Money

By Parija Kavilanz, CNN Consumers, spooked by accelerating job cuts, looming recession fears and continuing high prices for goods and services in 2023, are trading down when they’re shopping, and that includes in secondhand stores. Demand for secondhand goods remains red hot, with the resale market expected to reach $82 billion in sales by 2026,

By Chris Isidore, CNN Americans can once again buy cars for less than sticker price. But that doesn’t mean they’re finding bargains at their local dealerships. A year ago, record tight inventories meant 80% of buyers were paying more than the manufacturers’ suggested retail price (MSRP), or sticker price, according to data from Edmunds. For

By Julia Horowitz, CNN The promenade at the World Economic Forum, dusted in a blanket of fresh snow, is cluttered with signs and pavilions from companies and governments courting attention or deals. There’s the tech giants, the major consulting groups, representatives from the Middle East. But this year, dominating the main street in Davos are

By Joseph Ataman, Marguerite Lacroix and Hanna Ziady, CNN Strikes disrupted train services, flights, schools and businesses in France on Thursday as more than one million people protested against the government’s plans to raise the retirement age for most workers. Protests in major French cities, including Paris, Marseille, Toulouse, Nantes and Nice, brought many transport

By Hilary Whiteman, CNN A dispute between two billionaires once united in a visionary project to send power from Australia to Singapore through the world’s longest subsea cable has escalated with one blaming cost blow-outs on “inexperienced management.” Fortescue Metals billionaire Andrew “Twiggy” Forrest told CNN on the sidelines of the World Economic Forum in

By Pete Muntean, CNN A source familiar with the near-collision of two airliners on a John F. Kennedy International Airport runway tells CNN that special flashing lights which warn pilots against taxiing across a runway were in fact working. The new development further raises the possibility that human error contributed to the Friday evening incident.

By Sean Lyngaas, CNN US authorities arrested a Russian cryptocurrency executive who allegedly oversaw the exchange of hundreds of millions of dollars with drug traffickers and cybercriminals. Anatoly Legkodymov, 40, was arrested in Miami, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,”

By Greg Wallace The union representing Southwest Airlines pilots is taking early steps toward a possible strike, citing the airline’s Christmas travel meltdown among the concerns. “Three years in the negotiating room, very little progress, a Christmas meltdown that has just defined what all of our problems are have led us to this decision,” Casey

By Anna Cooban, CNN Global oil demand is expected to hit its highest-ever level this year on the back of China’s swift reopening of its economy. Oil demand could surge by 1.9 million barrels per day to reach a record 101.7 million barrels per day, the International Energy Agency said in its latest monthly report,

By Ivana Kottasová, CNN The UN Secretary General has accused fossil fuel producers and their financial backers of “racing to expand production, knowing full well that their business model is inconsistent with human survival.” Speaking at the World Economic Forum in Davos on Wednesday, António Guterres said the commitment to limit global warming to 1.5

Philip Wang Alvin Chau, one of Macao’s high-profile gambling promoters, has been sentenced to 18 years in prison for racketeering and illegal gambling activities, the city’s public broadcaster TDM reported Wednesday. Chau, 48, was the former chairman of Suncity Group, a Macao-based company that helped promote gambling by lending credit to high rollers. Macao is

By Hanna Ziady, CNN South Africa’s President Cyril Ramaphosa was forced this week to cancel a trip to Davos by an escalating energy crisis that is inflicting rolling blackouts on the continent’s most developed economy. Ramaphosa swapped his trip to the World Economic Forum in Switzerland for emergency meetings on the “ongoing energy crisis,” his

By Vanessa Yurkevich, CNN Women living in states that restrict or ban abortion face greater economic insecurity than those living in states where they have access, new research finds. Since the nearly seven months since the Supreme Court overturned Roe v. Wade, half of all states — 26 in total — have implemented new abortion

By Laura He, CNN The yen plunged on Wednesday after the Bank of Japan decided to maintain its ultra-easy monetary policy, defying market expectations that rising inflation could force the central bank to move away from low interest rates. The BOJ kept its yield curve control (YCC) targets unchanged as it concluded a two-day policy

By Jordan Valinsky, CNN Ousted Disney chief executive Bob Chapek is set to receive a hefty paycheck following his exit. The Walt Disney Company said the former CEO, who took over in February 2020 after longtime CEO Bob Iger retired, is eligible to take home a severance pay package worth roughly $20 million, according to

By Chris Isidore, CNN A four-year old tweet from Elon Musk has the Tesla CEO back in court starting Tuesday. Musk, Tesla and other Tesla directors are facing a shareholder lawsuit over his now-infamous 2018 tweet, which said that he was thinking about taking Tesla private at a price of $420 a share. If he

By Julia Horowitz, CNN Bullishness about the global economy has been in short supply among business leaders in recent months, with fears of recession clouding the outlook and restraining investment. Now, cautious optimism is peeking through. That’s thanks in large part to China, whose sudden removal of strict coronavirus restrictions late last year is expected

By Nicole Goodkind, CNN Business The world is in debt. A record amount of debt. Three hundred trillion dollars, to be exact. That’s the total amount that governments, households and corporations around the world owed in June 2022, as estimated by the Institute of International Finance. That number is about 349% of global gross domestic

By Simone McCarthy, CNN China’s population shrank in 2022 for the first time in more than 60 years, a new milestone in the country’s deepening demographic crisis with significant implications for its slowing economy. The population fell in 2022 to 1.411 billion, down some 850,000 people from the previous year, China’s National Bureau of Statistics

By Michelle Toh, CNN Netflix is planning its largest-ever lineup of South Korean content, with 34 new and returning titles set to roll out this year. The streaming giant made the announcement Tuesday. It said that audience data showed “over 60% of all Netflix members” watched Korean titles last year. The nearly three dozen new

By Michelle Toh, CNN Global air traffic will boom this year, returning to pre-pandemic levels in June, according to a new report. On Monday, international aircraft leasing company Avolon said it expected a full recovery in passenger traffic over the coming months, led by the reopening of markets in Asia, especially China. Andy Cronin, the

By Laura He, CNN A number of regional governments in China have revealed the enormous sums they’ve spent on fighting the pandemic, reinforcing a previous state media report suggesting that mounting costs were a key reason why the country abruptly abandoned its zero-Covid policy. On January 8, when China reopened its borders and formally downgraded

By Julia Horowitz, CNN Grain is once again leaving Ukrainian ports. The price of fertilizer is falling sharply. Billions of dollars in aid has been mobilized. Yet the world is still in the grips of the worst food crisis in modern history, as Russia’s war in Ukraine shakes global agricultural systems already grappling with the

By Kyle Feldscher, CNN Professional wrestling is known for its outlandish, dramatic stories that have captivated generations. It’s an athletic soap opera built on emotional drama with wrestlers sometimes scheming in the background for months only to make their move at the opportune moment, drawing crazed reactions from arenas packed with fans who have followed

By Tara Subramaniam and Vedika Sud, CNN For years, residents in the northern Indian city of Joshimath have complained to local officials that their homes are sinking. Now authorities are being forced to take action, evacuating nearly 100 families in the last week and expediting the arrival of experts to determine the cause. Cracks running

By Nathaniel Meyersohn, CNN A spike in egg prices has squeezed customers. But even with rising costs of its own, the leading US egg supplier has found that it can make even more money out of every egg. The egg shortage has enabled record quarterly profits and sales at Cal-Maine Foods, the largest producer and