Money

By Nicole Goodkind, CNN New York (CNN) — BP CEO Bernard Looney has resigned after admitting that he had not been “fully transparent” about “historical relationships with colleagues,” according to a statement from the oil giant on Tuesday. Murray Auchincloss, the company’s CFO, will act as CEO on an interim basis. “In May 2022, the

By Brian Fung, CNN Washington (CNN) — Elon Musk should be forced to testify in an expansive US government probe of X, the company formerly known as Twitter, the US government said. The government said mass layoffs and other decisions Musk made raised questions about X’s ability to comply with the law and to protect

CNN By Matt Egan, CNN New York (CNN) — Global oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months as the energy market braces for supply disruptions caused by catastrophic flooding in Libya. At least 2,000 people have died and 10,000 are believed missing following the deadly

By Matt Egan, CNN New York (CNN) — Global oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months as the energy market braces for supply disruptions caused by catastrophic flooding in Libya. At least 2,000 people have died and 10,000 are believed missing following the deadly flooding

By Jennifer Korn, CNN New York (CNN) — TikTok is officially kicking off its US e-commerce efforts with the launch of TikTok Shop. The short-form video platform launched an in-app shopping experience in the United States on Tuesday, according to a company blog post, after months of testing. TikTok Shop allows users to find and

By Jordan Valinsky, CNN Business New York (CNN) — Lyft is introducing a new feature that lets women and non-binary riders choose a preference to match with drivers of the same gender. The ride-hailing company said it was a “highly requested feature” in a blog post Tuesday, saying the new feature allows women and non-binary

Brian Fung, CNN (CNN) — US prosecutors opened a landmark antitrust trial against Google on Tuesday with sweeping allegations that for years the company intentionally stifled competition challenging its massive search engine, accusing the tech giant of spending billions to operate an illegal monopoly that has harmed every computer and mobile device user in the

By Paul Glader, CNN (CNN) — “You’ll never be successful,” Errol Musk in 1989 told his 17-year-old son Elon, who was then preparing to fly from South Africa to Canada to find relatives and a college education. That’s one of the scenes Walter Isaacson paints in his 670-page biography of Elon Musk, who is now

By Olesya Dmitracova, CNN London (CNN) — Economic relations between Moscow and Beijing have become very strong, Russia’s president said Tuesday, a year and half after sweeping sanctions dramatically curtailed ties with the West. “Relations between Russia and China in the sphere of economic cooperation have reached a very high level,” Vladimir Putin said, speaking

By Matt Egan, CNN New York (CNN) — A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis. Joining a growing list of US officials visiting the region, Assistant US Treasury Secretary Brent Neiman is traveling to Hong

By Matt Egan, CNN New York (CNN) — Online shoppers were greeted by rapidly falling prices in August, marking another positive sign in the fight against inflation. E-commerce prices tumbled by 3.2% year over year in August, Adobe Analytics said on Tuesday. That’s the biggest annual drop in 40 months, or just over three years.

By Jordan Valinsky, CNN New York (CNN) — McDonald’s is getting rid of one of its biggest perks. The fast food chain is eliminating its self-serve soda machines by 2032 at its US restaurants, the company said, explaining that the change will make the experience consistent for customers and crew across the chain. For decades,

By Chris Isidore, CNN New York (CNN) — Shawn Fain is one of the most important people in the US economy today. A year ago, almost no one knew who he was. The new president of the United Auto Workers union, sworn into office less than six months ago, could lead strikes by 145,000 members

By Samantha Murphy Kelly and Clare Duffy, CNN (CNN) — Apple unveiled its iPhone 15 lineup along with other major updates during its September keynote event on Tuesday. The company announced it will switch to USB-C charging from its proprietary Lightning charging cable with the iPhone 15, marking a milestone for the company by adopting

By Bryan Mena, CNN Washington (CNN) — America’s small businesses felt gloomier in August as they continued to struggle with inflation and hiring qualified workers, according to a survey from the National Federation of Independent Business released Tuesday. Optimism among more than 600 small businesses surveyed declined in August from the prior month, snapping a

By Danielle Wiener-Bronner, CNN New York (CNN) — For about a year and a half, Coca-Cola has experimented with limited-edition beverages that have mystery tastes — most of them with vague, futuristic concepts and undisclosed flavors. The latest one, Coca-Cola Y3000, fits the bill. The one distinction: It’s supposed to taste like the future. Fittingly,

By Laura He, CNN Hong Kong (CNN) — Alibaba Group will embrace artificial intelligence (AI) and promote younger people to senior management, its new CEO says, as the e-commerce and cloud giant tackles its most ambitious restructuring in its history. “Times are changing, and so must Alibaba!” Eddie Wu, who stepped into the chief executive

By Laura He, CNN Hong Kong (CNN) — One of China’s most popular livestreamers has offered a teary apology after getting into a viral online spat in which he questioned whether a viewer had been working “hard enough” to make enough money to afford a product he was selling. The backlash highlighted the ongoing economic

By Oliver Darcy, CNN (CNN) — Walter Isaacson’s highly anticipated biography on Elon Musk is hitting shelves on Tuesday — and he is already walking back a major claim. Isaacson reported in his book that Musk had abruptly turned off Ukraine’s access to his Starlink satellite internet system last year just as the country was

By Kathleen Magramo Hong Kong (CNN) — Philippine Nobel Peace laureate Maria Ressa was acquitted of tax evasion Tuesday, according to her news site Rappler, in the latest legal victory for the veteran journalist. Ressa and Rappler are now cleared of all five tax-related charges filed during the administration of former President Rodrigo Duterte, according