Money

By Jessica Xing, CNN (CNN) — The New York City Council approved a bill Thursday to make the pandemic-era outdoor dining program a permanent part of the city, with some restrictions, according to the Office of New York City Mayor Eric Adams. The city instituted the outdoor dining program in 2020 under the administration of

By Allison Morrow, CNN New York (CNN) — The gulf between a CEO’s paycheck and their typical employee’s has always been vast. But the advent of AI is already threatening to exacerbate that gap, enriching the C-suite at the expense of their employees, according to a new report from the AFL-CIO. The average CEO compensation

By Parija Kavilanz, CNN New York (CNN) — “Swifties” heading to Los Angeles to see Taylor Swift concerts this week may find a large number of staff at their hotels on strike when they get there. The union representing 15,000 hotel workers who have been staging a series of rolling strikes since the start of

By Catherine Thorbecke, CNN (CNN) — Apple said Thursday that its revenue slipped 1% to $81.8 billion for its quarter ending July 1, marking the third consecutive year-over-year drop in quarterly revenue for the world’s most valuable company. There were some bright spots, however. The company said its services revenue reached a new all-time high

By Ramishah Maruf, CNN New York (CNN) — Amazon (AMZN)’s sales boomed on strong demand in the second quarter for its wide range of products, from fast delivery for Prime deals to ads, fueling a massive jump in profit from a year ago. Sales grew 11% to $134.4 billion. That’s an increase from $121.2 billion

By Danielle Wiener-Bronner, CNN New York (CNN) — Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit. Sales at North American locations open at least a year fell 1% in the quarter ending on June 25, compared to the same period last year, dragged down by high prices at the

By Peter Valdes-Dapena, CNN Business (CNN) — Hyundai and Kia are recalling about 90,000 cars and SUVs in the United States and warning owners to park them outside and away from structures and other vehicles because they could catch fire. The recall is just the latest in a long and large series of other fire-related

By Danielle Wiener-Bronner, CNN New York (CNN) — Last month, the Indian government announced an abrupt ban on exporting non-basmati white rice, which includes varieties favored by South Indian communities. The move has raised fears of destabilizing rice supplies in certain parts of the world and reportedly sent some US shoppers into panic-buying mode. But

By Allison Morrow and Holmes Lybrand, CNN (CNN) — A husband and wife, whose eccentricities and alleged crimes earned them the nickname “Bitcoin Bonnie and Clyde,” pleaded guilty to orchestrating a $4.5 billion money-laundering scheme linked to the 2016 hack of crypto exchange Bitfinex. The couple, Russian-born tech entreprener Ilya Lichtenstein and Heather Morgan, an

by Brian Fung Washington, DC (CNN) — Threads, Meta’s Twitter rival, is struggling to retain users roughly a month after its highly publicized launch, according to fresh industry estimates showing that app engagement has fallen to new lows. The data from market research firms Similarweb and Sensor Tower highlight the challenges facing Meta as it

By Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates jumped this week, climbing closer to 7%. The move follows last week’s rate hike from the Federal Reserve, and the downgrade this week by Fitch Ratings agency of US sovereign debt, and of Freddie Mac and Fannie Mae. The 30-year fixed-rate mortgage averaged 6.90%

By Nathaniel Meyersohn, CNN New York (CNN) — Amazon has faced challenges getting shoppers to buy groceries in its Amazon Fresh grocery stores and recently laid off workers — but it’s betting a new strategy and redesigned stores will be the answer to its struggles. The company announced Wednesday that it will add hundreds of

By Krystal Hur, CNN New York (CNN) — Warren Buffett is shrugging off Fitch Ratings’ historic downgrade of US credit from the top AAA grade to AA+. “There are some things people shouldn’t worry about. This is one,” the billionaire investor said. The “Oracle of Omaha” told CNBC on Thursday that his company, Berkshire Hathaway,

By Matt Egan, CNN New York (CNN) — OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. An official source from the Saudi Ministry of Energy told state-run news agency SPA Thursday that the kingdom

By Jamiel Lynch and Jamie Gumbrecht, CNN (CNN) — In a lawsuit filed on Wednesday, a Louisiana woman is claiming she has suffered severe injuries due to her use of Ozempic and Mounjaro, which were prescribed by her doctor. The two injectable medications, developed to manage diabetes, have gained popularity for weight loss. Attorneys for

By Chris Isidore, CNN Business New York (CNN) — Warner Bros. Discovery reported a larger-than-forecast loss in the second quarter, but the loss was narrower than a year ago. The company, the owner of CNN, posted a net loss of $1.2 billion, or 51 cents a share, down sharply from the $3.4 billion, or $1.50

By Alicia Wallace, CNN Minneapolis (CNN) — Despite Tuesday’s credit rating downgrade amid concerns about the challenges facing the United States, markets and economists are expecting another solid jobs report on Friday. And while economic data isn’t typically the sexiest of topics, the monthly jobs report has in recent months delivered plenty of excitement and

By Anna Cooban, CNN London (CNN) — The Bank of England raised interest rates by a quarter of a percentage point Thursday as inflation remains stubbornly high, buoyed, in part, by strong wage growth. The move brings the main cost of borrowing for commercial banks in the United Kingdom to 5.25% — its highest level

By Michelle Toh, CNN Hong Kong (CNN) — The world’s largest brewer is counting the costs of being swept into a controversy over Bud Light in the United States. AB InBev said Thursday that US revenue fell 10% in the second quarter as sales of its top brand slumped. Sales to US retailers declined by