By Matt Egan, Kara Scannell and Mark Morales, CNN Federal agents arrested Archegos Capital Management founder Sung Kook “Bill” Hwang on Wednesday morning on fraud charges, roughly one year after the investment firm’s spectacular meltdown sent shock waves through Wall Street. Prosecutors are charging both Hwang and Patrick Halligan, the firm’s chief financial officer, with
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By Beth Braverman With inflation pushing the price of just about everything higher, it’s more important than ever to keep track of how you’re spending your money. Over time, however, even the most budget-conscious consumers may find themselves spending more than they need to on certain expenses. Here’s a look at seven common money traps
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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. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
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By Chris Isidore, CNN Business The bad news keeps piling up for Boeing. The company is delaying the debut of its newest passenger jet to 2025, and it reported a much bigger-than-expected quarterly loss. The aircraft builder announced Wednesday it would temporarily pause the start of production for its 777X passenger jet, which it planned
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By Paul R. La Monica, CNN Business It looks like bitcoin and other cryptocurrencies may not be digital gold after all. Bitcoin prices are down more than 15% so far in 2022. Other top cryptos, such as ethereum, solana and Elon Musk’s beloved dogecoin, also have fallen sharply this year. Meanwhile, tactual gold is up
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By Julia Horowitz, CNN Business The tech-heavy Nasdaq Composite was a huge beneficiary of the stock market’s epic recovery from the pandemic. Now, it’s facing ever deeper losses as investors fear that fast-growing companies are running out of steam. What’s happening: The Nasdaq dropped almost 4% on Tuesday, sending the index to its lowest level
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By Parija Kavilanz, CNN Business It’s proposal season, and engagements are on the rise. So are factory-made diamond sales. Not that you’d know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag. “The result is really stunning,” said Edahn Golan, an independent diamond industry analyst.
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By Jordan Valinsky, CNN Business Members of Walmart’s discount program will get a bit of relief at the gas pump. Beginning Wednesday, Walmart+ subscribers will get 10 cents off a gallon of gas at participating fuel stations. Walmart previously offered a discount of just 5 cents a gallon to Walmart+ subscribers, and only at 2,000
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By Michelle Toh, CNN Business DJI, the world’s top drone maker, will temporarily stop doing business in Russia and Ukraine. The move marks a rare exit from Russia by a prominent Chinese company since the war started, and comes after Ukrainian authorities claimed that DJI’s drones were being used by the Russian military. In a
Continue Reading By Michelle Toh, CNN Business DJI, the world’s top drone maker, will temporarily stop doing business in Russia and Ukraine. The move marks a rare exit from Russia by a prominent Chinese company since the war started, and comes after Ukrainian authorities claimed that DJI’s drones were being used by the Russian military. In a
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By Nicole Goodkind, CNN Business Maybe that avocado toast isn’t so bad, after all. Millennials are way ahead of Baby Boomers when it comes to saving for retirement, according to a new study by investment firm Charles Schwab. That younger generation is already stashing away funds in their mid-20s, beating their parents by about a
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By Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
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By Jackie Wattles, CNN Business A SpaceX capsule carrying four astronauts — including the first Black woman to join the International Space Station crew — successfully docked with the ISS Wednesday evening, kicking off a five-month mission. The astronauts had spent 16 hours orbiting aboard their SpaceX Crew Dragon spacecraft after a pre-sunrise launch from
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By Jackie Wattles, CNN Business SpaceX has been on a tear in 2022, notching 18 rocket launches and two astronaut splashdowns in just the first 130 days of the year — an unprecedented pace for the company and the commercial launch industry. The latest is scheduled for Friday evening with the launch of 53 of
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By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal, including
Continue Reading 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. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue Reading 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. LA County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating that
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A dating app scam has been brought to the Holts Summit Police Department’s attention after the scammer called the victims using a phone number that appeared to be associated with the police department.
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By Ramishah Maruf, CNN Up to a quarter million Ford Explorers are being recalled due to a mechanical problem that can cause the SUV to roll away while it’s parked, according to documents from the National Highway Traffic Safety Administration. The document said a bolt in the rear axle mounting could fracture and cause the
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By Nicole Goodkind, CNN Business Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company’s stock hit a new low. In a blogpost, Tenev wrote that Robinhood’s financial position was strong, with over $6 billion in cash on its balance sheet.
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