Money

By Michelle Toh, CNN Business Hong Kong wants international firms to know it means business. The city’s leader, Chief Executive John Lee, announced Wednesday that the government would earmark 30 billion Hong Kong dollars ($3.8 billion) for a new fund aimed at bringing more businesses in. The fund will seek to attract companies to set

By Rhea Mogul, CNN He has about 2,500 kilometers to go until his journey is complete. But the great-grandson of India’s first prime minister appears determined. Dressed head-to-toe in white, Rahul Gandhi is walking 3,500 kilometers (2,175 miles) across India to meet voters and revive interest in the Indian National Congress, a once powerful political

By Peter Valdes-Dapena, CNN Business Foxconn, the Taiwanese company best known for building Apple’s iPhones, recently showed off two new electric vehicles at an event in Taipei as the company expanded on its plans to do for cars what it’s already done for phones. The company, officially Hon Hai Technology Group but better known as

By Frank Pallotta, CNN Business After two quarters of bleeding subscribers, Netflix appears to be back on track — in a big way. The streaming company reported Tuesday that it notched 2.4 million subscribers in the third quarter of 2022 — a number that far exceeded expectations of 1 million subscribers. In more good news,

By Frank Pallotta, CNN Business The NFL is expanding its hold on Thanksgiving weekend and building its relationship with Amazon and the world of live-sports streaming. The league announced Tuesday that it is creating the first-ever Black Friday game, which starting next year will take place the day after the NFL’s traditional Thanksgiving games and

By Matt McFarland, CNN Business Gas stations with convenience stores seem like an obvious location for electric vehicle chargers. Drivers could grab a drink or snack while waiting for their vehicle to charge. But despite available federal funding to build EV chargers, many stores aren’t biting. The reason? High electric utility fees on charging stations

By Hanna Ziady and Joseph Ataman, CNN Business Only about half the trains on regional and intercity lines were running Tuesday in France and Eurostar canceled some services between London and Paris, as a strike by energy workers spilled over into other sectors of the economy. One in two trains were canceled on some suburban

By Paul R. La Monica, CNN Business So much for Shocktober. Wall Street’s often scary month for stocks has suddenly turned into Rocktober. The Dow surged nearly 600 points, or 2%, shortly after the opening bell Tuesday before giving up some of its gains. Still, ended the day up more than 340 points, or 1.1%.

By Paul R. La Monica, CNN Business Goldman Sachs announced a major reorganization Tuesday as the Wall Street powerhouse grapples with market volatility. Goldman Sachs announced Tuesday morning that it is combining its trading and investment banking divisions into one unit. That will streamline its operations, cutting the number of main operating lines at Goldman

By Peter Valdes-Dapena, CNN Business General Motors’ venture capital arm has invested in a California startup that’s making imitation leather from mushrooms. The material is made by MycoWorks using the root-like structures of mushrooms, called mycelia. It could provide an alternative to both traditional leather made from animal skins, usually cattle, and artificial leather made

By Matt Egan, CNN Business Stubborn inflation and the Federal Reserve’s jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday. In a report obtained first by CNN, Fitch slashed its US growth forecasts for this year and next because of one

By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with

By Jorge Engels, Luke McGee and Jessie Yeung, CNN British Prime Minister Liz Truss on Monday apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets and led to her firing her finance minister and closest political ally. In an exclusive interview with the BBC, Truss insisted she would lead her Conservative

By Michelle Toh, CNN Business Europe’s gas crisis will be “a catalyst” for Mercedes-Benz to push deeper into clean energy, says its CEO. In an interview Sunday, Ola Källenius told CNN Business that the automaker had been leaning more toward wind energy for its operations due to the long-running power crunch, which has weighed on

By Christian Edwards, CNN Wind and solar power have made up a record 24% of the European Union’s electricity mix since Russia launched its war on Ukraine, a new report says, a boost that has also helped the bloc battle soaring inflation. The growth in renewable power capacity has saved the 27-nation bloc €99 billion

By Matt McFarland, CNN Business Tesla’s Autopilot was involved in a third fatal motorcycle crash this summer, raising questions about the driver-assist system’s ability to operate safely. The National Highway Traffic Safety Administration has already launched investigations into the first two crashes and gathered information on the third crash. More details of the latest crash

By Nicole Goodkind, CNN Business The largest US banks reported relatively solid third-quarter earnings on Friday. But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. What’s happening: JPMorgan reported that third-quarter home lending revenue plunged 34% from a year ago, and Wells Fargo

By Julia Horowitz, CNN Business Britain’s new finance minister announced a comprehensive retreat on the UK government’s tax-and-spending plans on Monday in a frantic effort to calm jittery markets and restore the government’s credibility. Just four days into the job, Jeremy Hunt said he would reverse “almost all” tax measures announced three weeks ago by

By Laura He, CNN Business Even though China’s economy is beset by problems ranging from a real estate crisis to youth unemployment, Xi Jinping did not offer any grand ideas to set the country back on track during his two-hour opening speech at the Communist Party Congress on Sunday. The Chinese leader is expected to

By Paul R. La Monica, CNN Business Elon Musk now wants to buy Twitter after all. While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. They need a little help, too. Sure, Musk still has many fans on Wall Street and behind the wheel. But some

By Zoe Sottile, CNN Crack open a cold one this Thanksgiving — for your dog. Just in time for the winter holidays, Busch Beer has debuted a limited-edition turkey-flavored “dog brew.” That’ll give Fido something to be thankful for! But don’t worry, it won’t make your furry friend suspiciously merry. The canine beverage is non-alcoholic,

By Frank Pallotta, CNN Business “Saturday Night Live” opened this week’s episode taking on one of the most notable moments in news as of late: the House Select Committee investigating the January 6, 2021, insurrection. Kenan Thompson, who played Rep. Bennie Thompson, opened the NBC variety show by introducing the crowd to the committee’s ninth

By Samantha Beech, Alex Marquardt and Jackie Wattles, CNN US billionaire Elon Musk tweeted on Saturday that SpaceX will continue funding Starlink internet service in war-torn Ukraine, apparently reversing course after SpaceX asked the United States military to pick up the tab. SpaceX’s Starlink satellite internet services have been a vital source of communication for

By Rhea Mogul, Devendra Singh Chauhan and Vedika Sud, CNN Fears are growing for the survival of a 15-year-old girl who was allegedly set on fire by a family member who is also accused of raping her as she fights for her life at a hospital in northern India. In a case that has shocked

By Matt McFarland, CNN Business and Reuters Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after

By Kate Trafecante Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals. This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. The endowment — comprised of more

By Frank Pallotta, CNN Business It’s a scary time in Hollywood. The streaming revolution has transformed the entertainment industry and studios are trying to keep up. But one company that doesn’t seem too frightened of the future is best known for scaring others: Blumhouse Productions. You may not have heard of Blumhouse, but you’ve likely

By Nicole Goodkind, CNN Business Markets plunged on Thursday morning after red-hot inflation data raised fears on Wall Street that the Federal Reserve would continue hiking interest rates aggressively. Then, something strange happened. Stocks staged a massive comeback. The Dow Jones Industrial Average surged 1,500 points from peak to trough and the S&P 500 posted

By Jackie Wattles, CNN Four astronauts boarded a SpaceX Crew Dragon capsule and returned home from the International Space Station on Friday, bringing an end to their nearly six-month stay aboard the orbiting laboratory. The astronauts — NASA’s Kjell Lindgren, Bob Hines and Jessica Watkins as well as Italian astronaut Samantha Cristoforetti with the European Space Agency or ESA

By Nathaniel Meyersohn and Jordan Valinsky, CNN Kroger announced Friday that it plans to buy Albertsons in a nearly $25 billion deal that could change the US retail industry and impact how millions of customers buy their groceries. The deal, which is expected to close in 2024, would combine two of the largest supermarket chains

By Julia Horowitz, Luke McGee and Mark Thompson, CNN Business UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. At a Downing Street news conference, Truss said she was scrapping plans to reverse a

By Swati Gupta, Manveena Suri, Rhea Mogul and Heather Chen, CNN Indian health authorities have halted production at a pharmaceutical company in New Delhi after the World Health Organization (WHO) said its cough and cold syrups may be linked to the deaths of dozens of children. The WHO suspects that four of the syrups made

By Oliver Darcy, CNN Business Last Thursday, at precisely 5:29pm Pacific Time, a mysterious Twitter account with the handle @LAunionLaundry posted secretly taped audio of now-former Los Angeles County Federation of Labor chief Ron Herrera. The account tagged two reporters at the Los Angeles Times, as well as the newspaper’s politics account. The move successfully

Opinion by Ryan Roslansky and Byron Auguste for CNN Business Perspectives The urgent business case for finding new ways of hiring has never been clearer. The demand for workers in the US is outpacing the supply, and finding the best talent is going to be increasingly difficult as the world navigates a period of heightened

By Jackie Wattles, CNN Four astronauts are scheduled to return home from the International Space Station this week, capping off a nearly six-month mission in space, but rough weather at the crew’s splashdown site is forcing a delay. The astronauts — NASA’s Kjell Lindgren, Bob Hines and Jessica Watkins, as well as Italian astronaut Samantha Cristoforetti with the European

By Jordan Valinsky, CNN Business The family of Budweiser Clydesdales is growing. Warm Springs Ranch in Missouri, which breeds the iconic horses, announced last week that the “herd has officially grown by 2 members,” a colt and a filly, the ranch said on Twitter. Shortly after being born, the horses stood about 3 feet tall