Money

Luckin Coffee, once hailed as China’s homegrown rival to Starbucks, has filed for bankruptcy in the United States less than a year after the company admitted that millions of dollars in sales had been fabricated. In a statement Friday explaining its Chapter 15 filing, Luckin said the move will help it financially restructure itself and

Enjoying more free time while working from home? Maybe not. New research conducted during the pandemic shows that home-working employees in the United Kingdom, Austria, Canada and the United States are putting in more hours than before. Home working has led to a 2.5-hour increase in the average working day in those countries, said NordVPN

Marty Walsh may not seem like the person to overhaul the gig economy. He spent years advocating for construction workers and less time on the intricacies of on-demand work at billion-dollar tech companies. But now Walsh, a former union leader and the outgoing Mayor of Boston, is on the cusp of becoming the next US

Reddit favorite GameStop isn’t looking so hot this week and some of the stock’s biggest backers are freaking out. After selling off sharply all week, the stock fell another 42% Thursday. “Stop f—ing selling GME,” is the title of a thread on the WallStreetBets forum, home of the Reddit army that boosted the gaming retailer’s

Peloton’s rapid ascent to becoming a must-have home fitness accessory has caused major delivery delays that are angering new customers. The company’s now spending big to fix that. CEO John Foley said Peloton is “putting our money where our mouth is” with a $100 million investment to speed up deliveries, including improving its air and

Jim Nantz has called many Super Bowls (six, to be exact), but none can compare to this Sunday’s big game. For starters, Super Bowl LV will mark the first time a competing team — the Tampa Bay Buccaneers — will be playing in its home stadium. The matchup also features a showdown between two of

America’s jobs recovery has lost steam: Even though 49,000 jobs were added in January, the nation is still down nearly 10 million jobs since before the pandemic. Friday’s January jobs report also showed that the unemployment rate fell to 6.3%, beating economists’ expectations, marking the first decrease in two months. The return of some jobs

Kuaishou’s stock skyrocketed in value Friday as the TikTok-like video app scored the world’s biggest IPO since the coronavirus pandemic began. Shares closed at 300 Hong Kong dollars ($38.70) apiece, marking a 161% jump over the 115 Hong Kong dollars ($14.80) the firm issued them at. It raised a total of 41.28 billion Hong Kong

The first jobs report of the Joe Biden presidency was less than okay — but Wall Street cheered anyway. Stocks rose Friday morning, extending all-time highs for the S&P 500 and Nasdaq. The Dow gained more than 180 points, or 0.6% shortly after the opening bell. The government said that 49,000 jobs were added in

It took less than six months for Instagram’s Snapchat clone to catch up to its rival’s audience size and be credited with stunting Snapchat’s user growth just as the company prepared to make its Wall Street debut in 2017. But Instagram and its parent company Facebook are having a harder time doing the same to

Robinhood, the stock trading app that helped fuel GameStop mania and ended up in a PR crisis, is running a Super Bowl ad. The 30-second spot, which will make its TV debut during Sunday’s game, highlights the company’s branding push that it is “opening America’s financial system to everyone.” The commercial features everyday people living

America’s unemployment rate fell to 6.3% in January, beating economists’ expectations but still signaling a sluggish recovery. The US economy added 49,000 jobs last month, according to the government jobs report released Friday morning. This is a developing story. It will be updated

Robinhood lifted trading limits on GameStop, AMC and other Reddit favorites Friday, easing restrictions that engulfed the free trading app in controversy last week. “There are currently no temporary limits to increasing your positions,” Robinhood said in a blog post. Robinhood outraged customers and lawmakers last week by temporarily suspending purchases of GameStop, AMC, BlackBerry

The jobs recovery has hit a roadblock: The US jobless rate hasn’t improved since the fall and economists don’t have high hopes that this changed in January. Economists predict the US jobless rate stayed put at 6.7% in the first month of 2021, which would be the third month in a row with no change.

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “This is the definition of defamation.” That’s what CNN senior legal analyst Laura Coates told Erin Burnett Thursday night when discussing Smartmatic’s $2.7 billion defamation lawsuit against Fox News, three of the network’s hosts (Lou

UK regulators have pulled the broadcasting license for China Global Television Network, or CGTN. Media regulator Ofcom said Thursday that it had withdrawn the Chinese state-owned channel’s license after an investigation “concluded that the license is wrongfully held by Star China Media Limited.” Ofcom said that Star China Media Limited did not have “editorial responsibility”