Money

By Matt Egan, CNN A coalition of Republican-led states is suing the US Labor Department to block an imminent rule change that will allow 401(k) managers to consider climate change and other environmental, social and governance (ESG) factors when selecting investments. The coalition, led by Utah Attorney General Sean Reyes, argues the Labor Department rule

By Paul R. La Monica, CNN Goldman Sachs had a rough year in 2022. And CEO David Solomon was punished for that. Sort of. The investment banking giant said in a Securities and Exchange Commission filing Friday that Solomon received $25 million in annual compensation last year. While that is still a very large amount

By Jordan Valinsky, CNN Business An apparent shortage of pharmacists is forcing CVS and Walmart to reduce the hours of its pharmacies, as they close earlier in thousands of locations. Beginning in March, both retailers will either cut or shift the hours that their pharmacies operate in response to staffing shortages and waning consumer demand

By Alicia Wallace, CNN For the second month in a row, consumers said they are feeling better about the economy. The University of Michigan’s closely watched consumer sentiment index measured 64.9 for January, according to data released Friday. That’s up slightly from the preliminary reading of 64.6 earlier this month and 9% higher than December’s

By Anna Cooban, CNN China’s swift reopening after nearly three years of strict coronavirus controls could provide a much-needed boost to global economic growth, but may also stoke inflation just as it has shown signs of falling back. The revival of the world’s second largest economy — and its biggest consumer of commodities — threatens

By Nicole Goodkind, CNN As the Federal Reserve continues its inflation-fighting tightrope act, market moves suggest that investors may be feeling more at ease with the central bank’s actions. That’s not necessarily a good thing. What’s happening: The Fed is widely expected to reduce the pace at which it is hiking rates to a quarter

By Chris Isidore, CNN Chevron reported a record full-year profit of $36.5 billion, buoyed by high oil prices. Adjusted earnings for the year more than doubled from the $15.6 billion Chevron earned in 2021 and up 36% from its previous record profit set in 2011. The oil company’s fourth-quarter earnings came in at $7.9 billion,

By Diksha Madhok, CNN The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering

By Jordan Valinsky, CNN Just like the McRib, straws might be a thing of the past at McDonald’s. The chain has begun testing strawless lids in some US cities as part of a multi-year effort to make its packaging more environmentally friendly. “These lids help optimize our packaging and eliminate the use of small plastics,

By Matt Egan, CNN Normally, prices at the gas pump drift lower during the dead of winter as lousy weather keeps Americans off the roads. But something unusual is happening this year: Gas prices are rocketing higher. The national average for regular gas jumped to $3.51 a gallon on Friday, according to AAA. Although that’s

By Michelle Toh and Philip Wang, CNN LVMH posted record results Thursday, and expressed confidence that China’s luxury market would bounce back this year as the country continues to reopen. The world’s biggest luxury group logged revenue of €79.2 billion ($86.2 billion) and profit of €21.1 billion ($22.9 billion) for 2022, both up 23%. In

By Gregory Wallace, CNN Southwest Airlines said it is testing software fixes that the company developed after its Christmas travel meltdown, as the airline faces multiple federal investigations. The software fixes are an “upgrade,” rather than a replacement of the crew scheduling system, Southwest executives said on a conference call with reporters Thursday. The airline

By Paul R. La Monica and Nathaniel Meyersohn, CNN The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news,