Money

By Melanie Hicken and Blake Ellis (CNN) — In a high-profile case that rocked the commercial shipping industry, a sailor accused of raping a student from the US Merchant Marine Academy has agreed to surrender his credential to work on ships, but he will not be criminally prosecuted. Longtime merchant mariner Edgar Sison voluntarily surrendered

By Niamh Kennedy, CNN London (CNN) — Heineken has announced its departure from Russia following the sale of its business in the country for a symbolic €1 ($1). The Dutch beer maker said in a statement Friday that it had received the necessary approvals to sell its operations to Arnest Group, a Russian manufacturer, completing

By Brian Fung, CNN (CNN) — The world’s largest tech companies must comply with a sweeping new European law starting Friday that affects everything from social media moderation to targeted advertising and counterfeit goods in e-commerce — with possible ripple effects for the rest of the world. The unprecedented EU measures for online platforms will

By Laura He, CNN Hong Kong (CNN) — US Commerce Secretary Gina Raimondo will travel to China next week, a visit that coincides with a worsening slowdown in the world’s second largest economy. While China’s troubles might give Raimondo greater leverage to pursue better market access for American companies, she is also likely to face

By Ramishah Maruf, CNN New York (CNN) — The US Equal Employment Opportunity Commission has sued a North Carolina Hooters restaurant for allegedly discriminating against Black or darker-skinned “Hooters Girls,” the federal agency announced Thursday. In March 2020, at the beginning of the Covid-19 pandemic, the Greensboro, North Carolina, Hooters temporarily laid off around 43

By Ramishah Maruf, CNN New York (CNN) — Gap reported declining sales across all four of its brands – Gap, Old Navy, Banana Republic and Athleta – in the second quarter, noting continued uncertainty among consumers. At its flagship Gap stores, sales were driven by “continued strength in the women’s category,” the company noted in

CNN By Samantha Delouya and Kelly McCleary, CNN (CNN) — Maui County filed a lawsuit Thursday against Hawaiian Electric Company and its subsidiaries, alleging that the utility company’s negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month. The lawsuit alleges

By Chris Isidore, CNN New York (CNN) — The United Auto Workers union reached a tentative deal Thursday to raise wages 25% at Ultium Cells, a company that makes batteries for General Motors’ electric vehicles. The union said the agreement will be retroactive to December 23, meaning that workers will get between $3,000 to $7,000

By Samantha Delouya and Kelly McCleary, CNN (CNN) — Maui County filed a lawsuit Thursday against Hawaiian Electric Company and its subsidiaries, alleging that the utility company’s negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month. The lawsuit alleges that

By Ramishah Maruf, CNN New York (CNN) — Wells Fargo experienced issues with some aspects of its banking system on Thursday night, according to the bank itself and hundreds of complaints on Downdetector, a platform that tracks service outages. Problems ranged from transferring funds to declining ATM cards on Downdetector, with the bank tweeting that

By Oliver Darcy, CNN (CNN) — The first Republican primary debate of the 2024 campaign season hosted by Fox News averaged 12.8 million viewers, according to viewership data, a larger than expected audience given the notable absence of frontrunner and disgraced former President Donald Trump. The numbers were far short of the historic 24 million

By Anna Bahney, CNN Washington, DC (CNN) — Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. And that crushing lack of affordability isn’t expected to improve much in the near future. In just the last few weeks, US

By Matt Egan, CNN New York (CNN Business) — Washington plans to keep piling pressure on Russia through additional sanctions in a bid to force hard choices in Moscow, a senior US official tells CNN. The preparations of further economic punishments come as cracks emerge in Russia’s economy and society because of the war in

By Chris Isidore, CNN New York (CNN) — Ford has gotten about 100 complaints from F-150 truck owners who say the speakers in their vehicles are emitting a loud, annoying noise that sounds like static, or glass shattering, and which cannot be shut off. The automaker confirmed the complaints and said it has come up

By Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates surged again this week, rising to their highest level since 2001. The 30-year fixed-rate mortgage averaged 7.23% in the week ending August 24, up from 7.09% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was

By David Goldman, CNN New York (CNN) — Dollar Tree had a miserable quarter, and company management is chalking it up to a mix of factors: changing consumer demands on top of higher prices for fuel and electricity … and theft. The company’s chief executive and chief financial officer homed in on that last one

By Allison Morrow and Krystal Hur, CNN New York (CNN) — The stock market has boomed this year, and one big reason is a company without much name recognition — unless you’re a hard core video gamer. Nvidia (NVDA) has surged 222% this year, including a 3% bump Thursday following super impressive earnings. Although it’s

By Jordan Valinsky, CNN New York (CNN) — “Barbie” is now the highest-grossing movie at the domestic box office this year, taking the crown away from “Super Mario Bros.” According to studio estimates, “Barbie” has made $575.4 million at the American box office as of Thursday, edging past Mario’s domestic haul of $574.2 million. “Barbie’s”

By Clare Duffy, CNN New York (CNN) — T-Mobile on Thursday announced it plans to lay off 5,000 employees, or around 7% of its total staff, over the next five weeks. The reductions will largely affect corporate and back-office jobs that are “primarily duplicative” to other roles and will reduce the company’s middle management layers,

By Oliver Darcy, CNN New York (CNN) — CNN is heading to the Max streaming platform. The network’s parent company, Warner Bros. Discovery (WBD), announced Thursday that it will incorporate live news into its super-streamer Max service, allowing subscribers access to 24/7 programming from the global news brand. The service, which launches a little more