Money

By Laura He, CNN Hong Kong (CNN) — Chinese stocks staged their biggest rally in years Tuesday, after the country’s sovereign wealth fund said it would step up buying shares as officials scramble to draw a line under a three-year market rout. The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks,

By Gawon Bae, CNN Seoul (CNN) — A South Korean company is ready to pay millions of dollars to help fix the country’s abysmally low birth rate. Booyoung Group, a construction firm based in Seoul, plans to pay employees 100 million Korean won ($75,000) each time they have a baby, it said in a press release

By Hanna Ziady, CNN London (CNN) — UBS has deepened a cost cutting drive launched after its emergency acquisition of rival Credit Suisse, as it slashes thousands of jobs and tries to boost earnings to make sure the mammoth deal pays off. The Swiss lender said Tuesday that it was now targeting $13 billion in

By Juliana Liu and Chie Kobayashi, CNN Hong Kong/Tokyo (CNN) — One of Japan’s biggest trading firms, Itochu, has decided to end its partnership with a major Israeli defense company due to the war in Gaza. The sprawling conglomerate, best known outside Japan for its Family Mart chain of convenience stores, said its aviation unit

By Laura He, CNN Hong Kong (CNN) — A Chinese court has handed a suspended death sentence to Tian Huiyu, an ex-president of China Merchants Bank and previously the right-hand man of the country’s former economic tsar, on charges including bribery and insider trading. The sentence comes as Chinese leader Xi Jinping steps up his

By Samantha Murphy Kelly, CNN (CNN) — More people who are still using telephone landlines will soon need to decide if they want to finally hang up on their service. Just last week, AT&T applied for a waiver that would allow it to stop servicing traditional landlines in California. AT&T and Verizon previously stated they

By Allison Morrow, CNN New York (CNN) — Tesla shares fell nearly 4% Monday after a Wall Street Journal report shed light on Elon Musk’s unusually close personal and financial ties with members of the carmaker’s board of directors, fueling concerns on Wall Street about a lack of real oversight on one of the world’s

By Brian Fung, CNN Washington (CNN) — A blockbuster lawsuit by the US government against Google’s ad business will go to trial in September, according to a federal judge. The trial is scheduled to begin on Sept. 9, District Judge Leonie Brinkema said in court documents filed Monday in the US District Court for the

By Matt Egan, CNN New York (CNN) — A team of five US Treasury Department officials is traveling to Beijing this week for a series of meetings on the economy with their counterparts in China, a Treasury official told CNN on Monday. The trip by senior officials comes ahead of a planned return to China

By Chris Isidore, CNN New York (CNN) — Many victims of the massive storms now battering Southern California about are to be hit with another heartbreak – discovering their insurance won’t cover the damage. The typical homeowners’ policy won’t cover loss from flood damage. That is covered by the National Flood Insurance Program, a part of the

By Krystal Hur, CNN New York (CNN) — US stocks fell Monday after Federal Reserve Chair Jerome Powell said Sunday the central bank is not ready to cut interest rates yet. “We want to see more evidence that inflation is moving sustainably down to 2%. Our confidence is rising. We just want some more confidence

By Brian Fung, CNN Washington (CNN) — A video on Facebook manipulated to suggest that President Joe Biden behaves inappropriately toward women can remain on the platform, but only because of a problematic loophole in Meta’s “incoherent” policies, the company’s Oversight Board said Monday. The loophole threatens elections worldwide and should be closed as soon

By Oliver Darcy, CNN New York (CNN) — CNN announced Monday that it will overhaul its entire slate of morning programming, charting a new course under new chief executive Mark Thompson as the cable news network works to improve its lackluster ratings. The network said that it will revamp its flagship morning offering, “CNN This

By Catherine Thorbecke, CNN (CNN) — Snap Inc, the parent company of Snapchat, said Monday that it is laying off 10% of its staff, becoming the latest tech company to conduct a fresh round of job cuts since the start of the year. Snap disclosed the latest layoffs in a regulatory filing on Monday, saying

CNN By Vanessa Yurkevich, CNN New York (CNN) — It started as a joke. At the end of 2023, when social media users were posting their “Ins and outs” for 2024, comedian and writer Lukas Battle did the same, bringing the term “loud budgeting” to the world. “Loud budgeting is a new concept I am announcing for 2024, it’s

By Jordan Valinsky, CNN New York (CNN) — McDonald’s said growing tensions in the Middle East have hurt its business. The burger chain, reporting growing overall sales and earnings for fourth quarter, noted that the overseas tensions were weighing on the region’s sales, and the company is monitoring the evolving situation. The Middle East doesn’t

By Matt Egan, CNN New York (CNN) — Outsiders vying to reform Harvard University – and backed by billionaires Bill Ackman and Mark Zuckerberg – have failed in their quest to join the school’s Board of Overseers. Despite the high-profile backing from Ackman and Zuckerberg, the write-in candidates did not gather enough signatures to make it

By Vanessa Yurkevich, CNN New York (CNN) — It started as a joke. At the end of 2023, when social media users were posting their “Ins and outs” for 2024, comedian and writer Lukas Battle did the same, bringing the term “loud budgeting” to the world. “Loud budgeting is a new concept I am announcing for 2024, it’s the