By Matt Egan and Chris Isidore, CNN Business Well, it was nice while it lasted. After sinking every day for more than three months, US gas prices edged higher — by a penny — to $3.68 a gallon, on average Wednesday, according to AAA. That ends 98 consecutive days of falling pump prices, the second-longest
Continue Reading By Jennifer Hansler, Kylie Atwood and Rhea Mogul, CNN The United States is in “deep” talks with India over its reliance on Russian arms and energy, a US State Department official said Tuesday, in a development that could further isolate Moscow on the international stage. Russia “is no longer a reliable weapons supplier” and Indian
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President Joe Biden said in a “60 Minutes” interview that aired Sunday that inflation is showing signs of easing.
Continue Reading By Laura He, CNN Business One of China’s most popular livestreamers quietly resurfaced online Tuesday night, after a three-month absence linked to his appearance with a cake shaped like a tank, in what many believed was an oblique reference to the Tiananmen Square massacre. On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a
Continue Reading By Rhea Mogul and Manveena Suri, CNN Movie theaters in Indian-controlled Kashmir have reopened their doors, more than two decades after they were forced shut during an armed rebellion that saw multiple threats and attacks on crowded public places. The lieutenant governor of Jammu and Kashmir, Manoj Sinha, inaugurated the disputed region’s newest cinema on
Continue Reading By Alison Kosik and Kate Trafecante, CNN Business The New York State Comptroller said Tuesday that several of New York City’s fiscal challenges could result in a budget gap nearing $10 billion by 2026 — potentially affecting essential services in the future. Total revenue is expected to decline by $10.5 billion in fiscal year 2023,
Continue Reading By Allison Morrow, CNN Business Beyond Meat suspended its chief operating officer after he was arrested over the weekend on suspicion of biting a man’s nose during a fight following an Arkansas football game. Police arrested the vegan food purveyor’s COO Doug Ramsey on charges of “terroristic threatening” and third-degree battery on Saturday night. Ramsey
Continue Reading By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading By Reuters Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private U.S. space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its
Continue Reading By Matt Egan Two dozen Republican attorneys general warned Visa, American Express and MasterCard on Tuesday not to go ahead with their plans to add a new merchant category code for gun retailers. In a letter to the CEOs of the card giants, the officials expressed serious concern that adopting a new sales code for
Continue Reading By Nathaniel Meyersohn, CNN Business Frustrated by extra credit card fees when you shop? A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. The effort is backed by retail giants including Walmart, Target,
Continue Reading By Jordan Valinsky, CNN Business Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. The cuts include a mix of layoffs and open roles being axed at the company’s corporate offices in New York, San Francisco and across Asia, according to a person
Continue Reading By Brian Fung, CNN The Federal Trade Commission is taking a closer look at Amazon’s proposed acquisition of iRobot, the company that produces the Roomba series of automated vacuum cleaners, according to a financial disclosure on Tuesday. On Monday, the FTC requested more information from both companies about the $1.7 billion deal, according to an
Continue Reading By Anna Cooban, CNN Business More than 26 million people tuned in to watch the Queen’s funeral in the United Kingdom on Monday, the first to be televised for a British monarch. An average of 26.2 million people watched the hour of the Queen’s funeral service in Westminster Abbey on TV screens, according to the
Continue Reading By Jennifer Korn, CNN Business Hackers have stolen around $160 million worth of cryptocurrency from crypto market maker Wintermute, the company said Tuesday. The incident marks the latest in a growing list of large crypto thefts this year. The hack is said to have targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of
Continue Reading By Jennifer Korn, CNN Business Hackers have stolen around $160 million worth of cryptocurrency from crypto market maker Wintermute, the company said Tuesday. The incident marks the latest in a growing list of large crypto thefts this year. The hack is said to have targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of
Continue Reading By Matt Egan, CNN Business Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Morgan Stanley was slapped with a $35 million fine from the Securities and Exchange Commission for extensive failures to safeguard personal identifying information on its clients. Since
Continue Reading By Anna Cooban and Arnaud Siad, CNN Business Labor unions in the United Kingdom offered the country a brief respite from a wave of strike action during the period of national mourning for the late Queen Elizabeth II. Now, one day after the monarch’s funeral, strikes are back on as workers press their claims for
Continue Reading By Samantha Murphy Kelly, CNN Business Apple said it is working on a software fix after some users who recently purchased an iPhone 14 Pro or iPhone 14 Pro Max reported their devices’ rear-facing cameras shook “uncontrollably” and made strange noises when using social media apps. In videos and posts uploaded to social media sites,
Continue Reading By Paul R. La Monica, CNN Business Corporate America is starting to brace for a recession. Economic bellwether FedEx stunned Wall Street last week with a massive earnings warning and tepid outlook for the global economy. FedEx’s bad news overshadowed a more promising development on Thursday, the agreement between railroad operators and unions to avoid
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