Money

By John Towfighi, CNN (CNN) — Red Lobster is in trouble. Its solution: all-you-can-eat lobster, just months after an endless shrimp promotion led to deep losses that the company is still trying to dig out of. In celebration of its annual Lobsterfest, Red Lobster is giving 150 winners an “Endless Lobster Experience,” a two-hour complimentary

By Juliana Liu, CNN Hong Kong (CNN) — HSBC posted a big drop in quarterly profit Wednesday after taking a $3 billion hit on its stake in China’s Bank of Communications (BoCom) and another charge related to exposure to the country’s troubled real estate industry. The Asia-focused lender reported an 80% drop in pretax profit

By Catherine Thorbecke, CNN (CNN) — Uber Eats customers in Japan can soon have an autonomous robot deliver their food on the streets of Tokyo. Uber announced a partnership Tuesday between robotics firm Cartken and Japanese industrial titan Mitsubishi Electric to launch autonomous sidewalk robots that will start delivering Eats orders in parts of Tokyo

By Samantha Delouya, CNN New York (CNN) — Amazon on Monday was officially added to Wall Street’s most venerable stock index, the Dow Jones Industrial Average. S&P Dow Jones Indices, which manages the index, said last week that Walgreens Boots Alliance would be getting the boot from the 30-stock index. The change is intended to

By Elisabeth Buchwald, CNN New York (CNN) — What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards. The bank announced Monday evening it is acquiring Discover Financial Services (DFS) in a $35.3 billion all-stock deal. If approved by regulators and shareholders,

By Nathaniel Meyersohn, CNN New York (CNN) — Macy’s rejected an unsolicited $6 billion bid from an activist investor to take the famed department store private last month. Now, the activist group is taking another shot at Macy’s, launching a proxy fight to take control of the board. Arkhouse Management Co., a real estate investment

By Chris Isidore, CNN New York (CNN) — More than 400 Teamsters are on strike at the Molson Coors brewery in Fort Worth, Texas, impacting production for North America’s second largest brewer. The work stoppage, which began Saturday, comes ahead of a March 1 strike deadline that the Teamsters have set for 5,000 members at

By Clare Duffy, CNN New York (CNN) — Elon Musk says Neuralink’s first human trial participant can control a computer mouse with their brain, nearly one month after having the company’s chip implanted. But details remain sparse, and other companies working on brain-computer interfaces appear to have so far cleared more technological hurdles than Neuralink.

By Jordan Valinsky, CNN New York (CNN) — Lionel Messi’s debut in his first full Major League Soccer season might not cost fans the extraordinary prices seen last year for his first-ever game with Inter Miami, but they do show that “Messi Mania” hasn’t diminished despite his rocky preseason. The average purchase price for MLS’

By Anna Bahney, CNN Washington, DC (CNN) — Sharan White-Jenkins is a proud Black homeowner in Jamaica, Queens, in New York City. She’s part of a line of homeowners that goes back to her grandparents, who purchased a home on the Virginia plantation land where the family had worked as slaves. “Homeownership in our family

By Jordan Valinsky, CNN New York (CNN) — Wyze, a smart camera maker, said that some users last week saw footage from cameras that weren’t their own because of a security glitch. In an email to users sent Monday, the company said an outage that lasted several hours last Friday briefly left camera footage inaccessible

By Jordan Valinsky, CNN New York (CNN) — Checking a bag on American Airlines will now cost you more than at every other major US airline. The carrier announced Tuesday that the price of the first checked bag on most flights is increasing to $40 for customers that didn’t prepay online. It will cost $35

By Nathaniel Meyersohn, CNN New York (CNN) — Home Depot, a bellwether of the housing market and US economy, said sales dropped over the winter and it’s a expecting a slow 2024. Sales at stores open for at least one year fell 3.5% last quarter, and Home Depot projects that sales will continue to decline

By Nathaniel Meyersohn, CNN New York (CNN) — Walmart doesn’t want to just sell groceries and t-shirts. It wants to be a media and advertising giant like Amazon. Walmart announced Tuesday that it’s buying TV maker Vizio for $2.3 billion to shore up its advertising business and create a more potent rival to Amazon’s booming

By Anna Cooban, CNN London (CNN) — Bitcoin is back with a $1 trillion dollar bang. The value of the world’s most popular cryptocurrency has more than tripled to $52,000 since November 2022. That year was marked by the high-profile implosion of crypto exchange FTX, which triggered liquidity crises at several smaller crypto firms. Following

By Jessie Yeung and Hassan Tayier, CNN Hong Kong (CNN) — Who doesn’t like a little braised pork with their coffee? Starbucks (SBUX) is betting on that unusual combination with a new drink released in China to mark the Lunar New Year. Dubbed the “Abundant Year Savory Latte,” the brand describes it as having an

CNN By Jessie Yeung and Hassan Tayier, CNN Hong Kong (CNN) — Who doesn’t like a little braised pork with their coffee? Starbucks (SBUX) is betting on that unusual combination with a new drink released in China to mark the Lunar New Year. Dubbed the “Abundant Year Savory Latte,” the brand describes it as having

By Laura He, CNN Hong Kong (CNN) — China’s central bank has cut its key mortgage reference rate by a record amount, as it ramps up efforts to stem a prolonged property crisis. The People’s Bank of China (PBOC) announced Tuesday that it would cut its five-year loan prime rate (LPR) from 4.2% to 3.95%,

By Kathleen Magramo, CNN (CNN) — Hirotake Yano, the Japanese billionaire founder of Daiso Industries who helped popularize the discounted dollar-shop concept, has died of heart failure. He passed away in Hiroshima on February 12, the company said in a statement on Monday. Close family members held a private funeral and a commemoration will be

By Elisabeth Buchwald, CNN New York (CNN) — Capital One is acquiring Discover Financial Services for $35.3 billion in an all-stock deal, giving the bank a leg up in the competitive credit card market. Under the terms of the deal announced late Monday, Discover (DFS) shareholders will receive a little over one share of Capital