Money

By Bryan Mena, CNN Washington, DC (CNN) — The Federal Reserve held interest rates steady Wednesday for the second consecutive meeting, leaving the central bank’s benchmark lending rate at its highest level in 22 years. Economists and financial markets had expected the pause in the Fed’s aggressive rate-hiking campaign, after several Fed officials signaled they anticipate a further slowing of the US economy as it

By Jordan Valinsky, CNN New York (CNN) — Magnolia Bakery’s famous banana pudding is being whipped up in a new version that triggers elation in a different kind of way. The New York City–based dessert maker is transforming some of its famous treats into THC-infused edibles, including its banana pudding and red velvet cake. The

By Oliver Darcy, CNN (CNN) — A top news media trade group is calling out A.I. technology companies for scraping news material to train their chatbots. The News Media Alliance, which represents nearly 2,000 outlets in the U.S., published research Tuesday that found developers of generative artificial intelligence systems, such as OpenAI and Google, “have

By Hanna Ziady, CNN London (CNN) — WeWork’s shares plunged 37% in pre-market trading Wednesday, following news reports that the beleaguered company plans to file for bankruptcy as early as next week as its losses mount. The SoftBank-backed flexible workspace provider is considering filing for Chapter 11 bankruptcy protection in New Jersey, the Wall Street

By Michelle Toh, CNN Hong Kong (CNN) — Warren Buffett’s decision to invest billions of dollars into Japan was “a no-brainer” that felt like a gift from God, according to his business partner. “It was awfully easy money,” Charlie Munger, Buffett’s longtime lieutenant and vice chair of Berkshire Hathaway (BRKA), said in an interview with

By Elisabeth Buchwald, CNN Washington, DC (CNN) — A Missouri jury on Tuesday found the National Association of Realtors, a real estate industry trade group, and some residential brokerages liable for nearly $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high. The lawsuit covered home sales that took

By Jeanne Sahadi, CNN New York (CNN) — As part of its ongoing effort to make it easier for Americans to amass retirement savings and protect consumers from having to pay “junk” fees, the Biden Administration on Tuesday released a proposed rule that would require any financial adviser, broker or insurance agent who sells retirement

By Catherine Thorbecke, CNN New York (CNN) — Bill Gates’ former assistant at Microsoft is now the fifth-richest person in the world, per Bloomberg’s tally, and only one spot behind Gates on the real-time list of the world’s richest people. Steve Ballmer, who joined Microsoft as its 24th-ever employee in 1980, has seen his wealth

By Elisabeth Buchwald, CNN New York (CNN) — Americans are losing confidence about the economic outlook. For the third month in a row, the Conference Board’s Consumer Confidence Index fell — dropping to 102.6 in October from an upwardly revised 104.3 in September. The index is at its second-lowest level this year, landing a hair

By Anna Bahney, CNN Washington, DC (CNN) — US home prices continued to rise in August, hitting a new record high and marking the seventh consecutive month of increases. Even as mortgage rates topped 7% in August, historically low inventory continued to push up the price of a home. Prices rose 0.9% in August from

By Bryan Mena, CNN Washington, DC (CNN) — Total compensation paid to US workers grew at a faster pace than expected last quarter, pointing to ongoing momentum in the job market. The Employment Cost Index rose 1.1% in the third quarter, the Labor Department reported Tuesday. That’s a faster pace than the 1% gain registered

By Chris Isidore, CNN New York (CNN) — The longest US auto strike in 25 years is nearly over. Maybe. The United Auto Workers union announced a tentative agreement on a contract with General Motors Monday night. That followed similar announcements Saturday night at Stellantis, and last Wednesday at Ford. The picket lines are coming

By Hanna Ziady, CNN London (CNN) — The euro area economy risks falling into recession later this year after official data Tuesday showed that output shrank slightly in the third quarter. Gross domestic product across the 20 countries that use the euro fell 0.1% in the July-to-September quarter compared with the previous three months, according

By Hanna Ziady and Chris Isidore, CNN London (CNN) — Historic strikes by autoworkers in North America reduced revenue at Stellantis €3 billion ($3.2 billion), the company said Tuesday, but it added that the strike and the cost of new labor contracts won’t stop it from hitting its profit target for the year. The company

CNN By Jennifer Korn and Paul Glader, CNN (CNN) — When technology firm OpenAI ousted its CEO Sam Altman last week with little warning and less explanation, it set off shockwaves throughout Silicon Valley and beyond. Late Tuesday, in a complete reversal, he rejoined the controversial firm he had helped found, effectively bouncing from the

By Samantha Kelly, CNN New York (CNN) — Sam Altman thinks the technology underpinning his company’s most famous product could bring about the end of human civilization. In May, OpenAI CEO Sam Altman filed into a Senate subcommittee hearing room in Washington, DC, with an urgent plea to lawmakers: Create thoughtful regulations that embrace the

By Laura He, CNN Hong Kong (CNN) — China’s massive manufacturing sector has contracted once again amid weak demand, fueling calls for stronger policy support to boost growth. The official manufacturing Purchasing Managers’ Index (PMI) dropped to 49.5 in October from 50.2 in September, according to China’s National Bureau of Statistics (NBS) on Tuesday. That

By Juliana Liu, CNN Hong Kong (CNN) — Canada has banned Chinese super-app WeChat on official government devices citing cybersecurity risks, following similar action taken against short-form video app TikTok earlier this year. The latest ban, announced on Monday and effective the same day, was also imposed on applications from Kaspersky Lab, a Russian maker

By Oliver Darcy, CNN (CNN) — It appears the actors’ strike is approaching its final scene. SAG-AFTRA, the union that represents more than 150,000 Hollywood actors, and the AMPTP, the trade group that represents the major studios, have made significant progress in negotiating sessions in recent days, arriving at tentative understandings on key components of a

By Liam Reilly, CNN (CNN) — A New York judge on Monday shut down an attempt by Fox News to subpoena George Soros, the Jewish billionaire and frequent target of far-right conspiracy theories, and search for additional links between him and Smartmatic, a voting technology company at the center of false election claims during the 2020 election. Manhattan Supreme Court Justice David B. Cohen