Money

By Hanna Ziady, CNN Business Britain has agreed a new energy partnership with the United States that aims to end its reliance on Russia and lower soaring energy costs. UK Prime Minister Rishi Sunak announced the partnership in a statement on Wednesday. He said the aim was to double the amount of liquified natural gas

By Oliver Darcy, CNN Business The New York Times is preparing for more than 1,100 of its union staffers to go on strike for a full day Thursday — an act of protest that has not been staged by employees at the paper of record since the late 1970s. The historic work stoppage is set

By Allison Morrow, CNN Business The world’s leading producer of advanced computer chips, Taiwan Semiconductor Manufacturing Company, announced an expanded $40 billion investment in its US production hub in Phoenix. President Joe Biden visited the manufacturer’s site in Phoenix and spoke about bringing jobs and investment to Arizona, calling TSMC’s commitment “the largest foreign investment

By Matt Egan, CNN Business Oil prices have tumbled to their lowest level of the year as worries about the health of the economy overshadow concerns about new restrictions imposed on Russian energy. The sharp drop in oil prices the past two days is mostly good news for consumers, signaling prices at the gas pump

By Paul R. La Monica, CNN Business Some top CEOs appear to be worried that the economy could be the Grinch that steals Christmas this year. And investors are not pleased. Stocks sank Tuesday, the second straight day of losses on Wall Street. The Dow fell more than 350 points, or 1.3%. That follows a

By Oliver Darcy, CNN BuzzFeed on Tuesday said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate. In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on

By Danielle Wiener-Bronner, CNN Business A McDonald’s franchise operator has violated child labor laws, according to an investigation by the Department of Labor. Santonastasso Enterprises, which operates McDonald’s locations in the Pittsburgh area, allowed 14- and 15-year-olds to work more than three hours after 7 pm on school days, after 9 pm over the summer

By Danielle Wiener-Bronner, CNN Business Philadelphia Cream Cheese is launching a non-dairy version of its signature spread. The plant-based cream cheese is now available at grocery stories in Atlanta, Houston, Miami and other locations in the Southeast, with a wider rollout planned for summer 2023. The new variety is made with coconut oil and faba

By Jordan Valinsky, CNN Business Taiwan Semiconductor Manufacturing Company is upping its investment in the United States, announcing Tuesday that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. TSMC’s plans come as tensions between Washington and Beijing are rising over chips, with President Joe

By Hanna Ziady, CNN Business Global renewable power capacity is set to grow as much in the next five years as it has over the past two decades, as soaring energy prices and the climate crisis force governments to ditch fossil fuels. In a report published Tuesday, the International Energy Agency forecast a sharp acceleration

By Faith Karimi, CNN Ifeoma Ozoma’s path as an advocate for tech workers started with a series of tweets one morning in June 2020. It was a few months after she was pushed out from her job at Pinterest, the image-sharing and social media platform. Across the United States, protests and outrage filled the streets

By Abeer Salman, Hadas Gold, Alex Stambaugh and Teele Rebane, CNN Al Jazeera has submitted a case to the International Criminal Court (ICC) over the killing of journalist Shireen Abu Akleh, who was shot in the head while covering an Israeli raid in Jenin in the occupied West Bank in May. “Al Jazeera’s legal team

By Oliver Darcy, CNN Business Rupert Murdoch, the Fox Corporation chairman, is set to be deposed next week in Dominion Voting System’s $1.6 billion lawsuit against Fox News over its coverage of election fraud in the 2020 election. The deposition will take place on December 13 at 9:30am ET and “will be conducted remotely, under

By Matt Egan, CNN Slower hiring. Weaker spending. And softer growth. That’s what America’s CEOs are bracing for as the economy heads into 2023 facing a series of obstacles. The Business Roundtable said Monday its CEO Economic Outlook Index tumbled during the fourth quarter to the lowest level in more than two years. The index,

By Peter Valdes-Dapena, CNN Business Hertz will pay $168 million to settle 364 claims related to the company falsely reporting rental cars as stolen. These cases sometimes resulted in people being arrested and even imprisoned. One lawsuit involving dozens of such cases alleged systemic flaws in Hertz’s reporting of thefts, including not recording rental extensions,

By Matt Egan, CNN Business Republicans and Democrats are likely to clash next year over the debt ceiling, a fight that could rock financial markets, unnerve consumers and threaten the economy with the specter of a calamitous default. The looming debt limit battle in Washington could spark the most uncertainty since the 2011 brinksmanship that

By Julia Horowitz, CNN Business Most Russian crude oil exports to Europe are now banned, marking the boldest effort yet by the West to pile financial pressure on President Vladimir Putin as his brutal war in Ukraine enters its tenth month. The oil embargo, which was agreed upon in late May, took effect in the

By Ramishah Maruf, CNN Don’t mess with Swifties. More than two dozen Taylor Swift fans are suing Ticketmaster parent Live Nation Entertainment, Inc. for “unlawful conduct” in the pop star’s chaotic tour sale, claiming the ticketing giant violated antitrust laws, among others. The lawsuit, filed in a California court on Friday, alleges Ticketmaster and its

By Julia Horowitz, CNN Business Indonesia produces more nickel than any other country. As demand soars for batteries to power the energy transition, that presents a huge opportunity, and the archipelago nation of 276 million people intends to take advantage of it. With the electric vehicle revolution driving up demand for key battery metals such

By Laura He, CNN Business Global traders are increasingly feeling more bullish on China, as they bet the country will gradually unwind Covid restrictions following widespread protests. Multiple cities across China loosened Covid-19 restrictions over the weekend. Starting Monday, Shanghai residents will no longer require a negative Covid test result to enter outdoor venues including

By Ramishah Maruf, CNN Twitter owner Elon Musk spoke out on Saturday evening about the so-called “Twitter Files,” a long tweet thread posted by journalist Matt Taibbi, who had been provided with details about behind-the-scenes discussions on Twitter’s content moderation decision-making, including the call to suppress a 2020 New York Post story about Hunter Biden

By Lauren Kent, CNN The British government is looking into bringing in the military to mitigate industrial action and keep public services running, the chairman of the governing Conservative Party said Sunday, after a wave of strikes that were sparked by a cost-of-living crisis and an economy sliding into recession. The action includes border control

By Julia Horowitz, CNN Business OPEC and its allies decided Sunday to stick with their existing policy of curtailing oil output, just hours before new Western sanctions on Russian crude exports come into force. The Organization of the Petroleum Exporting Countries, and other major oil producers including Russia, said they would continue to restrict supply

By Megan Thomas, CNN The runoff for Georgia’s remaining US Senate seat took the spotlight during the latest episode of “Saturday Night Live.” The show started with Republican senators meeting with Kenan Thompson as Herschel Walker to talk about Tuesday’s election. “Herschel, the midterms weren’t the red wave we were hoping for, but we think

By Christine Romans, CNN Chief Business Correspondent Each week brings head-scratching contradictory news about the economy. This past week was no different, with a batch of economic reports showing that — despite the recession talk — the US economy shows remarkable resilience. Yes, the economy is strong. But it comes with a lot of caveats.

By Julia Horowitz, CNN Business The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula

By Anna Cooban and Xiaofei Xu, CNN Efforts to resolve a simmering dispute between Europe and the United States over electric vehicle subsidies stemming from President Joe Biden’s Inflation Reduction Act suffered a blow Friday when a top EU official pulled out of talks scheduled for Monday. Thierry Breton, the official responsible for the EU’s

By Samantha Beech, CNN Right-wing conspiracy theorist Alex Jones filed for personal Chapter 11 bankruptcy protection in a Texas court on Friday, according to court documents. In the documents, Jones estimates his assets to be worth between $1 to 10 million, and his liabilities to be between $1 to $10 billion. The Infowars host’s primary

By Chris Isidore, CNN Business Most labor disputes never end up being debated in Congress. But thanks to a nearly century-old law that regulates labor relations only when it comes to railroads and airlines, what otherwise would be strictly an economic issue became a political one. The Railway Labor Act was passed in 1926 as

By Juliana Liu and Diksha Madhok, CNN Business The crypto industry just can’t catch a break this year. Binance, the world’s biggest cryptocurrency exchange, is investigating a hacking incident that affected a number of crypto tokens Friday. According to its founder and CEO Changpeng Zhao, a private key, used to encrypt or decrypt data, had

By Laura He, CNN Business Protests this week across China show just how unpopular Beijing’s zero-Covid policy has become. Now, even as the country signals it may loosen pandemic controls, it faces another challenge: Local governments charged with conducting mass testing and enforcing quarantine are running short of cash and could be forced to cut

By Matt Egan, CNN Business Inflation is cooling. Consumers are still spending. And hiring is slowing — but not collapsing. That’s why Moody’s Analytics chief economist Mark Zandi is increasingly confident that the American economy will — narrowly — escape a recession. “It’s going to be a struggle. It’s going to feel uncomfortable. But I

By Alicia Wallace, CNN Business Sheets of dollar bills rolling off the presses at the Fort Worth Bureau of Engraving and Printing will soon bear the signature of US Treasury Secretary Janet Yellen. But as it turns out, there was a lot riding on that little John Hancock, Yellen said Wednesday night as a guest