Money

By Laura He, CNN Hong Kong (CNN) — Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip that

By Luciana Lopez, Oliver Darcy and Chris Isidore, CNN (CNN) — Warner Bros. Discovery boss David Zaslav called for Hollywood to work together to end the writers and actors strikes, which have crippled Hollywood and which WBD this week said could cost the company as much as $500 million this year. “We really have to

CNN By Laura He, CNN Hong Kong (CNN) — Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip

By Ramishah Maruf, CNN New York (CNN) — Google reached an agreement in principle with US states to settle an antitrust lawsuit for its alleged conduct in the Google Play Store, according to a Tuesday court filing. This lawsuit was led by New York Attorney General Letitia James and attorneys general from California, North Carolina,

By Samantha Murphy Kelly, CNN Business (CNN) — The United States government is seeking more information about the Huawei Mate 60 Pro, a Chinese smartphone powered by an advanced chip. The new flagship device, which reportedly includes a new 5G Kirin 9000s processor developed specifically for Chinese manufacturer Huawei, recently shocked industry experts who didn’t

By Nathaniel Meyersohn, CNN New York (CNN) — Over the weekend, intense rain and flooding stranded more than 70,000 people at Burning Man in the Nevada desert. It’s the latest example of how extreme weather, exacerbated by climate change, impacted major North American attractions this summer. The largest theme park companies — Six Flags (SIX),

By Ramishah Maruf, CNN New York (CNN) — Digital World Acquisition Corp., the blank-check firm seeking to merge with former President Donald Trump’s media company, will get another extension to complete its troubled deal. Shareholders voted to grant DWAC (DWAC) another year to pull off its merger with Trump Media & Technology Group, which owns

By Tierney Sneed and Marshall Cohen, CNN (CNN) — Far-right TV network One America News and one of its on-air personalities settled a defamation lawsuit brought by a former executive at Dominion Voting Systems, the election technology company that was falsely accused of rigging the 2020 election, according to new court filings. Dominion’s former top

CNN By Berry Wang and Michelle Toh, CNN Hong Kong (CNN) — Luckin Coffee has joined forces with Kweichow Moutai, the maker of China’s fiery national liquor baijiu, for an unusual offering: alcoholic lattes. The popular Chinese coffee chain rolled out the so-called “sauce-flavored latte” with a jolt of liquor for 38 yuan ($5.20) on

CNN By Chris Isidore, CNN New York (CNN) — Since last year’s Labor Day, US unions have flexed their muscle in a way not seen in decades. They’ve scored some big victories amid some defeats. “It’s been a good year for unions,” said Art Wheaton, director of labor studies at Cornell University’s Industrial and Labor

By Brian Fung and Clare Duffy, CNN (CNN) — X, the social media platform formerly known as Twitter, said this week it may collect biometric and employment information from its users — expanding the range of personal information that account-holders may be exposing to the site. The disclosures came in an update to the company’s

CNN By Elisabeth Buchwald, CNN New York (CNN) — Usually when the economy adds a lot of jobs in a given month the unemployment rate ticks down. That wasn’t the case in August. Despite the 187,000 new jobs added last month, the unemployment rate rose to 3.8% from 3.5% in July. That’s the biggest one-month

CNN By Eva Rothenberg (CNN) — Taylor Swift’s concert film has already broken theater records more than a month ahead of its October 13 release. AMC Theaters said Friday that the singer’s Eras Tour concert movie “shattered records for single-day advance ticket sales revenue,” with $26 million of tickets sold on Thursday. It beat the

By Joseph Ataman, CNN Paris (CNN) — The number of price-capped products in French supermarkets will double to 5,000, finance minister Bruno Le Maire said Thursday, as data revealed another month of double-digit food inflation. Speaking to French broadcaster France2, Le Maire also criticized several multinational companies, including Unilever (UL) and PepsiCo (PEP), for not

CNN By Hanna Ziady, CNN London (CNN) — UBS expects to shed around 3,000 jobs in Switzerland to help it cut $10 billion in costs as it undertakes a sweeping overhaul following its emergency rescue of Credit Suisse earlier this year. The job cuts amount to around 8% of staff employed by the combined Swiss

By Laura He, CNN Hong Kong (CNN) — Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Now, the company is struggling to survive in a crisis-hit industry, where many others are in the same boat. On Wednesday, Country Garden reported a

By Clare Duffy, CNN New York (CNN) — Newspaper chain Gannett has paused the use of an artificial intelligence tool to write high school sports dispatches after the technology made several major flubs in articles in at least one of its papers. Several high school sports reports written by an AI service called LedeAI and

By Jennifer Korn, CNN New York (CNN) — The next iPhone could be just weeks away. Apple announced its fall special event on Tuesday, sending out press invites for the morning of September 12th. Invitees will get to attend in-person at the Steve Jobs Theater inside Apple Park, the company’s headquarters in Cupertino, California, while

By Clare Duffy and Brian Fung, CNN (CNN) — X, the platform formerly known as Twitter, is hiring for its safety and elections teams ahead of the 2024 US presidential election and will again allow political ads for the first time since 2019. “We’re currently expanding our safety and elections teams to focus on combating

By Elisabeth Buchwald, CNN New York (CNN) — Azher Abbasi, head of supervision at the Federal Reserve Bank of San Francisco — and a key official with direct oversight over failed Silicon Valley Bank — will retire at the end of October, the regional reserve bank announced this week. Abbasi and Mary Daly, president of

By Allison Morrow, CNN New York (CNN) — The value of crypto assets surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund. The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the

By Samantha Delouya, CNN Los Angeles (CNN) — The global inflation crisis put the world’s central banks in lockstep for the past year, raising rates nearly in unison. But the economic landscape has changed, and diverging policies could spell trouble down the road. So how should central banks coordinate when their economies are headed in

By Brian Fung, CNN (CNN) — The world’s largest tech companies must comply with a sweeping new European law starting Friday that affects everything from social media moderation to targeted advertising and counterfeit goods in e-commerce — with possible ripple effects for the rest of the world. The unprecedented EU measures for online platforms will

By Bryan Mena, CNN Washington, DC (CNN) — Additional interest rate hikes are still on the table and rates could remain elevated for longer than expected, Federal Reserve Chair Jerome Powell said Friday. Delivering a highly anticipated speech at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming, Powell again stressed that the

By Chris Isidore, CNN New York (CNN) — Members of the United Auto Workers union overwhelmingly approved possible strikes at the nation’s three unionized automakers next month, as the union tries to win back many of the concessions it lost more than 15 years ago and protect members during the transition to electric vehicles in

By Eva Rothenberg, CNN New York (CNN) — Fast fashion e-tailer Shein may be coming to a mall near you. Forever 21’s parent company Sparc Group announced on Thursday that it will partner with the online shopping giant in a deal that would see Sparc become a minority shareholder in Shein. In turn, Shein would

CNN By Samantha Delouya and Kelly McCleary, CNN (CNN) — Maui County filed a lawsuit Thursday against Hawaiian Electric Company and its subsidiaries, alleging that the utility company’s negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month. The lawsuit alleges

By Ramishah Maruf, CNN New York (CNN) — More than 700 users reported issues with Wells Fargo’s banking system Thursday, according to Downdetector, with problems ranging from transferring funds to declining ATM cards. “There is an issue with our banking systems currently. Our technical teams are aware and working to resolve the issue. Thank you

By Oliver Darcy, CNN (CNN) — The first Republican primary debate of the 2024 campaign season hosted by Fox News averaged 12.8 million viewers, according to viewership data, a larger than expected audience given the notable absence of frontrunner and disgraced former President Donald Trump. The numbers were far short of the historic 24 million

CNN By Matt Egan, CNN New York (CNN Business) — Washington plans to keep piling pressure on Russia through additional sanctions in a bid to force hard choices in Moscow, a senior US official tells CNN. The preparations of further economic punishments come as cracks emerge in Russia’s economy and society because of the war

By Clare Duffy and Samantha Delouya, CNN New York (CNN) — The artificial intelligence boom continues to fuel a blockbuster year for chipmaker Nvidia. Nvidia’s stock jumped as much as 9% in after-hours trading Wednesday after the Santa Clara, California-based company posted year-over-year sales growth of 101%, to $13.5 billion for the three months ended

By Bryan Mena, CNN Washington, DC (CNN) — The conservative activist behind the Supreme Court case that struck down affirmative action in college admissions this year is suing two international law firms for providing diversity fellowships. The two lawsuits filed by the American Alliance for Equal Rights this week against law firms Perkins Coie and

By Danielle Wiener-Bronner, CNN New York (CNN) — The Pumpkin Spice Latte is coming back, again. Starbucks said Wednesday that the signature drink would return to the fall menu on Thursday, marking its 20th anniversary. The perennial Starbucks favorite has become a reliable hit, making it an autumn(ish) mainstay that has given the coffee chain

By Parija Kavilanz, CNN New York (CNN) — If you’re rushing to complete this year’s back-to-school shopping, there’s still time to save on sales taxes on those purchases in three states. Each year, a number of states offer families a sales-tax-free period in the run-up to a new academic year. On those days, shoppers can

By Liam Reilly, CNN (CNN) — Lachlan Murdoch, Fox Corporation’s chief executive, paid substantial legal fees to Private Media, which publishes the scrappy Australia-based news outlet Crikey, after abandoning his defamation lawsuit against the outlet. Murdoch’s lawyer, John Churchill, said Tuesday that Murdoch had paid. So, $1,306,739 Australian ($839,207.39 US) to cover Private Media’s legal

By Hanna Ziady, CNN London (CNN) — The UK government went all out to prop up the economy through the Covid pandemic and the initial phase of Russia’s war in Ukraine. Now, the bill is starting to bite. Interest payable on UK central government debt hoovered up £7.7 billion ($9.8 billion) last month alone, hitting

By Clare Duffy, CNN New York (CNN) — Threads users, rejoice: the app is rolling out its highly anticipated web version Tuesday. The update — perhaps the most requested by users since Threads’ mobile-only launch last month — puts the new platform one step closer to recreating the functions offered by rival X, the platform

CNN By Samantha Delouya, CNN (CNN) — California authorities have asked General Motors to “immediately” take some of its Cruse robotaxis off the road after autonomous vehicles were involved in two collisions – including one with an active fire truck – last week in San Francisco. California’s Department of Motor Vehicles confirmed to CNN that

By Jordan Valinsky, CNN New York (CNN) — Modelo Especial is now officially America’s best-selling beer, dethroning Bud Light, whose popularity faded following the Dylan Mulvaney controversy. Sales of Modelo at grocery and beer stores have surpassed Bud Light’s over the course of 2023, according to newly released NIQ data, the first time Modelo has