Money

By Brian Fung, CNN (CNN) — TikTok is planning to lay off large swaths of its operations and marketing workforce, current employees briefed on the plans told CNN. The global layoffs are expected to hit teams that handle user support and communications, as well as content and marketing. TikTok’s current global user operations team will

By Bryan Mena, CNN Washington (CNN) — Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. The median price of a previously owned home in the US grew 5.7% in April from a year earlier to $407,600, according to data from the National Association of Realtors released Wednesday. That

By Ryan Bergeron, CNN (CNN) — Valera Kucherenko had already served a term in the Ukrainian army when Russia invaded in 2022. But he joined back up and, on a fateful October night in 2023, lost both hands in a grenade attack. It’s a story that’s all too common for Ukrainian soldiers. Since the start of

By David Goldman, CNN (CNN) — Graceland can stay in the hands of Elvis Presley’s family for the time being, after a Tennessee court chancellor ruled Wednesday that a mysterious company trying to sell it likely committed fraud. Chancellor JoeDae Jenkins said that a planned foreclosure sale of Graceland, Elvis Presley’s historic Memphis home, would

By Nathaniel Meyersohn, CNN New York (CNN) — Target has spent decades building a reputation for cheap chic home goods, clothing and other merchandise. But surging prices in recent years dented the luster of “Tar-zhay.” The company reported Wednesday that sales at stores open for at least one year dropped 3.7% during its latest quarter

By Matt Egan, CNN New York (CNN) — Congressional Democrats are investigating whether leading US oil companies have illegally colluded with one another and with OPEC to inflate prices at the pump, CNN has learned. Rep. Frank Pallone Jr., the ranking member of the House Committee on Energy and Commerce, sent a letter Tuesday night

By Laura He, CNN Hong Kong (CNN) — Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The hefty discounts by the iPhone maker come at a time when it is battling stiff competition from Chinese

By Anna Cooban, CNN London (CNN) — UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. The Financial Conduct Authority (FCA) imposed a fine of nearly £28 million ($36 million) on Citigroup

By Ramishah Maruf, CNN New York (CNN) — Peloton said it has paused the use of music recorded by Sean “Diddy” Combs on its workout class platform in response to a member of a private Facebook group for Peloton users. In the comment posted on Monday, the company said it also removed the Bad Boy Entertainment Artist Series,

By Danielle Wiener-Bronner, CNN New York (CNN) — Children have again been found working at a Mar-Jac Poultry slaughterhouse, according to the US Department of Labor. The latest discovery in Alabama comes less than a year after a teen worker was killed at a company facility in Mississippi. In a civil complaint filed May 7,

By Peter Valdes-Dapena, CNN (CNN) — Nissan is postponing a push to build new electric vehicles at its Canton, Mississippi, factory as sales of EVs are now growing more slowly than many industry experts had expected. EV sales in the US grew 2.6 % in the first quarter of 2024 compared to the same period

By Peter Valdes-Dapena, CNN (CNN) — Federal regulators are investigating a California crash that killed four occupants who rode in a VinFast electric SUV, which had automated steering features the owner had earlier complained about. The VinFast VF8, made by the Vietnamese automaker founded in 2017, veered off the road and crashed into a pole

By Nicole Goodkind, CNN New York (CNN) — JPMorgan Chase CEO Jamie Dimon has bumped up his retirement plans, the longtime head of America’s largest bank said Monday. Dimon is one of the most well-known and closely listened to CEOs in the world. Over the course of his tenure at JPMorgan Chase, he’s become somewhat

By Alicia Wallace, CNN (CNN) — Inflation may have slowed last year, but it continued to deal heavy blows — some devastating — on Americans’ livelihoods: Nearly two-thirds of US adults were worse off because of it, and roughly 1 in 6 couldn’t pay all their monthly bills, new Federal Reserve data shows. The Fed

By Jordan Valinsky, CNN New York (CNN) — Breakout basketball star Caitlin Clark has a new achievement that hasn’t been accomplished since Michael Jordan. The WNBA player signed a multiyear deal with Wilson Sporting Goods Co., the league’s official basketball supplier, for “signature basketball collections celebrating Clark’s continued legacy,” the company announced Tuesday. Wilson said

By Jon Passantino, Hadas Gold and Oliver Darcy, CNN (CNN) — In a sharp reversal, Israel said Tuesday it would return camera and broadcast equipment it had seized from The Associated Press in the southern Israeli city of Sderot on Tuesday after the action prompted swift backlash from US officials and press groups. In a statement late Tuesday, Israel’s Communications Minister Shlomo Karhi said that he “has ordered that the equipment be returned

By Jordan Valinsky, CNN New York (CNN) — Air travelers, are you ready for it? The official kickoff for summer this weekend is going to get even busier, thanks in part to Taylor Swift. United Airlines revealed that demand for flights to Lisbon, Portugal, where Swift is performing for her “Eras Tour,” shot up 25%

By Anna Cooban, CNN London (CNN) — Jobs that require artificial intelligence skills offer significantly higher wages than those that don’t, according to new research published Tuesday. Consultancy PwC studied advertisements, posted last year, for a range of jobs, including app programmers, lawyers and accountants. It found that wages for AI-related roles were on average

By Jordan Valinsky, CNN New York (CNN) — Nestlé, the maker of frozen food brands like Stouffer’s and DiGiorno, is slimming down with a new line of meals for people taking GLP-1 drugs, such as Ozempic, for weight loss. The new frozen food brand called Vital Pursuit will consist of 12 portion-controlled meals, high in

By Samantha Murphy Kelly, CNN (CNN) — Microsoft jumped headfirst into building artificial intelligence directly into its Windows operating system on Monday, announcing new AI computers that could help ramp up flagging PC sales. The developments push the company closer to its long-time goal to “build computers that understand us versus us having to understand computers,”