By Michelle Toh, CNN Business Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. The Hong Kong Monetary Authority (HKMA) announced Thursday that it would welcome executives including Goldman Sachs CEO David Solomon,
Continue Reading By Paul R. La Monica, CNN Business Stocks kicked off October with more treats than tricks for investors. The market rallied to begin the fourth quarter, despite growing worries about the financial health of European banking giant Credit Suisse and weak economic data. The Dow rose 765 points, or 2.7%. That was its biggest gain
Continue Reading By Laura He, CNN Business China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank.
Continue Reading By Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning behind-the-scenes
Continue Reading By Oliver Darcy, CNN Business Donald Trump berated ABC News anchor George Stephanopoulos, descending into a profanity-laced tirade after the journalist asked him in a 2016 interview about Russia, according to a forthcoming book set for release next week. The book, “Confidence Man” by Maggie Haberman of The New York Times, details the stunning behind-the-scenes
Continue Reading By Matt McFarland and Anna Cooban, CNN Business Shares of Porsche gained as much as 5% on their stock market debut in Frankfurt after Volkswagen spun out the premium sports car maker in one of Europe’s biggest listings on record. Volkswagen priced the Porsche initial public offering (IPO) at €82.50 ($80) a share, raising approximately
Continue Reading By Parija Kavilanz, CNN Business Billionaire philanthropist MacKenzie Scott has filed for divorce from her second husband after less than two years of marriage. Scott, one of the world’s richest people, married Seattle-based science teacher Dan Jewett last year after divorcing Amazon founder Jeff Bezos in 2019. Scott filed a petition for divorce in the
Continue Reading By Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts hit roughly $1.92
Continue Reading By Rob Picheta, CNN Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. On Monday, leaks were discovered in the pipelines, prompting investigations by European authorities that determined powerful underwater explosions had occurred just before the pipelines burst in several places. The pipelines
Continue Reading By Danielle Wiener-Bronner and Matt Egan Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact. Prices for frozen concentrate orange juice contracts hit roughly $1.92
Continue Reading By Catherine Thorbecke, CNN Business Amazon is temporarily pausing operations at some of its facilities as Hurricane Ian barrels towards Florida, the company confirmed to CNN on Wednesday. The storm, just shy of Category 5 strength, is expected to make landfall in southwestern Florida on Wednesday afternoon. It is already delivering ruinous winds and rain
Continue Reading By Samantha Murphy Kelly, CNN Business Shares of Apple fell 4% in early trading Wednesday amid concerns about demand for the company’s latest lineup of iPhones. Apple is said to have abandoned efforts to increase production of its iPhone 14 lineup by 6 million units in the second half of this year after lower-than-expected demand,
Continue Reading By Samantha Murphy Kelly, CNN Business Shares of Apple fell 4% in early trading Wednesday amid concerns about demand for the company’s latest lineup of iPhones. Apple is said to have abandoned efforts to increase production of its iPhone 14 lineup by 6 million units in the second half of this year after lower-than-expected demand,
Continue Reading By Samantha Murphy Kelly, CNN Business Amazon on Wednesday unveiled a collection of product updates that tie together its vast suite of services and help ensure it remains at the center of peoples’ lives and homes. Nearly a year after Amazon was met with criticism over its controversial vision for the future of home security,
Continue Reading By Rachel Metz, CNN Business Google is making it easier to find specific dishes at nearby restaurants, whether it’s an ahi tartare, soup dumplings, or something else entirely. A new search feature the company announced Wednesday will let users search for a particular dish by typing its name and “near me” to see a list
Continue Reading By Paul R. La Monica, CNN Business Having an executive allegedly bite someone’s nose might be the least of Beyond Meat’s problems. Investors have taken a big chomp out of Beyond Meat’s stock price as fears grow that the popularity of plant-based food may have reached a peak. Shares of Beyond Meat were around $16
Continue Reading By Julia Horowitz, CNN Business The Federal Reserve is laser-focused on stemming price increases in the United States. But countries thousands of miles away are reeling from its hardball campaign to strangle inflation, as their central banks are forced to hike interest rates faster and higher and a runaway dollar pushes down the value of
Continue Reading By Jordan Valinsky, CNN Business The US Chamber of Commerce and other trade groups filed a lawsuit against the Consumer Financial Protection Bureau over the agency’s recent attempt to examine discrimination in financial services, a move that the groups argue needs congressional approval. Several groups, which include American Bankers Association and Consumer Bankers Association and
Continue Reading By Brian Fung, CNN Apple has removed VKontakte, a top Russian social media platform, from its app store, according to the app’s developer. Apple’s decision also affects other iOS apps produced by VKontakte’s parent, the technology giant VK, according to a blog post Tuesday by the company. “Now some VK applications are blocked by Apple,
Continue Reading By Paul R. La Monica, CNN Business US stocks and bonds rallied Wednesday after the Bank of England said it would buy UK government debt “on whatever scale is necessary” in an emergency intervention to halt a bond market crash. The Dow rose nearly 550 points, or 1.9%. It was the best day for the
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