Money

By Michelle Toh, CNN Hong Kong (CNN) — Dentons, the world’s biggest law firm by number of employees, is distancing itself from its business in China in response to intensifying regulation in the country. The firm notified clients of the move this week in an internal memo shared with CNN Tuesday. Dentons said that starting

By Laura He, CNN Hong Kong (CNN) — Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds. China’s vast real estate industry was long an important engine of growth in the world’s second biggest

By Laura He, CNN Hong Kong (CNN) — The Chinese economy has slipped into deflation, with consumer prices falling for the first time in more than two years in another sign of weakening demand. The consumer price index (CPI) fell by 0.3% in July from a year ago, according to China’s National Bureau of Statistics

By Marshall Cohen, CNN (CNN) — The voting technology company Smartmatic blasted Rudy Giuliani in court filings Monday night, accusing him of fabricating “excuse after excuse” to avoid turning over documents in its massive defamation suit against him, Fox News and others who spread lies about the 2020 election. Smartmatic claimed Giuliani “half-heartedly” performed manual

CNN By Samantha Delouya, CNN (CNN) — The future of WeWork is uncertain, according to the company. “Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release. WeWork management outlined a plan to

By Ramishah Maruf, CNN New York (CNN) — Casino owner PENN Entertainment has dropped Barstool, the sports website, agreeing to a $2 billion dollar deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet in the fall, PENN said in a statement Tuesday. It secured exclusive rights to

By Samantha Murphy Kelly, CNN (CNN) — Get your thumb ready for next month. Apple (AAPL) is making a subtle change to the iPhone’s software that will likely mess with your muscle memory: The big red “end call” button is moving. The iPhone’s phone app will get a series of updates coming to iOS 17,

By Anna Bahney, CNN Washington, DC (CNN) — Available credit for mortgages tightened in July, falling to its lowest level in a decade for potential home buyers, according to a report from the Mortgage Bankers Association released Tuesday that analyzes data from ICE Mortgage Technology. MBA’s monthly index fell by 0.3% to 96.3 in July,

By Samantha Delouya, CNN (CNN) — The future of WeWork is uncertain, according to the company. “Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release. WeWork management outlined a plan to improve

By Ramishah Maruf, CNN New York (CNN) — Taco Bell is opening a $5 million taco tab and offering free Doritos Locos Tacos in honor of the “liberation” of the “Taco Tuesday” trademark to customers across the country. Well, almost everywhere. The giveaway is valid in 49 states but not in New Jersey, the only

By Jennifer Korn New York (CNN) — Elon Musk’s biotechnology startup Neuralink raised $280 million in a fundraising round, the company announced Monday via X, the Musk-owned social media platform formerly known as Twitter. The Series D round was led by Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire

By Ellie Stevens, CNN (CNN) — The city of Los Angeles is on strike. A growing number of unions seeking improved conditions for their employees are halting movie productions in the city, holding up hotel business, potentially disrupting supply chains, and slowing down the airport. Today, 11,000 Los Angeles city workers are joining Hollywood actors,

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or

By Matt Egan, CNN New York (CNN) — Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties

By Alicia Wallace, CNN Minneapolis (CNN) — More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from

By Anna Bahney, CNN Washington (CNN) — Prior to the pandemic, Yue and Chris Parsons were, like many Millennials, reluctant renters moving from one apartment to another, wondering when they would be able to buy a home of their own. But the pandemic turned out to be an opportunity — not just for the Parsonses,

By Jordan Valinsky, CNN Business New York (CNN) — A major beer company is future proofing itself on liquor. Molson Coors, best known for brewing Coors Light and Miller Lite, is acquiring Blue Run Spirits, a cult favorite high-end bourbon and rye whiskey brand, for an undisclosed price, exclusively told to CNN. It’s part of

By Olesya Dmitracova, CNN (CNN) — Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade, sending stocks tumbling as investors worried about more banking sector pain ahead. The credit ratings agency said late Monday that its