CNN – Business/Consumer

By Elisabeth Buchwald, CNN New York (CNN) — S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. The ratings agency said in a research note that the current “tough” lending environment caused it to downgrade the five banks, which include KeyCorp, Comerica Inc.,

By David Goldman, CNN New York (CNN) — A hotly anticipated IPO for a company that designs chips for 99% of the world’s smartphones is just around the corner, after it filed paperwork Monday to go public. Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to

Eva Rothenberg, CNN New York (CNN) — Tropical Storm Hilary slammed into the Western US this weekend, becoming the first tropical storm to cross California is a quarter century and Nevada’s first tropical storm. Multiple areas of Southern California broke rain records, with Downtown Los Angeles experiencing the rainiest summer day on record. Roads across

By Samantha Delouya, CNN (CNN) — Shares of Zoom jumped in after-hours trading Monday after the company said it expects to rake in stronger-than-expected earnings in the rest of this fiscal year. The company, which provides video and audio chat services, raised its outlook for profitability for the 2024 fiscal year in its second quarter

By Ramishah Maruf, CNN New York (CNN) — Teva Pharmaceuticals agreed to pay more than $200 million in fines and divest a key generic drug treating cholesterol to settle price-fixing charges from the US Department of Justice, the agency announced Monday. The settlement is the largest penalty paid “for a domestic antitrust cartel,” the DOJ

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 it

By Alicia Wallace, CNN Minneapolis (CNN) — When employers deliver a job offer, it had better come with some teeth: Americans’ wage expectations have hit record highs, according to a Federal Reserve Bank of New York survey released Monday. Job seekers’ average reservation wage — the lowest pay they’d be willing to take for a

By Anna Bahney, CNN Washington, DC (CNN) — Three weeks before wildfires ravaged Maui, killing more than 100 people and displacing thousands, Hawaii’s governor, Josh Green, had warned of a different emergency: an acute housing crisis. Now Maui starts down the long process of rebuilding the more than 2,000 homes and businesses lost. Much of

By Catherine Thorbecke, CNN (CNN) — Canadian Prime Minister Justin Trudeau blasted Facebook for “putting corporate profits ahead of people’s safety” as the social media platform continues to block news content while wildfires rage in Canada’s Northwest Territories and British Columbia. “It is so inconceivable that a company like Facebook is choosing to put corporate

By Matt Egan New York (CNN) — Goldman Sachs is warning clients that Washington is on a collision course with its first government shutdown in five years. “The ingredients for a shutdown — a thin House majority, a dispute on spending levels and potential complications from various political issues — are present,” Goldman Sachs economists

By Jordan Valinsky, CNN New York (CNN) — The reign of “Barbie” is over. At least at the box office, anyway. For the first time since its July 21 release, the Greta Gerwig-directed film wasn’t the country’s top-grossing film for the weekend. Instead, DC’s superhero film “Blue Beetle” took its place and grossed an estimated

By Eva Rothenberg, CNN New York (CNN) — Retail experts have long sounded the alarm on malls in the US. But malls are not going extinct, they are merely adapting to a new environment. In fact, many have reported robust occupancy levels and bigger crowds than before the pandemic, according to a recent market analysis

By Anna Cooban, CNN London (CNN) — The dazzling success of weight-loss drugs in the United States is leading to lower interest rates in Denmark, home of one of their biggest manufacturers, according to the Nordic country’s biggest bank. Sales of Wegovy — which, clinical trials have shown, can help people lose 15% of their

By Nathaniel Meyersohn, CNN New York (CNN) — Ikea is opening a new store in downtown San Francisco Wednesday, bucking the trend of retailers closing in the city. Ikea will be the anchor tenant for a new mixed-use development on Market Street with retail, offices, restaurants and entertainment. City leaders are hopeful that the home

By Hanna Ziady, Tim Lister and Maria Kostenko, CNN London/Kyiv (CNN) — Ukraine is in talks with some of the world’s biggest insurance companies to cover ships traveling to and from its ports in the Black Sea — a crucial step toward a full resumption of vital grain exports around the globe. Work on an

WCCO By Jennifer Henderson and Ramishah Maruf, CNN New York (CNN) — Lyft and Uber threatened to stop doing business in Minneapolis after the city council adopted a new rule Thursday that would set a minimum wage for rideshare drivers. In a 7-5 vote, the Minneapolis City Council passed an ordinance that includes a number

By Peter Valdes-Dapena, CNN Business (CNN) — A hulk of dented, torn and scorched metal that was, decades ago, a Ferrari race car just sold at an RM Sotheby’s auction in California for $1.9 million. While that may be surprising, it’s not quite as horrible an investment as it looks, especially if the buyer is

By Nicole Goodkind, CNN New York (CNN) — Many investors are running a sizable profit this year – the S&P 500 is about 14% higher in 2023. But market losses have been piling up over the past month, particularly on growing fears of contagion from an economic slowdown in China. Inflation, Russia’s war in Ukraine

CNN By Samantha Delouya, CNN (CNN) — China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects. Evergrande filed for

By Samantha Delouya, CNN (CNN) — Amazon founder Jeff Bezos and his fiancée Lauren Sánchez are pledging $100 million dollars to recovery efforts in Maui, Sánchez announced Friday on her Instagram account. “Jeff and I are heartbroken by what’s happening in Maui,” Sánchez wrote. “We are thinking of all the families that have lost so