Money

By Bryan Mena, CNN Washington, DC (CNN) — After a summer of robust consumer spending, America’s bars, hotels and restaurants say the era of post-pandemic splurging by US consumers has likely drawn to a close. That includes “revenge travel” — a phenomenon in which consumers spent big on dining out and travel to make up

By Kara Scannell, CNN New York (CNN) — Ryan Salame, a former top executive of FTX, the now-bankrupt cryptocurrency trading platform, has pleaded guilty to criminal charges in a New York courtroom on Thursday afternoon. He has also agreed to forfeit $1.5 billion. The plea comes less than one month before Sam Bankman-Fried, co-founder of

By Clare Duffy, CNN New York (CNN) — Snapchat says it’s working to make its app even safer for teen users. Parent company Snap said Thursday that it is rolling out a suite of new features and policies aimed at better protecting 13- to 17-year-old users, including restrictions on friend suggestions and a new system

By Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates ticked down for the second week in a row but remain above 7%. It’s the fourth consecutive week rates have been above 7% as inflation pressure lingers. The 30-year fixed-rate mortgage averaged 7.12% in the week ending September 7, down from 7.18% the week

By Chris Isidore, CNN New York (CNN) — President Joe Biden may hope the United Auto Workers union will not strike the nation’s three unionized automakers. But right now about all he can do is hope. Biden doesn’t have the legal authority he would have if a freight railroad or airline was threatening to strike.

By Jordan Valinsky, CNN Business New York (CNN) — Gatorade’s newest beverage doesn’t look or taste like its other neon-bright drinks. In fact, it’s just water. The PepsiCo-owned brand, best known for its fruit-flavored sports drinks like Fierce Grape or Frost Glacier Cherry, is adding Gatorade Water. It’s a major bet that the brand can

By Andy Rose, CNN (CNN) — Attorneys who filed a proposed class-action lawsuit against Hawaiian Electric, accusing the utility company of causing the devastating Lahaina wildfire in Maui, are asking a judge to let them expand the suit to include telecommunications companies along with private and public landowners. The Hawaiian wildfires, which began on August

By Aimee Look and Mostafa Salem, CNN Abu Dhabi (CNN) — With its glitzy luxury resorts and a world-renowned horse racing industry, the United Arab Emirates soon might have a new card to play in attracting visitors — gambling. The UAE introduced a new regulatory body to oversee commercial gaming on Monday, made up of

By Anna Cooban, CNN London (CNN) — British American Tobacco has struck an agreement to sell its businesses in Russia and Belarus, the company announced Thursday, more than 18 months after Moscow’s full-scale invasion of Ukraine sparked a mass exodus of Western firms from Russia. BAT (BTI) said in a statement that it had entered

By Oliver Darcy, CNN (CNN) — Elon Musk’s crusade to demonize the Anti-Defamation League is showing no signs of ending. The billionaire, burning white-hot anger at the Jewish nonprofit because it had the audacity to point out how hate speech has flourished on his X/Twitter platform, continued on Wednesday smearing the ADL and unleashing a

By Jessie Yeung, CNN (CNN) — The head of Japan’s top pop agency Johnny & Associates stepped down Thursday after admitting that her uncle, the company’s late founder, had sexually abused minors for years, following months of international scrutiny and an independent investigation. Julie K Fujishima, the niece of Johnny Kitagawa, announced her resignation in

By Laura He, CNN Hong Kong (CNN) — Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip that

By Luciana Lopez, Oliver Darcy and Chris Isidore, CNN (CNN) — Warner Bros. Discovery boss David Zaslav called for Hollywood to work together to end the writers and actors strikes, which have crippled Hollywood and which WBD this week said could cost the company as much as $500 million this year. “We really have to

CNN By Laura He, CNN Hong Kong (CNN) — Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip

By Ramishah Maruf, CNN New York (CNN) — Google reached an agreement in principle with US states to settle an antitrust lawsuit for its alleged conduct in the Google Play Store, according to a Tuesday court filing. This lawsuit was led by New York Attorney General Letitia James and attorneys general from California, North Carolina,

By Elisabeth Buchwald, CNN New York (CNN) — Economists added yet another term to their lexicon in recent months: immaculate disinflation. While there’s no official definition of immaculate disinflation, the phrase is being used to describe a scenario where inflation cools without causing a spike in unemployment. Historically, that’s been difficult — if not impossible

By Matt Egan, CNN New York (CNN) — Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. The Wall Street bank had already factored in the possibility of high oil prices long before Russia and Saudi Arabia

By Samantha Murphy Kelly, CNN Business (CNN) — The United States government is seeking more information about the Huawei Mate 60 Pro, a Chinese smartphone powered by an advanced chip. The new flagship device, which reportedly includes a new 5G Kirin 9000s processor developed specifically for Chinese manufacturer Huawei, recently shocked industry experts who didn’t

By Nathaniel Meyersohn, CNN New York (CNN) — Tom Brady has a new employer: Delta Air Lines. The seven-time Super Bowl champion is expanding his post-NFL career business ventures, joining Delta to work on internal employee training and appear in external advertising campaigns. Delta said Wednesday that Brady would become a “strategic adviser” to the

By Nicole Goodkind, CNN Business New York (CNN) — Roku stock soared higher on Wednesday after the streaming service announced it would lay off 10% of its workforce – about 300 people – in an effort to cut costs. Roku said that in addition to the layoffs, it would slow its pace of hiring, consolidate