Money

By Parija Kavilanz, CNN New York (CNN) — Private equity group Consortium Brand Partners announced Wednesday it has acquired actress Reese Witherspoon’s fashion and lifestyle brand, Draper James, through a majority stake. According to the deal, Consortium Brand Partners acquired a 70% stake in the company for an undisclosed amount while Witherspoon remains a partner

By Jordan Valinsky, CNN New York (CNN) — Bud Light’s parent company is having a miserable year. But there’s at least one prominent investor who believes in Anheuser-Busch: Bill Gates’ foundation trust. The Bill and Melinda Gates Foundation Trust last quarter bought 1.7 million shares of Anheuser-Busch, valued at around $95 million, according to a

By Michelle Toh, CNN (CNN) — Chinese property giant Country Garden has twice narrowly avoided defaulting on its debt in a matter of days. But it’s not home free. The developer, China’s largest in terms of home sales, continues to keep investors around the world on edge as it faces more upcoming payment deadlines on

By Jessie Yeung and Junko Ogura, CNN Tokyo (CNN) — For dedicated gamers across Asia, late-night sessions often mean chugging cans of Red Bull or snacking on fast food to stay awake. But what about the greasy fingerprints left on keyboards? Or the danger of keeping drinks near gaming equipment? Noodle maker Nissin says it

By Oliver Darcy, CNN (CNN) — It’s a carriage fight that could lead to the dismantling — or revolution — of the cable television bundle. The brawl between Disney and Charter Communications, which has erupted into view at the most inopportune time for sports fans as the US Open plays out and the NFL season

By Samantha Delouya, CNN (CNN) — Canadian pipeline operator Enbridge Inc. announced Tuesday that it plans to acquire three gas distribution companies from Dominion Energy. The deal is valued at $14 billion, including $9.4 billion in cash and $4.6 billion in debt, and will create North America’s largest natural gas utility platform, according to Enbridge.

By Matt Egan, CNN New York (CNN) — JCPenney CEO Marc Rosen sees plenty of evidence that working-class families are struggling. Customers are increasingly relying on credit cards, falling behind on bills and flocking to private label brands like Liz Claiborne instead of pricier national ones, Rosen told CNN. “Our customers are America’s working families.

By Liam Reilly, CNN (CNN) — John Lansing, the president and chief executive of NPR who led the outlet through the Covid-19 pandemic after taking the helm in 2019, will retire by the end of the year. The move comes just months after the radio network announced a significant budget shortfall and layoffs. “During the

By Tierney Sneed and Marshall Cohen, CNN (CNN) — Far-right TV network One America News and one of its on-air personalities settled a defamation lawsuit brought by a former executive at Dominion Voting Systems, the election technology company that was falsely accused of rigging the 2020 election, according to new court filings. Dominion’s former top

CNN By Allison Morrow, CNN New York (CNN) — Burning Man, the desert confab that descended into chaos over the weekend, isn’t quite the scrappy, free-spirited revelry that it once was. For many watching the disarray of Burning Man from afar, the rain and mud that left 70,000 people stranded quickly became a symbol of

By Allison Morrow, CNN New York (CNN) — Burning Man, the desert confab that descended into chaos over the weekend, isn’t quite the scrappy, free-spirited revelry that it once was. For many watching the disarray of Burning Man from afar, the rain and mud that left 70,000 people stranded quickly became a symbol of the

By Rob Picheta and Catherine Nicholls, CNN London (CNN) — Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($954 million). Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice

By Pete Muntean and Ramishah Maruf, CNN (CNN) — United Airlines delayed more than 300 flights after the FAA lifted a brief ground stop that continued to disrupt the carrier’s service nationwide. On Tuesday afternoon, United Airlines delayed all flights nationwide due to an “equipment outage,” according to an alert from the Federal Aviation Administration.

By Matt Egan, CNN New York (CNN) — Goldman Sachs is increasingly confident that the US economy will stick the soft landing that many thought was nearly impossible to pull off. In a research report published Monday night, Goldman Sachs lowered its estimated chance of a US recession over the next 12 months to just

By Hanna Ziady, CNN London (CNN) — Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — said they would extend output cuts by at least another three months. Brent crude, the global benchmark, gained 1.8% to trade above $90 a barrel,

By Jordan Valinsky, CNN Business New York (CNN) — Soccer superstar Leo Messi’s arrival in America has sparked a surge in ticket prices, apparel and now, streaming subscriptions. MLS Season Pass, which is Apple’s streaming package that broadcasts the soccer matches, experienced 1,690% growth in sign-ups the day Messi first played for his new team

By Michelle Toh, CNN London (CNN) — A who’s who of Big Tech companies is set to invest in one of the most highly anticipated initial public offerings in recent memory, a blockbuster event that could value a British chip designer at as much as $52.3 billion. Arm, which designs chips for 99% of the

By Chris Isidore, CNN New York (CNN) — Warner Bros. Discovery trimmed its full-year earnings guidance for 2023 on Tuesday by $300 million to $500 million because of the continued strike by actors and writers, which has stopped production of most shows and movies. The corporate parent of CNN had previously told investors that it

By Jordan Valinsky, CNN New York (CNN) — Tennis champion Daniil Medvedev is competing at the US Open, but there’s a problem: He can’t watch any of the matches on his TV. The No. 3-ranked player and winner of the 2021 US Open lamented at a post-match press conference Monday that the ongoing dispute between

By Jordan Valinsky, CNN New York (CNN) — X owner Elon Musk is threatening to sue the Anti-Defamation League for defamation, claiming that the nonprofit organization’s statements about rising hate speech on the social media platform have torpedoed X’s advertising revenue. In a post on X, formerly known as Twitter, Musk said US advertising revenue