Money

By Matt McFarland, CNN Business The trial for the Tesla shareholder lawsuit examining CEO Elon Musk’s unprecedented compensation package wrapped up Friday afternoon. Chancellor Kathaleen McCormick did not issue a ruling from the bench, and it could be weeks to months before a ruling. “We have a lot of work ahead of us,” McCormick told both

By Jordan Valinsky, CNN Business In a surprise reversal, Qatar announced a ban of alcoholic beer at the eight stadiums hosting the World Cup. That leaves fans with just one “beer” choice — albeit one that isn’t boozy. Soccer fans will still be able to purchase Bud Zero, an alcohol-free lager that Anheuser-Busch says tastes

By Matt Egan, CNN Business Authorities in the Bahamas have taken control of cryptocurrency assets held by a unit of bankrupt exchange FTX. The Securities Commission of The Bahamas announced Thursday night it has directed the transfer of all digital assets of FTX Digital Markets, The Bahamas-based FTX unit that filed for Chapter 15 bankruptcy

By Lindsay Isaac and Sophie Tanno, CNN The blasts at the Nord Stream pipeline in September were caused by an act of sabotage, Swedish prosecutors said Friday after evidence of explosives was discovered at the sites by investigators. In a statement, Mats Ljungqvist, the prosecutor leading the preliminary investigation, described the incident as “gross sabotage,”

By Jeremy Diamond and Arlette Saenz, CNN President Joe Biden is meeting with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN. Biden is sitting down in person and virtually with the top executives of such companies as Ford, Kaiser Permanente and

By Swati Gupta and Diksha Madhok, CNN Business Indian startup Skyroot Aerospace launched the country’s first privately developed rocket, Vikram-S, into space on Friday with support from the Indian Space Research Organisation (ISRO). Until now, the country’s space industry has been dominated by the state-run ISRO, but Skyroot Aerospace has opened up the sector to

By Michelle Toh and CNN’s Beijing bureau, CNN Business More than 100,000 people have signed up for a massive recruitment drive by Apple’s supplier Foxconn for the largest iPhone factory in China, according to Chinese state media. The hiring spree comes at a time when Apple is facing significant supply chain constraints at the assembly

By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon

By Chris Isidore and Vanessa Yurkevich, CNN Business The trade group representing the nation’s freight railroads is confident that a strike by more than 100,000 union members can be avoided, even after rank-and-file members rejected the tentative labor deals reached earlier this fall. So far three rail unions have rejected the proposed agreements and are

By Alicia Wallace, CNN Business Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season. The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of

By Paul R. La Monica, CNN Business The Chinese consumer is still under a lot of pressure. E-commerce giant Alibaba reported third quarter sales Thursday that rose just 3% from a year ago, slightly missing analysts’ forecasts. Alibaba has been hit hard this year due to a slowdown in China’s economy. The pandemic has weighed

By Jordan Valinsky, CNN Business Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. In the letter to CEO Michael Rapino, the Democrat from Minnesota and chair of the Senate Judiciary Subcommittee

By Nicole Goodkind, CNN Business American shoppers continue to defy gravity against the backdrop of persistently elevated inflation. Retail sales surged by 1.3% in October. That’s the biggest monthly gain since February and better than the 1% economists had expected. But a look under the hood tells a different story. Both Walmart (WMT) and Target

By Chris Isidore, CNN Business More than 2,000 employees at 112 Starbucks locations are set to go on a one-day strike Thursday, according to the union which has been organizing stores for the last year. The union says it is striking to protest the retaliation taken against union supporters nationwide. It is also protesting what

By Diksha Madhok, CNN Business Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. In a statement on Thursday, state-owned investment company Temasek said it had decided to write down the value of its full investment in the exchange to zero, “irrespective of the outcome of

By Oliver Darcy, CNN Business “PBS NewsHour” is ready to turn the page. The iconic nightly news program announced Wednesday that legendary anchor and managing editor Judy Woodruff will sign off from the anchor desk on Friday, December 30. Woodruff, 75, will pivot to a two-year project aimed at understanding polarization in America and how

By Zenebou Sylla, CNN The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York

By Chris Isidore, CNN Business Taylor Swift fans’ outrage over Ticketmaster’s service meltdown Tuesday has shined a spotlight on a common and recurring criticism about the ticketing company: It has practically no competition. For many, buyers there’s no avoiding Ticketmaster if you want to attend an event. Tuesday’s meltdown brought calls by lawmakers to break

By Chris Isidore, CNN Business FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the US. The company filed Tuesday in New York court under Chapter 15, which is a way for foreign companies to use US bankruptcy law to restructure debt — commonly done

By Julia Horowitz, CNN Business The last time a British finance minister revealed tax and spending plans, markets went haywire and the country’s prime minister ultimately lost her job. The new government is not looking for a repeat performance. On Thursday, Chancellor Jeremy Hunt is due to unveil a budget that will aim to restore

By Vanessa Yurkevich, CNN Business Thanksgiving dinner will cost a whopping 20% more than it did last year, according to a new survey released Wednesday by the American Farm Bureau Federation. A feast for 10 with 12 menu items including a turkey, stuffing, cranberries, and pumpkin pie mix will cost $64.05 on average — up

By Michelle Toh, CNN Business A blockbuster deal to sell his eponymous fashion brand has catapulted fashion designer Tom Ford into the global billionaires club. Ford, 61, who launched The Tom Ford Brand in 2005 and grew it into a luxury clothing and accessories powerhouse, sold his company Tuesday to Estée Lauder Companies in a

By Chris Isidore, CNN Business The Labor Department has filed a federal lawsuit charging a leading US food sanitation company with using dozens of children in hazardous jobs on overnight shifts at various food processing plants. The company, Packer Sanitation Services, is described by the Labor Department as one of America’s leading providers of food

By Matt McFarland, CNN Business Elon Musk said that he needed to receive what amounted to the largest compensation package in history so that he could fuel his goals around “inter-planetary travel,” Tesla board chair Robyn Denholm testified Tuesday. Denholm’s testimony came as part of the week-long trial in the Delaware’s Court of Chancery in

By Alicia Wallace, CNN Business There has long been a threshold that few issuers of store-branded credit cards have been willing to surpass: the 30% annual percentage rate. However, amid a rapid succession of blockbuster rate hikes by the Federal Reserve, those lines in the sand are quickly being crossed. At least a half-dozen major

By Christine Romans, CNN Business The best advice for investors has always been: Buyer beware. It’s especially important in the unregulated Wild West of cryptocurrencies. The collapse of FTX, billed as an entry-level way to buy, sell and hold digital currencies, is a flashing warning sign for everyday investors caught up in the get-rich-quick aura

By Matt Egan Bankrupt crypto exchange FTX could have more than 1 million creditors and has been in contact with “dozens” of regulators around the world, according to court documents, underlining the far-reaching impact from the stunning collapse of one of the industry’s biggest players. The new bankruptcy court filings also offer new details into

By Paul R. La Monica, CNN Business Good news for home improvement retail giant Home Depot: Sales were up nearly 6% from a year ago, topping Wall Street’s forecasts. Earnings were better than expected, too. Now for the bad news: Home Depot reported fewer customer transactions again. The DIY leader said in its third quarter

By Alicia Wallace, CNN Business A key measure of inflation, wholesale prices, rose by 8% in October from a year before, according to the latest report from the Bureau of Labor Statistics. While still historically high, it was the smallest increase since July of last year and significantly better than forecasts. It’s the second inflation