Money

By Anna Cooban, CNN London (CNN) — The Bank of England raised interest rates by a quarter of a percentage point Thursday as inflation remains stubbornly high, buoyed, in part, by strong wage growth. The move brings the main cost of borrowing for commercial banks in the United Kingdom to 5.25% — its highest level

By Michelle Toh, CNN Hong Kong (CNN) — The world’s largest brewer is counting the costs of being swept into a controversy over Bud Light in the United States. AB InBev said Thursday that US revenue fell 10% in the second quarter as sales of its top brand slumped. Sales to US retailers declined by

By Simone McCarthy Hong Kong (CNN) — China is proposing new measures to curb the amount of time that kids and teens can spend on their phones, as the country takes aim at internet addiction and tries to cultivate “good morality” and “socialist values” among minors. A proposal released by the Cyberspace Administration of China,

By Oliver Darcy, CNN (CNN) — A federal judge handed down a rare and alarming court decision this week that could have significant implications for the free press in America. Judge Christopher Cooper, of the US District Court for the District of Columbia, issued a ruling to compel CBS News senior correspondent Catherine Herridge to

By Anna Bahney, CNN (CNN) — The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt

By Ramishah Maruf, CNN New York (CNN) — Dua Lipa’s hit song ‘Levitating’ is back in court. The star and Warner Music Group are facing a multi-million dollar federal lawsuit in Los Angeles from musician Bosko Kante over copyright claims for the song, which spent 77 weeks on the Billboard Hot 100. In a lawsuit

By Bryan Mena and Jeanne Sahadi, CNN (CNN) — There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls —

By Tami Luhby, CNN New York (CNN) — Millions of Americans could receive their tax refunds more quickly in coming years as the Internal Revenue Service brings its technology further into the 21st century. The IRS is launching a major effort to digitize all paper-filed tax returns by 2025, which is expected to cut processing

By Peter Valdes-Dapena, CNN Business (CNN) — Electric vehicles can offer several benefits like quietness, smooth power delivery and lower operating costs. Now, Hyundai Motor Group is adding another amenity to that list: a bigger and better glove compartment. The newly designed glovebox is modeled on overhead bins in airliners, Hyundai Motor Group said Wednesday.

By Matt Egan, CNN Business New York (CNN Business) — Fitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt. “The numbers speak for themselves,” Richard Francis, the lead analyst on US sovereign ratings at Fitch, told CNN in an interview on Wednesday. America’s

By Jon Passantino and Chris Isidore, CNN New York (CNN) — Hollywood studios on Tuesday asked the Writers Guild back to the negotiating table in the first known talks since the nearly 100-day strike brought production of most television shows and movies to a halt. The meeting, sought by the Alliance of Motion Picture and

By Ramishah Maruf, CNN New York (CNN) — YouTuber MrBeast is suing the ghost kitchen behind MrBeast Burger to stop production of its popular burger, claiming the company is taking advantage of his brand to expand rather than focusing on the quality of the food. The lawsuit was filed in the US District Court in

By Laura He and Anna Cooban, CNN Hong Kong/London (CNN) — Global stock markets fell Wednesday after ratings agency Fitch downgraded its US credit rating, citing “a steady deterioration in standards of governance” and the American government’s growing debt burden. Japan’s benchmark Nikkei 225 (N225) index had its worst day of the year, ending down

CNN By Peter Valdes-Dapena, CNN New York (CNN) — Just three years after being discontinued in North America, the Toyota Land Cruiser is coming back — with an all-new, retro-styled design. Besides the classic looks, the new Land Cruiser will also have a more accessible price than before. It follows a trend toward more off-road

By Peter Valdes-Dapena, CNN New York (CNN) — Just three years after being discontinued in North America, the Toyota Land Cruiser is coming back — with an all-new, retro-styled design. Besides the classic looks, the new Land Cruiser will also have a more accessible price than before. It follows a trend toward more off-road capability

By Robert Ilich and Wayne Sterling, CNN (CNN) — Golf’s power structure took a sharp shift to the players Tuesday when Tiger Woods was named as the sixth player director on the powerful PGA Tour policy board. The move gives the players a one-seat advantage on the board after the controversial merger in June between

CNN, POOL, SENATE TV, FITCH RATINGS, THE WHITE HOUSE, @LHSUMMERS, MOODY’S ANALYTICS By Elisabeth Buchwald, CNN (CNN) — Fitch Ratings downgraded its US debt rating on Tuesday from the highest AAA rating to AA+, citing “a steady deterioration in standards of governance.” The downgrade comes after lawmakers negotiated up until the last minute on a

By Danielle Wiener-Bronner, CNN New York (CNN) — Starbucks’ China business is back after dropping due to Covid restrictions last year. In the three months ending on July 2, sales at Chinese locations open at least 13 months spiked 46% year-over-year, the company said Tuesday. China has been a key growth driver for Starbucks. But