Money

By Anna Cooban, CNN London (CNN) — Alibaba said Tuesday that it would spin off Cainiao, its logistics arm, in what will be the conglomerate’s first initial public offering since it announced a sweeping revamp of its business earlier this year. Alibaba Group (BABA) said in a regulatory filing that it had received regulatory approval

By Anna Bahney, CNN Washington, DC (CNN) — New home sales dropped in August from the month before, as mortgage rates topped 7% and rose to the highest levels in more than 20 years. Sales of newly constructed homes fell 8.7% in August to a seasonally adjusted annual rate of 675,000 from a revised rate

By Alicia Wallace, CNN Minneapolis (CNN) — Rising gas prices and high interest rates contributed to greater economic uncertainty and dampened consumer confidence in September, dropping the key economic indicator to the lowest level in four months, according to data released Tuesday. The Conference Board’s Consumer Confidence Index fell for a second consecutive month, dropping

By Lauren del Valle, CNN New York (CNN) — JPMorgan Chase has reached a settlement with the US Virgin Islands over a lawsuit alleging the bank enabled Jeffrey Epstein’s sex-trafficking crimes. The settlement includes “significant commitments” by JPMorgan Chase to curtail human trafficking, and a $75 million payment to the US Virgin Islands. The USVI

By Alicia Wallace, CNN Minneapolis (CNN) — Buy Now, Pay Later installment payment offerings appear to be disproportionately used by people facing financial difficulties, raising concerns about the potential for greater money trouble, according to research from the Federal Reserve Bank of New York released Tuesday. Buy Now, Pay Later offerings have grown in popularity

By Jordan Valinsky, CNN New York (CNN) — McDonald’s is spicing up its sauces. Beginning October 9, the fast food chain is adding two new dipping sauces to its menu for a limited time, joining its lineup of six sauces that include barbecue, ranch and sweet and sour. The first new addition is a sweet

By Anna Bahney, CNN Washington, DC (CNN) — US home prices continued to rise in July, hitting a new record high and marking the sixth successive month of gains, as historically low inventory pushes up the cost of a home. Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P

By Brian Fung, CNN (CNN) — The US government aims to restore sweeping regulations for high-speed internet providers such as AT&T, Comcast and Verizon, reviving “net neutrality” rules for the broadband industry — and an ongoing debate about the internet’s future. The proposed rules from the Federal Communications Commission will designate internet service — both

By Laura He, CNN Hong Kong (CNN) — Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. Hengda Real Estate, Evergrande’s flagship unit in mainland China, missed principal and interest payments on Monday on an onshore 4

By Michelle Toh and Wayne Chang, CNN Hong Kong/Taipei (CNN) — China and the European Union have agreed to exchange information on export controls as part of efforts to dial down tension over trade imbalances and geopolitical issues. Europe’s trade chief said the relationship was at a “crossroads” and the bloc’s exporters needed better access

By Anna Cooban, CNN London (CNN) — Global demand for oil, natural gas and coal is likely to peak by 2030 — an “encouraging” development but “not nearly enough” to limit the rise in global temperatures to 1.5 degrees Celsius, the International Energy Agency said Tuesday. Planet-heating pollution from the energy sector is also set

By Kevin Dotson, CNN (CNN) — The surprise attendance of pop superstar Taylor Swift at Sunday’s Kansas City Chiefs game also brought an unexpected surge in sales of Chiefs’ tight end Travis Kelce’s jersey, according to sports retailer Fanatics. “Yesterday, Travis Kelce was one of the top five selling NFL players and saw a nearly

By Ramishah Maruf, CNN (CNN) — 3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week. The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. It said between 2016 and 2018, a 3M subsidiary in Switzerland

By Vanessa Yurkevich, CNN (CNN) — United Auto Workers union President Shawn Fain will join President Joe Biden on the picket line Tuesday in Wayne County, Michigan, according to a source familiar with the situation. The source provided no specifics about the exact location. The UAW, however, is not involved with former President Donald Trump’s

By Jackie Wattles, CNN (CNN) — Jeff Bezos’ space tourism and rocket company is replacing its chief executive officer with a longtime Amazon executive. The current Blue Origin CEO, Bob Smith — a former Honeywell executive who took over the role in 2017 — will step down and make way for Dave Limp, the senior

By Peter Valdes-Dapena, CNN (CNN) — Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis. No final decision has been made on whether the

By Alicia Wallace, CNN Minneapolis (CNN) — The United States’ credit rating could come under pressure if the government shuts down, Moody’s Investors Service cautioned Monday. A shutdown would be “credit negative” for the US sovereign, according to a Moody’s note. “While government debt service payments would not be impacted and a short-lived shutdown would

By Eva Rothenberg, CNN (CNN) — Now that the Writers Guild of America (WGA) has reached a tentative agreement with the Alliance of Motion Picture and Television Producers (AMPTP), the trade association representing major Hollywood studios, all eyes have turned toward SAG-AFTRA, the union representing about 160,000 actors. While late night and talk programs like

By Ramishah Maruf, CNN New York (CNN) — Costco customers are going to the mattresses over mold. The US Consumer Product Safety Commission announced the recall of 48,000 mattresses sold exclusively at Costco due to risk of mold exposure. Manufacturer FXI is recalling the Novaform ComfortGrande 14-inch and Novaform DreamAway 8-inch mattresses, which were sold

By Catherine Thorbecke, CNN (CNN) — You can now speak aloud to ChatGPT and hear the artificial intelligence-powered chatbot talk back. OpenAI, the startup behind the wildly-popular chatbot, announced Monday that it is rolling out new features including the ability to let users engage in a back-and-forth voice conversation with ChatGPT. In a company blog