Money

By Anna Cooban and Elisabeth Buchwald, CNN London (CNN) — Several OPEC+ countries agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024, the oil producing group announced Thursday. Saudi Arabia, the world’s biggest exporter of crude oil, will lead the effort by extending

By Anna Bahney, CNN Washington, DC (CNN) — Mortgage rates continued to drop this week. It’s the fifth straight week rates have moved lower. The 30-year fixed-rate mortgage fell to an average of 7.22% in the week ending November 30, down from 7.29% the week before, according to data from Freddie Mac released Thursday. A

By Jordan Valinsky, CNN New York (CNN) — Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. The lawsuit, filed Tuesday in a Florida court, said that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities

By Ella Nilsen, CNN (CNN) — The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer

By Elisabeth Buchwald, CNN New York (CNN) — Every three weeks, the United States experiences an extreme weather event that produces $1 billion worth of damage, according to the latest US National Climate Assessment report, released earlier this month. Compare that to 40 years ago, when extreme weather episodes that cost an inflation-adjusted $1 billion

CNN By Nicole Goodkind, CNN New York (CNN) — Elon Musk, in his first interview with mainstream media since his antisemitic post on X earlier this month, apologized Wednesday for what he called his “dumbest” ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. “I

By Anna Bahney, CNN Washington, DC (CNN) — US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday. Pending home sales dropped 1.5% last month from September, monthly data from the National Association of

By Catherine Thorbecke, CNN New York (CNN) — ChatGPT may not be able to perform a cake smash on its first birthday today, but it certainly managed to wow the world and create a mess of hope, hype, fear and chaos through nearly all parts of the economy in the past year. Its parent company

By Alicia Wallace, CNN Minneapolis (CNN) — The Commerce Department on Thursday delivered an early present to the Federal Reserve: The central bank’s favorite inflation gauge fell to its lowest level since the spring of 2021, and consumers lifted their foot off the gas pedal. The core Personal Consumption Expenditures price index, which excludes volatile

By Hanna Ziady, CNN London (CNN) — Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. The announcement, which will

By Sean Lyngaas, CNN (CNN) — Meta took down thousands of Facebook accounts based in China that were impersonating Americans while posting on partisan issues like abortion and health care, the tech giant said Thursday while warning that “foreign threat actors are attempting to reach audiences” online ahead of the 2024 US election. The fake

CNN By Hanna Ziady, CNN London (CNN) — Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since UBS started tracking the fortunes of the world’s richest almost a decade ago. And billionaire heirs are more likely than their parents to focus on the major opportunities and

By Jeanne Sahadi, CNN New York (CNN) — Saving enough money for retirement is always a challenge. But for anyone who doesn’t have emergency savings, or who has student loans to pay or who is a long-term part-time worker, that challenge is especially hard. Starting next year, however, the two most recent retirement laws –

By Michelle Toh and Laura He, CNN Hong Kong (CNN) — Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant

By Hanna Ziady, CNN London (CNN) — Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since UBS started tracking the fortunes of the world’s richest almost a decade ago. And billionaire heirs are more likely than their parents to focus on the major opportunities and challenges

By Laura He, CNN Hong Kong (CNN) — Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. Xi made the trip on Tuesday and Wednesday and he visited the Shanghai Futures Exchange, a tech exhibition

By David Goldman, CNN New York (CNN) — Twelve days after OpenAI fired Sam Altman as CEO, the company formally announced that it has hired him back. The company also said it has a new board, consisting of Chairman Bret Taylor, a former co-CEO of Salesforce; former Treasury Secretary Larry Summers; and Quora CEO Adam D’Angelo, who

CNN By Nicole Goodkind, CNN New York (CNN) — Elon Musk, in his first interview with mainstream media since his antisemitic post on X earlier this month, apologized Wednesday for what he called his “dumbest” ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. “I

By Chris Isidore, CNN New York (CNN) — The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union says it is seeing widespread grassroots support from employees at the plants after reaching labor deals with General Motors, Ford and Stellantis that granted

By Liam Reilly and Jon Passantino, CNN (CNN) — Disney chief executive Bob Iger said Wednesday that his number one priority for the entertainment giant is turning around the creative engine at Marvel Studios, the production house once known for cranking out billion-dollar blockbusters that has recently seen several box office misses. “Quality needs attention to deliver quality, it doesn’t