Money

By Ramishah Maruf, CNN New York (CNN) — Moody’s RMS estimated up to $6 billion in economic losses from the devastating wildfires in Hawaii, which killed at least 115 people and destroyed countless homes and businesses. The losses could range from $4 billion to $6 billion, Moody’s said Tuesday. About 75% of the losses will

By Liam Reilly, CNN (CNN) — Lachlan Murdoch, Fox Corporation’s chief executive, paid substantial legal fees to Private Media, which publishes the scrappy Australia-based news outlet Crikey, after abandoning his defamation lawsuit against the outlet. Murdoch’s lawyer, John Churchill, said Tuesday that Murdoch had paid. So, $1,306,739 Australian ($839,207.39 US) to cover Private Media’s legal

By Hanna Ziady, CNN London (CNN) — The UK government went all out to prop up the economy through the Covid pandemic and the initial phase of Russia’s war in Ukraine. Now, the bill is starting to bite. Interest payable on UK central government debt hoovered up £7.7 billion ($9.8 billion) last month alone, hitting

By Jordan Valinsky, CNN Business New York (CNN) — Seeing superstar soccer player Leo Messi’s debut in the New York area could cost you as much as a steak dinner at Peter Luger. Saturday’s Inter Miami CF match marks Messi’s first regular season Major League Soccer game, and demand to see it is sending ticket

By Lauren del Valle and Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried pleaded not guilty Tuesday to an amended indictment alleging fraud and money laundering conspiracy charges, appearing in court for the first time since his bail was revoked and he was sent to a Brooklyn jail to await trial. Lawyers for the

By Anna Bahney Washington, DC (CNN) — US home buyers have a new challenge in addition to mortgage rates above 7%: Prices are rising again, reversing five months of year-over-year declines, according to a National Association of Realtors report released Tuesday. The median existing home price was $406,700 last month, up 1.9% from a year

By Parija Kavilanz and John Miller, CNN New York (CNN) — Dick’s Sporting Goods warned Tuesday that retail theft is damaging its business and would lead to lower annual profits. The sporting goods and athletic clothing seller reported second-quarter results Tuesday morning that included a 23% drop in profit, despite sales that rose 3.6% in

By Parija Kavilanz, CNN New York (CNN) — Jitters about the health of the economy aren’t stopping consumers from buying, but they are becoming more value-driven and less picky about what they buy, even when they’re shopping secondhand. In other words, that pink Alexander McQueen blouse with the seam split or not-so-gently-used Gucci canvas hobo

By Clare Duffy, CNN New York (CNN) — Threads users, rejoice: the app is rolling out its highly anticipated web version Tuesday. The update — perhaps the most requested by users since Threads’ mobile-only launch last month — puts the new platform one step closer to recreating the functions offered by rival X, the platform

CNN By Samantha Delouya, CNN (CNN) — California authorities have asked General Motors to “immediately” take some of its Cruse robotaxis off the road after autonomous vehicles were involved in two collisions – including one with an active fire truck – last week in San Francisco. California’s Department of Motor Vehicles confirmed to CNN that

By Jordan Valinsky, CNN New York (CNN) — Modelo Especial is now officially America’s best-selling beer, dethroning Bud Light, whose popularity faded following the Dylan Mulvaney controversy. Sales of Modelo at grocery and beer stores have surpassed Bud Light’s over the course of 2023, according to newly released NIQ data, the first time Modelo has

By Kylie Atwood and Jeremy Diamond, CNN (CNN) — US Commerce Secretary Gina Raimondo will visit China next week at a critical time for the world’s second-largest economy — and for the Biden administration’s relationship with the country and its leaders. China’s economy is in trouble, and some economists and market analysts fear the contagion

By Jeanne Sahadi, CNN New York (CNN) — From hot flashes and heart palpitations to chronic insomnia and brain fog, menopausal symptoms may affect roughly 25% of the US working population at any given time — and now a growing number of employers are stepping up to offer more support. The 39-million-plus working women in

By Michelle Toh, CNN Hong Kong (CNN) — Fried chicken fans in China are about to get another option. The new operator of Popeyes in the country shrugged off an economic slowdown to announce a major expansion on Monday, with plans to open 1,700 stores nationwide over the next decade. At least 10 of the

By Chris Isidore, CNN New York (CNN) — Rank-and-file members of the Teamsters union have overwhelmingly ratified a five-year deal with UPS, putting an end to the threat of a crippling strike. The union said 86% of members had voted for the five-year contract, which will now be in effect retroactive to August 1. It

CNN, KCCI, TEAMSTER.ORG, UPS By Chris Isidore, CNN New York (CNN) — Rank-and-file members of the Teamsters union have overwhelmingly ratified a five-year deal with UPS, putting an end to the threat of a crippling strike. The union said 86% of members had voted for the five-year contract, which will now be in effect retroactive

By Olesya Dmitracova, CNN London (CNN) — Microsoft has made a major concession to UK authorities in a bid to remove the last remaining regulatory obstacle to its huge takeover of Activision Blizzard. The companies have submitted a new proposal to the UK antitrust watchdog — the only regulator worldwide standing in the way of

By Laura He, CNN Hong Kong (CNN) — China has fined Mintz Group, an American corporate due diligence firm, about $1.5 million for allegedly conducting unapproved statistical work in the country, as it continues with a nationwide crackdown on consulting firms in the name of national security. The fine came to light months after authorities

By Elisabeth Buchwald, CNN New York (CNN) — S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. The ratings agency said in a research note that the current “tough” lending environment caused it to downgrade the five banks, which include KeyCorp, Comerica Inc.,

By David Goldman, CNN New York (CNN) — A hotly anticipated IPO for a company that designs chips for 99% of the world’s smartphones is just around the corner, after it filed paperwork Monday to go public. Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to