreading disinformation in the public discourse. In a joint statement published Wednesday, the executives — Preston Padden, Ken Solomon, and Bill Reyner — expressed profound regret for their roles helping Murdoch build Fox in its early

By Brian Fung, CNN (CNN) — The Federal Trade Commission on Thursday filed its appeal of a federal judge’s decision earlier this week allowing Microsoft to close its $69 billion merger with Activision Blizzard. The legal filing comes after the FTC’s failed effort to block the deal over allegations that the merger would harm competition

By Elisabeth Buchwald, CNN New York (CNN) — Jamie Dimon isn’t sold on “Bidenomics.” “I’d be careful about that,” said Dimon, CEO of JPMorgan Chase, in reference to president Joe Biden’s economic theory that rejects “trickle-down” policies in favor of focusing on the middle class. The president claims that middle-class focus is the driving force

By Clare Duffy, CNN New York (CNN) — A former Twitter employee on Wednesday filed a new lawsuit against Twitter and its owner, Elon Musk, alleging that the company failed to provide the full amount of severance it had promised employees prior to mass layoffs last November. The lawsuit, which was filed in federal district

By Samantha Delouya, CNN (CNN) — The Walt Disney Company’s board has unanimously voted to extend CEO Bob Iger’s contract through the end of 2026 — an extension of two years. When Iger stepped into the CEO role at Disney for a second time in 2022, he stressed that the job would only last two

By Jennifer Korn New York (CNN) — One tech company is escalating its war on meetings by introducing a calculator that shows employees how much it really costs to force dozens of their colleagues to huddle together for an hour instead of just sending an email. Shopify, a Canadian e-commerce company, rolled out its Meeting

By Elisabeth Buchwald, CNN New York (CNN) — Inflation cooled for the 12th consecutive month in June, moving to 3% from 4% in May, according to the latest Consumer Price Index data from the Labor Department. But last month’s inflation report was an outlier — for the first time, the declines weren’t immediately preceded by

By Oliver Darcy, CNN New York (CNN) — Ray Epps, the Arizona man that conspiracy theorists falsely claim led an FBI plot to orchestrate the January 6 insurrection, filed a lawsuit on Wednesday against Fox News, accusing the right-wing channel and former host Tucker Carlson of defamation. “In the aftermath of the events of January

By Eva Rothenberg, CNN (CNN) — Highlands, New York, was underwater and under a state of emergency as devastating floods swept the area this weekend. Gov. Kathy Hochul warned of “life-threatening flooding,” and nearby West Point saw a 1-in-1000-year rainfall on Sunday afternoon, totaling nearly eight inches in six hours. Some drivers swam out of

By Catherine Thorbecke, CNN (CNN) — Elon Musk on Wednesday announced the formation of a new company focused on artificial intelligence, after months of teasing plans to build a rival to ChatGPT. The company, called xAI, unveiled a website and a team of a dozen staffers. The new company will be led by Musk, according

By Samantha Delouya, CNN (CNN) — Buybuy Baby will close all of its stores as part of its parent company Bed Bath & Beyond’s ongoing bankruptcy liquidation. On Tuesday, a judge approved the sale of Buybuy Baby’s intellectual property for $15.5 million to Dream on Me industries, a New Jersey-based designer and supplier of baby

By Nicole Goodkind, CNN New York (CNN) — The resiliency of the US economy is defying expectations — and the odds of a “soft landing” are improving, said Lael Brainard, President Joe Biden’s top economic adviser, on Wednesday afternoon. New data from the Labor Department released earlier in the day showed that inflation rose last

By Matt Egan, CNN Business New York (CNN Business) — America’s emergency oil stockpiles have plunged to 40-year lows under President Joe Biden as US officials have sought to cushion consumers from high gas prices. In an interview with CNN Tuesday, Energy Secretary Jennifer Granholm vowed to refill the depleted Strategic Petroleum Reserve, a staggering

By Samantha Murphy Kelly, CNN Business (CNN) — Bill Gates sounds less worried than some other executives in Silicon Valley about the risks of artificial intelligence. In a blog post on Tuesday, the Microsoft co-founder outlined some of the biggest areas of concern with artificial intelligence, including the potential for spreading misinformation and displacing jobs.

By Jordan Valinsky, CNN Business New York (CNN) — Farmers Insurance will stop offering its policies in Florida, including home, auto and umbrella policies, in a change that will force thousands of people to change their insurance provider. The company said in a statement that its decision to get out of Florida was a business

By Catherine Thorbecke, CNN (CNN) — Google was hit with a wide-ranging lawsuit on Tuesday alleging the tech giant scraped data from millions of users without their consent and violated copyright laws in order to train and develop its artificial intelligence products. The proposed class action suit against Google, its parent company Alphabet, and Google’s

By Brian Fung, CNN (CNN) — A federal judge will not block Microsoft (MSFT) from closing its $69 billion deal to acquire video game giant Activision Blizzard, a defeat for US regulators who had asked for a temporary injunction while legal challenges to the merger unfold. The decision not to grant the injunction by the

By Anna Cooban, CNN London (CNN) — Carmakers Renault and Geely have announced a joint venture to build engines for hybrid and gasoline-powered vehicles, with the partners investing a maximum of €7 billion ($7.7 billion) in total. Renault said Tuesday that, together with its Chinese counterpart, it planned to create a new company that aimed

By Catherine Thorbecke (CNN) — Disgraced former Theranos CEO Elizabeth Holmes could be out of prison nearly two years earlier than expected, according to the projected release date posted by the Bureau of Prisons. Holmes reported to a Texas prison camp in late May after being sentenced to 11 years and three months in prison

By Chris Isidore, CNN New York (CNN) — Fran Drescher, the president of the SAG-AFTRA union, is facing criticism for traveling to Italy to attend Dolce & Gabbana’s Alta Moda festivities this past weekend as her 160,000-member actors union faces a Thursday deadline to go on strike. Drescher’s appearance at the glamor event was confirmed

By Juliana Liu, CNNf Hong Kong (CNN) — China has extended some policies to bolster its ailing property market, as the country struggles to reignite economic growth. The move has buoyed the Chinese currency, the yuan, and stock markets in mainland China and Hong Kong, where the benchmark Hang Seng index finished about 1% higher

By Donie O’Sullivan and Sean Lyngaas, CNN (CNN) — Meta has made cuts to its teams that tackle disinformation and coordinated troll and harassment campaigns on its platforms, people with direct knowledge of the situation told CNN, raising concerns ahead of the pivotal 2024 elections in the US and around the world. Several members of

By Matt Egan, CNN New York (CNN Business) — More than 1,000 major companies pledged to leave Russia after President Vladimir Putin launched his devastating war in Ukraine, but some well-known firms stand accused by researchers of violating their pledge. Not every company on the list left, but more than 1,000 exited. That unprecedented corporate

By Bryan Mena, CNN Washington, DC (CNN) — Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she

By Brian Fung, CNN Washington (CNN) — The European Union on Monday gave final approval to an agreement with the US government that restores the ability for thousands of businesses to easily transfer the personal information of European citizens to servers located in the United States, and vice versa, in the face of surveillance concerns

By Brian Fung, CNN Washington (CNN) — Twitter has weathered months, if not years, of mismanagement as well as mass layoffs, frequent service disruptions and an exodus of top advertisers, but the launch of a rival app from Meta could prove to be the final straw. Threads surpassed 100 million users this weekend, less than

By Chris Isidore, CNN New York (CNN) — One of Elon Musk’s least-favorite Twitter users is moving to Meta’s competing platform Threads. Jack Sweeney — the 20-year-old Florida college student who started the ElonJet Twitter account that used a bot to track the location of Musk’s private jet using publicly available data — started an

By Catherine Thorbecke, CNN (CNN) — Comedian Sarah Silverman and two authors are suing Meta and ChatGPT-maker OpenAI, alleging the companies’ AI language models were trained on copyrighted materials from their books without their knowledge or consent. The pair of lawsuits against OpenAI and Facebook-parent Meta were filed in a San Francisco federal court on

By Jordan Valinsky, CNN Business New York (CNN) — For being less than two years old, Prime energy and sport drinks are already enduring a major growth spurt. Prime launched in January 2022 and is a joint creation between influencers (and former boxing rivals) Logan Paul from the US and Olajide “KSI” Olatunji, who is