Money

By Hannah Rabinowitz, CNN Federal prosecutors announced a plea deal and $2 billion forfeiture Tuesday with Danske Bank, one of Denmark’s largest banks, for illegally allowing foreign actors to funnel money through their branch in Estonia in order to gain unlawful access to the US financial system. The guilty plea marks the end of a

By Peter Valdes-Dapena, CNN Business Tesla CEO Elon Musk has said numerous times since 2015 that Tesla cars would be entirely self-driving in two years, or less. But years after his self-imposed deadlines have blown by, it still hasn’t happened. Even when equipped with a $15,000 technology package that is literally called “Full Self Driving

By Danielle Wiener-Bronner, CNN The combination of extreme weather and a disease impacting citrus fruit is expected to drive down Florida’s orange crop to its lowest level since before World War II, shrinking the state’s already dwindling supply and promising to send orange juice prices even higher. In the 2022-2023 season, Florida is expected to

By Chris Isidore, CNN United Airlines placed a massive order for at least 200 Boeing planes on Tuesday, split between two models dogged by recent problems: the 737 Max and the 787 Dreamliner. It’s a crucial vote of confidence for Boeing, which took tens of billions of dollars in financial losses due to the problems

By Kathleen Magramo and Jake Kwon, CNN Do Kwon, a disgraced tycoon behind the collapse of the TerraUSD and Luna coins that roiled the crypto assets market in May, is hiding in Serbia, according to South Korean prosecutors who are seeking to take him into custody. Kwon, a South Korean national, had made his way

By Nicole Goodkind, CNN The Federal Reserve is expected to raise interest rates by half a point at the conclusion of its two-day policy meeting on Wednesday, an indication that the central bank is pulling back on its aggressive stance as signs begin to emerge that inflation may be easing. Although that increase would be

By Laura He, CNN China has challenged a move by the United States to block sales of advanced computer chips and chip-making equipment to Chinese companies by launching a trade dispute at the World Trade Organization, calling the measures “trade protectionism.” The country’s commerce ministry filed a formal complaint against the United States with the

By Allison Morrow, CNN Sam Bankman-Fried, the founder of failed crypto exchange FTX, was arrested in the Bahamas on Monday after US prosecutors filed criminal charges against him, according to a statement from the government of the Bahamas. The Southern District of New York, which is investigating Bankman-Fried and the collapse of FTX and its

By Allison Morrow, CNN With his vast crypto empire in ruins, Sam Bankman-Fried is preparing to be grilled by US lawmakers who are demanding answers about how his digital asset exchange, FTX, came unraveled, leaving at least a million customers unable to access their funds. Bankman-Fried tweeted Friday that he was willing to appear Tuesday

By Peter Valdes-Dapena, CNN Business Subaru is recalling 271,694 SUVs because some of them could catch fire. The company is advising owners of some 2019 to 2022 model year Subaru Ascent SUVs to park them outside, away from garages or other structures, and not to leave the vehicles unattended with the engine running. An electrical

By Alicia Wallace, CNN The US government recorded a monthly budget deficit of $249 billion in November, a 30% increase from a year earlier amid increased spending and falling revenue, the Treasury Department reported Monday. Federal budget outlays increased by $28 billion, or 6% in November, with agencies such as the Education Department reporting increased

By Oliver Darcy, CNN Business “GMA3” co-anchors T.J. Holmes and Amy Robach will “remain off-air pending the completion of an internal review,” ABC News President Kim Godwin disclosed to network employees in a memo Monday morning. The memo is the first time Godwin has acknowledged to the company the existence of a formal internal probe

By Anna Cooban, CNN Nurses in the United Kingdom have reached breaking point. As many as 100,000 members of the Royal College of Nursing will walk out across England, Wales and Northern Ireland on Thursday in the first of two days of strikes this month to protest poor pay and working conditions. They plan to

By Gabe Cohen, CNN Anya Remy is Christmas shopping for her family on a stricter budget than ever before. Remy, a human resources professional in Maryland, has felt the pain of high inflation in recent months. So, she asked her kids to cut down their Christmas lists and has been searching for the best deals.

By Julia Horowitz, CNN Rivian said Monday it would no longer pursue a deal with Mercedes to build electric vans for businesses in Europe. In a statement, CEO RJ Scaringe said the company needed to be strategic about its investments. “At this point in time, we believe focusing on our consumer business, as well as

By Michelle Watson, CNN Dorothy Pitman Hughes, the co-founder of one of the most prominent feminist magazines, has died, according to a funeral home in Georgia and her longtime colleague and friend Gloria Steinem. Hughes, co-founder of Ms. Magazine, died at the age of 84 on December 1 in Tampa, Florida, according to Sconiers Funeral

By Chris Isidore, CNN The fact that a freight railroad strike didn’t start on Friday is a huge win for the US economy and its still struggling supply chain. But that doesn’t mean freight railroads are providing good service to their customers. Many of the problems tangling up the supply chain, driving up prices and

By Vedika Sud, Rhea Mogul, Rishabh Pratap and Arpit Goel, CNN At the Bhalswa landfill in northwest Delhi, a steady flow of jeeps zigzag up the trash heap to dump more garbage on a pile now over 62 meters (203 feet) high. Fires caused by heat and methane gas sporadically break out — the Delhi

By Vanessa Yurkevich, CNN For the past 22 years, the Port of Los Angeles has been the busiest container port in North America, moving around 10 million cargo containers filled with goods for Americans and bringing in roughly half a billion dollars in revenue each year to the state of California. But for the past

By Chris Isidore, CNN Workers at the Ultium Cells plant, co-owned by General Motors and Korean giant LG, voted overwhelmingly this week to join the United Auto Workers union. It’s a huge win for the UAW that has major significance for the auto industry. The vote happened at Ultium’s first-ever plant in Warren, Ohio, which

By Swati Gupta, CNN India’s ruling Bharatiya Janata Party (BJP) scored a landslide election win in Prime Minister Narendra Modi’s home state of Gujarat on Thursday, in a boost for the leader and his Hindu-nationalist party ahead of the 2024 general election. The BJP took 156 of 182 total seats in the Gujarat state assembly

By Parija Kavilanz, CNN Bourbon brand Jim Beam is offering what could possibly be the weirdest gift for the holidays — hug-simulating pajamas. The unisex red flannel “Kentucky Hug” PJ set looks like your basic comfy plaid pajamas, with one exception. There’s a removable panel that fits around the neck and shoulders. When activated, it

By Chris Isidore, CNN Business Used car retailer Carvana, facing a cash crunch, could be headed towards bankruptcy, according to both published reports and a bearish analyst’s call that slashes its share-price target to $1. In mid-afternoon trading, Carvana, best known for its auto vending machine concept, stands at about $4.60 a share, up on

By Allison Morrow, CNN Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. In a letter to Bankman-Fried and his lawyer, the committee’s Democratic chairman, Sen. Sherrod Brown of Ohio, and

By Nicole Goodkind, CNN Business US stocks surged higher on Thursday as investors staged a comeback from their current losing streak, spurred on by recession and interest rate hike fears. The Dow closed 184 points, or 0.6% higher. The S&P 500 gained 0.8%, while the Nasdaq Composite added 1.1%. Gains in semiconductor stocks such as

By Matt Egan, CNN Business The Keystone Pipeline has been shut down following a leak discovered near the border of Kansas and Nebraska. The shutdown of the major oil pipeline that carries crude from Canada triggered volatility in the energy market on Thursday, with oil prices briefly surging as much as 5% before retreating. Federal

By Matt Egan, CNN Business A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. The legislative text of the National Defense Authorization bill for fiscal 2023 includes language from a bipartisan bill introduced in March that would make it

By Laura He, CNN Business Chinese President Xi Jinping is visiting Saudi Arabia this week for the first time in nearly seven years, during which he is expected to sign billions of dollars of deals with the world’s largest oil exporter and meet leaders from across the Middle East. The visit is a sign that

By Danielle Wiener-Bronner, CNN Business A slew of problems have stalled the growth of Beyond Meat, once a darling of Wall Street whose top product became synonymous with plant-based burgers. Sales have been declining, sliding 22.5% in the third quarter compared to the previous year, and the company has laid off over 20% of its