Money

CNN By Laura He, CNN Hong Kong (CNN) — Shares in SMIC, China’s largest contract chipmaker, plunged on Thursday, after two US congressmen called on the White House to further restrict export sales to the company. The comments came after Huawei Technologies introduced the Mate 60 Pro, a Chinese smartphone powered by an advanced chip

By Ramishah Maruf, CNN New York (CNN) — Google reached an agreement in principle with US states to settle an antitrust lawsuit for its alleged conduct in the Google Play Store, according to a Tuesday court filing. This lawsuit was led by New York Attorney General Letitia James and attorneys general from California, North Carolina,

By Elisabeth Buchwald, CNN New York (CNN) — Economists added yet another term to their lexicon in recent months: immaculate disinflation. While there’s no official definition of immaculate disinflation, the phrase is being used to describe a scenario where inflation cools without causing a spike in unemployment. Historically, that’s been difficult — if not impossible

By Matt Egan, CNN New York (CNN) — Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. The Wall Street bank had already factored in the possibility of high oil prices long before Russia and Saudi Arabia

By Samantha Murphy Kelly, CNN Business (CNN) — The United States government is seeking more information about the Huawei Mate 60 Pro, a Chinese smartphone powered by an advanced chip. The new flagship device, which reportedly includes a new 5G Kirin 9000s processor developed specifically for Chinese manufacturer Huawei, recently shocked industry experts who didn’t

By Nathaniel Meyersohn, CNN New York (CNN) — Tom Brady has a new employer: Delta Air Lines. The seven-time Super Bowl champion is expanding his post-NFL career business ventures, joining Delta to work on internal employee training and appear in external advertising campaigns. Delta said Wednesday that Brady would become a “strategic adviser” to the

By Nicole Goodkind, CNN Business New York (CNN) — Roku stock soared higher on Wednesday after the streaming service announced it would lay off 10% of its workforce – about 300 people – in an effort to cut costs. Roku said that in addition to the layoffs, it would slow its pace of hiring, consolidate

By Nathaniel Meyersohn, CNN New York (CNN) — Over the weekend, intense rain and flooding stranded more than 70,000 people at Burning Man in the Nevada desert. It’s the latest example of how extreme weather, exacerbated by climate change, impacted major North American attractions this summer. The largest theme park companies — Six Flags (SIX),

By Jordan Valinsky, CNN Business New York (CNN) — Wendy’s is entering the pumpkin spice wars. For the first time, Wendy’s is adding a pumpkin spice-flavored Frosty to its menus for a limited time beginning September 12. Wendy’s said the new flavor “merges the same creamy, delectable texture Frosty fans know and love with hints

By Pauline Lockwood and Jennifer Korn, CNN Hong Kong/New York (CNN) — China has banned the use of iPhones for central government officials, The Wall Street Journal reported, citing unnamed people familiar with the matter. Shares in Apple tumbled 3.6% on Wednesday following the news, closing at $182.91 in New York. It marked the biggest

By Ramishah Maruf, CNN New York (CNN) — Digital World Acquisition Corp., the blank-check firm seeking to merge with former President Donald Trump’s media company, will get another extension to complete its troubled deal. Shareholders voted to grant DWAC (DWAC) another year to pull off its merger with Trump Media & Technology Group, which owns

By Olesya Dmitracova, CNN London (CNN) — Manchester United shares have plunged more than 19% this week, slashing almost $740 million off the soccer club’s market value, following a UK newspaper report that the club’s US owners would drop an attempt to sell the company, at least for now. The stock fell more than 18%

By Chris Isidore, CNN New York (CNN) — President Joe Biden expressed confidence that three of the nation’s automakers would avoid a strike at a Labor Day event this week. But it’s tough to find anyone in the auto industry on either side of negotiations ready to agree with that. “No, I’m not worried about

By Chris Isidore, CNN New York (CNN) — Federal safety regulators are pushing to get 52 million air bags recalled due to the threat that they could explode, severely injuring or even killing a car’s occupants. The National Highway Traffic Safety Administration said a ruptured inflator from these air bags killed at least two people,

By Parija Kavilanz, CNN New York (CNN) — Barbie isn’t one to rest on her laurels. She’s conquered the box office over the summer, breaking numerous records and turning the “Barbie” movie into a $1 billion global sensation. “Barbie” was distributed by Warner Bros., which is owned by CNN’s parent company Warner Bros. Discovery. Now,

By Parija Kavilanz, CNN New York (CNN) — Private equity group Consortium Brand Partners announced Wednesday it has acquired actress Reese Witherspoon’s fashion and lifestyle brand, Draper James, through a majority stake. According to the deal, Consortium Brand Partners acquired a 70% stake in the company for an undisclosed amount while Witherspoon remains a partner

By Jordan Valinsky, CNN New York (CNN) — Bud Light’s parent company is having a miserable year. But there’s at least one prominent investor who believes in Anheuser-Busch: Bill Gates’ foundation trust. The Bill and Melinda Gates Foundation Trust last quarter bought 1.7 million shares of Anheuser-Busch, valued at around $95 million, according to a

By Michelle Toh, CNN (CNN) — Chinese property giant Country Garden has twice narrowly avoided defaulting on its debt in a matter of days. But it’s not home free. The developer, China’s largest in terms of home sales, continues to keep investors around the world on edge as it faces more upcoming payment deadlines on

By Jessie Yeung and Junko Ogura, CNN Tokyo (CNN) — For dedicated gamers across Asia, late-night sessions often mean chugging cans of Red Bull or snacking on fast food to stay awake. But what about the greasy fingerprints left on keyboards? Or the danger of keeping drinks near gaming equipment? Noodle maker Nissin says it

By Oliver Darcy, CNN (CNN) — It’s a carriage fight that could lead to the dismantling — or revolution — of the cable television bundle. The brawl between Disney and Charter Communications, which has erupted into view at the most inopportune time for sports fans as the US Open plays out and the NFL season