Money

By Michelle Toh, CNN Hong Kong (CNN) — Samsung posted its fourth straight quarter of slumping profits on Wednesday, capping off a dismal year that also saw it lose its crown as the world’s top smartphone maker. The South Korean tech giant posted a 35% drop in profit on Wednesday, in a sign of how

By Matt Egan and David Goldman, CNN (CNN) — Baltimore Orioles owner Peter Angelos and family have agreed to sell the baseball team they have owned for more than 30 years to a group led by billionaire David Rubenstein, according to a person familiar with the deal. The price tag: $1.725 billion. That’s almost exactly

By Elisabeth Buchwald, CNN New York (CNN) — Walmart is rolling back the prices for investors, too. That’s because mega retailer is issuing a 3-for-1 stock split, the company announced on Tuesday. A stock split means a single share gets split into multiple shares. Under the plan Walmart announced, people who own shares by close

By Chris Isidore, CNN New York (CNN) — A Delaware state court judge has thrown out the 2018 pay package that helped to make Tesla CEO Elon Musk one of the richest people in the world. Delaware Chancery Court Chancellor Kathaleen McCormick, who oversaw the bench trial that concluded in November 2022, ruled Tuesday that Musk

By Anna Bahney, CNN Washington, DC (CNN) — Half of renters in the United States have found themselves paying more than they can afford, following years of surging rents. But an increase in the construction of multiple-unit buildings has boosted the supply of apartments, which is slowly beginning to rein in runaway rents. Nationally, rents

By Bryan Mena, CNN Washington, DC (CNN) — The Federal Reserve held interest rates steady Wednesday for the fourth-straight meeting, keeping its benchmark lending rate at a 23-year high, as Wall Street eagerly awaits rate cuts sometime this year. The central bank has raised rates 11 times since March 2022 in a bid to combat the fastest inflation in decades. Price hikes have

By Ramishah Maruf, CNN New York (CNN) — PayPal is cutting about 9% of its workforce, the company said Tuesday. The layoffs join the long list of tech companies that have trimmed staff, from Amazon to eBay, in just the first month of the new year. CEO Alex Chriss cited the need to push forward

By Matt Egan, CNN New York (CNN) — Hedge fund billionaire Ken Griffin, who has donated more than $500 million to Harvard University over the years, has halted contributions to his alma mater and claimed elite schools produce “whiny snowflakes.” Griffin, one of the richest people in the world, joins a growing list of donors

By Jennifer Korn, CNN (CNN) — IBM has given managers an ultimatum: Come into the office or leave. The technology firm is pushing for an end to remote work, telling US-based managers to immediately report in-person or exit their role, according to an internal January 16th memo from senior vice president John Granger. Executives and

CNN Opinion by Laurie Segall (CNN) — Sexually explicit AI-generated photos of pop superstar Taylor Swift have flooded the internet, and we don’t need to calm down. Swift may be one of the most famous women in the world, but she represents every woman and every girl when it comes to what’s at stake in the future of artificial

By Matt Egan, CNN New York (CNN) — New York Attorney General Letitia James filed a lawsuit against Citibank on Tuesday, alleging the big bank failed to do enough to protect and reimburse victims of fraud. The lawsuit argues that New York customers lost millions of dollars — in some cases their entire lifesavings —

By Alicia Wallace, CNN New York (CNN) — The US job market remains strong and workers are still in demand, according to newly released labor data. However, there are plenty of indications that activity continues to cool. The number of available jobs in the United States unexpectedly rose in December to an estimated 9.026 million,

By Chris Isidore, CNN New York (CNN) — UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs. Managers and contractor positions will make up most of the layoffs. The job cuts come as UPS issued a disappointing sales outlook for this year, saying it expects

By Hafsa Khalil, CNN (CNN) — An Australian news channel has apologized after broadcasting an edited picture of a female lawmaker that enlarged her breasts and exposed her midriff. The digitally altered photograph of Victoria state lawmaker Georgie Purcell appeared in a 9News evening bulletin Monday after she criticized the local government for rejecting a

CNN By Clare Duffy and Jennifer Korn, CNN. Video by John General and Deborah Brunswick. Orlando, Florida (CNN) — A Florida woman sued Lyft earlier this month, alleging that she was raped by her Lyft driver in 2019 and that the assault resulted in the birth of her third child. The suit is the latest

By Clare Duffy and Jennifer Korn, CNN. Video by John General and Deborah Brunswick. Orlando, Florida (CNN) — A Florida woman sued Lyft earlier this month, alleging that she was raped by her Lyft driver in 2019 and that the assault resulted in the birth of her third child. The suit is the latest in

By Chris Isidore, CNN New York (CNN) — A 46-day strike took only a modest bite out of General Motors earnings for 2023, and America’s largest automaker said it expects profit to bounce back to near or above record levels this year regardless of the higher labor costs, forecasts of weaker car prices and other

By Anna Cooban, CNN London (CNN) — The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. But it warned that the “surprisingly resilient” recovery from the pandemic, Russia’s war in Ukraine and the ensuing cost-of-living crisis could be jeopardised by attacks on

By Jordan Valinsky, CNN New York (CNN) — Starbucks is taking its extra virgin olive oil-infused drinks — which some customers previously complained of sending them straight to the bathroom — nationwide beginning Tuesday. The lineup, called Oleato, launched in a few US cities last year before slowly expanding to more stores. Tuesday’s launch across