Money

By Matt Egan, CNN New York (CNN) — Harvard President Claudine Gay announced Tuesday she is stepping down just six months into her presidency amid a firestorm of controversy at the university. “It is with a heavy heart but a deep love for Harvard that I write to share that I will be stepping down

By Bryan Mena, CNN Washington, DC (CNN) — The stakes could not be higher for the Federal Reserve this year. America’s central bank is on the verge of defeating inflation without causing a sharp rise in unemployment, an extremely rare feat known as a “soft landing.” Last year, as inflation drifted to its slowest annual

By Krystal Hur and Samantha Murphy Kelly, CNN New York (CNN) — Apple stock fell on the first trading day of the year, weighing down the US stock market and snarling Big Tech’s gangbusters 2023 rally. Shares of the iPhone maker sank 3.6% on Tuesday after Barclays downgraded the stock to an “underweight” rating from

By Hanna Ziady, CNN London (CNN) — Maersk has suspended shipping through the Red Sea and Suez Canal — one of the world’s most important maritime trade routes — “until further notice” as it continues to review security following an attack on one of its vessels. The extended suspension reflects concern among international shipping giants

By Brian Fung, CNN (CNN) — Investment giant Fidelity believes its shares of X, the platform formerly known as Twitter, are worth 71.5% less than when Musk first purchased the social media company in October 2022, according to a new securities filing. The latest disclosure by a Fidelity mutual fund reflects a long-running trend that

By Chris Isidore, CNN New York (CNN) — Tesla reported record quarterly sales in the final three months of last year, but it wasn’t enough for it to hang onto its title as the world’s largest maker of electric vehicles. The company reported global sales of 484,507 vehicles in the fourth quarter, a bit better

By Anna Cooban, CNN London (CNN) — Stocks slipped back on the first trading day of 2024, but oil prices rose 2% on escalating tensions in the Middle East and bitcoin got another bump to trade above $45,000. The Dow Jones Industrial Average index slipped 0.2%, while the S&P 500 index fell about 1%. The

By Jeanne Sahadi, CNN New York (CNN) — Welcome to the first business day of 2024. You may be wondering what this new year has in store for your career — your pay, your benefits, your schedule and your job prospects. To find out, we consulted with a number of workplace experts and consultants to

By Laura He and Chris Isidore, CNN Hong Kong/New York (CNN) — BYD overtook Tesla to become the world’s biggest electric car company in the final quarter of 2023. The Chinese company sold a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period to December 31, according to

By Diksha Madhok, CNN (CNN) — ASML has been ordered by the Dutch government to restrict shipment of some of its chip-making equipment to China, the company said on Monday. The curb comes after the United States ramped up its own restrictions on the types of semiconductors that American companies will be able to sell

CNN By Anna Cooban, CNN London (CNN) — Europe hasn’t quite shaken off the big, painful problem haunting its economies over the past two years. Annual inflation in Germany and France, the European Union’s leading economies, rose in December. The first estimate of eurozone consumer price inflation for last month published Friday confirmed the trend

By Anna Cooban, CNN London (CNN) — Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition. The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY),

By Nouran Salahieh, CNN (CNN) — A single Powerball ticket sold in Michigan has matched all six numbers to win an estimated $842.2 million in a New Year’s Day lottery drawing. It’s the fifth-largest Powerball jackpot ever won and the first time a jackpot has been won on New Year’s Day since the game’s start

By Matt Egan, CNN New York (CNN) — Many feared 2023 would be the year of recession. It turned out to be the year of remarkable resilience. The US economy appears to be enjoying the soft landing many argued was nearly impossible. Inflation has cooled dramatically, unemployment remains low and the Federal Reserve could deliver rate cuts as soon as March.

By Diksha Madhok and Jessie Yeung, CNN New Delhi/Hong Kong (CNN) — Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen. The US military said its helicopters responded to distress calls from the vessel

By Samantha Delouya, CNN (CNN) — Mickey Mouse no longer belongs solely to the Walt Disney Company. On January 1, 2024, an early version of the entertainment company’s mascot, featured in Walt Disney’s 1928 short film, “Steamboat Willie,” entered the public domain for the first time. The good-humored rodent, which has been synonymous with the

By Laura He and Simone McCarthy, CNN Hong Kong (CNN) — China’s businesses are struggling and job seekers have trouble finding work, President Xi Jinping acknowledged during his Sunday New Year’s Eve speech. This is the first time Xi has mentioned economic challenges in his annual New Year’s messages since he started giving them in

By Nadia Kounang, CNN (CNN) — On Sunday, the US Food and Drug Administration warned consumers of possible bacterial contamination of Reckitt/Mead Johnson’s Nutramigen Hypoallergenic Powdered Infant Formula Products. The specialty formula is a hypoallergenic infant formula used by infants allergic to cow’s milk. The manufacturers voluntarily recalled 675,030 cans of the formula on December