Money

By Allison Morrow, CNN America’s job market demonstrated its stunning resilience Friday, besting expectations by a factor of nearly three and making all those recession forecasts look pretty silly. Earlier this week, the consensus estimate among economists was that the US economy likely added about 185,000 jobs in January. That would have been a solid

By Olesya Dmitracova, CNN One of Gautam Adani’s biggest international partners, TotalEnergies, said Friday that his Indian conglomerate is preparing to appoint a global accounting firm to conduct a “general audit” of its business. In a statement detailing what it described as its “limited” exposure of $3 billion to Adani Group businesses, the French company

By Diksha Madhok and Olesya Dmitracova, CNN Shares in most Adani Group companies slumped again Friday and India’s parliament was adjourned amid chaotic scenes as the mayhem surrounding one of the country’s biggest industrial conglomerates deepened. The ports-to-power empire, created by Gautam Adani, has been reeling since a US short seller, Hindenburg Research, accused it

By Michelle Toh and Wayne Chang, CNN China will fully reopen borders with its special administrative regions of Hong Kong and Macao next week, in what is expected to be a major boost for the economies of the two cities. From Monday, travelers entering mainland China from Hong Kong or Macao will no longer need

By Oliver Darcy, CNN CNN correspondent Frederik Pleitgen and his team were traveling on Thursday to the Ukrainian city of Kramatorsk to report on the search and rescue efforts underway after a residential building was leveled overnight by a Russian missile. It was “supposed to be a fairly easy shoot,” Pleitgen said, given that the

By Oliver Darcy, CNN Business Roy Wood Jr., the comedian known for his role on Comedy Central’s “The Daily Show,” will be the entertainer at the 2023 White House Correspondents’ Dinner, the association announced Thursday. “It’s an honor to be a part of a long-running tradition of celebrating those members of the media, who work

By Clare Duffy and Nicole Goodkind, CNN Thursday afternoon will round out what has so far been a sobering earnings season for the Big Tech giants. After several years of raking in profits thanks to strong demand for tech gadgets and services during the pandemic, the industry’s fortunes began to turn last year. Tech giants

By Jordan Valinsky, CNN Subway says it had a record-setting year for sales in 2022, bolstered by a major menu revamp and store renovations. The company believes its plan to slice meat in front of customers could make 2023 another record year. A privately held company, Subway doesn’t typically release quarterly earnings but it gave

By Sophia Saifi and Julia Horowitz, CNN Muhammad Radaqat, a 27-year-old greengrocer, is worried. He doesn’t know how much an onion will cost next week, let alone how he’ll be able to afford the fuel he needs to heat his home and keep his family warm. “All we’re being told by the government is that

By Laura He, CNN China is set to make market-oriented changes to the way initial public offerings are approved, as it tries to reset the economy and rebuild investor confidence after a chaotic exit from zero-Covid. Once implemented, the reforms will mark the culmination of a decade-long attempt by the country to liberalize its nearly

By Diksha Madhok and Mark Thompson, CNN Shares in Gautam Adani’s businesses plunged further on Thursday after an attempt by the Indian billionaire to reassure panicking investors failed to halt a stock market meltdown that has wiped $100 billion off the value of his conglomerate. “For me, the interest of my investors is paramount and

By Hilary Whiteman and Michelle Toh, CNN Australia’s new $5 banknote will not feature Britain’s King Charles III, but rather a new design that honors “the culture and history of the First Australians,” its central bank announced Thursday. The design will replace the portrait of Her Majesty Queen Elizabeth II, the Reserve Bank of Australia

By Nectar Gan, CNN Chinese scientists have successfully cloned three “super cows” that can produce an unusually high amount of milk, state media reported, hailing it as a breakthrough for China’s dairy industry to reduce its dependence on imported breeds. The three calves, bred by scientists from the Northwest University of Agricultural and Forestry Science

By Peter Valdes-Dapena, CNN Bugatti sold its last purely gas-powered supercar at a Paris auction Wednesday for more than $10 million, setting a world auction record for a new car. Originally a special development model that was never intended to be sold, the one-of-a-kind Bugatti Chiron Profilée sold at RM Paris collector car auction for

By Mark Thompson, CNN Indian billionaire Gautam Adani on Wednesday abandoned a deal to raise $2.5 billion from investors after a week-long meltdown in the value of his logistics and energy business empire that started when an American short seller accused the conglomerate of fraud. The share sale — the largest offering by a company

By Kara Scannell, CNN Sam Bankman-Fried is in trouble, once again, for talking too much. A federal judge on Wednesday temporarily tightened the FTX founder’s bail conditions after learning that Bankman-Fried sent a text message to a former top executive of the crypto trading platform. The judge said that appeared to be a “material threat

By Jordan Valinsky, CNN Business The 154-year-old brand behind Tabasco wants you to put its hot sauce on more than your eggs and avocado toast. Tabasco Brand is releasing a bottled dressing, a first for the privately owned company, as it seeks to expand its appeal to those who might be intimidated by too much

By Diksha Madhok, CNN Gautam Adani looks set to cede his position as Asia’s richest man to another Indian billionaire as shares in his business empire continue to plunge following fraud allegations leveled by an American short seller. In an investigation published last Tuesday, Hindenburg Research accused Adani’s ports-to-power group of “brazen stock manipulation and

By Chris Isidore, CNN Southwest Airlines’ customers are furious about the company’s Christmas week service meltdown. But fliers may forgive the company sooner than you think. The airline is paying the price for canceling about half of its schedule between December 20 and December 29 — more than 16,700 flights during the busy holiday season

By Jordan Valinsky, CNN Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy. These closures are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which

By Nicole Goodkind, CNN The Federal Reserve unanimously approved a quarter-point interest rate hike Wednesday, slowing the pace of its increases in a clear sign that the central bank is seeing progress in its fierce battle with inflation. The decision, at the conclusion of the Federal Open Market Committee’s first meeting of 2023, comes after

By Donald Judd President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting hidden fees across multiple industries. These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already

By Hilary Whiteman, CNN Authorities scanning a remote Australian highway for a tiny missing radioactive capsule have found it by the roadside, after a challenging search likened to trying to find a needle in a haystack. State emergency authorities announced the discovery on Wednesday afternoon, six days after the capsule, containing highly radioactive Caesium-137, was

By Swati Gupta and Rhea Mogul, CNN An Indian court on Tuesday sentenced self-proclaimed spiritual guru Asaram Bapu to life imprisonment on charges of rape and sodomy, according to his lawyer. The verdict is the second life term against the octogenarian, who is already serving a life sentence following his 2018 conviction for raping a

By Hanna Ziady, CNN As many as half a million workers are striking across Britain on Wednesday, closing schools, canceling university lectures and bringing most of the rail network to a standstill in what unions say is the biggest single day of walkouts in more than a decade. Teachers, university staff, train drivers and civil

By Laura He, CNN Three years of strict pandemic controls in China and a real estate crash have drained local government coffers, leaving authorities across the country struggling with mountains of debt. The problem has gotten so extreme that some cities are now unable to provide basic services, and the risk of default is rising.

By Catherine Thorbecke, CNN PayPal said Tuesday it plans to lay off about 2,000 employees, or roughly 7% of its staff, making it the latest tech firm to announce significant job cuts in recent months amid broader economic uncertainty. In a memo to staff announcing the layoffs, PayPal CEO Dan Schulman referred to the “challenging

By Nathaniel Meyersohn, CNN Sneakers designed to feel like running barefoot used to be the hottest phenomenon in exercise. Now, the opposite is true. The ugliest, chunkiest sneaker brand is flying off the shelves. Hoka, which started in 2009 in France as a running shoe for hardcore marathoners, is growing rapidly with casual runners, hikers

By Julia Horowitz, CNN One of the main jobs of central banks is to keep prices under control, allowing households and businesses to plan for the future with some certainty on what things will cost. So when inflation started to climb in the aftermath of the pandemic — catching many policymakers off guard — and

By Matt McFarland, CNN Business Tesla confirmed in a public filing released today that the US Department of Justice has requested documents concerning the company’s controversial driver-assist software systems which Tesla calls Autopilot and “Full Self-Driving.” Tesla said it “has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD features.” Autopilot

By Paul R. La Monica, CNN Pfizer generated nearly $57 billion in combined sales last year from its Comirnaty Covid-19 vaccine and Paxlovid antiviral pill. That works out to almost 60% of the company’s total revenue for 2022. But the boom appears to be over. Pfizer told Wall Street Tuesday that it expects Covid-related sales

By Alicia Wallace, CNN Consumer confidence in the economy continues to waver, despite easing inflation. The Conference Board’s consumer confidence index — a closely watched metric gauging attitudes about the current and future strength of the economy — measured 107.1 in January, according to data released Tuesday by the business think tank. It was down

By Jordan Valinsky, CNN Ira “Bob” Born, known as the “Father of Peeps,” died on Sunday. He was 98. Just Born Quality Confections, the Pennsylvania-based company that makes various candies, including the chick-shaped marshmallows, confirmed Born’s death in a statement. The company said that Born will be “remembered as a tireless and passionate advocate for

By David Goldman, CNN Former President Donald Trump has sued journalist Bob Woodward for copyright violations, claiming Woodward released audio from their interviews without Trump’s consent. The former president has a long history of filing lawsuits that ultimately get tossed out of court. Woodward and the publisher Simon & Schuster said Trump’s case is without

By Chris Isidore, CNN ExxonMobil’s earnings slowed from a peak earlier in the year but the oil giant still reached a full-year record profit more than double what it reported a year ago. The company earned adjusted income of $14 billion in the quarter, down from the record $18.7 billion it earned in the third

By Nicole Goodkind, CNN Oil and gas companies have had two years of skyrocketing growth, but this earnings season could mark the beginning of their descent back down to earth. Wall Street analysts say that Big Oil has passed its peak, but the ride down will be slow — these companies will still bring in

By Pierre Bairin and Hanna Ziady, CNN French schools and transportation networks were heavily disrupted Tuesday for the second time this month, as unions staged another mass strike against government plans to raise the retirement age for most workers. Unions and opposition parties called for people to protest in major cities, hoping for a repeat

By Diksha Madhok, CNN India’s richest man Gautam Adani ended his trip to Davos earlier this month on an optimistic note. The infrastructure billionaire expressed confidence about India’s growth and ambition. He even talked about his mild addiction to ChatGPT. Back home, his huge logistics and energy conglomerate announced plans to take more businesses to

By Robert Shackelford, CNN Nearly 1,000 flights were canceled across the United States Tuesday, according to FlightAware, as extreme winter weather affects parts of the country. Nearly 300 flights have been canceled departing Dallas-Fort Worth International and almost 70 flights have been canceled departing Dallas Love Field. Other notable cancellations are almost 80 flights departing

By Laura He, CNN Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official purchasing managers’ index (PMI) for manufacturing, which measures activity at factories, jumped to 50.1 in January from 47 in December, according

By Heather Chen and Hilary Whiteman, CNN It’s like looking for a needle in a haystack — an 8mm by 6mm silver capsule, no bigger than a coin, believed to be lost somewhere along a stretch of vast desert highway in Australia’s biggest state. The reason authorities are so determined to find it is that