Money

By Matt Egan, CNN Prices at the pump continue to plunge, dropping the US average for gasoline below where it was when Russia invaded Ukraine. A gallon of regular gas now fetches $3.47 nationally, according to AAA. That is below the $3.54 average on February 24, the day Russia invaded Ukraine. That is down about

By Alicia Wallace, CNN Business Ahead of Friday’s closely watched jobs report, economists polled by Refinitiv say they are expecting job growth to have slowed in November, with just 200,000 positions added. But while the recent wave of layoffs hitting the tech sector has dominated news cycles and triggered concerns that a larger reckoning may

By Diksha Madhok, CNN Business Binance is expanding into new markets even as the crypto industry grapples with turmoil unleashed by the spectacular collapse of crypto exchange FTX. The world’s biggest cryptocurrency exchange has acquired Sakura Exchange BitCoin (SEBC), a crypto exchange registered in Japan, Binance said on its website Wednesday. The deal would allow

By Diksha Madhok, CNN Business The extensive Indian diaspora will help the South Asian country reach a special milestone this year. Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. This will be the first time a country

By Allison Morrow, CNN Business Sam Bankman-Fried, the 30-year-old founder of the bankrupt crypto exchange FTX, said he “didn’t ever try to commit fraud on anyone,” while admitting he made mistakes as chief executive. “There are things I would do anything to do over again,” Bankman-Fried said in a virtual appearance at the New York

By Peter Valdes-Dapena, CNN Business Lordstown Motors, a startup company building electric pickups in a former General Motors factory, is ready to deliver its first production-model pickup trucks, the company said. The announcement comes about 18 months after the company had warned, in a regulatory filing, that it could go out of business and, shortly

By Alicia Wallace and Lucy Bayly, CNN Business The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. “The time for moderating the pace of rate increases may come as soon as the December meeting,” he said

By Oliver Darcy, CNN Business CNN on Wednesday informed employees that layoffs had commenced, a move that is expected to impact hundreds of staffers at the global news network and mark the deepest cuts to the organization in years. Chris Licht, who took over as chief executive of the network in May, described the cuts

By Peter Valdes-Dapena, CNN Business The Lamborghini Huracán Sterrato, officially unveiled in Miami Wednesday will be the Italian automaker’s maker’s last purely gasoline-powered supercar. It will also be unlike any Lamborghini supercar before because it’s designed to go off-road. If Mad Max owned a Lamborghini, it would probably look a lot like the Sterrato, with

By Anna Cooban, CNN Business The verdict is in: A four-day work week is good for business. After six months, most of the 33 companies and 903 workers trialing the schedule, with no reduction in pay, are unlikely ever to go back to a standard working week, according to the organizers of the global pilot

By Laura He, CNN Business Internet users in China will soon be held liable for liking posts deemed illegal or harmful, sparking fears that the world’s second largest economy plans to control social media like never before. China’s internet watchdog is stepping up its regulation of cyberspace as authorities intensify their crackdown on online dissent

By Jordan Valinsky, CNN Business For the holidays, McDonald’s is giving away free meals for life. Well, sort of. Beginning December 5, every order completed in the McDonald’s app for at least $1 will enter customers into a contest to win a McGold Card. Three winners will get a special card that earns them free

By Chris Isidore and Matt McFarland, CNN Business President Joe Biden was in the unusual position Tuesday of being praised by business interests and attacked by his normal allies in the labor movement after calling for Congress to move immediately to block a strike by more than 100,000 union members at the nation’s freight railroads

By Nicole Goodkind, CNN Business Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. The demonstrations against Chinese President Xi Jinping and his costly zero-Covid policy are an exceedingly rare case of widespread civil disobedience. While the protests represent an unprecedented challenge for Xi, they also carry economic and

By Diksha Madhok, CNN Business Bitfront, a crypto exchange backed by Japanese social media app Line, is shutting down after failing to overcome turmoil in the industry. The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another

Simone McCarthy, CNN Business Shanghai Disneyland has been closed again because of China’s Covid restrictions, just days after reopening following a previous pandemic-related closure. The theme park will close from Tuesday, November 29 “to follow the requirement of pandemic prevention and control,” Shanghai Disney Resort said in a statement on Tuesday. “We will notify guests

By Laura He, CNN Business The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. In a symbolic protest against censorship, young demonstrators held up sheets of white paper — a metaphor for the

By Melissa Alonso and Zoe Sottile, CNN The label on a cup of Velveeta’s microwaveable mac and cheese says the meal only takes three and a half minutes to prepare. But a Florida woman says this is false — and she’s suing the manufacturer for $5 million. Amanda Ramirez, of Hialeah, has filed a proposed

By Ramishah Maruf, CNN Business Billionaire investor Leon Black has been sued by a woman alleging he “brutal[ly]” raped her at Jeffrey Epstein’s Manhattan townhouse in spring 2002. Cheri Pierson names both Black — the co-founder and former CEO of private equity behemoth Apollo Global Management — and the estate of the late Epstein as

By Zoe Sottile, CNN A baby product company has recalled around 10,500 sippy cups and bottles over lead poisoning risks. Green Sprouts, a North Carolina-based company focused on “natural parenting,” has recalled three products: a stainless steel sippy cup, a stainless steal sippy cup with a straw, and a stainless steel straw bottle. The base

By Paul R. La Monica, CNN Business Most of 2022 has been pretty dismal for investors, and Monday was no exception: The Dow fell about 500 points, or 1.5%, Monday. Still, the stock market remains in the midst of one heck of a fourth-quarter rally. The Dow enjoyed its best month in nearly a half-century

By Jeanne Sahadi, CNN Business US life insurers paid out a record $100 billion in benefits in 2021, according to new data released Monday by the American Council of Life Insurers. That’s a nearly 11% jump from 2020, which represented the largest year-over-year increase (15.4%) since the 1918 influenza pandemic. “For the second year in

By Allison Morrow, CNN Business Crypto lender BlockFi filed for bankruptcy Monday, becoming the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-Fried’s empire. BlockFi announced earlier this month that it had halted withdrawals, citing “significant exposure” to Bankman-Fried’s FTX exchange, as well as its sister hedge fund Alameda. FTX, Alameda

By Julia Horowitz, CNN Business The CEO of Barclays said Monday that he has been diagnosed with cancer. C.S. Venkatakrishnan, who is known as Venkat at the bank, said in a note to colleagues that he will begin undergoing treatment for Non-Hodgkin lymphoma at Memorial Sloan Kettering Cancer Center in New York. “The good news

By Jennifer Deaton, CNN Business Edward Lawrence, a journalist at the BBC, was arrested by police in Shanghai at the scene of protests on Sunday night, according to the BBC and as captured on what appears to be mobile phone footage of the arrest. While he has since been released, a BBC spokesperson has expressed

By Laura He, CNN Business Global markets fell on Monday after widespread protests in China against the country’s stringent Covid-19 restrictions roiled investor sentiment. European markets opened broadly lower, tracking the performance of Asian shares. The FTSE 100 dropped 0.7%, the CAC 40 fell 0.6%, and the DAX was down 0.5%. Earlier, Hong Kong’s benchmark

By Ramishah Maruf, CNN Customers who need flight information or want to make changes to travel plans can no longer call Frontier Airlines and speak to an agent, the company confirmed to CNN Saturday. Starting last week, the ultra low-cost airline said it has transitioned to fully digital communications. Customers seeking help or information from

By Alicia Wallace, CNN Business. Photographs by Jamie Kelter Davis for CNN The rise of e-commerce in recent years has taken its toll on in-person shopping, felling brick-and-mortar stores and once popular malls in the process. As a result, Black Friday, the traditional first day of the Christmas shopping season and a day once known

by Samantha Beech, CNN Two anonymous women who accuse the late Jeffrey Epstein of sexual abuse have filed separate civil lawsuits against JP Morgan Chase & Co. and Deutsche Bank AG, claiming the big banks enabled and benefitted financially from Epstein’s alleged sex trafficking operation. The class action suits were filed in part under a