Money

By Matt Egan, CNN New York (CNN) — L.L. Bean has shuttered its flagship store, corporate headquarters, factories and other facilities in Maine, the outdoor goods retailer told CNN on Thursday, as authorities conduct a manhunt in the area for a person of interest in mass shootings. A spokesperson for the century-old company, one of Maine’s biggest employers, said

By Nicole Goodkind, CNN New York (CNN) — US stocks fell on Thursday under the pressure of disappointing third-quarter results from Big Tech companies and high Treasury yields. The Dow fell about 252 points, or 0.8%, and the S&P dropped 1.2%. The tech-heavy Nasdaq Composite, meanwhile, sank another 1.8%. Thursday’s drop comes after the S&P

By Bryan Mena, CNN Washington, DC (CNN) — The US economy expanded at a remarkably strong pace in the third quarter, despite interest rates at their highest level in 22 years. Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter,

By Hanna Ziady, CNN London (CNN) — The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe and war clouds the outlook. The ECB voted unanimously to keep the benchmark interest rate in the 20 countries that

By Oliver Darcy, CNN (CNN) — America’s newsrooms are — yet again — being forced to confront a familiar and unrelenting evil. Special reports. Banner headlines. Push alerts. They were all activated Wednesday night as news organizations found themselves suddenly tasked with covering the monstrous sickness of mass shootings that continue to plague American society,

By Brian Fung, CNN (CNN) — A group of US lawmakers wants answers from tax preparation companies, including TaxAct and H&R Block, about whether they may be continuing to transfer sensitive taxpayer data to tech platforms like Meta for advertising purposes, following a warning of possible penalties over the practice by federal regulators. In letters

By Chris Isidore, CNN New York (CNN) — UPS reported sharply lower earnings in the third quarter and said it expects lower revenue and thinner profit margins ahead. But it cited a slowing global economy, not its recent labor issues, for its gloomy forecast. UPS earned adjusted net income of $1.3 billion in the quarter, or $1.57 a share.

By Michelle Toh and Lucas Lilieholm, CNN Hong Kong (CNN) — “Divorce is not an option” when it comes to the world’s two largest economies, California Governor Gavin Newsom told CNN on Wednesday following his meeting with Chinese leader Xi Jinping. In an interview with CNN’s Christiane Amanpour, Newsom said his meeting with Xi in

By Michelle Toh, Laura He and Diksha Madhok, CNN Hong Kong (CNN) — Move over Evergrande. There is a new poster child of China’s protracted real estate crisis — Country Garden. A financial industry group that makes determinations on credit events ruled Thursday that the property firm had suffered a “failure to pay” episode and

By Michelle Toh, CNN Hong Kong (CNN) — Stellantis, home to brands such as Jeep and Chrysler, has become the latest global automaker to tie up with a Chinese startup as the electric vehicle (EV) race continues to heat up. The Dutch group announced Thursday it would acquire a 20% stake in Leapmotor, a Hangzhou-based

By Vanessa Yurkevich and Chris Isidore, CNN (CNN) — A bruising 41-day strike at Ford is near an end as the United Auto Workers and its largest employer have reached a tentative deal to return 16,600 strikers to the job within days and pay workers at least 25% more between now and 2028. But the

By Ramishah Maruf, CNN New York (CNN) — Morgan Stanley announced Ted Pick will serve as its new CEO starting January 1, succeeding long-serving head James Gorman. Gorman will become executive chairman, the bank announced Wednesday. Pick had served as co-president of Morgan Stanley for the past two years, the company said. He’s a veteran

By Samantha Delouya, CNN New York (CNN) — Endeavor Group Holdings, led by the high-power agent to the stars, Ari Emanuel, said that it is considering a sale of some of its assets. On Wednesday, Endeavor announced it would undergo “a formal review to evaluate strategic alternatives for the Company.” “Given the continued dislocation between

By Parija Kavilanz, CNN New York (CNN) — Jane Chen is racing against the clock, again. She knows well how every minute that passes is crucial for a new life that emerges prematurely into the world in the most vulnerable of circumstances — in the midst of war, in the aftermath of a natural disaster

By Ramishah Maruf, CNN New York (CNN) — Mattel is still riding Barbie’s pink blockbuster wave. The toy manufacturer reported a 9% rise in its net sales to $1.92 billion in the third quarter of 2023, fueled by Barbie’s success and Hot Wheels toys, even while company profits faced pressure on other fronts. Worldwide gross

By Matt Egan and Reid Champlin, CNN New York (CNN) — A mobile billboard truck drove outside the entrance of Columbia University on Wednesday displaying the names and faces of students that a conservative nonprofit responsible for the truck says were linked to a statement blaming Israel for the Hamas terror attack. The arrival of

By Clare Duffy, CNN New York (CNN) — Meta again exceeded Wall Street’s expectations on Wednesday when it reported earnings for the quarter ended in September, in another sign that the company’s “year of efficiency” turnaround strategy continues to deliver. The strong results come as Meta says it has “substantially completed” the layoffs portion of

By Samantha Murphy Kelly, CNN (CNN) — Apple is once again increasing the price of its TV+ streaming platform. A monthly Apple TV+ subscription will now cost $9.99, up from $6.99, which equates to an overall $36 bump for the year. A year ago, in October 2022, Apple hiked the price for an Apple TV+

By Chris Isidore, CNN New York (CNN) — As of Wednesday, the unprecedented strike by the United Auto Workers union against General Motors, Ford and Stellantis is now also the longest American auto strike in 25 years. The last time the union struck one of the automakers, with its 2019 strike at GM, the strike

By Matt Egan, CNN New York (CNN) — Columbia University has postponed its massive Giving Day fundraising event scheduled for Wednesday amid simmering tensions on campus over the Israel-Hamas war. Giving Day is a critical fundraising event for Columbia, as the university has noted endowment funding and tuition do not cover the entire cost of