Money

By Michelle Toh, CNN Fast Retailing, the Japanese giant that owns popular clothing brands Uniqlo and Theory, will start paying its employees much more this year. The company announced Wednesday that it would boost salaries in Japan by up to 40%, acknowledging that “remuneration levels have remained low” in the country in recent years. “This

By Oliver Darcy, CNN C-SPAN isn’t packing up its cameras quietly. The public affairs network on Tuesday sent a letter to new House Speaker Kevin McCarthy asking for permission to operate its own independent cameras in the House chamber. “Allow C-SPAN to cover House floor proceedings on behalf of our network and all Congressionally-accredited news

By Jackie Wattles, CNN A rocket operated by a California-based start-up failed near the coast of Alaska Tuesday, marking yet another mishap for companies hoping to offer their services to launch scores of small satellites into orbit. The privately held ABL Space Systems attempted to launch its RS1 rocket at 1:27 p.m. local time (5:27

By Matt Egan, CNN Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back. The scandal-ridden bank announced a significant shift on Tuesday to focus its mortgage business on serving bank customers and minority homebuyers instead of acquiring new customers. Wells Fargo said it will also exit

By Celina Tebor, CNN Lora Ribas hasn’t left her son’s bedside in four days. Her one-year-old baby, Logan, has been in the neonatal intensive care unit (NICU) since he was born. For the past three and a half months, he’s been under the care of Mount Sinai Hospital where thousands of nurses are currently striking.

By Hanna Ziady and Joseph Ataman, CNN The French government is planning to raise the official retirement age by two years as part of a long-delayed reform to the country’s pension system that prompted labor unions to call for nationwide strikes next week. New legislation will require French citizens to work until 64, from 62

By Peter Valdes-Dapena, CNN Business Despite broad concerns about the economy and fears of an impending recession, the ultra-wealthy seem to be doing just fine. Rolls-Royce, Bentley and Lamborghini, car brands that cater to billionaires, had record sales again last year. In fact, it was the third record year in a row for Bentley and

By Julia Horowitz, CNN The global economy is just one more knock away from a second recession in the same decade, something that hasn’t happened in more than 80 years. That’s the latest warning from the World Bank, which on Tuesday sharply lowered its forecast for global economic growth. The group now projects that the

By Nathaniel Meyersohn, CNN Business Bed Bath & Beyond lost a third of its sales during the holiday run-up and is running out of options to avoid bankruptcy. The retailer said Tuesday that net sales fell 33%, to $1.3 billion, during its latest quarter ending November 26 compared with the same stretch a year ago.

By Jordan Valinsky, CNN Business Molson Coors is typically known for its lineup of beers and booze, but its newest drink isn’t either. Enter “Roxie,” the company’s first-ever zero-proof canned cocktail sold exclusively online beginning Tuesday. Its arrival comes as Molson Coors broadens its portfolio beyond beer and expands into new growth categories that are

By Paul R. La Monica, CNN Business The crypto winter is apparently not over yet. Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. The job cuts come only a few months after another major round of layoffs. The crypto brokerage firm let 1,100 people go in June, about

By Nicole Goodkind, CNN There are two certainties in today’s market: The tech sector has been beaten down and interest rates are higher. And while analysts widely anticipate an easing in the Fed’s rate hikes this year, institutional investors are increasingly using a dangerous tactic to take advantage of market falls. That shift could be

By Matt Egan In a positive sign for inflation-weary consumers, online prices dropped in December as retailers resorted to deep discounts to lure shoppers, according to a Tuesday report from Adobe Analytics. Adobe said e-commerce prices were 1.6% lower than the year before, marking the fourth consecutive month of annual price declines. For many years,