Money

Hyundai will recall 82,000 electric cars globally to replace their batteries after 15 reports of fires involving the vehicles. Despite the relatively small number of cars involved, Hyundai’s recall is one of the most expensive in history, signaling how electric car defects could create hefty costs for automakers — at least in the near future.

It’s another rough day for stocks. The market has entered a new phase of volatility as government bond yields are on the rise, signaling expectations for higher interest rates down the line. The Dow fell more than 400 points, or 1.3%, in the early afternoon Thursday, just one day after setting a new all-time high.

Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy. Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief

London has been the unrivaled king of European finance for more than three decades. Brexit is starting to change that. Billions of dollars worth of stock and derivatives trading has already vanished from the British capital after the United Kingdom completed its exit from the European Union on Jan. 1, shifting abroad to financial hubs

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Watching Thursday’s news from Australia while it’s still Wednesday in the United States always feels like a time machine trick. And on this occasion Thursday’s news may really be a glimpse at the future for

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Tonight: GameStop stock is all fired up — again. Plus, the US Postal Service’s new vans look like ducks, and somehow Michael Bolton gets a financial news headline in 2021 …

Zillow is no longer just an online platform for browsing available homes or for creeping on the value of your neighbor’s house. In recent years, the company has also begun actually buying, fixing up and selling homes itself through a new division called Zillow Offers — a major shift in its business model. On Thursday,

Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy. Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief

Call it a Mac mini: Target is opening scaled-down versions of Apple stores at some of its US outlets this year, furthering the two companies’ relationship. Target said an “enhanced Apple shopping experience” is rolling out to 17 stores in the coming months, with redesigned sections that include new lighting and displays for shoppers to

Another 730,000 American workers filed for first-time unemployment benefits, adjusted for seasonal swings, last week, the Labor Department reported Thursday. That was far fewer than economists had predicted, and a massive 111,000-claim drop from the prior week’s number of applications. The decline was mostly due to sharp drops in applications filed in California and Ohio.

The Federal Reserve suffered a widespread disruption in multiple payment services Wednesday, including a system that banks and businesses rely on to zip trillions of dollars around the financial system each day. After experiencing problems for several hours, the crucial payment system, known as Fedwire, resumed normal operations shortly before 3 p.m. ET, according to

Geely has scrapped plans to merge its business with Volvo and will now focus its global ambitions on a joint venture with the Swedish carmaker on connected cars. China’s largest independent automaker already owns Volvo and operates the Swedish firm as a separate company. But about a year ago, Geely said that it was considering

Three of Britain’s biggest banks have announced plans to dump expensive office space, a bet that remote work is here to stay even after the pandemic ends. HSBC said Tuesday that it plans to cut its global real estate footprint by 40% “over the next several years,” part of a broader plan to slash costs

Australia has passed a new law that will force tech companies to pay publishers for news content, setting the stage for potential, similar action in other countries. The new code, which the Australian parliament approved Thursday, “will ensure that news media businesses are fairly remunerated for the content they generate,” Australian Treasurer Josh Frydenberg said

After a wild several weeks for GameStop, the retailer’s chief financial officer is resigning. The company announced Tuesday that Jim Bell, its executive vice president and CFO, will resign from his roles on March 26. GameStop has started searching for a new CFO “with the capabilities and qualifications to help accelerate GameStop’s transformation,” it said,