Money

By Parija Kavilanz, CNN New York (CNN) — Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts. The first tranche of stores to be sold — both leased and owned — is located in twelve states, according to

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ net worth surged at a historic pace from 2019 to 2022, a reflection of the pandemic era’s tremendous economic swings and the wealth generated from homeownership and financial assets, according to Federal Reserve data released Wednesday. Real, or inflation-adjusted, median net worth swelled by 37% in 2022

By Matt Egan (CNN) — Venture capitalist David Magerman is the latest major donor to the University of Pennsylvania cutting off financial support to the Ivy League school, and he’s calling for all “self-respecting” Jews to do the same. Hedge fund billionaire Cliff Asness, another major backer of UPenn, is similarly halting donations. A growing

By Anna Bahney, CNN Washington, DC (CNN) — US homebuilding bounced back in September, after dropping in August to the lowest levels since 2020 as mortgage rates climbed. Housing starts, a measure of new home construction, jumped 7% above the revised August estimate. Starts rose to a seasonally adjusted annual rate of 1.358 million last

CNN, CNN BUSINESS By Alexandra Meeks, CNN (CNN) — An artificial intelligence innovation recently deciphered one word from the famously indiscernible 2,000-year-old Herculaneum scrolls. The documents, which were burned in the eruption of Mount Vesuvius in 79 AD, would crumble if anyone attempted to unroll them and were considered to be nearly illegible — until

By Peter Valdes-Dapena, CNN Business (CNN) — The 1985 Domino’s Pizza delivery car looks more like it was designed to shoot down invading alien spacecraft than to bring you a hot delicious pepperoni pie. But back in the ’80s, Domino’s founder Tom Monaghan ordered 10 Tritan A2 cars and customized them with warming ovens in

By Nicole Goodkind, CNN New York (CNN) — When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. In the immediate aftermath of the Israel-Hamas War, shares of military contractors spiked as both institutional and retail investors bought in, according to VandaTrack research.

By Eric Cheung, CNN Taipei (CNN) — Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the

By Tami Luhby, CNN New York (CNN) — Workers and their employers are paying a lot more for job-based health insurance this year. The annual cost of family health insurance coverage at work soared to an average of nearly $24,000 this year, according to KFF’s Employer Health Benefits Survey, released Wednesday. That’s up 7% from

By Michelle Toh and Kayla Tausche, CNN Hong Kong/Washington (CNN) — The Biden administration is reducing the types of semiconductors that American companies will be able to sell to China, citing the desire to close loopholes in existing regulations announced last year. On Tuesday, the US Commerce Department unveiled new rules that further tighten a

By Laura He, CNN Hong Kong (CNN) — China’s economy has regained momentum in the third quarter, with gross domestic product (GDP) expanding by 4.9% from a year ago, the National Bureau of Statistics (NBS) said on Wednesday. That was above the estimate of 4.4% growth from a Reuters poll of analysts, and puts Beijing’s

By Clare Duffy, CNN New York (CNN) — After Elon Musk hinted last month that X could start charging all users, the company (formerly known as Twitter) announced a test of such a system. X said in a post on Tuesday that it is testing a new program called “Not a Bot” in which new

By Peter Valdes-Dapena, CNN Business (CNN) — General Motors is putting off adding a second factory for production of its electric pickups until late 2025, the automaker announced Tuesday. The Silverado EV is now being produced at GM’s Factory Zero Detroit-Hamtramck Assembly, where it is built alongside the GMC Hummer EV. The GMC Sierra EV

By Parija Kavilanz, CNN New York (CNN) — Victoria’s Secret, for the first time, has introduced a collection of bras and panties specifically designed to meet the needs of women with disabilities. The retailer announced the launch of the VS & PINK Adaptive line on Tuesday and said the merchandise is now available to customers

By Ariel Edwards-Levy, CNN (CNN) — Americans overwhelmingly side with unionized autoworkers in their ongoing strike against major car companies, a new CNN poll conducted by SSRS finds, even as most say that elected officials should steer clear of labor disputes. Asked about the current United Auto Workers union strike against General Motors, Ford and

By Matt Egan, CNN New York (CNN) — Billionaire Ronald Lauder, a powerful financial backer of the University of Pennsylvania, is threatening to cut off donations if the school doesn’t do more to fight antisemitism, CNN has learned. The threat from Lauder, one of the heirs to the Estee Lauder cosmetics company, marks the latest

By Elisabeth Buchwald, CNN New York (CNN) — When war broke out in Ukraine last year, Federal Reserve officials were quick to speak about it. “Let me comment on what I think is on everyone’s minds today: Russia’s attack on Ukraine,” Fed Governor Chris Waller said on February 24, 2022, hours after Russia invaded Ukraine.

By Parija Kavilanz, CNN New York (CNN) — Tupperware Brands named consumer products veteran and former long-time CEO of Spanx Laurie Ann Goldman as its new CEO on Wednesday amid ongoing attempts to continue to survive as a business. Goldman takes over the role from Miguel Fernandez, effective immediately, the company said. Tupperware shares jumped

By Anna Cooban London (CNN) — Citibank has won an employment tribunal case brought by an analyst it sacked for claiming expenses for meals he shared with his partner, and then lying about it. Szabolcs Fekete, a senior analyst, sued the bank for unfair dismissal after he submitted expenses for two sandwiches, two coffees, a

By Nicole Goodkind, CNN New York (CNN) — Lollapalooza will never be the same. Goldman Sachs chief executive (and noted party DJ) David Solomon will no longer perform at high-profile events, picking Wall Street over South Beach, a representative from the second-largest investment bank confirmed to CNN. “David decided to stop publicly DJing more than