By Nimi Princewill, CNN Nigerians have criticized the “redesigning” of the country’s local currency proposed by its central bank to rein in counterfeiting and hoarding of large sums outside the banking system. President Muhammadu Buhari unveiled the redesigned 200-, 500-, and 1,000-naira notes on Wednesday, saying “the new Naira banknotes have been fortified with security
Continue Reading By Chris Isidore, CNN Business Elon Musk is ready to try his troubled new verification system for Twitter once again. This time, in color. The CEO of Twitter announced – via a tweet of course – that Twitter will roll out its tentatively launching Verified on Friday next week. There’s changes to the program that
Continue Reading By Frank Pallotta, CNN Business Thanksgiving weekend has historically offered a cornucopia of films, letting moviegoers get out of the house and kick back after eating copious amounts of turkey, mashed potatoes and pie. But this year the movie menu is pretty sparse. The North American box office has few new films this weekend that
Continue Reading By Nathaniel Meyersohn, CNN Business Holiday shopping isn’t what it used to be. But many Americans are still expected to spend on Black Friday, and into the season. Mastercard projects that sales will grow 15% on Black Friday compared with last year. Spending will be driven by shopping in stores, which was more muted last
Continue Reading By Julia Horowitz, CNN Business Allies of Ukraine want to put a price limit on Russian oil. But there’s a problem: They can’t agree on a number that would actually pile pressure on the Kremlin. The West’s biggest economies agreed earlier this year to cap the price of Russia’s most valuable export and vowed to
Continue Reading By Anna Cooban and Diksha Madhok, CNN Business Indian billionaire Gautam Adani’s business empire is planning to raise nearly $2.5 billion in a new share offering as it pushes to expand into new areas. Adani Enterprises, the flagship company of the Adani Group, said in a stock exchange filing on Friday that its board had
Continue Reading By Hanna Ziady, CNN Business Britain’s cost-of-living crisis is already taking the shine off Black Friday. Now, the annual shopping bonanza faces an additional threat from strikes that could disrupt deliveries, subdue online sales and deliver another blow to the slumping economy. Some 235,000 workers have gone on strike across the United Kingdom this week,
Continue Reading By Michelle Toh, CNN Business Hikvision, a leading Chinese surveillance company, has denied suggestions that it poses a threat to Britain’s national security after the UK government banned the use of its camera systems at “sensitive” sites. The restrictions, announced Thursday, will prevent authorities from installing technology that is produced by companies subject to China’s
Continue Reading By Vedika Sud, CNN Rats in northern India have been accused of eating hundreds of kilograms of cannabis seized from drug dealers and stored in police warehouses. “Rats are small animals, and they aren’t scared of the police,” noted a court in the city of Mathura, Uttar Pradesh, after hearing that local police were unable
Continue Reading By Michelle Toh, CNN Business Two European chip deals have run into trouble over their links with China, a sign of concern spreading in the West over potential Chinese control of critical infrastructure. Last week, the new owner of Britain’s biggest chipmaker was ordered to unwind its takeover, just days after another chip factory sale
Continue Reading By Michelle Toh, CNN Business Two European chip deals have run into trouble over their links with China, a sign of concern spreading in the West over potential Chinese control of critical infrastructure. Last week, the new owner of Britain’s biggest chipmaker was ordered to unwind its takeover, just days after another chip factory sale
Continue Reading By Gayle Harrington and Robert North, CNN Adidas will begin an investigation into allegations of misconduct against Kanye West, with whom the company had a partnership that it ended in October. In a statement released Thursday, Adidas said “it is currently not clear whether the accusations made in an anonymous letter are true. However, we
Continue Reading By Oliver Darcy, CNN New Twitter owner Elon Musk declared last month that “hate speech impressions” had dramatically fallen on the platform since he took over. It was a remarkable claim, given that Musk has executed mass layoffs and chased away hundreds of employees, draining the company of much-needed resources to enforce content moderation policies,
Continue Reading By Clare Duffy and Catherine Thorbecke, CNN Business Elon Musk said Thursday that he will begin restoring most previously banned accounts on Twitter starting next week, in his most wide-reaching move yet to undo the social media platform’s policy of permanently suspending users who repeatedly violated its rules. “The people have spoken,” Musk tweeted on
Continue Reading By Oliver Darcy, CNN Business The staggering level of apparent deception staged by former crypto king Sam Bankman-Fried wasn’t uncovered by government investigators or a major powerhouse financial news organization, such as The Wall Street Journal. Instead, the public’s first glimpse of the alleged wrongdoing by Bankman-Fried — known to insiders as SBF — came
Continue Reading By Nicole Goodkind, CNN Business Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. The demonstrations against Chinese President Xi Jinping and his costly zero-Covid policy are an exceedingly rare case of widespread civil disobedience. While the protests represent an unprecedented challenge for Xi, they also carry economic and
Continue Reading By Jennifer Korn, CNN Business Stores and businesses across the United States will be closed Thursday as Americans celebrate Thanksgiving — but it can be confusing to figure out what will remain open. Many stores that were once open on Thanksgiving have changed policy since the pandemic, shuttering for the day before Black Friday sales.
Continue Reading By Nectar Gan and Juliana Liu, CNN Business Foxconn has offered to pay newly recruited workers 10,000 yuan ($1,400) to quit and leave the world’s largest iPhone assembly factory, in an attempt to quell protests that saw hundreds clash with security forces at the compound in central China. The Apple supplier made the offer Wednesday
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. The 30-year fixed-rate mortgage averaged 6.58% in the week ending November 23, down from 6.61% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen
Continue Reading By Paul R. La Monica, CNN Business Americans are getting ready for food, family and football on Thursday, but investors were still holding off until Wednesday afternoon before starting to give thanks. That’s because the Federal Reserve released the minutes from its latest meeting at 2pm ET Wednesday, which provided more clues about the central
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