Money

By Chris Isidore, CNN New York (CNN) — Losses are going up on Ford’s electric vehicle business, but profit from its traditional internal combustion engine vehicles allowed it to beat Wall Street expectations. The company earned 72 cents a share in the second quarter on an adjusted basis, up from 68 cents a share and

By Clare Duffy, CNN Video by John General, Deborah Brunswick and Hazel Tang, CNN New York (CNN) — In mid-July at the construction site at 1 Java Street in Brooklyn, New York, the outside temperatures can reach sweltering highs in the 90s. But 500-feet underground, it’s 55 degrees all year round. That stable, underground temperature

By Danielle Wiener-Bronner, CNN New York (CNN) — McDonald’s is planning to test out a new restaurant idea, called “CosMc’s.” CosMc’s is named for a little-known McDonald’s character. He is an alien. “CosMc’s is a small format concept with all the DNA of McDonald’s but its own unique personality,” CEO Chris Kempczinski said during an

By Chris Isidore, CNN New York (CNN) — The costs to Norfolk Southern from the February derailment in East Palestine, Ohio, are now approaching $1 billion, the company reported Thursday. The company disclosed it had taken another $416 million charge against its second-quarter earnings, mostly to cover the estimated ongoing clean-up costs at the derailment

By Matt Egan, CNN New York (CNN Business) — “Barbie” and “Oppenheimer” have been such blockbuster movies that their impact appears to be showing up in economic statistics. Bank of America cardholders increased their non-gasoline spending by 1.9% year over year during the week ending July 22, the bank said Thursday. While spending in many

By Anna Cooban, CNN London (CNN) — Some of Europe’s biggest banks are setting aside more cash to absorb potential losses on loans, as rising interest rates increase pressure on borrowers. UK-based Barclays reserved £896 million ($1.2 billion) in the first half of this year to cover possible defaults by borrowers, more than double the

By Krystal Hur, CNN New York (CNN) — The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897. If the Dow had closed

By Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates moved higher this week following the Federal Reserve’s rate hike, after dropping last week. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 27, up from 6.78% the week before, according to data from Freddie Mac released Thursday. A year ago, the

By Chris Isidore, CNN New York (CNN) — The end may be close for Yellow Corp, a nearly century-old trucking company with 30,000 employees. The company narrowly avoided a fatal strike by the Teamsters earlier this week after Yellow missed payments to pensions and healthcare funds, as the union agreed to give it extra time

CNN, CNN BUSINESS By Brian Fung, CNN Washington (CNN) — Thousands of published authors are requesting payment from tech companies for the use of their copyrighted works in training artificial intelligence tools, marking the latest intellectual property critique to target AI development. The list of more than 8,000 authors includes some of the world’s most

CNN By Caolán Magee, CNN (CNN) — A first-edition 2007 Apple iPhone has sold for more than $190,000 at auction, far exceeding the estimate. Dubbed the “Holy Grail” by auctioneer LCG Auctions, the 4GB model was expected to fetch in the region of $50,000-$100,000. But after attracting 28 bids online, the phone’s value quickly rose