Money

By Matt Egan, CNN New York (CNN) — For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday. The Securities and Exchange Commission said Wells Fargo’s fees were excessive. Wells Fargo agreed to pay a $35 million civil penalty to settle the matter, without admitting

By Eva Rothenberg, CNN New York (CNN) — Fast fashion e-tailer Shein may be coming to a mall near you. Forever 21’s parent company Sparc Group announced on Thursday that it will partner with the online shopping giant in a deal that would see Sparc become a minority shareholder in Shein. In turn, Shein would

By Bryan Mena, CNN Washington, DC (CNN) — Additional interest rate hikes are still on the table and rates could remain elevated for longer than expected, Federal Reserve Chair Jerome Powell said Friday. Delivering a highly anticipated speech at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming, Powell again stressed that the

By Elisabeth Buchwald, CNN New York (CNN) — Most of the year, people visit Jackson Hole, Wyoming, to ski, fly fish or simply enjoy the region’s vast natural beauty. But for three days in late August, the valley situated near Grand Teton National Park transforms into Woodstock for economists. There, top economists from across the

By Jordan Valinsky, CNN Business New York (CNN) — A brand of frozen mixed vegetables and sweet corn sold at Kroger and Food Lion is being recalled because of potential bacterial contamination. The Food and Drug Administration announced this week that Twin City Foods, which packages the affected food, is “voluntarily recalling a limited quantity”

By Chris Isidore, CNN New York (CNN) — Members of the United Auto Workers union overwhelmingly approved possible strikes at the nation’s three unionized automakers next month, as the union tries to win back many of the concessions it lost more than 15 years ago and protect members during the transition to electric vehicles in

By Samantha Delouya, CNN Los Angeles (CNN) — The global inflation crisis put the world’s central banks in lockstep for the past year, raising rates nearly in unison. But the economic landscape has changed, and diverging policies could spell trouble down the road. So how should central banks coordinate when their economies are headed in

By Melanie Hicken and Blake Ellis (CNN) — In a high-profile case that rocked the commercial shipping industry, a sailor accused of raping a student from the US Merchant Marine Academy has agreed to surrender his credential to work on ships, but he will not be criminally prosecuted. Longtime merchant mariner Edgar Sison voluntarily surrendered

By Niamh Kennedy, CNN London (CNN) — Heineken has announced its departure from Russia following the sale of its business in the country for a symbolic €1 ($1). The Dutch beer maker said in a statement Friday that it had received the necessary approvals to sell its operations to Arnest Group, a Russian manufacturer, completing

By Brian Fung, CNN (CNN) — The world’s largest tech companies must comply with a sweeping new European law starting Friday that affects everything from social media moderation to targeted advertising and counterfeit goods in e-commerce — with possible ripple effects for the rest of the world. The unprecedented EU measures for online platforms will

By Laura He, CNN Hong Kong (CNN) — US Commerce Secretary Gina Raimondo will travel to China next week, a visit that coincides with a worsening slowdown in the world’s second largest economy. While China’s troubles might give Raimondo greater leverage to pursue better market access for American companies, she is also likely to face

By Ramishah Maruf, CNN New York (CNN) — The US Equal Employment Opportunity Commission has sued a North Carolina Hooters restaurant for allegedly discriminating against Black or darker-skinned “Hooters Girls,” the federal agency announced Thursday. In March 2020, at the beginning of the Covid-19 pandemic, the Greensboro, North Carolina, Hooters temporarily laid off around 43

By Ramishah Maruf, CNN New York (CNN) — Gap reported declining sales across all four of its brands – Gap, Old Navy, Banana Republic and Athleta – in the second quarter, noting continued uncertainty among consumers. At its flagship Gap stores, sales were driven by “continued strength in the women’s category,” the company noted in

CNN By Samantha Delouya and Kelly McCleary, CNN (CNN) — Maui County filed a lawsuit Thursday against Hawaiian Electric Company and its subsidiaries, alleging that the utility company’s negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month. The lawsuit alleges

By Chris Isidore, CNN New York (CNN) — The United Auto Workers union reached a tentative deal Thursday to raise wages 25% at Ultium Cells, a company that makes batteries for General Motors’ electric vehicles. The union said the agreement will be retroactive to December 23, meaning that workers will get between $3,000 to $7,000

By Samantha Delouya and Kelly McCleary, CNN (CNN) — Maui County filed a lawsuit Thursday against Hawaiian Electric Company and its subsidiaries, alleging that the utility company’s negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month. The lawsuit alleges that

By Ramishah Maruf, CNN New York (CNN) — Wells Fargo experienced issues with some aspects of its banking system on Thursday night, according to the bank itself and hundreds of complaints on Downdetector, a platform that tracks service outages. Problems ranged from transferring funds to declining ATM cards on Downdetector, with the bank tweeting that

By Oliver Darcy, CNN (CNN) — The first Republican primary debate of the 2024 campaign season hosted by Fox News averaged 12.8 million viewers, according to viewership data, a larger than expected audience given the notable absence of frontrunner and disgraced former President Donald Trump. The numbers were far short of the historic 24 million

By Anna Bahney, CNN Washington, DC (CNN) — Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. And that crushing lack of affordability isn’t expected to improve much in the near future. In just the last few weeks, US

By Matt Egan, CNN New York (CNN Business) — Washington plans to keep piling pressure on Russia through additional sanctions in a bid to force hard choices in Moscow, a senior US official tells CNN. The preparations of further economic punishments come as cracks emerge in Russia’s economy and society because of the war in