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US officials are seeking a $25 million fine from Air Canada, accusing the airline of failing to provide timely refunds to more than 5,000 passengers during the coronavirus pandemic. The formal complaint is the first enforcement action that the Department of Transportation has announced against an airline since the pandemic upended the travel industry in

Big Tech critic Lina Khan will chair the Federal Trade Commission, the powerful antitrust agency that’s targeted companies such as Facebook with fines and lawsuits, according to a White House spokesperson. Khan had been confirmed as a commissioner to the FTC earlier on Tuesday, in a 69-28 Senate vote. But her future as agency chair

Who needs viral videos? Not Oracle, apparently. Oracle’s plan to buy the US assets of Chinese-owned TikTok in a partnership with Walmart is dead now that Donald Trump is out of the White House. But investors don’t seem concerned: They’re still treating Oracle like it’s a red-hot social media stock instead of a boring database

SpaceX has been targeting July for the first orbital flight of its gargantuan Starship system, which will be the most powerful launch vehicle ever created — and, the company hopes, will eventually take humans to Mars. But the company is not likely to hit that goal, CNN Business has learned. SpaceX’s Starship launch operations are

MacKenzie Scott, one of the richest women in the world, and her husband Dan Jewett, donated $2.74 billion to organizations that focus on the arts and combating racial discrimination. The settlement from Scott’s 2019 divorce from her previous husband, Amazon CEO Jeff Bezos, made her one of the richest people in the world. She and

Officials in Europe are yet again ratcheting up the pressure on Silicon Valley titans. The European Union’s top court ruled Tuesday that tech giants regulated by privacy officials primarily in one EU country can still face legal action by privacy officials based in another member country. The ruling opens the door to more litigation against

Shares of sports betting giant DraftKings tumbled in early trading Tuesday after a prominent research firm accused the company of hiding alleged ties to illegal gaming operations. Hindenburg Research claimed in a lengthy report that SBTech, a firm that DraftKings merged with when it went public last year, “brings exposure to extensive dealings in black-market

US retail sales fell 1.3% in May as the sector continues to come down from the stimulus-fueled high of recent months. The last round of stimulus checks from the American Rescue Plan approved by Congress in March boosted consumer spending in the early spring months. But the sugar rush has worn off. Sales numbers for

Another key inflation indicator flashed a warning sign in May: Producer prices jumped a record amount last month. The economy is reopening fully and soaring demand, together with supply chain issues and materials shortages, is pushing prices higher. That trend, which has been taking place all year, continued in May. Between May 2020 and May

Australia and the United Kingdom announced a free trade agreement Tuesday as Britain begins to forge new economic relationships following its departure from the European Union. The main elements of the deal were agreed by UK Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison at a meeting in Downing Street on Monday night.

The news just keeps getting worse for Lordstown Motors. The troubled electric truck maker said Monday that its CEO and chief financial officer were stepping down — just one week after warning that the company could go out of business. Shares of Lordstown plunged nearly 20% in early trading on the news. Lordstown didn’t give

The United States and the European Union have resolved a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China’s rising economic influence. US officials confirmed on Tuesday they struck a truce to end the dispute over government subsidies for the world’s