Money

By Laura He and Mark Thompson, CNN Hong Kong/London (CNN) — Country Garden warned Wednesday that it could default on its vast debts as it reported a loss of 51.5 billion yuan ($7 billion) for the first six months of the year. The company, which was China’s largest residential developer last year, said it had

By Elisabeth Buchwald, CNN New York (CNN) — US financial regulators on Tuesday signed off on new rules to prepare large and regional banks in the case of failure. Officials at the Federal Deposit Insurance Corporation, Federal Reserve and Office of Comptroller of the Currency approved the rules. That includes a requirement that banks with

By Ramishah Maruf, CNN New York (CNN) — Warner Bros. has swapped its wands for pink heels. Summer smash “Barbie” is the highest-grossing global release in the studio’s 100-year history, beating out 2011’s “Harry Potter and the Deathly Hallows: Part 2.” Greta Gerwig’s “Barbie” edged out the saga’s finale by $767,505, according to Comscore projections.

By Anna Bahney, CNN Washington, DC (CNN) — The National Association of Realtors, the 1.5 million-member trade association that dominates the real estate industry, announced on Monday that its president, Kenny Parcell, has resigned amid sexual harassment allegations. Parcell’s resignation came two days after the New York Times published an article outlining complaints from current

By Jeanne Sahadi, CNN New York (CNN) — As borrowers prepare to resume paying their federal student loans in the coming weeks, the IRS is reminding employers that they can help by offering workers up to $5,250 tax free as part of their educational assistance benefits. That $5,250 is the federal cap on the amount

By Catherine Thorbecke, CNN (CNN) — Before artificial intelligence can take over the world, it has to solve one problem. The bots are hallucinating. AI-powered tools like ChatGPT have mesmerized us with their ability to produce authoritative, human-sounding responses to seemingly any prompt. But as more people turn to this buzzy technology for things like

Brian Fung, CNN (CNN) — Amazon CEO Andy Jassy told employees to get on board with the company’s return-to-office plan or to consider employment elsewhere, the company confirmed to CNN, after a report by Insider highlighted Jassy’s remarks from a recent internal event. Jassy’s message reflects Amazon’s continued pressure on US office staff to comply

By Jennifer Korn, CNN New York (CNN) — The next iPhone could be just weeks away. Apple announced its fall special event on Tuesday, sending out press invites for the morning of September 12th. Invitees will get to attend in-person at the Steve Jobs Theater inside Apple Park, the company’s headquarters in Cupertino, California, while

By Danielle Wiener-Bronner, CNN New York (CNN) — Mitchell Gold + Bob Williams, which grew from a small North Carolina-based upholstery maker to a national retail furniture chain, is shuttering operations, citing weak sales and trouble securing financing. It’s the latest retailer hurting from sluggish sales as consumers pull back on spending. About 500 employees

By Clare Duffy and Brian Fung, CNN (CNN) — X, the platform formerly known as Twitter, is hiring for its safety and elections teams ahead of the 2024 US presidential election and will again allow political ads for the first time since 2019. “We’re currently expanding our safety and elections teams to focus on combating

By Elisabeth Buchwald, CNN New York (CNN) — Azher Abbasi, head of supervision at the Federal Reserve Bank of San Francisco — and a key official with direct oversight over failed Silicon Valley Bank — will retire at the end of October, the regional reserve bank announced this week. Abbasi and Mary Daly, president of

By Hanna Ziady, CNN London (CNN) — The UK government has delayed health and safety checks on food imports from the European Union for the fifth time in three years amid fears that the extra controls will push up food prices and disrupt vital supplies. The latest foot-dragging demonstrates that Britain is still struggling to

By Allison Morrow, CNN New York (CNN) — The value of crypto assets surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund. The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the

By Bryan Mena, CNN Washington, DC (CNN) — Americans felt more pessimistic about the economy in August, following two straight months of growing confidence. The Conference Board’s Consumer Confidence Index, which gauges Americans’ attitudes towards the economy and job market, fell to a reading of 106.1 in August, down from 114 in July, reversing the

By Alicia Wallace, CNN Minneapolis (CNN) — The number of available jobs in the United States shrank for the third consecutive month, dropping below 9 million for the first time since early 2021, according to the latest data released Tuesday by the Bureau of Labor Statistics. In addition, a smaller number of workers quit their

By Danielle Wiener-Bronner, CNN New York (CNN) — Best Buy expects declining tech sales to hit a low this year before stabilizing, in another sign of consumer caution around discretionary spending and retail purchases. The consumer electronics store said Tuesday that it is lowering the high end of its forecast for this year, even though

By Anna Bahney, CNN Washington, DC (CNN) — Home prices rose again in June, marking the fifth successive month of gains, and remaining near the all-time highs notched a year ago. Prices rose 0.7% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday.

By Michael Nam, CNN New York (CNN) — California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth. The jobs being cut are from across all areas of the company, according to a statement on its website. “Given

By Brian Fung, CNN (CNN) — More than a half-dozen leading tech CEOs will be among those attending a highly anticipated artificial intelligence event hosted by Senate Majority Leader Chuck Schumer next month, according to the senator’s office. The September 13 event will involve Google CEO Sundar Pichai and former Google CEO Eric Schmidt; Meta

By Jordan Valinsky, CNN New York (CNN) — 3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. In a release, 3M said the agreement is “not an admission of liability” and