Money

By Krystal Hur, CNN New York (CNN) — The benchmark S&P 500 index closed in correction territory on Friday, ending a week made volatile by weaker-than-expected earnings reports and strong economic data. The S&P 500 fell 0.5%, marking a more than 10% drop from its most recent July peak. The Dow tumbled 367 points, or

By Nathaniel Meyersohn, CNN New York (CNN) — Retailers say theft is exploding, and some data from retailers along with numerous videos of violent store robberies and looting seem to support the claim. But some retail analysts and researchers, bolstered by local crime statistics, say stores may be over-stating the extent and impact of theft. Why? It’s

By Jordan Valinsky, CNN New York (CNN) — The Anti-Defamation League sent an open letter to more than 200 colleges and universities Wednesday, urging administrators to investigate campus chapters of Students for Justice in Palestine for allegedly supporting Hamas. The letter, written in conjunction Brandeis Center, a Jewish human rights legal advocacy group, said that

By Matt Egan, CNN New York (CNN) — Hedge fund billionaire Leon Cooperman is blasting college students for protesting against Israel, joining a growing list of powerful university donors to speak out on the issue. “These kids in college have sh*t for brains,” Cooperman told CNN in a phone interview. “They don’t understand that Israel is the

By Vanessa Yurkevich, CNN (CNN) — The linchpin in negotiations between the United Auto Workers and Ford came on October 11, when the union struck the Kentucky Truck Plant in Louisville, according to a source with knowledge of the situation. Ford had been put on notice, according to the UAW. On Wednesday, after 41 days on

By Chris Isidore and Peter Valdes-Dapena, CNN New York (CNN) — General Motors announced Thursday that it is putting the brakes on its driverless cars, halting a service that provides driverless rides in multiple cities. The move comes days after California revoked GM’s permits to test and operate fully driverless vehicles on the state’s roads.

By Krystal Hur, CNN New York (CNN) — JPMorgan Chase chief executive Jamie Dimon and his family plan to sell one million of their shares in the bank starting next year, according to a new securities filing. Dimon — who will use his stock trading plans to offload his shares — and his family currently

CNN By Anna Cooban, CNN London (CNN) — NatWest has admitted “serious failings” in its treatment of Nigel Farage, a divisive former politician and TV host whose account was closed this summer at Coutts, one of the UK bank’s subsidiaries. An independent review commissioned by the NatWest board in July found that the decision to

By Oliver Darcy, CNN (CNN) — A new era is on the horizon for The Washington Post. The broadsheet — which surged in readership during Donald Trump’s chaotic presidency, but has since struggled to maintain that audience — is set to welcome a new chief executive and publisher in the coming weeks. Owner Jeff Bezos

By Laura He, CNN Hong Kong (CNN) — China’s giant property developer Country Garden has been declared in default on its debt after failing to make a bond repayment by a final deadline of October 18. A panel of global banks and investors said Thursday that a “failure to pay” event had occurred on that

By Brian Fung and Clare Duffy, CNN New York (CNN) — It’s been one year to the day since Elon Musk completed his purchase of Twitter for $44 billion and set the company, along with its employees and users, off on a whiplash-inducing series of twists and turns. Twelve months on, the company barely resembles

By Elisabeth Buchwald, CNN New York (CNN) — The US economy wasn’t supposed to expand this much — or even at all — after so many rate hikes. But against all odds, the economy grew at an annualized rate of almost 5% last quarter, the Commerce Department reported Thursday. That’s more than double the growth

By Diksha Madhok, CNN New Delhi (CNN) — One of India’s most revered entrepreneurs believes that young people need to put in exceptionally long hours at work if they want to see the country become a global economic powerhouse. N.R. Narayana Murthy, co-founder of the software behemoth Infosys, said India needs “highly determined, extremely disciplined

By Peter Valdes-Dapena, CNN (CNN) — Oil and gas company BP has agreed to purchase $100 million worth of electric vehicle chargers from Tesla. This marks the first time Tesla has ever sold chargers to another company, according to an announcement from BP. BP will begin installing the chargers next year, but no specific number

By Danielle Wiener-Bronner, CNN New York (CNN) — Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum wages for fast food (and fast casual) workers in the state. “We haven’t made a decision on exactly what level of pricing we’re going

By Catherine Thorbecke, CNN New York (CNN) — Amazon’s good year continues. The e-commerce giant on Thursday reported revenue of $143.1 billion for the quarter ending in September, marking a 13% increase from the same period last year and beating analysts’ estimates. The company reported quarterly profits of $9.9 billion, also beating estimates. Amazon Web Services,

By Chris Isidore, CNN New York (CNN) — Ford earnings increased in the third quarter, the company reported Thursday, the day after it reached a tentative deal to end a nearly six-week strike by the United Auto Workers union. The company earned adjusted earnings before interest and taxes, or EBIT, of $2.2 billion, up from

By Matt Egan, CNN New York (CNN) — Private-equity billionaire Stephen Schwarzman doesn’t think office workers worked hard enough during Covid-19. Schwarzman, the Blackstone CEO whose fortune is estimated at $32 billion, told a crowd of investors at a ritzy Saudi Arabia conference known as “Davos in the Desert” that people who worked remotely during the pandemic

By Chris Isidore and Vanessa Yurkevich, CNN New York (CNN) — The picket lines are gone at the three Ford plants where workers have been on strike for nearly six weeks in some cases. But the strike at the company isn’t quite over, and there’s no immediate end in sight for the strikes at General

By Clare Duffy and Brian Fung, CNN New York (CNN) — The messaging app Telegram has restricted access to several channels closely associated with or operated by Hamas, as the militant group’s war with Israel rages on. One major channel with more than 700,000 followers and known to be operated by Hamas’ military wing, the al-Qassam Brigades, is no longer

By Anna Chernova and Katherina Krebs, CNN Paris (CNN) — Marina Ovsyannikova, the journalist who interrupted a live broadcast on Russian state TV with an anti-war protest sign at the onset of the Ukraine war, has told CNN that she was stripped of her parental custody rights by a Moscow court “for political reasons.” “I

By Oliver Darcy, CNN (CNN) — Al Jazeera is grieving. The Qatari-funded news network said Wednesday that an Israeli air strike had killed the family of its Gaza bureau chief, Wael Al-Dahdouh — a devastating reality that Dahdouh learned on-air while reporting on the Israel-Hamas war. “The Al Jazeera Media Network extends its sincere condolences

By Matt Egan, CNN New York (CNN) — L.L. Bean has shuttered its flagship store, corporate headquarters, factories and other facilities in Maine, the outdoor goods retailer told CNN on Thursday, as authorities conduct a manhunt in the area for a person of interest in mass shootings. A spokesperson for the century-old company, one of Maine’s biggest employers, said

By Hanna Ziady, CNN London (CNN) — The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe and war clouds the outlook. The ECB voted unanimously to keep the benchmark interest rate in the 20 countries that

By Oliver Darcy, CNN (CNN) — America’s newsrooms are — yet again — being forced to confront a familiar and unrelenting evil. Special reports. Banner headlines. Push alerts. They were all activated Wednesday night as news organizations found themselves suddenly tasked with covering the monstrous sickness of mass shootings that continue to plague American society,

By Brian Fung, CNN (CNN) — A group of US lawmakers wants answers from tax preparation companies, including TaxAct and H&R Block, about whether they may be continuing to transfer sensitive taxpayer data to tech platforms like Meta for advertising purposes, following a warning of possible penalties over the practice by federal regulators. In letters

By Michelle Toh and Lucas Lilieholm, CNN Hong Kong (CNN) — “Divorce is not an option” when it comes to the world’s two largest economies, California Governor Gavin Newsom told CNN on Wednesday following his meeting with Chinese leader Xi Jinping. In an interview with CNN’s Christiane Amanpour, Newsom said his meeting with Xi in

By Michelle Toh, Laura He and Diksha Madhok, CNN Hong Kong (CNN) — Move over Evergrande. There is a new poster child of China’s protracted real estate crisis — Country Garden. A financial industry group that makes determinations on credit events ruled Thursday that the property firm had suffered a “failure to pay” episode and

By Michelle Toh, CNN Hong Kong (CNN) — Stellantis, home to brands such as Jeep and Chrysler, has become the latest global automaker to tie up with a Chinese startup as the electric vehicle (EV) race continues to heat up. The Dutch group announced Thursday it would acquire a 20% stake in Leapmotor, a Hangzhou-based

By Vanessa Yurkevich and Chris Isidore, CNN (CNN) — A bruising 41-day strike at Ford is near an end as the United Auto Workers and its largest employer have reached a tentative deal to return 16,600 strikers to the job within days and pay workers at least 25% more between now and 2028. But the

By Ramishah Maruf, CNN New York (CNN) — Morgan Stanley announced Ted Pick will serve as its new CEO starting January 1, succeeding long-serving head James Gorman. Gorman will become executive chairman, the bank announced Wednesday. Pick had served as co-president of Morgan Stanley for the past two years, the company said. He’s a veteran

By Samantha Delouya, CNN New York (CNN) — Endeavor Group Holdings, led by the high-power agent to the stars, Ari Emanuel, said that it is considering a sale of some of its assets. On Wednesday, Endeavor announced it would undergo “a formal review to evaluate strategic alternatives for the Company.” “Given the continued dislocation between

By Parija Kavilanz, CNN New York (CNN) — Jane Chen is racing against the clock, again. She knows well how every minute that passes is crucial for a new life that emerges prematurely into the world in the most vulnerable of circumstances — in the midst of war, in the aftermath of a natural disaster

By Ramishah Maruf, CNN New York (CNN) — Mattel is still riding Barbie’s pink blockbuster wave. The toy manufacturer reported a 9% rise in its net sales to $1.92 billion in the third quarter of 2023, fueled by Barbie’s success and Hot Wheels toys, even while company profits faced pressure on other fronts. Worldwide gross

By Matt Egan and Reid Champlin, CNN New York (CNN) — A mobile billboard truck drove outside the entrance of Columbia University on Wednesday displaying the names and faces of students that a conservative nonprofit responsible for the truck says were linked to a statement blaming Israel for the Hamas terror attack. The arrival of

By Clare Duffy, CNN New York (CNN) — Meta again exceeded Wall Street’s expectations on Wednesday when it reported earnings for the quarter ended in September, in another sign that the company’s “year of efficiency” turnaround strategy continues to deliver. The strong results come as Meta says it has “substantially completed” the layoffs portion of

By Samantha Murphy Kelly, CNN (CNN) — Apple is once again increasing the price of its TV+ streaming platform. A monthly Apple TV+ subscription will now cost $9.99, up from $6.99, which equates to an overall $36 bump for the year. A year ago, in October 2022, Apple hiked the price for an Apple TV+

By Chris Isidore, CNN New York (CNN) — As of Wednesday, the unprecedented strike by the United Auto Workers union against General Motors, Ford and Stellantis is now also the longest American auto strike in 25 years. The last time the union struck one of the automakers, with its 2019 strike at GM, the strike

By Matt Egan, CNN New York (CNN) — Columbia University has postponed its massive Giving Day fundraising event scheduled for Wednesday amid simmering tensions on campus over the Israel-Hamas war. Giving Day is a critical fundraising event for Columbia, as the university has noted endowment funding and tuition do not cover the entire cost of

By Jordan Valinsky, CNN New York (CNN) — A Dunkin’ franchisee is paying a woman $3 million to settle a lawsuit involving hot coffee falling on her lap that she alleges caused severe burns and life-altering injuries, according to her lawyers. The unnamed woman claimed the incident, which happened in February 2021 at an Atlanta-area

By Chris Isidore, CNN New York (CNN) — The Justice Department is investigating whether or not Tesla cars can live up to the EPA’s official estimates of how far they can go on a single charge. In the company’s most recent SEC filing, it disclosed that the DOJ is looking at questions surrounding a number

By Veronica Miracle and Jeffrey Kopp, CNN (CNN) — In the not-so-distant future, human-like robots will be as ubiquitous as the automobile or smartphone – if Agility Robotics’ vision of the future comes to life. “This is really an inflection point in history,” said Jonathan Hurst, co-founder of Agility Robotics, a Silicon Valley firm that

By Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried plans to take the stand as soon as Thursday to defend himself against prosecutors’ claims that he stole billions of dollars from customers and defrauded investors in his now-bankrupt crypto exchange, FTX. Lead defense attorney Mark Cohen told the court on Wednesday that he plans

By Hanna Ziady, CNN London (CNN) — The Israel-Hamas war is likely to hurt other economies in the Middle East, including Egypt, Lebanon and Jordan, International Monetary Fund (IMF) managing director Kristalina Georgieva said Wednesday. “The channels of impact are already visible,” she told CNN’s Richard Quest at the Future Investment Initiative — dubbed “Davos

By Chris Isidore, CNN New York (CNN) — Cost overruns for the new Air Force One jets continue to pile on massive losses for Boeing. Boeing on Wednesday reported another $482 million in red ink on the contract to retrofit two 747 jets into the next generation of the presidential plane. Boeing has now lost

By Jordan Valinsky, CNN New York (CNN) — Bud Light might be experiencing a knockout of its own, but this time it’s on purpose. The Anheuser-Busch beer is becoming the official sponsor of mixed martial arts league UFC, the two companies announced, as part of a broader effort to revive Bud Light from a sales

By Oliver Darcy, CNN Business (CNN) — It’s raining “guilty” pleas in Trump-world. Jenna Ellis, the Salem Media host who served as one of Donald Trump’s 2020 campaign attorneys, pleaded guilty on Tuesday to a felony charge of aiding and abetting false statements in the Georgia election subversion case. Her plea deal, the third in

By Anna Cooban, CNN London (CNN) — Shares in Deutsche Bank surged nearly 7% Wednesday after it said strong earnings meant it could pay out more cash to shareholders over the next two years than previously anticipated. Germany’s biggest lender said in its third-quarter report that it was on track to notch up annual revenue

By Ramishah Maruf, CNN New York (CNN) — The University of Pennsylvania’s administration faces an overwhelming backlash from donors, many of whom are pulling their funds and calling on the Ivy League institution’s president to resign. The root of their anger: A Palestine Writes Literature Festival that took place on campus last month that donors

By Michelle Toh, CNN Hong Kong (CNN) — Mitsubishi Motors will stop producing vehicles in China, in the latest sign of retreat by foreign automakers in the world’s biggest car market. Following weeks of speculation, the Japanese carmaker confirmed Tuesday that it would wind down local manufacturing and exit a long-running joint venture in mainland

By Donie O’Sullivan and Eyad Kourdi, CNN (CNN) — When Google Maps users navigated to the Rafah border crossing between Gaza and Egypt on Tuesday, they might have seen placenames that included, “F**k Israel,” and “May god curse Israel’s Jerusalem.” Cyber activists appeared to have targeted the service to post anti-Israel messages, likely by taking

By Matt Egan, CNN New York (CNN) — The United States along with some Middle Eastern nations are stepping up efforts to target a “secret” Hamas investment portfolio government officials believe to be worth up to $1 billion. To target the Hamas investment portfolio, a US official said Tuesday the Treasury Department is working with

By Clare Duffy and Catherine Thorbecke, CNN New York (CNN) — Big tech companies are continuing a turnaround from last year, as Alphabet, Microsoft and Snap kicked off earnings season with strong sales results for the quarter ended in September. Google parent company Alphabet on Tuesday reported quarterly sales of $76.69 billion, up 11% from

Sergio Padilla (CNN) — Months after the collapse of a handful of regional banks like Signature Bank, First Republic Bank and Silicon Valley Bank, and amid fears of a credit crisis, it looks like the regional banking sector may not be out of the woods quite yet. Following the bank closings, many other regional banks

By Peter Valdes-Dapena, CNN (CNN) — The California Department of Motor Vehicles Tuesday revoked Cruise’s permits to test and operate fully driverless vehicles on the state’s roads. The California DMV said, in part, it was because Cruise, which is GM’s self-driving vehicle technology subsidiary, withheld video and information about a crash involving a pedestrian. The

By Krystal Hur, CNN New York (CNN) — Investors have much on their minds these days, but there’s one thing seemingly staying under the radar. The Israel-Hamas war, which began in early October, initially rattled global financial markets, sending stocks tumbling, the Israeli shekel sliding and oil prices climbing. The US bond market, which was

By Mark Thompson, CNN London (CNN) — Lukoil, Russia’s second-largest oil company, said Tuesday its chairman had died suddenly, at the age of 66. “It is with deep regret that we announce the sudden passing of Vladimir Ivanovich Nekrasov,” the company said in a statement posted to its website. “According to the preliminary conclusion of

By Hanna Ziady, CNN London (CNN) — The UK has abandoned a cap on bankers’ bonuses, in its latest push to boost the competitiveness of London’s financial industry following Brexit. The rule limiting banker bonuses to two times annual base pay was introduced a decade ago in the wake of the global financial crisis when

By Vanessa Yurkevich and Chris Isidore, CNN (CNN) — The United Auto Workers union took its most serious shot yet at General Motors in its five-week old strike as 5,000 members walked off the job at a plant in Texas. Arlington Assembly builds GM’s very profitable full-size SUVs, the Chevrolet Tahoe and Suburban, GMC Yukon

By Anna Cooban, CNN London (CNN) — Three months ago, CAB Payments stumbled when it went public on the London Stock Exchange, its shares falling nearly 10% on their first day of trading on a market that has been starved recently of new listings. The mood went from bad to worse Tuesday, however, when the

CNN By Elisabeth Buchwald, CNN New York (CNN) — Big Tech has given workers an ultimatum: Come back to the office, or find a new job. Elon Musk, Mark Zuckerberg and a host of other leaders of America’s biggest companies have made it clear that their success hinges upon everyone working in person. Autodesk isn’t

By Nathaniel Meyersohn, CNN New York (CNN) — Big money donations are booming at America’s colleges, helping fund higher education for millions of students. But big donations often come with strings attached. Major donors typically give to specific purposes at schools. The biggest donors often sit on universities’ board of trustees, which governs the university

By Catherine Thorbecke, CNN (CNN) — Grant Stoner said that he has loved playing video games his entire life, and that his earliest memory is of playing Super Nintendo in his parents’ bedroom at roughly 3 years old. “Gaming, for me, has always been a social activity,” Stoner, a Pittsburgh native who has spinal muscular

By Chris Isidore, CNN New York (CNN) — General Motors’ stronger-than-expected third quarter profit was greeted by an an expansion of the strike at the company by the United Auto Workers union. Just hours after the earnings report was released the UAW announced that 5,000 members would go on strike at one of GM’s most

By Anna Cooban, CNN London (CNN) — Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency. Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based

By Hanna Ziady, CNN London (CNN) — JPMorgan CEO Jamie Dimon, Citigroup’s Jane Fraser and other top names on Wall Street are in Saudi Arabia Tuesday for an investment conference as they try to look beyond risks that the Israel-Hamas war could widen into a regional conflict and deal a new blow to the global

By Michelle Toh, CNN Hong Kong (CNN) — Advertising giant WPP says it has fired an executive detained in China on suspicion of bribery. Last week, news emerged that the Chinese police had raided the Shanghai office of advertising agency GroupM, owned by WPP. On Tuesday, the British firm told CNN that “we are cooperating

By Ramishah Maruf, CNN New York (CNN) — Google is temporarily disabling live traffic conditions on its mapping service apps, Google Maps and Waze, in Israel, the tech company confirmed Monday, as the country prepares for a potential ground invasion into Gaza. “As we have done previously in conflict situations and in response to the

By Eva Rothenberg, CNN (CNN) — A 21-year-old woman with a heart condition is dead after consuming a heavily caffeinated energy drink at Panera Bread that she may have believed was regular lemonade, her parents alleged in a wrongful death suit against the restaurant chain. In September 2022, after drinking “Charged Lemonade,” Sarah Katz experienced

CNN By Danielle Wiener-Bronner, CNN New York (CNN) — Tensions are playing out at McDonald’s locations across the Middle East as the Israel-Hamas war rages on. In Israel, a local McDonald’s operator has been offering discounts to soldiers, security forces and others since Hamas’ October 7 assault by militants that killed 1,400 people and captured

By Danielle Wiener-Bronner, CNN New York (CNN) — Tensions are playing out at McDonald’s locations across the Middle East as the Israel-Hamas war rages on. In Israel, a local McDonald’s operator has been offering discounts to soldiers, security forces and others since Hamas’ October 7 assault by militants that killed 1,400 people and captured over