Money

By Jordan Valinsky, CNN New York (CNN) — CVS is laying off about 5,000 employees in a cost-cutting effort, the pharmacy chain confirmed Tuesday. Reductions will occur in “non-customer facing positions,” primarily affecting its corporate staff, according to a statement given to CNN. CVS said it is “evolving to adapt to new consumer health needs

By Jordan Valinsky, CNN New York (CNN) — Bud Light’s decline is benefiting one of its biggest rivals. Molson Coors, brewer of Miller Lite and Coors Light beers, reported Tuesday its single best quarter of revenue since its 2005 merger, as drinkers continue to shift their allegiance away from the Anheuser Busch-made beer. In a

By Catherine Thorbecke, CNN New York (CNN) — Uber has reported that its revenue ticked up 14% last quarter, marking a slower pace of growth than recent quarters when sales surged as riders returned to pre-pandemic habits. The company on Tuesday reported revenue of $9.2 billion for the quarter ending in June, a 14% increase

By David Goldman, CNN New York (CNN) — America’s ban on incandescent light bulbs, 16 years in the making, is finally a reality. Well, mostly. A rule issued in 2007, rolled back by the Trump administration, and updated last year by the Biden administration, effectively bans the sale of common incandescent light bulbs. The rule

By Brian Fung, CNN Washington, DC (CNN) — Twitter has sued the Center for Countering Digital Hate, a nonprofit group that has criticized the company’s handling of hate speech, following through on a litigation threat that had been publicly revealed just hours before. The lawsuit filed Monday in San Francisco federal court accuses CCDH of

By Parija Kavilanz, CNN New York (CNN) — A month after Overstock.com announced it bought Bed Bath & Beyond’s brand out of bankruptcy, the company has dumped its name and morphed its website and app. On Tuesday, Overstock’s website relaunched as BedBathandBeyond.com, a move that merges Overstock’s online business model and merchandise categories with popular

By Anna Cooban, CNN London (CNN) — The owner of Regal cinemas announced Tuesday that it had emerged from Chapter 11 bankruptcy after slashing billions off its debts, just as smash hits “Barbie” and “Oppenheimer” give the movie theater industry a much-needed lift. UK-based Cineworld, the world’s second largest theater chain behind AMC (AMC), filed

By Laura He, CNN Hong Kong (CNN) — Plunging sales of new homes and the reported cancellation of a share placement by China’s biggest property developer on Tuesday underscored the depth of the country’s real estate crisis. Reports that Country Garden had abruptly pulled an attempt to raise $300 million by issuing new shares in

By Michelle Toh, CNN Hong Kong (CNN) — HSBC’s profits have soared as it continues to cut costs and cash in on high interest rates around the world. Europe’s biggest bank said Tuesday that pre-tax profit grew by $4.1 billion to $8.8 billion in the second quarter compared to the same time a year before.

By Reuters Hong Kong’s stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. In its latest revision to listing rules, the bourse repealed a whole section focusing on risks from China’s

By Elizabeth Joseph, CNN (CNN) — Officials from the San Francisco Department of Building Inspection on Monday morning observed that the new “X” on top of the building formerly known as Twitter’s headquarters was being dismantled, according to Patrick Hannan, the department’s spokesman. The news comes after the company was issued a notice of violation

By Peter Valdes-Dapena, CNN Business New York (CNN) — Ford has recalled more than 870,000 of its full-sized F-150 trucks because the electronic parking brake could engage unexpectedly at any time, including while the vehicle is being driven. That could cause a loss of control and possibly a crash. The recall, posted to the National

By Eva Rothenberg, CNN (CNN) — AMC Theaters (AMC) hit a revenue record last week, driven by the overwhelming success of the “Barbenheimer” pop culture craze. In a news release on Sunday, the world’s largest theater chain announced that from July 21-27, it earned its largest single-week admissions revenue since the company’s founding in 1920.

By Allison Morrow, CNN New York (CNN) — The Securities and Exchange Commission asked Coinbase to halt trading on all cryptocurrencies except for bitcoin before it sued the company in June, Coinbase’s chief executive told the Financial Times. The SEC’s request left Coinbase, America’s largest crypto exchange, with no choice but to take the matter

By Nadia Bidarian, CNN (CNN) — E-cigarette company Juul Labs is seeking US authorization to sell a “next-generation” vape with age verification capabilities in the United States. To verify a user’s age, the proposed vape pairs with a phone app, requiring a customer to either upload their government ID and a real-time selfie or input

By Jordan Valinsky, CNN Business New York (CNN) — Anchor Brewing, which has been America’s oldest craft brewer with 127 years in business, closed its taprooms for good on Sunday. But there’s a chance the brand could live on. Loyal fans seeking one last pint formed a line outside the San Francisco-based brewery on Sunday

by Brian Fung Washington, DC (CNN) — Elon Musk has called himself a free-speech absolutist and has praised “even my worst critics.” But now Twitter has threatened to sue a nonprofit known for sharply criticizing the platform for its handling of hate speech and misinformation. In a July 20 letter shared publicly Monday, Twitter threatened

By Jordan Valinsky, CNN New York (CNN) — Manchester United and Adidas are extending their apparel-sponsorship contract in a record-breaking £900 million ($1.2 billion) deal that lasts for another decade. The German sportswear company will continue making kits and other apparel for the British football team, in one of the biggest Premiere League sponsorships that