Money

By Bryan Mena and Elisabeth Buchwald, CNN Washington (CNN) — The Federal Reserve Bank of Cleveland announced Wednesday that Beth M. Hammack will be its next president and chief executive officer after current president Loretta Mester retires at the end of June. Hammack, 52, joins the Cleveland Fed after three decades at Goldman Sachs. She

By Allison Morrow, CNN New York (CNN) — Customers of the crypto platform Gemini can expect to recover more than three times the value of their digital assets that were ensnared in the fallout of FTX — a rare outcome for creditors involved in a bankruptcy. Gemini, the exchange founded by Cameron and Tyler Winklevoss,

By Clare Duffy, CNN Jessup, Maryland (CNN) — In her first week of job training, Tiffany Joseph Busch learned how to do an oil change. “If I had known it was this easy then I wouldn’t have been paying for oil changes,” she said she told her instructor. But Busch never interacted with an actual

By Yoonjung Seo and Juliana Liu, CNN Seoul/Hong Kong (CNN) — A labor union representing tens of thousands of workers at Samsung Electronics in South Korea has called a one-day strike next week, in what would be the first such walkout at the smartphone and chipmaking giant. The Nationwide Samsung Electronics Union (NSEU) said on

By Jordan Valinsky, CNN New York (CNN) — Walgreens is joining other retailers in cutting prices across the board, from snacks to toiletries and even Squishmallows, in an effort to lure back inflation-weary shoppers turned off by high prices. Prices are dropping immediately on more than 1,500 items online and at its stores, which include

By Gregory Wallace, CNN Washington (CNN) — Boeing is expected to release a plan this week to fix its endless string of safety issues that have been under federal investigation following a midflight fuselage blowout in January. The report is a critical step for Boeing to rebuild confidence among the public, airlines, and its regulator

By Mark Thompson, CNN London (CNN) — Big Oil keeps doing big deals. ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to

By Hanna Ziady, CNN London (CNN) — The owner of Royal Mail has accepted a £3.57 billion ($4.6 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time. International Distribution Services, which owns the

By Laura He, CNN Hong Kong (CNN) — A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. Shipments of foreign-branded cell phones in China, the vast majority of which are iPhones,

By Matt Egan, CNN New York (CNN) — Harvard University announced Tuesday it will no longer weigh in on public matters that don’t impact the Ivy League school’s core function, a shift that follows a historic period of turmoil at the storied university. Harvard leaders announced the new policy after forming a working group in April

By Jordan Valinsky, CNN New York (CNN) — OpenAI CEO Sam Altman and his husband have become the newest billionaires to sign the Giving Pledge, a charity that encourages the ultra-rich to donate their wealth to philanthropic causes. In their letter, released Tuesday, Altman and husband Oliver Mulherin credited “the hard work, brilliance, generosity, and

By Peter Valdes-Dapena, CNN (CNN) — Porsche unveiled the first hybrid version of its most famous sports car, the 911, on Tuesday, a move that could help electric motors become more accepted even in performance cars. The move also marks a major step in the evolution of one of the most recognizable cars in the

By Bryan Mena, CNN Washington (CNN) — Americans’ attitudes toward the economy improved this month for the first time since January, thanks to better perceptions of the job market. The Conference Board’s Consumer Confidence Index for this month climbed to a reading of 102, up from 97.5 in April. Americans of all age groups felt

By Bryan Mena, CNN Washington (CNN) — US home prices reached a record high in March, reflecting the housing market’s persistent affordability crisis. The S&P CoreLogic Case-Shiller US National Home Price Index, a measure of home prices across the country, jumped 6.5% in March from a year earlier to a record high. It is the

By David Goldman, CNN New York (CNN) — Melinda French Gates says that after the US Supreme Court’s 2022 Dobbs decision that let individual states decide abortion rights, the philanthropist felt compelled to offer Americans financial support for their reproductive freedoms — support that she says she had been giving exclusively overseas. “While I have

By Brian Fung, CNN Washington (CNN) — OpenAI said Tuesday it has established a new committee to make recommendations to the company’s board about safety and security, weeks after dissolving a team focused on AI safety. In a blog post, OpenAI said the new committee would be led by CEO Sam Altman as well as Bret

By Samantha Murphy Kelly, CNN (CNN) — Imagine asking Apple’s Siri to show you an old photo taken from a child’s second birthday, or summarizing lengthy emails and writing drafts. Then consider Siri learning your schedule, preferences, even your personality, so it can better communicate with you throughout the day. Generative AI, artificial intelligence that

By Eva Rothenberg and Alicia Wallace, CNN (CNN) — The summer movie season typically starts with a bang during the month of May and, particularly, during Memorial Day weekend. This year, it’s a whimper. Memorial Day weekend (Friday through Monday) movie ticket sales are estimated at $128.3 million, according to Comscore data provided to CNN.

By Alicia Wallace, CNN (CNN) — If you’ve flown this weekend or are hopping on a flight today, it’s likely you’re making history. Passenger traffic at US airports is on pace to make this Memorial Day weekend the busiest on record, according to Transportation Security Administration screening data. Following record-setting traveler data for Friday (2.951