Money

By Matt Egan, CNN Business Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders. At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in

By Nathaniel Meyersohn, CNN Business Adidas ended its sneaker partnership with Ye, formerly known as Kanye West, last month after the musician’s anti-Semitic tirade. But Adidas will continue to sell the lucrative sneaker and apparel line, stripped of the Yeezy name and branding. The company said it’s the sole owner of all Yeezy line design

By Oliver Darcy, CNN Business Rupert Murdoch, the media mogul who controls some of the most powerful organs in conservative media, appeared to make clear Wednesday that he would prefer to cast aside former President Donald Trump in favor of Florida Gov. Ron DeSantis as the leader of the Republican party.​ The New York Post,

By Chris Isidore and Vanessa Yurkevich, CNN Business The threat of a freight railroad strike has been pushed back to early December, as four major unions have agreed to coordinate the date on which they could potentially go on strike. The third-largest railroad union, the Brotherhood of Maintenance of Way Employe Division, had been prepared

By Reuters Tens of thousands of British nurses will go on strike for the first time over demands for better pay, their trade union said on Wednesday, adding to pressure on Prime Minister Rishi Sunak during an economic crisis. Nurses at the majority of state-run National Health Service (NHS) employers across Britain have voted to

By Matt Egan It’s never a great time to carry credit card debt. But right now is arguably the worst time. The Federal Reserve’s war on inflation has driven up the average credit card APR (annual percentage rate) to 19.04% as of November 9, according to Bankrate.com. That’s the highest rate since Bankrate.com’s database began

By Julia Horowitz, CNN Business The world may be losing the fight against the climate crisis, but investors are still willing to throw money at oil and gas companies. That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world

By Danielle Wiener-Bronner, CNN Business Between warnings of a recession, high inflation and layoff fears, the news is bleak. Why not have some chocolate? Chocolate makers are reporting booming sales as stressed out customers reach for something sweet to take the edge off. In the third quarter, sales of Hershey’s chocolates, which include Reese’s, Kit

By Stella Chan, CNN The owner of Joe’s Service Center in Altadena, California, who came to the United States from Syria in 1980 with $14,000 in his pocket, is now a millionaire after selling the sole winning Powerball lottery ticket. California Lottery officials presented the check to Joe Chahayed and his sons Joe Jr. and

By Anna Bahney, CNN Business Redfin is set to shutter its home-flipping business and reduce its workforce by 13%, laying off 862 employees. About 264 of the job cuts will be directly related to the shutdown of RedfinNow, the company’s instant buying, or iBuying, business in which it purchases a home as-is, completes minor improvements

By Allison Morrow, CNN Business In an abrupt reversal, cryptocurrency exchange Binance pulled out of a deal to acquire its embattled rival FTX, saying the company’s problems were “beyond our control or ability to help.” Binance, the world’s largest crypto exchange, said it reviewed FTX’s finances as part of the due diligence process, and it