Money

By Jordan Valinsky, CNN Business Private equity firm Blackstone Group is abandoning its $3 billion bid for a controlling stake in Soho China, one of the country’s largest real estate developers. In a regulatory filing Friday, Blackstone said it decided to drop the deal “in light of the lack of sufficient progress” being made among

By Peter Valdes-Dapena, CNN Business There was a slight drizzle when I was getting ready to go for a short drive in Bentley’s new Bacalar. Ordinarily, this would not be a big deal. The rain was hardly enough to warrant an umbrella. Except the Bentley Bacalar has no roof. The Bacalar is not a convertible.

By Hanna Ziady, CNN Business Back in the spring, as the pace of vaccinations increased rapidly and growth predictions improved, businesses were hopeful that by the fall economic activity would largely be back to normal. Well, September has arrived but the return to normal that many expected remains elusive. What’s happening: Developments over the past

By Michelle Toh, CNN Business The United States has lifted an import ban on the world’s largest glove maker after concluding that its products are no longer being produced using forced labor. In an announcement Friday, the US Customs and Border Protection (CBP) agency said that it had cleared Top Glove, a Malaysian company, after

By Laura He, CNN Business China is starting to sell off some of the oil it keeps in strategic reserve in a bid to lower prices in the market, a historic first for the world’s biggest importer of oil and its second largest consumer. The State Bureau of Grain and Material Reserves said late Thursday

By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “An Authoritarian.” “Rotting bag of oatmeal … tyrant.” “Very frail and very weak.” Those are only a handful of the vile attacks directed at President Biden on Fox News Thursday

By Alexis Benveniste, CNN Business JPMorgan Chase is buying the Infatuation, a restaurant discovery platform that shares reviews and recommendations on where to eat. The acquisition will include the Infatuation’s entire business, including Zagat, which the company purchased in March 2018. The bank didn’t disclose the price of the deal. The news was first reported

By Nathaniel Meyersohn, CNN Business Walmart will end its quarterly bonuses for US store workers in January after it raises its hourly minimum wage from $11 to $12, eliminating a longstanding perk for workers. Walmart, the largest private employer in the United States, has for decades paid the bonuses to its approximately 1.2 million hourly

By Matt Egan, CNN Business Federal Reserve Chairman Jerome Powell has been criticized by progressives for going soft on big banks and not doing enough to address the climate crisis. Now, a lifelong Republican is joining that critique. Sheila Bair, one of the few American regulators who sounded the alarm prior to the subprime mortgage