Money

By Diksha Madhok, CNN India’s Adani Group has denounced allegations of fraud made by Hindenburg Research as “baseless” and a “malicious combination of selective misinformation,” and is considering legal action against the US-based short seller. Hindenburg Research published an investigation on billionaire Gautam Adani’s sprawling conglomerate on Tuesday, accusing it of “brazen stock manipulation and

By Chris Isidore, CNN Boeing reported a $650 million operating loss in the fourth quarter, surprising Wall Street analysts who had expected the aircraft giant to turn a profit. The company blamed the unexpected loss on “abnormal production costs” as it tried both to deliver the remaining backlog of 737 Max jets and to step

By Oliver Darcy, CNN Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his broadcasting and print publishing companies under one roof. The companies said in nearly identical press releases that they had received a letter from Murdoch indicated that both he, and his son Lachlan,

By Chris Isidore, CNN Union Pacific, one of the major freight railroads that successfully fought off union demands for paid sick days for workers during contentious labor negotiations in 2022, reported another year of record earnings Tuesday. The company, along with CSX, Norfolk Southern and Burlington Northern Sante Fe, narrowly avoided a strike by its

By Oliver Darcy, CNN Justin Bieber has sold the rights to his publishing and artist royalties from his song catalog, adding himself to a growing list of pop stars who have inked rights deals. Bieber sold his catalog to Hipgnosis, the music rights investment company announced Tuesday. “Justin is truly a once in a generation

By Oliver Darcy, CNN Business The Washington Post on Tuesday became the latest media company to conduct layoffs, cutting 20 roles in a move that publisher Fred Ryan had indicated last month the newspaper would take in early 2023. Sally Buzbee, executive editor of The Post, described the decision to cut the jobs as “difficult”

By Chris Isidore, CNN Business America’s largest banks announced plans Tuesday for an electronic wallet that will take aim at Apple Pay and PayPal. The banks are working with Early Warning Services, the company that runs their Zelle electronic payment service. The new electronic wallet, which will operate separately from Zelle, would allow people to

By Hanna Ziady, CNN Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. An initial reading of the eurozone’s Purchasing Managers’ Index, which tracks