Money

By Jordan Valinsky, CNN New York (CNN) — Outback Steakhouse’s parent company abruptly closed 21 restaurants in October as it begins a “comprehensive turnaround strategy” to keep up with its trendier competitors. Bloomin’ Brands, Outback’s parent company, disclosed in its earnings report Thursday that in addition to those closures, an additional 22 locations across its

By Bryan Mena, CNN Washington (CNN) — Company announcements of layoffs in the United States surged in October as AI continued to disrupt the labor market. Announced job cuts last month climbed by more than 153,000, according to a report by Challenger, Gray & Christmas released Thursday, up 175% from the same month a year

By Elisabeth Buchwald, CNN (CNN) — The chances of businesses getting tariff refunds grew significantly on Wednesday after the Trump administration’s case to keep most of his levies in place was met with deep skepticism from multiple conservative and liberal justices. The big question now: How would potential tariff refunds work? The federal government has

By Ramishah Maruf, Gordon Ebanks, John Towfighi, CNN New York (CNN) — New York’s wealthiest had warned of a business exodus if Zohran Mamdani won Tuesday’s mayoral race. But for small business owners like Kadjahtou Balde, Mamdani’s victory is a reason to stay in one of the country’s most expensive cities. “As somebody who is

By John Liu, CNN Hong Kong (CNN) — Qatar Airways will sell its stake in Cathay Pacific Airways for $896 million, ending its eight-year shareholding in Hong Kong’s flagship carrier. The Doha-based airline approached Cathay about selling its entire 9.6% holding, which Cathay will buy back at $1.4 per share – subject to the approval

By Matt Egan, CNN New York (CNN) — JPMorgan Chase CEO Jamie Dimon has some advice for New York City Mayor-elect Zohran Mamdani: Talk to the man who helped bring Detroit back from the dead. Dimon, who has been critical of Mamdani, suggested the incoming New York City mayor could learn a lot from outgoing

By Chris Isidore, CNN (CNN) — Tesla shareholders could soon give CEO Elon Musk, already the wealthiest person on the planet, the chance to become the world’s first trillionaire – or risk him walking away entirely. Musk’s new pay package is the key measure that will be up for a vote at Tesla’s annual meeting

By Chris Isidore, CNN (CNN) — The UPS freighter that crashed in Louisville was a 34-year old jet. While that’s old for a passenger plane, that’s not so unusual in the world of air cargo. There are no initial indications that the age of the McDonnell Douglas MD-11 was in any way a factor in

By Alicia Wallace, Lucy Bayly, CNN (CNN) — Private-sector job creation bounced back in October, according to a snapshot of the labor market that has become more closely watched in the absence of official federal jobs data. Payroll processing company ADP on Wednesday estimated that private-sector businesses added an estimated 42,000 jobs last month, a

By Nathaniel Meyersohn, Matt Egan, CNN New York (CNN) — Hudson’s Detroit, the Motor City’s first new skyscraper in nearly half a century, is a symbol of Detroit’s transformation from bankruptcy to boomtown. The $1.4 billion project includes a recently opened office building as well as retail on the site of the former J.L. Hudson’s

By John Towfighi, CNN (CNN) — Michael Burry, the famed investor behind “The Big Short,” is betting artificial intelligence is more of a bubble than a revolution. Burry’s fund, Scion Asset Management, disclosed on Monday that it bought puts — bets that share prices will fall — on two stars of the AI wave: Nvidia

CNN, SENATE TV By Kevin Liptak, CNN (CNN) — The last time the federal government ran out of money, President Donald Trump wanted the world to know he was making sacrifices. “I am all alone (poor me) in the White House,” he tweeted on Christmas Eve 2018, left behind in dreary, shutdown Washington, DC, as

By Matt Egan, CNN New York (CNN) — The ongoing government shutdown isn’t just the longest in American history. It’s likely the most damaging, too. Historically, the economic damage from shutdowns is fleeting, quickly reversing when the government reopens. However, the 36-day lapse in funding that began on October 1 is already dealing a significant

By John Liu, Simone McCarthy, and Joyce Jiang, CNN Beijing/Hong Kong (CNN) — Nearly three decades ago, Starbucks opened its first outlet in China with much fanfare, involving a troupe performing a traditional “golden lion” dance and eager customers trying cappuccinos made with steaming espresso machines. The entry of the American brand helped spur the

By Joseph Ataman, CNN Paris (CNN) — France has said it will suspend Shein’s access to the French market following a headline-grabbing scandal over sales of “childlike” sex dolls. The government started proceedings Wednesday to ban Shein’s French website “for the time necessary for the platform to show to the authorities that all of its

Reuters (CNN) — Stellantis said Tuesday it is recalling 375,000 plug-in hybrid Jeep Wrangler and Grand Cherokee SUVs worldwide over battery failure after 19 reports of fires, and urged owners to park outdoors until a fix is completed. The recall covers some 2020 through 2025 Jeep Wrangler 4xe and 2022-2026 Jeep Grand Cherokee 4xe SUVs.

By Chris Isidore, CNN (CNN) — It may be easy to look at the Los Angeles Dodgers’ record-setting payroll and back-to-back World Series titles and think that baseball desperately needs a salary cap. After all, the Dodgers’ total payroll of $350 million is roughly double the league’s average and $84 million more than the previous

By Jordan Valinsky, CNN New York (CNN) — Denny’s, the struggling, 72-year-old diner chain, is selling itself to a group of investors who are taking the business private. The company announced Monday that it’s sold itself to TriArtisan Capital Advisors, a private equity firm that also owns P.F. Chang’s, and Yadav Enterprises, a major Denny’s

By John Towfighi, CNN New York (CNN) — One year after President Donald Trump’s reelection, the US stock market continues to notch record highs. The S&P 500 has gained 19.6% over the past 12 months, boosted by strong corporate earnings and investors’ enthusiasm about artificial intelligence. Stocks have been remarkably adaptable, defying concerns about a

By Lisa Eadicicco, CNN (CNN) — Alex Alonso cloned his CEO. Well, sort of. Alonso used emails and public appearances to create an AI chatbot of Johnny Taylor Jr., the CEO of the Society for Human Resource Management, where Alonso is the chief data and analytics officer. The AI CEO gives Alonso feedback on work