Money

By Michelle Toh, CNN Hong Kong (CNN) — A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. The company failed to detect or prevent extensive cheating by its staff during internal training exams in mainland China and Hong Kong, the US Public Company Accounting Oversight

By Laura He, CNN Hong Kong (CNN) — Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms. The development comes just days after Chinese authorities launched a criminal investigation into the troubled shadow bank, one of China’s largest. Last week, Zhongzhi told

By Samantha Delouya and Brian Fung, CNN (CNN) — A federal judge on Thursday temporarily halted Montana’s groundbreaking statewide TikTok ban, which was set to go into effect at the start of 2024, pending a trial on the matter. In an order, US District Judge Donald Molloy said that despite the state government’s attempt to

By Nicole Goodkind, CNN New York (CNN) — The Dow reached a new high for the year Thursday as easing inflation data and strong third quarter earnings from Salesforce shot the benchmark index 520 points, or 1.5% higher. While it was a mixed day for markets overall, all three major indexes managed to make November

By Krystal Hur, CNN New York (CNN) — Activist shareholder Nelson Peltz’s Trian Fund Management has launched a new proxy fight against Disney, just months after backing off from its earlier push after returned chief executive Bob Iger announced a vast cost-cutting plan for the media conglomerate. “Investor confidence is low, key strategic questions loom,

By Samantha Murphy Kelly, CNN (CNN) — A judge dismissed a lawsuit filed by the state of Indiana against TikTok accusing the company of making false claims about the safety of user data and age-appropriate content. Judge Jennifer DeGroote of Allen County Superior Court in Fort Wayne, Indiana, said the court “lacks personal jurisdiction” over TikTok

By Parija Kavilanz, CNN New York (CNN) — Federal consumer safety regulators are pushing ahead in their effort to make baby loungers safer by proposing a major redesign of the products, following 79 deaths connected with their use. The Consumer Product Safety Commission on Wednesday voted to adopt proposed agency recommendations for changes to lounger

By Nathaniel Meyersohn, CNN New York (CNN) — From the Chicago Bulls’ bright red courts to the New Orleans Pelicans’ purple and neon green scheme, bold — and highly polarizing — basketball court designs are helping the NBA draw viewers for its first-ever regular season tournament. The tournament was created as a result of a

By Brian Fung, CNN Washington (CNN) — Instagram-parent Meta has sued the Federal Trade Commission in an attempt to prevent regulators from reopening the company’s landmark $5 billion privacy settlement from 2020 and and from banning the social media giant from monetizing the user data of children. Thursday’s lawsuit in Washington federal court calls for

By Anna Cooban and Elisabeth Buchwald, CNN London (CNN) — Several OPEC+ countries agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024, the oil producing group announced Thursday. Saudi Arabia, the world’s biggest exporter of crude oil, will lead the effort by extending

By Anna Bahney, CNN Washington, DC (CNN) — Mortgage rates continued to drop this week. It’s the fifth straight week rates have moved lower. The 30-year fixed-rate mortgage fell to an average of 7.22% in the week ending November 30, down from 7.29% the week before, according to data from Freddie Mac released Thursday. A

By Jordan Valinsky, CNN New York (CNN) — Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. The lawsuit, filed Tuesday in a Florida court, said that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities

By Ella Nilsen, CNN (CNN) — The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer

By Elisabeth Buchwald, CNN New York (CNN) — Every three weeks, the United States experiences an extreme weather event that produces $1 billion worth of damage, according to the latest US National Climate Assessment report, released earlier this month. Compare that to 40 years ago, when extreme weather episodes that cost an inflation-adjusted $1 billion

CNN By Nicole Goodkind, CNN New York (CNN) — Elon Musk, in his first interview with mainstream media since his antisemitic post on X earlier this month, apologized Wednesday for what he called his “dumbest” ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. “I

By Anna Bahney, CNN Washington, DC (CNN) — US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday. Pending home sales dropped 1.5% last month from September, monthly data from the National Association of

By Catherine Thorbecke, CNN New York (CNN) — ChatGPT may not be able to perform a cake smash on its first birthday today, but it certainly managed to wow the world and create a mess of hope, hype, fear and chaos through nearly all parts of the economy in the past year. Its parent company

By Alicia Wallace, CNN Minneapolis (CNN) — The Commerce Department on Thursday delivered an early present to the Federal Reserve: The central bank’s favorite inflation gauge fell to its lowest level since the spring of 2021, and consumers lifted their foot off the gas pedal. The core Personal Consumption Expenditures price index, which excludes volatile