Money

By Oliver Darcy, CNN Goodbye, Showtime. Hello, Paramount+ With Showtime. The premium television network is getting its first name change in the channel’s 47-year history, Paramount Global boss Bob Bakish announced to staffers Monday. The change, a nod to the company’s continued evolution as it adapts to the rapidly changing media landscape, will take effect

By Julia Horowitz, CNN The global economy will weaken this year as rising interest rates and Russia’s war in Ukraine continue to weigh on activity. But economists are more optimistic than they were just a few months ago. The International Monetary Fund said Monday that it now expects global growth will slow from 3.4% in

By Gregory Wallace and Chris Isidore, CNN The Federal Aviation Administration plans to dramatically accelerate replacing the safety system whose failure led to a nationwide air travel grounding earlier this month. The regulator also said it has taken steps to prevent a repeat of the meltdown in the interim. The FAA outlined the new timeframe

By Paul R. La Monica, CNN Stocks ended Monday lower following a solid rally last week. Investors may have jitters ahead of this week’s big Federal Reserve meeting, a deluge of earnings from top tech firms and the jobs report on Friday. The Dow fell more than 260 points, or 0.8%, while the S&P 500

By Nicole Goodkind, CNN Business Investors are pretty bad at living in the moment. We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. They’re more focused on what’s going to happen in the future. Case-in-point: Earnings calls, where

By Michelle Toh, CNN Carmakers Renault and Nissan have agreed to restructure their longstanding partnership, with the French company whittling down its stake in the Japanese firm to 15%. Under the agreement, Renault will transfer 28.4% of its shares in the Yokohama-based company into a French trust. Voting rights for that stake will be “neutralized”

By Diksha Madhok, CNN The Adani Group has accused a US investment firm of launching “a calculated attack” on India by publishing a report alleging widespread fraud at the ports-to-power conglomerate. Hindenburg Research released its report on billionaire Gautam Adani’s business last week, accusing the group of “brazen stock manipulation and accounting fraud scheme over

By Oliver Darcy, CNN Business News organizations across the country faced a dilemma Friday evening when Memphis police released video showing the brutal police beating of Tyre Nichols, a 29-year-old Black man, following a traffic stop. The ethical question facing newsrooms: how should they balance the need for public transparency while also exercising caution in

By Nathaniel Meyersohn, CNN If you drive down a busy suburban strip mall or walk down a street in a major city, chances are you won’t go long without spotting a Concentra, MedExpress, CityMD or another urgent care center. Demand at urgent care sites surged during the Covid-19 pandemic as people searched for tests and

By Allison Morrow and Vanessa Yurkevich, CNN Before its collapse at the end of 2022, FTX was one of the biggest names in crypto. It boasted endorsements from celebrities like Tom Brady and Gisele Bundchen and its name was emblazoned on the Miami Heat’s home arena. Sam Bankman-Fried, its eccentric founder, graced the cover of

By Jordan Valinsky, CNN Business An apparent shortage of pharmacists is forcing CVS and Walmart to reduce the hours of its pharmacies, as they close earlier in thousands of locations. Beginning in March, both retailers will either cut or shift the hours that their pharmacies operate in response to staffing shortages and waning consumer demand

By Anna Cooban, CNN China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens

By Alicia Wallace, CNN The Federal Reserve’s preferred inflation gauge showed prices rose at a slower pace last month, indicating further progress in the central bank’s battle with higher prices. The Personal Consumption Expenditures price index, or PCE, rose by 5% in December, compared to a year earlier, the Commerce Department reported Friday. In December

By Michelle Toh and Philip Wang, CNN LVMH posted record results Thursday, and expressed confidence that China’s luxury market would bounce back this year as the country continues to reopen. The world’s biggest luxury group logged revenue of €79.2 billion ($86.2 billion) and profit of €21.1 billion ($22.9 billion) for 2022, both up 23%. In

By Gregory Wallace, CNN Southwest Airlines said it is testing software fixes that the company developed after its Christmas travel meltdown, as the airline faces multiple federal investigations. The software fixes are an “upgrade,” rather than a replacement of the crew scheduling system, Southwest executives said on a conference call with reporters Thursday. The airline

By Paul R. La Monica and Nathaniel Meyersohn, CNN The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news,

By Oliver Darcy, CNN Business BuzzFeed said Thursday that it will work with ChatGPT creator OpenAI to use artificial intelligence to help create content for its audience, marking a milestone in how media companies implement the new technology into their businesses. Jonah Peretti, the company’s co-founder and chief executive, told employees in a memo that

By Oliver Darcy, CNN Dotdash Meredith, the publisher that houses well-known brands such as People, Better Homes & Gardens, InStyle, Travel + Leisure, and others, will lay off 7% of its staff, the company’s chief executive said Thursday. It’s the latest example in a brutal wave of layoffs that have consumed the media and technology

By Allison Morrow, CNN Newly unsealed bankruptcy documents revealed thousands of creditors to whom FTX owes money after the once-mighty crypto exchange collapsed in November. Wall Street heavyweights including Goldman Sachs and JPMorgan were named in the creditor list, which includes businesses, charities, individuals and other entities in a 116-page document filed late Wednesday. FTX

By Nicole Goodkind, CNN Wall Street analysts are holding their breath and crossing their fingers this morning as they await gross domestic product numbers for the final quarter of 2022. Traders have recently been celebrating dismal economic news in the hopes that it will prompt the Federal Reserve to pivot away from rate hikes and

By Chris Isidore, CNN Southwest Airlines reported a loss for the fourth quarter because of the company’s service meltdown over the holiday travel season, and it warned the costs from those problems will result in another loss in the first quarter. The airline was forced to cancel more than 16,700 flights between December 21 and

By Chris Isidore, CNN If airlines are to avoid repeats of recent service problems, they’ll need to have a lot more back-up in place, according to United CEO Scott Kirby. “You can’t run an airline like it’s 2019, and the reason is because the system is just stressed to the max,” Kirby told CNN’s Christine

By Pete Muntean and Greg Wallace, CNN The US Transportation Department said it is in the early stages of an investigation into the Southwest Airlines holiday travel meltdown in December. The probe includes an examination of whether Southwest is scheduling more flights than it can handle. “DOT is in the initial phase of a rigorous

By Anna Bahney, CNN In response to rent payments soaring across the country in recent years, the Biden administration unveiled new actions Wednesday to protect tenants, make renting more affordable and improve fairness in the rental housing market. Multiple agencies are expected to take part in improving conditions for renters, taking actions in tandem with

By Oliver Darcy, CNN The New York Times and NPR asked a judge on Wednesday to unseal a trove of documents in Dominion Voting Systems $1.6 billion defamation lawsuit against right-wing channel Fox News. “This lawsuit is unquestionably a consequential defamation case that tests the scope of the First Amendment,” the pair of news organizations

By Peter Valdes-Dapena, CNN Business Tesla’s Autopilot, which at its core combines lane keeping assist with traffic aware cruise control to help guide a car down a highway, was once groundbreaking technology. But today more than half of new vehicles are available with similar advanced driver assistance systems, or ADAS. And in a recent ranking

By Allison Morrow, CNN Senator Elizabeth Warren, a longtime crypto critic, warned recent turbulence in the digital asset space will only continue unless a host of regulators strengthen protections for investors. “For all their talk of innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Voyager — are collapsing under the

By Matt Egan, CNN A full-blown debt ceiling crisis has the potential to stop the US economy in its tracks, according to the top economist at Goldman Sachs. “If there were any doubt about the US government’s ability or willingness to make interest and principal payments on time, that could have very, very adverse consequences,”

By Danielle Wiener-Bronner, CNN Over the past year, M&M’s has been the subject of Fox News tirades and criticism from a small segment of fans — first for changing the Green M&M’s footwear and more recently featuring female M&M characters on its packaging for International Women’s Day. So this week it announced a change: Following

By Nicole Goodkind, CNN New York Stock Exchange officials said Wednesday that a “manual error” was responsible for the massive price swings and trading halt of hundreds of company stocks that punctuated Tuesday’s market open. The root cause of the error, which the exchange said has been resolved, was an error tied to the company’s