Money

By Hanna Ziady, CNN London (CNN) — UK inflation plunged to its lowest level in two years in October, allowing Prime Minister Rishi Sunak to declare victory on his pledge to halve the rate of price increases this year. But a chorus of commentators say businesses and households still face “worryingly” high bills and a

By Chris Isidore, CNN New York (CNN) — The US Postal Service lost $6.5 billion in its just-completed fiscal year, delivering a blow to the service’s hopes of a financial turnaround. The Postal Service had projected it would break even in the fiscal year that ended September 30, on its way to annual profits this

By Sergio Padilla, CNN New York (CNN) — Amazon will now run shopping ads for select products on popular photo messaging app Snapchat, an Amazon spokesperson confirmed to CNN. Unlike prompts to get a user to open their phone’s web browser, Amazon’s shopping ads will allow them to shop and check out without having to

By Alicia Wallace, CNN Minneapolis (CNN) — US wholesale inflation cooled off in October, reversing a three-month trend that had seen the cost of energy push up prices, according to data released Wednesday by the Bureau of Labor Statistics. The Producer Price Index, which measures the average price changes that businesses pay to suppliers, fell

By Bryan Mena, CNN Washington, DC (CNN) — Americans cut their retail spending in October for the first time since March, with interest rates at a 22-year high. Retail sales, which are adjusted for seasonality but not inflation, fell 0.1% in October from the prior month, the Commerce Department reported Wednesday. While that’s the first

By Jordan Valinsky, CNN New York (CNN) — Ticket prices continue to decline sharply for Formula 1 Grand Prix in Las Vegas, even as the highly anticipated event is set to rev its engines in just one day. Since last week, prices have dropped 23% for Saturday night’s main event, falling below $1,000, with the

Analysis Oliver Darcy, CNN (CNN) — “Not the odds, but the stakes.” Those are the six words that make up a mantra New York University journalism professor Jay Rosen has evangelized across the news industry over the last several months. With less than a year until the 2024 elections, Rosen has been imploring newsrooms to

By Hanna Ziady, CNN London (CNN) — 2024 will be the “pivotal” year in the takeover of Credit Suisse by UBS, with the migration of IT systems presenting huge risks as the two megabanks merge operations across more than 50 countries, UBS CEO Sergio Ermotti said Wednesday. Next year is “probably the most important year

By Nathaniel Meyersohn, CNN New York (CNN) — Target’s sales slumped last quarter and the retail giant is predicting a slow holiday shopping season. Target’s sales tumbled 4.9% — the second quarter in a row sales have dropped. And the company forecast a weak holiday, as customers continue to forgo discretionary purchases like furniture, electronics and some

By Vanessa Yurkevich, CNN New York (CNN) — Going for seconds this Thanksgiving won’t be so painful – for your wallet. A Thanksgiving meal of twelve classic items for 10 people will cost $61.17 on average – a 4.5% drop from last year’s record high average of $64.05, according to a new survey from the

By Parija Kavilanz, CNN New York (CNN) — Sephora has drastically changed the way people shop for fragrances in its stores, and it’s blaming store thefts for it. Sephora told CNN that it has removed all fragrances – which it said are among the most targeted items for theft – from stores shelves and displays

By Michelle Toh, CNN Hong Kong (CNN) — China’s retail sales and factory output grew more than expected in October, official data showed on Wednesday, even as the country’s crisis-hit real estate sector continued to drag on the economy. Retail sales surged 7.6% last month compared to the same period last year, according to the

By Elisabeth Buchwald, CNN New York (CNN) — The House Financial Services Committee has launched an investigation into Federal Deposit Insurance Corporation Chair Martin Gruenberg’s conduct at the agency, members of the committee announced on Friday. This comes after a Wall Street Journal investigation based on interviews with more than 100 current and former FDIC

By Matt Egan, CNN New York (CNN) — A coalition of Muslim bar associations is accusing leading law firms of contributing to Islamophobia and a climate of fear in the legal community. In a letter to more than 100 of America’s top law firms, 13 national and regional bar associations called for the law firms

By Nathaniel Meyersohn, CNN New York (CNN) — The United Automobile Workers’ won big wage and benefit gains in tentative contract agreements with Ford, General Motors and Stellantis. Now, non-union companies are rushing to give their non-unionized workers raises, too. Toyota, Honda and Hyundai all announced raises for their US factory workers within two weeks

By Matt Egan, CNN New York (CNN) — Former President Donald Trump’s social media venture Truth Social is burning cash and piling up losses so rapidly that accountants warn it might not survive unless it soon completes a long-delayed merger, according to corporate filings. Trump Media & Technology Group (TMTG), which is chaired by the

By Chris Isidore, CNN New York (CNN) — Stellantis is offering buyouts to half of its salaried US staff in a cost cutting move. The European automaker, which builds cars for the US market under the Jeep, Ram, Dodge and Chrysler brands, said the offers would be made to all salaried staff with five years

By Sergio Padilla, CNN New York (CNN) — If you love wearing crocs while eating a Big Mac, today is your lucky day. McDonald’s confirmed Monday that it is collaborating with Crocs for one of its rare ventures into the footwear industry. The collaboration features shoes, socks and “Jibbitz” (the little charms that go inside

By Anna Cooban, CNN London (CNN) — The German government is putting €7.5 billion ($8 billion) of taxpayer cash on the table to secure the rescue of troubled wind turbine-maker Siemens Energy, a company of vital importance to the country’s energy transition. The sum is part of a €15 billion ($16.3 billion) package of guarantees,

By Chris Isidore, CNN New York (CNN) — A growing number of rank-and-file autoworkers are voting against the deals with Ford and General Motors, despite pay increases that could come to 30% or more during the life of the contract. The latest setbacks for the deals came in votes at two GM plants, a truck