Money

By Hanna Ziady, CNN Business The former chairman of China’s most valuable drinks maker, Kweichow Moutai, has been sentenced to life in prison after a court found him guilty of taking bribes. In the latest example of Beijing’s long-running crackdown on corruption, a court in the company’s home province of Guizhou on Thursday sentenced Yuan

By Shawn Deng and Chris Liakos, CNN Business China is intensifying its crackdown on cryptocurrencies. Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies. The

By Chris Isidore and Matt Egan, CNN Business Costco is once again placing limits on purchases of toilet paper, paper towels and cleaning supplies. The Delta variant continues to spread across the globe, sending demand for those items higher. But that’s not the only reason why Costco is limiting purchases. The warehouse store is also

By Julia Horowitz, CNN Business Costco, home of the ultimate big box store, is not mincing words about what it’s like to run a consumer business in the middle of a pandemic. “Inflationary factors abound: higher labor costs, higher freight costs, higher transportation demand, along with container shortages and port delays, increased demand in certain

By Michelle Toh, CNN Business The world is still waiting to find out what will happen to troubled Chinese conglomerate Evergrande and its enormous mountain of debt. The property developer’s debt crisis is a major test for Beijing. Some analysts fear it could even turn into China’s Lehman Brothers moment, sending shockwaves across the world’s

By Michelle Toh, CNN Business If you’re coveting a new pair of Nike sneakers this holiday season, you might have to wait a while. The sportswear giant has warned that it has been hit by supply chain problems — caused globally by the Covid-19 pandemic — that will impact production and delivery of its goods

By Swati Gupta and Jessie Yeung, CNN Police in India arrested 29 men on Thursday in connection with the alleged gang rape of a 15-year-old girl, which occurred repeatedly over a period of almost eight months. The victim was first raped on January 29 this year, said Dinkar Mukne, a junior officer with the Mandapa

By Laura He, CNN Business The fate of ailing Chinese developer Evergrande remains up in the air after a deadline came and went Thursday without an update from the company on whether it plans to pay nearly $84 million interest owed to bondholders. Investors may have to wait a while longer to find out whether

By Hanna Ziady, CNN Business British Airways has abandoned plans to launch a low-cost carrier at London’s second biggest airport, Gatwick, blaming pilots for its decision to scrap the new initiative. The reversal comes less than a month after British Airways unveiled plans for a short-haul subsidiary to compete with Ryanair and EasyJet in an

By Anneken Tappe, CNN Business Wall Street continued to rebound on Thursday, shrugging off both the Federal Reserve’s intention to soon roll back its massive monetary stimulus, another uptick in weekly jobless claims and worries overthe Evergrande debt crisis in China. All three major stock indexes closed sharply higher for the second straight day as

By Julia Horowitz, CNN Business All eyes are on China’s Evergrande, the heavily-indebted real estate conglomerate that’s become a market obsession after global investors tuned in to its mounting problems this week. What’s happening: The company faces a crucial test on Thursday, when it has a deadline to pay nearly $84 million worth of interest