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By Laura He, CNN Hong Kong (CNN) — Tesla CEO Elon Musk has wrapped up his first trip to China in three years, after meeting a string of government officials and thanking workers at the company’s mega factory in Shanghai. Musk’s private jet took off from Shanghai’s Hongqiao airport on Thursday, capping a whirlwind 48-hour

By Laura He, CNN Hong Kong (CNN) — With parts of China experiencing record high temperatures and heavy rains, reports of farm animals and crops suffering from extreme weather patterns are dominating headlines in the country, raising concerns about food security in the world’s second largest economy. China experienced its worst heat wave and drought

By Samantha Delouya, CNN (CNN) — Meta is the latest tech company to call its workers back to the office, more than three years after the COVID-19 pandemic first compelled many companies to adopt flexible work-from-home policies. The internet giant — which owns Facebook, Instagram and WhatsApp — has asked that employees currently assigned to

By Samantha Delouya and Elisabeth Buchwald, CNN (CNN) — Shares of Lululemon jumped after the market closed on Thursday, buoyed by stronger than anticipated quarterly results reflecting a jump in sales in China and beyond. The athleisure retailer said its net revenue rose by 24% to $2 billion between the first quarter of 2022 and

By Elisabeth Buchwald, CNN (CNN) — Desperate times are calling for desperate measures at the Treasury Department. For the first time since 2007, the department is set to auction $15 billion worth of one-day cash management bills on Friday that will be issued on June 5. This comes as the Treasury’s cash balances hover around

By Danielle Wiener-Bronner, CNN New York (CNN) — Companies have long embraced Pride Month in June as an uncomplicated way to market to members of the LGBTQ+ community while telegraphing progressive values. But this year won’t be nearly so straightforward. In recent weeks, two major brands, Target (TGT) and Bud Light, were targeted by right-wing

By Laura He, CNN Hong Kong (CNN) — A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy. Asian markets mostly rose Thursday following the release of the data, with sentiment also boosted by abating

By Laura He, CNN Hong Kong (CNN) — One of China’s top tech bankers, who went missing in February, has been in the custody of the country’s top anti-graft watchdog since his disappearance and has had his detention extended, according to a state media report. The Economic Observer, a well regarded financial publication, reported that

By Samantha Delouya, CNN (CNN) — Meta, the parent company of Facebook and Instagram, threatened to remove news from its social media sites in California if the state passes a bill requiring big tech companies to pay news outlets for their content. In a statement posted on Twitter, Andy Stone, Meta’s communications director, called California’s

By Chris Isidore, CNN (CNN) — A federal judge rejected arguments from attorneys for Boeing that it should not have to pay for the pain and suffering of 157 victims of a March 2019 Boeing 737 Max crash because they all died on impact. Federal Judge Jorge Alonso, who will preside over the trial due

By Clare Duffy and Brian Fung, CNN (CNN) — Amazon has agreed to pay more than $30 million to settle two federal lawsuits alleging that the tech giant violated users’ privacy — including that of children — through its Alexa voice assistant and its Ring doorbell cameras. The twin settlements Wednesday with the Federal Trade

By Brian Fung, CNN Washington (CNN) — A Fidelity fund has slashed its estimate of Twitter’s value amid ongoing chaos at the company, implying the social media platform may be worth only a third of its value compared to when Elon Musk acquired it in October. According to a monthly disclosure, Fidelity’s Blue Chip Growth

By Laura He, CNN Hong Kong (CNN) — The United States sanctioned more than a dozen Chinese and Mexican companies on Tuesday, accusing them of shipping or selling equipment that makes counterfeit pills, as it cracks down on imports of illegal fentanyl that fuels America’s deadly opioid epidemic. The sanctions were directed at seven entities

By Laura He, CNN Hong Kong (CNN) — Factory activity in China has slumped to its weakest level since the country ended its zero-Covid policy in December, as its economic recovery continues to lose steam. Asian markets tumbled following the release of the May data, even as a tentative agreement brokered by US President Joe

By Samantha Delouya, CNN (CNN) — Members of the billionaire Sackler family will be protected from current and future lawsuits over their role in their Purdue Pharma’s opioid business, a New York court of appeals ruled Tuesday. The ruling clears the way for a bankruptcy deal for Purdue Pharma, which is owned by the family.

By Matt Egan, CNN New York (CNN) — US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting. Crude slumped 4.4% to close at $69.46 a barrel,

By Catherine Thorbecke, CNN (CNN) — Once a Silicon Valley icon and paper billionaire, Elizabeth Holmes will now have to wake every morning at 6 a.m., hold a job paying as little as $0.12 an hour, and share bathing facilities at a prison camp in southern Texas. Holmes reported to the Federal Prison Camp in

By Matt Egan, CNN New York (CNN) — The debt ceiling deal in Washington did not set off a celebration in the stock market. But the bipartisan compromise is causing fireworks for some companies that have emerged as winners. Shares in pipeline company Equitrans Midstream surged Tuesday because the agreement contains a surprising call to

By Brian Fung, CNN Washington (CNN) — Dozens of AI industry leaders, academics and even some celebrities on Tuesday called for reducing the risk of global annihilation due to artificial intelligence, arguing in a brief statement that the threat of an AI extinction event should be a top global priority. “Mitigating the risk of extinction

By Laura He, CNN Hong Kong (CNN) — China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries. In March, Japan announced it would tighten rules on exports of 23 types of advanced semiconductor manufacturing equipment,

By Matt Egan, CNN New York (CNN) — Cash levels at the US Treasury are tumbling toward a dangerously low level as Washington waits until the last minute to raise the debt ceiling. As of the close of business on May 25, Treasury had just $38.8 billion in cash, according to the latest federal data.

By David Goldman, CNN New York (CNN) — Disney’s live-action movie “The Little Mermaid” brought in $117.5 million at the US box office in the fifth-best opening for Memorial Day weekend in history, according to Box Office Mojo. The remake of the 1989 Disney animated classic stars Halle Bailey as Ariel. Bailey’s adaptation of the

By Laura He, CNN Hong Kong (CNN) — Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their debts, in an extremely rare move that highlights the dire financial situation facing many of the country’s municipal governments amid economic uncertainty. The city’s finance bureau said in a Friday

By Laura He and Hanna Ziady, CNN Hong Kong/London (CNN) — European stocks and oil prices gave up early gains Monday, but US stock futures stayed positive following weekend news of an agreement that could avert a catastrophic US debt default. Germany’s DAX (DAX) closed 0.2% lower, with France’s CAC 40 (CAC40) falling by a

By Anna Cooban, CNN London (CNN) — One of the hottest IPO markets this year is not in a country brimming with global tech giants, nor does it rank among the top 10 global economies by size. But Indonesia, a collection of islands with a big population and a fast-growing economy, sits on vast deposits

By Ramishah Maruf, CNN New York (CNN) — State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday. The insurance giant stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27. However, State Farm’s decision does

By Elisabeth Buchwald, CNN New York (CNN) — You’d expect the stock market to surge after the White House and House Republicans reached a tentative deal to raise the debt ceiling, but markets may have other plans. The stock market, for the most part, has been ignoring the serious risks associated with the United States

By Samantha Delouya, CNN New York (CNN) — At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. But a deal isn’t over yet: Congress still needs to vote on the deal – far from a guaranteed outcome – and President Joe Biden would need to

By Tara Subramaniam and Sania Farooqui, CNN New Delhi (CNN) — Sunil Kumar knows all about working hard to achieve a dream. The 28-year-old from India’s Haryana state already has two degrees – a bachelor’s and a master’s – and is working on a third, all with a view to landing a well-paid job in

By Ramishah Maruf, CNN New York (CNN) — The meteoric rise of ChatGPT is shaking up multiple industries – including law, as one attorney recently found out. Roberto Mata sued Avianca airlines for injuries he says he sustained from a serving cart while on the airline in 2019, claiming negligence by an employee. Steven Schwartz,

By Parija Kavilanz, CNN New York (CNN) — What’s the dress code of Summer 2023? Call it TikTok-approved coastal cowgirl aesthetic. Or, in other words, the Taylor Swift look. With the superstar entertainer pulling in record-breaking crowds for “The Eras Tour,” retailers across the country are marketing to “Swifties,” aggressively and inventively, as her 52-stadium

By Samantha Delouya, CNN (CNN) — Credit rating agencies are once again in the spotlight amid the ongoing high-stakes debt ceiling negotiations in Washington. As Democratic and Republican lawmakers remain deadlocked and the approaching “X-date” looms when the US Treasury’s funds run dry, there is an increasing risk of a downgrade to the United States’

By Danielle Wiener-Bronner, CNN New York (CNN) — When a Target distributor reached out to Erik Carnell last year about possibly placing his brand, Abprallen, in Target stores, he was thrilled. It was “the biggest opportunity of my career,” Carnell told CNN. “I was ecstatic at the thought of being able to share my stuff

By Lauren del Valle, CNN New York (CNN) — A federal judge ruled Friday that the Manhattan District Attorney’s Office must turn over documents related to former JPMorgan Chase (JPM) executive James “Jes” Staley in response to a subpoena from the bank in ongoing federal lawsuits that allege JPMorgan enabled and benefited from longtime banking-client

By Anna Bahney, CNN Washington, DC (CNN) — The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were put on watch for possible downgrade by Fitch Ratings late Thursday. A downgrade is not expected to happen, as a deal to resolve the debt ceiling standoff continues to be worked out in Washington,

By Alicia Wallace, CNN Minneapolis (CNN) — The US economy has encountered some expected turbulence on inflation’s descent. The Federal Reserve’s preferred inflation gauge bounced higher in April, underscoring Fed Chair Jerome Powell’s warnings that reining in price hikes “is likely to be bumpy.” But with spending also heating up, Friday’s data from the Commerce

By Anna Cooban, CNN London (CNN) — The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission

By Michelle Toh, CNN Hong Kong (CNN) — Shein is plotting a major comeback in India, nearly three years after it was booted out of the country. The fast fashion giant is partnering with the retail arm of Mukesh Ambani’s Reliance Industries, a Shein spokesperson confirmed Friday. The tie-up with the richest man in the