Money

By Hanna Ziady, CNN London (CNN) — Novo Nordisk has dethroned Bernard Arnault’s luxury goods giant LVMH as Europe’s most valuable company. Shares of the Danish drugmaker have soared 40% so far this year, boosted by an explosion in demand for its weight-loss drugs Wegovy and Ozempic. At the close of trading Monday, Novo Nordisk

By Laura He, CNN Hong Kong (CNN) — Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports. The China Securities Journal reported on Tuesday that the company

By Juliana Liu, CNN Hong Kong (CNN) — A private survey of business activity in China’s services sector fell to its lowest level in eight months in August, as a flurry of economic stimulus measures seemed unable to reignite consumption demand. The Caixin China general services purchasing managers index (PMI) slipped to 51.8 last month

By Reuters (Reuters) — Qantas Airways said on Tuesday that long-serving CEO Alan Joyce would exit the company two months earlier than previously flagged as a reputational turbulence engulfs Australia’s flagship carrier. Joyce’s early retirement will see CEO Designate Vanessa Hudson, the first woman to lead the century-old airline, take charge on Wednesday. The accelerated

By Hanna Ziady, CNN London (CNN) — The UK economy recovered from the Covid-19 pandemic much faster than previously thought, according to major revisions of official statistics that have erased Britain’s laggard status overnight. New data published by the Office for National Statistics Friday showed that by the end of 2021, UK gross domestic product

By Jeanne Sahadi, CNN New York (CNN) — Some big-name employers are signaling they will get tough on enforcing their return-to-office mandates after Labor Day. Last month, Amazon CEO Andy Jassy told employees they were free to disagree with the company’s policy requiring them to be in the office at least three days a week.

By Michelle Toh, CNN London (CNN) — Mercedes-Benz has just unveiled new “close-to-production” concept vehicles that could outdo Tesla cars by going more than 466 miles on a single charge. That’s compared with a range of less than 380 miles for any Tesla model. The German automaker’s Concept CLA Class, revealed Sunday at the IAA

CNN By Berry Wang and Michelle Toh, CNN Hong Kong (CNN) — Luckin Coffee has joined forces with Kweichow Moutai, the maker of China’s fiery national liquor baijiu, for an unusual offering: alcoholic lattes. The popular Chinese coffee chain rolled out the so-called “sauce-flavored latte” with a jolt of liquor for 38 yuan ($5.20) on

By Allison Morrow, CNN New York (CNN) — “The Equalizer 3,” Denzel Washington’s third go as brooding assassin Robert McCall, debuted at the top of the US box office this weekend, raking in $34.5 million. Globally, the film raked in $60.6 million, according to Comscore. Audiences have given it a 94% approval rating on Rotten

By Chris Isidore, CNN New York (CNN) — Since last year’s Labor Day, US unions have flexed their muscle in a way not seen in decades. They’ve scored some big victories amid some defeats. “It’s been a good year for unions,” said Art Wheaton, director of labor studies at Cornell University’s Industrial and Labor Relations

CNN By Chris Isidore, CNN New York (CNN) — Since last year’s Labor Day, US unions have flexed their muscle in a way not seen in decades. They’ve scored some big victories amid some defeats. “It’s been a good year for unions,” said Art Wheaton, director of labor studies at Cornell University’s Industrial and Labor

By Elisabeth Buchwald, CNN New York (CNN) — According to private payroll processor ADP, US employers hired 455,000 new workers in June. Meanwhile, in its monthly tally, the Bureau of Labor Statistics said 105,000 new workers were hired. But for August, the two arrived at similar estimates — ADP reported on Wednesday that 177,000 new

By Berry Wang and Michelle Toh, CNN Hong Kong (CNN) — Luckin Coffee has joined forces with Kweichow Moutai, the maker of China’s fiery national liquor baijiu, for an unusual offering: alcoholic lattes. The popular Chinese coffee chain rolled out the so-called “sauce-flavored latte” with a jolt of liquor for 38 yuan ($5.20) on Monday.

By Laura He, CNN Hong Kong (CNN) — Investors in embattled Chinese property giant Country Garden are breathing a collective sigh of relief Monday, after it reportedly won approval from local creditors to delay repayments on a maturing bond, averting the threat of a default — at least for a few days. It was the

By Ramishah Maruf, CNN New York (CNN) — Labor Day is here, which means summer is winding down and schools are reopening. The first Monday in September also commemorates the American labor movement and contributions workers have made to the US economy. Since it’s a bank holiday, many Americans will be traveling or hosting their

By Eva Rothenberg, CNN (CNN) — The economic relationship between the US and China is mutually beneficial and opening lines of communication is key to maintaining it, US Commerce Secretary Gina Raimondo told CNN’s Dana Bash on Sunday. Raimondo concluded a four-day visit to the world’s second-largest economic power last week. She is the fourth

By Anna Bahney, CNN Washington, DC (CNN) — Housing is less affordable than it has been in about four decades. But buying or renting a home might be even less affordable now if it weren’t for the continuing impact of remote and hybrid workers that resulted from the pandemic, according to a recent study by

By Heather Law and Heather Chen, CNN (CNN) — Billionaire businessman Terry Gou has resigned from the board of directors of Foxconn, the world’s largest electronics manufacturer, days after announcing his bid for Taiwan’s presidency. In a statement to CNN, Foxconn’s parent company Hon Hai Technology Group confirmed Gou’s resignation and said it “would not

By Eva Rothenberg, CNN New York (CNN) — SAG-AFTRA’s National Board is unanimously seeking permission from union members to strike against a number of video game makers ahead of negotiations resuming later this month. The union’s initial contract with major video game companies, the Interactive Media Agreement, was extended past its initial expiration date last

Natasha Chen, Jack Hannah, and Conor Powell, CNN (CNN) — The Hawaii Tourism Authority announced Friday it approved more than $2 million to help rebuild Hawaii’s struggling tourism industry. The agency said West Maui accounts for 15% of Hawaii’s total tourism revenue, and since the deadly wildfires, the state has lost roughly $9 million per