Money

By Danielle Wiener-Bronner, CNN Business A group of restaurant owners and five small businesses are suing New York City Mayor Bill de Blasio and the city over its vaccine mandate in the hopes of blocking the new requirement. Earlier this month, the city announced a new rule requiring people to show proof of vaccination against

By Oliver Darcy, CNN Business The right-wing channel Fox News, whose top personalities have for months assailed the concept of vaccine passports and argued that asking about vaccine status amounts to a major intrusion of privacy, told employees this week that they must disclose their vaccination status to the company. In a Tuesday memo updating

By Paul R. La Monica, CNN Business Robinhood posted a big loss in its first earnings report since its volatile initial public offering last month, overshadowing the fact that sales more than doubled in the second quarter, led by strong demand for cyptocurrency trading. The company reported revenue of $565 million in the quarter. Analysts

By Frank Pallotta, CNN Business Millions of guests visit Disney theme parks each year, and most of them probably loathe waiting 90 minutes to ride “Peter Pan’s Flight.” So now Disney is rolling out a new service that will help park goers streamline their visits and cut down on wait times. “Genie” — which debuts

By Allison Morrow, CNN Business Three former Netflix engineers and two of their associates have been charged with illegally profiting more than $3 million in a long-running insider trading scheme, the Securities and Exchange Commission said Wednesday. The SEC complaint said that the person at the center of the scheme, Sung Mo Jun, traded on

By Matt Egan, CNN Business Afghanistan’s currency has tumbled to record lows this week as the Taliban seizes control of the impoverished nation and a shortage of US dollars sets off panic. The afghani traded to 86 per US dollar on Wednesday, down sharply from about 80 a week ago, according to Refinitiv. The currency

By Paul R. La Monica, CNN Business The S&P 500 and the Dow are still near all-time highs despite Tuesday’s big selloff. The Nasdaq isn’t far from a record either. All three indexes are up between 14% and 18% this year. But September, historically the worst month for stocks, is looming. After that comes October,

By Nathaniel Meyersohn, CNN Business Old Navy will end its practice of separate plus-size sections for women’s clothing in stores and online and begin offering all of its women’s apparel in sizes 0 to 30. The move comes as online fashion brands such as Eloquii, Dia & Co., Elvi and Torrid gain success targeting younger

By Matt Egan, CNN Business The International Monetary Fund, under pressure from the Biden administration, said Wednesday it will no longer release $450 million in funds that were scheduled to be sent to Afghanistan next week. The move comes after the Treasury Department and congressional Republicans voiced concern about releasing the funds given the toppling

By Jordan Valinsky, CNN Business Mastercard is getting rid of magnetic stripes on its credit and debit cards over the next 10 years, part of a broader push from the company to use “more capable and secure” alternatives to the old-fashioned swipe. The company said it’s the first payments network to phase out magnetic stripes,

Opinion by Mark Zandi for CNN Business Perspectives The US economy’s immediate prospects appear inextricably tied to how the wave of infections and hospitalizations set off by the Delta variant of Covid-19 plays out. While it seems unlikely that the variant would become so disruptive that it undermines the recovery, there are mounting reasons to

By Julia Horowitz, CNN Business The economic recovery from the pandemic has produced a red-hot global housing market, sending prices soaring and generating angst for would-be first-time buyers. But signs are growing that demand could be tapering off as expenses rise. What’s happening: High construction costs and supply shortages are weighing on confidence among builders,

By Diksha Madhok, CNN Business Tencent reported a 29% rise in second-quarter profit, even as Beijing expands its scrutiny of the private sector. The Chinese gaming and social media giant said Wednesday that revenue jumped 20% to 138.3 billion yuan ($21.3 billion) for the three months ended June, compared to the same period last year,

By Charles Riley, CNN Business Nando’s has been forced to close dozens of restaurants in the United Kingdom due to shortages of the chain’s signature peri peri chicken. Some 45 outlets were shuttered across England, Scotland and Wales, a spokesperson for Nando’s told CNN Business on Wednesday. The company has dispatched some of its employees