Money

By Nicole Goodkind, CNN New York (CNN) — In a workplace that’s become increasingly dominated by instant messaging apps like Slack, global banks (and regulators) are taking unprecedented steps to police how their employees communicate. HSBC is blocking staff from texting on their work phones, a person familiar with the matter confirmed to CNN. The

By Hanna Ziady, CNN London (CNN) — Nestlé plans to close a plant in Ireland that makes baby formula, citing a sharp drop in China’s birth rate, in a fresh example of the far-reaching implications of China’s demographic crisis. The world’s largest food company said Wednesday that it would shut its Wyeth Nutrition infant formula

By Bryan Mena, CNN Washington, DC (CNN) — Federal Reserve Chair Jerome Powell said Thursday that soaring bond yields could help the Fed slow the economy, further cooling inflation and the possibly signaling the end of rate hikes. But he stopped short of declaring victory, citing the economy’s resilience. “Tight policy is putting downward pressure

By Mariya Knight, CNN Atlanta (CNN) — A US-Russian dual national working for Radio Free Europe has been detained in Russia and charged with failing to register as a foreign agent, the US-funded news organization reported Wednesday. Alsu Kurmasheva is currently employed as a journalist and editor for the Tatar-Bashkir service of Radio Free Europe/

By Laura He, CNN Hong Kong (CNN) — China’s real estate market remains a drag and will put pressure on global growth. New home prices fell in September, a third straight month of decline, according to data released Thursday by the National Bureau of Statistics (NBS), despite Beijing’s efforts to shore up the sector. The

By Michelle Toh, CNN Hong Kong (CNN) — Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday. The Finnish telecom giant, a major provider of 5G equipment that employs 86,000 people, announced the move as part of a wider

By Peter Valdes-Dapena, CNN (CNN) — General Motors and Honda, along with Cruise — GM’s autonomous driving subsidiary — have agreed to create a driverless ride-hailing company in Japan. The company will use the Cruise Origin autonomous vehicle to give rides in Tokyo, Japan’s largest city. The companies plan to begin providing services in 2026.

By Matt Egan, CNN Business New York (CNN Business) — Former University of Pennsylvania trustee Vahan Gureghian is calling for Liz Magill, the Ivy League school’s president, to step down and warned the backlash from powerful donors will likely get worse over a growing uproar over how the school has dealt with allegations of antisemitism

By Gregory Wallace, CNN (CNN) — Delta Air Lines is easing off some recent changes to its SkyMiles loyalty program that sparked criticism from frequent flyers. The changes are aimed at the most loyal travelers who have built up years of status at the airline as well as business travelers and Delta’s (DAL) credit card

By Nathaniel Meyersohn, CNN New York (CNN) — Longtime Costco chief executive Craig Jelinek will step down at the end of the year, the company said Wednesday. Ron Vachris, Costco’s president and chief operating officer who started at the company 40 years ago driving forklifts, will replace him. Costco’s stock was little changed during after

By Samantha Delouya, CNN Los Angeles (CNN) — A Hilton hotel in Houston has canceled a conference scheduled for next week hosted by the US Campaign for Palestinian Rights, amid mounting violence between Israel and Hamas. The hotel cited “escalating security concerns” as the reason for the cancellation. The event was set to take place

By Chris Isidore, CNN New York (CNN) — Tesla reported a drop in third-quarter earnings as the electric vehicle maker fell short of Wall Street expectations. Tesla reported adjusted earnings of $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two

By Samantha Delouya, CNN Los Angeles (CNN) — Netflix has raised its prices again. The streaming giant said in its third-quarter earnings report that its premium ad-free plan in the United States will increase by $3 per month, to $22.99, starting Wednesday. Its one-stream basic plan will rise to $11.99 in the United States. All

By Parija Kavilanz, CNN New York (CNN) — Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts. The first tranche of stores to be sold — both leased and owned — is located in twelve states, according to

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ net worth surged at a historic pace from 2019 to 2022, a reflection of the pandemic era’s tremendous economic swings and the wealth generated from homeownership and financial assets, according to Federal Reserve data released Wednesday. Real, or inflation-adjusted, median net worth swelled by 37% in 2022

By Matt Egan (CNN) — Venture capitalist David Magerman is the latest major donor to the University of Pennsylvania cutting off financial support to the Ivy League school, and he’s calling for all “self-respecting” Jews to do the same. Hedge fund billionaire Cliff Asness, another major backer of UPenn, is similarly halting donations. A growing

By Anna Bahney, CNN Washington, DC (CNN) — US homebuilding bounced back in September, after dropping in August to the lowest levels since 2020 as mortgage rates climbed. Housing starts, a measure of new home construction, jumped 7% above the revised August estimate. Starts rose to a seasonally adjusted annual rate of 1.358 million last

CNN, CNN BUSINESS By Alexandra Meeks, CNN (CNN) — An artificial intelligence innovation recently deciphered one word from the famously indiscernible 2,000-year-old Herculaneum scrolls. The documents, which were burned in the eruption of Mount Vesuvius in 79 AD, would crumble if anyone attempted to unroll them and were considered to be nearly illegible — until

By Peter Valdes-Dapena, CNN Business (CNN) — The 1985 Domino’s Pizza delivery car looks more like it was designed to shoot down invading alien spacecraft than to bring you a hot delicious pepperoni pie. But back in the ’80s, Domino’s founder Tom Monaghan ordered 10 Tritan A2 cars and customized them with warming ovens in

By Nicole Goodkind, CNN New York (CNN) — When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. In the immediate aftermath of the Israel-Hamas War, shares of military contractors spiked as both institutional and retail investors bought in, according to VandaTrack research.