Money

By Laura He, CNN Business Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to

By Esha Mitra, Vedika Sud and Rhea Mogul, CNN The only survivor of a helicopter crash that killed 13 people including India’s top military official is on life support, officials said Thursday, as the nation mourned the victims and investigations into the incident continued. Group Capt. Varun Singh is in a “critical but stable” condition,

By Hilary Whiteman, CNN Business An Australian Senate committee on Thursday issued a scathing indictment of media mogul Rupert Murdoch’s News Corp, calling it the country’s “clearest example of a troubling media monopoly.” But the committee stopped short of calling on News Corp to dilute or otherwise cede any of its Australian interests, and instead

By Kerry Flynn and Eliza Mackintosh, CNN Business More journalists are behind bars for their work globally than ever before, with repressive regimes from Asia to Europe leading an unprecedented crackdown on press freedoms, the media watchdog group Reporters Without Borders (RSF) has warned in a new report. A staggering 488 journalists and media workers,

By Brian Stelter, CNN Business Brian Williams, who helped put MSNBC on the map 25 years ago, is about to exit the cable news network. He is signing off from his 11 p.m. Eastern program, “The 11th Hour,” for the final time on Thursday night, a network spokesperson confirmed. Williams has been alluding to his

Story by Reuters Toymaker Lego said on Wednesday it plans to build a new factory in Vietnam to keep up with rapidly growing demand for its colored plastic bricks among children across Asia. The privately-owned Danish firm said it will invest more than $1 billion in the project, which will be its second Asian factory

By Nathaniel Meyersohn, CNN Business You won’t be able to buy Nike sneakers and apparel at one of America’s largest shoe store chains in 2022. Nike announced it will stop selling to DSW as it cuts ties with many stores and shifts to selling more of its products through its own shops, websites, mobile apps

By Matt Egan, CNN Business After nearly two full years of Covid-driven chaos, JPMorgan Chase is predicting 2022 will usher in a return to normalcy and a full healing of the economic wounds caused by the health crisis. “Our view is that 2022 will be the year of a full global recovery, an end of

By Moira Ritter Days after Better.com’s CEO unceremoniously fired 900 people over Zoom, several executives are handing in their resignation letters. Three of the companies top communications executives — Tanya Gillogley, head of public relations, Melanie Hahn, head of marketing, and Patrick Lenihan, VP of communications — all resigned, according to multiple media reports. According

By Jeanne Sahadi, CNN Business If you have a job, you’re probably getting a bigger raise next year. Base pay may increase by an average of 3.9% in 2022, the largest one-year projected hike since 2008, according to The Conference Board’s latest wage survey of 240 companies, the majority of which each employ more than

By Paul R. La Monica, CNN Business Roku customers no longer have to worry about losing access to the channels of their favorite creators. The company announced a new content deal Wednesday with Google that will keep the main YouTube app on its streaming service and also bring back the YouTube TV live app. “Effective