Money

By Amy Gunia, CNN (CNN) — The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. In April, Microsoft (MSFT) announced a $1.5 billion investment in G42, an AI group based in Abu Dhabi, capital of the United Arab Emirates (UAE), and

By Peter Valdes-Dapena, CNN (CNN) — Ford is recalling more than 550,000 F-150 pickups in the United States because of an issue that can cause the transmission to suddenly and unexpectedly, at any speed, shift down to first gear. These trucks have six-speed transmissions. Usually, first gear is used to drive a vehicle at very

By Peter Valdes-Dapena, CNN (CNN) — Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday. VW will invest a total of $5 billion into struggling electric vehicle maker Rivian as part of the arrangement, including a $1 billion immediate investment. The two automakers did not provide

By Ramishah Maruf, CNN New York (CNN) — CDK Global, the retail software provider behind the massive auto dealer outage, says it doesn’t believe its systems will be back online before June 30, a major blow to car buyers and sellers who have been struggling to complete auto sales during peak car buying season. A

By Chris Isidore, CNN New York (CNN) — Norfolk Southern on Tuesday faced harsh criticism from regulators for its decisions immediately after a February 2023 derailment in East Palestine, Ohio. During an all-day hearing in the town itself, hosted by the National Transportation Safety Board, the harshest criticism focused on the railroad’s advocating for a

By Samantha Murphy Kelly, CNN (CNN) — Toys “R” Us is proving artificial intelligence could have a future in film. The retail toy brand premiered a short promo film at the 2024 Cannes Lions Festival in France this week that was created almost entirely by using OpenAI’s new text-to-video tool. The company’s entertainment studio partnered

By Peter Valdes-Dapena, CNN (CNN) — Tesla has issued two recalls on the Cybertruck, its third and fourth, since the model was introduced late last year. The latest recall, which includes almost all of the nearly 12,000 trucks on the road so far, involves the truck’s huge single windshield wiper and a piece of plastic

By Parija Kavilanz, CNN New York (CNN) — Millions of Miniverse toy sets made by toymaker MGA Entertainment have been recalled because they pose a serious risk of skin burn, eye and respiratory irritation when touched, inhaled or ingested, the US Consumer Product Safety Commission said Tuesday. The recall involves the “Make it Mini” sets

By Nicole Goodkind, CNN London (CNN) — At the beginning of the year, Federal Reserve officials projected they would cut interest rates three times this year. By June, they had lowered that projection to just one cut. Now some key policymakers say it won’t happen at all. On Tuesday morning, Fed governor Michelle Bowman said

By Elisabeth Buchwald and Parija Kavilanz, CNN New York (CNN) — A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card processors will have to make more concessions to resolve their long-standing dispute with merchants. Mastercard and Visa,

By Alicia Wallace, CNN (CNN) — US consumer confidence teetered slightly in June as Americans grew a little warier about the future, new data released Tuesday showed. The Conference Board’s latest consumer confidence index dipped to 100.4 in June from a downwardly revised level of 101.3 in May. June’s reading landed in line with what

By Chris Isidore, CNN New York (CNN) — Airbus cut its target for how many planes it expects to make this year and next, citing supply chain issues. It’s the latest bad news for airlines and passengers as jet supply continues to get squeezed. The tighter-than-expected supply of jets is forcing airlines to adjust their

By Anna Cooban and Samantha Delouya, CNN London (CNN) — Nvidia stock staged a comeback on Tuesday after a multi-day sell-off that cost the US chipmaker its crown as the world’s most valuable public company. On Tuesday, Nvidia closed nearly 7% higher, reversing course after three straight days of declines, which caused some investors to

By Eva Rothenberg, CNN New York (CNN) — A CDK Global system outage has affected nearly every aspect of the Mazda dealership in Seekonk, Massachusetts, where Ryan Callahan is general sales manager. He says it won’t be a simple fix. “The financial impact it will directly have on us will take months to correct, if

By Hanna Ziady and Brian Fung, CNN London (CNN) — Microsoft has violated European Union antitrust laws by bundling Teams with its other popular applications for businesses, EU officials said Tuesday, marking the bloc’s latest challenge to a US tech giant. If confirmed, the preliminary findings of an EU investigation could lead to a fine

By Jordan Valinsky, CNN New York (CNN) — At 66 years old, Perkins Restaurant and Bakery is due for a touch up. The diner chain, best known for its pies and pancakes, is getting a major makeover that includes a new logo and name, a redesign of its nearly 300 restaurants as well as a

By Matt Egan, CNN New York (CNN) — Reid Hoffman knows firsthand that riches can be made building a social media empire. But the LinkedIn co-founder is dumbfounded by the size of the social media fortune former President Donald Trump is sitting on. Trump’s conservative social media company, Truth Social owner Trump Media & Technology

By Clare Duffy, CNN New York (CNN) — Snapchat is working to make it harder for teenagers to be contacted on the app by people they don’t know, its latest effort to stop the sexual and financial exploitation scam known as sextortion. The company on Tuesday announced a set of new safety features, including expanded

By Juliana Liu and Joyce Jiang, CNN Hong Kong (CNN) — Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle (EV) exports. Speaking to international executives at the “Summer Davos” forum in the northeastern city of

By Chris Lau and Rinka Tonsho, CNN Tokyo (CNN) — Pufferfish is regarded as a luxury in Japan and a meal featuring the potentially poisonous delicacy can easily cost up to 20,000 yen ($125) at high-end restaurants. But now, adventurous foodies in Japan can get a taste of “fugu” for a fraction of the price,