Money

By Samantha Delouya, CNN (CNN) — Fast-fashion retailer Shein has been hit with a lawsuit by rival Temu, alleging the company has used aggressive and unlawful tactics to thwart competition — adding another layer to the hostilities between the two Chinese-owned e-commerce sites as they fight to dominate the bargain shopping market in the US.

By Krystal Hur and Octavio Blanco, CNN New York (CNN) — General Motors will lay off about 1,300 workers from two of its Michigan plants, according to WARN notices the company has filed with state regulators. The job cuts at GM’s Orion Assembly and Lansing Grand River Assembly, which will take place in the new

By Matt Egan, CNN New York (CNN) — Top federal regulators are warning for the first time that the use of artificial intelligence poses a risk to the financial system. The Financial Stability Oversight Council, a team of leading regulators across the US government, formally classified AI on Thursday as an “emerging vulnerability.” Sophisticated AI

By Olivia LaBorde, CNN (CNN) — An Atlanta woman pleaded guilty to stealing more than $4 million from Facebook while she was an executive at the company. Barbara Furlow-Smiles who worked as a lead strategist, global head of employee resource groups and diversity engagement at Facebook, Inc., now known as Meta, from about January 2017 to September 2021 according

By Catherine Thorbecke, CNN (CNN) — General Motors’ beleaguered self-driving car subsidiary Cruise said Thursday that it was laying off roughly a quarter of its workforce, after months of turmoil and years of financial losses. The job cuts will impact approximately 900 of the company’s full-time staffers, and mostly workers in commercial and corporate operations,

By Nathaniel Meyersohn, CNN New York (CNN) — WeightWatchers is accelerating its pivot away from a diet culture brand and into a company catering to people taking Ozempic. WeightWatchers on Thursday launched a new membership plan for members taking GLP-1 prescriptions drugs like Ozempic and Wegovy sometimes used for weight loss. The “WeightWatchers GLP-1 Program”

By Matt Egan and Danny Freeman, CNN New York (CNN) — To punish the University of Pennsylvania for its response to antisemitism, Pennsylvania House Republicans stopped millions of dollars of state funding for the university’s school of veterinary medicine on Wednesday. Legislation that would provide the UPenn School of Veterinary Medicine with more than $31

By Krystal Hur, CNN New York (CNN) — A powerful activist investor is escalating his battle over the future of Disney in a long-simmering feud with CEO Bob Iger and the company’s management, trying to gain two seats on Disney’s board. Trian Fund Management will nominate Nelson Peltz, its founder, and Jay Rasulo, a former

By Anna Bahney, CNN Washington, DC (CNN) — Mortgage rates fell under 7% for the first time since mid-August this week. It is the seventh straight week that rates have dropped, as inflation improves and the Federal Reserve paused its rate increases. With the Fed signaling in its most recent meeting that rate cuts may

By Matt Egan, CNN New York (CNN) — Baseball superstar Shohei Ohtani just inked a monster contract with a unique structure that will surely make Bobby Bonilla smile. Valued at a staggering $700 million, Ohtani’s 10-year deal with the Los Angeles Dodgers isn’t just the richest sports contract on the planet. The record-setting contract features

Pope Francis has called for an international treaty to regulate the use of Artificial Intelligence, warning that the new technology risks causing a “technological dictatorship” which would threaten peace and democracy.

CNN By Casey Tolan, Audrey Ash and Rene Marsh, CNN (CNN) — The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN analysis found. Navy Federal Credit Union, which lends to

By Casey Tolan, Audrey Ash and Rene Marsh, CNN (CNN) — The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN analysis found. Navy Federal Credit Union, which lends to military

By David Goldman, CNN New York (CNN) — For almost two years now, the story of the economy and markets has been all about runaway inflation and central banks’ historic attempts to reverse it. But we may be turning over a new page in the storybook — and it could have a happy ending for

By Bryan Mena, CNN Washington, DC (CNN) — Spending at US retailers rebounded in November after declining in October, pointing to the continued resilience of the US consumer and a strong start to the holiday season. Retail sales, which are adjusted for seasonal swings but not inflation, rose 0.3% in November from the prior month,

By Clare Duffy, CNN New York (CNN) — Threads on Thursday became available to users in the European Union, dealing yet another likely blow to X from a rival platform. Threads teased the EU launch earlier this week by showing an untitled countdown timer to residents in the region who visited the site. Meta, controlled

By Matt Egan and Samantha Delouya, CNN Washington, D.C. (CNN) — Treasury Secretary Janet Yellen is on a mission to repair the fragile yet vital relationship between the United States and China. That mission will kick into high gear next year. Yellen revealed her 2024 US-China gameplan in a major speech to business leaders on

By Laura He, CNN Hong Kong (CNN) — China’s regional governments have issued a record amount of special bonds to support troubled smaller banks, as they try to fend off potential systemic risks that could be triggered by a prolonged real estate crisis. So far this year, at least 15 provinces have issued 205 billion

By Diksha Madhok, CNN (CNN) — China has overtaken the United States as the biggest branded coffee shop market in the world by outlets, according to a report by World Coffee Portal. The number of branded coffee shops in the world’s second largest economy grew by 58% over the past 12 months to reach 49,691