Money

By Matt Egan, CNN New York (CNN) — Multiple US banks were hit by deposit delays on Friday caused by an error at a payment processing network, according to the Federal Reserve. The Clearing House, which operates the Automated Clearing House system, which allows banks to send electronic payments to each other, experienced a processing

By Aimee Look Abu Dhabi (CNN) — Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Saudi gross domestic product, the broadest measure of its economy, shrunk 4.5% year-over-year in the third quarter of 2023, the country’s official statistics agency said this week. That’s

By Jordan Valinsky, CNN New York (CNN) — Jeff Bezos is leaving the city where it all began for him. The Amazon founder announced on Instagram that he’s relocating from Seattle, where he has lived since 1994, to Miami. He explained that his parents recently moved back to Florida, where he and his family lived

By Jordan Valinsky and Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried was found guilty Thursday following a monthlong trial that was almost as wild as the rapid rise and fall of cryptocurrency exchange FTX itself. He was found guilty of stealing billions of dollars from accounts belonging to customers of FTX. He was also found

By Anna Cooban, CNN London (CNN) — Shipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust. One of the world’s biggest shipping firms said in its third-quarter results Friday that its revenues had almost

By Matt Egan, CNN New York (CNN) — Maayan Cohen was on a flight from Tel Aviv to Las Vegas when she learned through a text that a terror attack was unfolding in Israel. After delivering a speech at a tech conference in Vegas, the Israeli-American CEO of health company Hello Heart hopped on a

By Laura He, Yong Xiong and Wayne Chang, CNN Hong Kong (CNN) — Young people used Halloween parades on the streets of China’s richest city this week to dress up in costumes protesting the country’s economic problems that were underscored by a record spike in borrowing costs for some banks. Thousands of revellers in Shanghai

By Alicia Wallace, CNN Minneapolis (CNN) — For several months now, the US labor market has been on a cooling trajectory, and Friday’s jobs report made that even more apparent. The US economy added 150,000 jobs last month, falling below expectations but still notching a solid month of employment growth, according to Bureau of Labor Statistics data

By Samantha Delouya and Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. If given the maximum sentence, the 31-year-old former billionaire will go to prison for the rest of his life.

By Taylor Romine, CNN (CNN) — The Culinary Workers Union Local 226 and Bartenders Union Local 165 will strike on November 10 at 5 am PT if a contract is not agreed by then, they said in a news release Thursday. Thirty-five thousand workers would strike across 18 casino resorts on the Las Vegas Strip if a five-year

By Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy. Bankman-Fried

By Chris Isidore, CNN New York (CNN) — The first United Auto Workers union vote by rank-and-file members was 82% in favor of the tentative labor deal that ended the union’s strike at Ford last week, an early sign that the recent labor deals will be able to get the membership support they need. The

By Samantha Delouya, CNN New York (CNN) — As prescriptions for weight-loss and diabetes drugs skyrocket, so too has revenue for drugmakers Novo Nordisk and Eli Lilly. On Thursday, Novo Nordisk, the Denmark-based company behind Ozempic and Wegovy, reported a 29% increase in sales to $8.4 billion for the third quarter. Eli Lilly, which makes

By Jennifer Korn, CNN (CNN) — Elon Musk declared artificial intelligence “one of the most disruptive forces in history” in a sit down conversation with British Prime Minister Rishi Sunak that dove into the dangers and opportunities of AI on Thursday, capping off the UK’s inaugural AI Safety Summit. “AI will be a force for

By Nicole Goodkind, CNN New York (CNN) — As financial pressures mount on Walgreens, the nation’s largest drugstore chain, the company said it will cancel bonuses this year for its corporate staff and slash bonuses sharply for its store and pharmacy managers. The cutback comes as the company contends with both disappointing quarterly earnings and

By Clare Duffy, CNN New York (CNN) — Apple on Thursday posted its fourth consecutive quarter of year-over-year sales declines as the iPhone maker continues to struggle with slower device sales amid an uncertain economic environment. The company reported $89.5 billion in sales for the three months ended September 30, down 1% from the same

By Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Over the past four weeks in a Manhattan federal court, the 12 jurors and five alternates have sat through more than 60 hours of testimony about the rise and fall of a

By Brian Fung, CNN Washington (CNN) — When the Federal Trade Commission and 17 states sued Amazon for antitrust violations this fall, a heavily redacted portion of the lawsuit referenced “Project Nessie,” a secret algorithmic pricing tool. The complaint offered few details on the program aside from disclosing its existence. Now, however, a newly unsealed

By Nicole Goodkind, CNN New York (CNN) — US stocks soared higher again on Thursday as investors bet that the Federal Reserve’s current round of economically painful rate hikes might be over. The Dow rose 565 points, or 1.7%. The S&P 500 was 1.9% higher and the Nasdaq Composite was up 1.8%. Both the S&P

By Nathaniel Meyersohn, CNN New York (CNN) — Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back. Holiday sales will increase by up to 4% this year, not adjusted for inflation, the National Retail Federation said Thursday