Money

By Chris Isidore, CNN New York (CNN) — UPS reported sharply lower earnings in the third quarter and said it expects lower revenue and thinner profit margins ahead. But it cited a slowing global economy, not its recent labor issues, for its gloomy forecast. UPS earned adjusted net income of $1.3 billion in the quarter, or $1.57 a share.

By Michelle Toh and Lucas Lilieholm, CNN Hong Kong (CNN) — “Divorce is not an option” when it comes to the world’s two largest economies, California Governor Gavin Newsom told CNN on Wednesday following his meeting with Chinese leader Xi Jinping. In an interview with CNN’s Christiane Amanpour, Newsom said his meeting with Xi in

By Michelle Toh, Laura He and Diksha Madhok, CNN Hong Kong (CNN) — Move over Evergrande. There is a new poster child of China’s protracted real estate crisis — Country Garden. A financial industry group that makes determinations on credit events ruled Thursday that the property firm had suffered a “failure to pay” episode and

By Michelle Toh, CNN Hong Kong (CNN) — Stellantis, home to brands such as Jeep and Chrysler, has become the latest global automaker to tie up with a Chinese startup as the electric vehicle (EV) race continues to heat up. The Dutch group announced Thursday it would acquire a 20% stake in Leapmotor, a Hangzhou-based

By Vanessa Yurkevich and Chris Isidore, CNN (CNN) — A bruising 41-day strike at Ford is near an end as the United Auto Workers and its largest employer have reached a tentative deal to return 16,600 strikers to the job within days and pay workers at least 25% more between now and 2028. But the

By Ramishah Maruf, CNN New York (CNN) — Morgan Stanley announced Ted Pick will serve as its new CEO starting January 1, succeeding long-serving head James Gorman. Gorman will become executive chairman, the bank announced Wednesday. Pick had served as co-president of Morgan Stanley for the past two years, the company said. He’s a veteran

By Samantha Delouya, CNN New York (CNN) — Endeavor Group Holdings, led by the high-power agent to the stars, Ari Emanuel, said that it is considering a sale of some of its assets. On Wednesday, Endeavor announced it would undergo “a formal review to evaluate strategic alternatives for the Company.” “Given the continued dislocation between

By Parija Kavilanz, CNN New York (CNN) — Jane Chen is racing against the clock, again. She knows well how every minute that passes is crucial for a new life that emerges prematurely into the world in the most vulnerable of circumstances — in the midst of war, in the aftermath of a natural disaster

By Ramishah Maruf, CNN New York (CNN) — Mattel is still riding Barbie’s pink blockbuster wave. The toy manufacturer reported a 9% rise in its net sales to $1.92 billion in the third quarter of 2023, fueled by Barbie’s success and Hot Wheels toys, even while company profits faced pressure on other fronts. Worldwide gross

By Matt Egan and Reid Champlin, CNN New York (CNN) — A mobile billboard truck drove outside the entrance of Columbia University on Wednesday displaying the names and faces of students that a conservative nonprofit responsible for the truck says were linked to a statement blaming Israel for the Hamas terror attack. The arrival of

By Clare Duffy, CNN New York (CNN) — Meta again exceeded Wall Street’s expectations on Wednesday when it reported earnings for the quarter ended in September, in another sign that the company’s “year of efficiency” turnaround strategy continues to deliver. The strong results come as Meta says it has “substantially completed” the layoffs portion of

By Samantha Murphy Kelly, CNN (CNN) — Apple is once again increasing the price of its TV+ streaming platform. A monthly Apple TV+ subscription will now cost $9.99, up from $6.99, which equates to an overall $36 bump for the year. A year ago, in October 2022, Apple hiked the price for an Apple TV+

By Chris Isidore, CNN New York (CNN) — As of Wednesday, the unprecedented strike by the United Auto Workers union against General Motors, Ford and Stellantis is now also the longest American auto strike in 25 years. The last time the union struck one of the automakers, with its 2019 strike at GM, the strike

By Matt Egan, CNN New York (CNN) — Columbia University has postponed its massive Giving Day fundraising event scheduled for Wednesday amid simmering tensions on campus over the Israel-Hamas war. Giving Day is a critical fundraising event for Columbia, as the university has noted endowment funding and tuition do not cover the entire cost of

By Jordan Valinsky, CNN New York (CNN) — A Dunkin’ franchisee is paying a woman $3 million to settle a lawsuit involving hot coffee falling on her lap that she alleges caused severe burns and life-altering injuries, according to her lawyers. The unnamed woman claimed the incident, which happened in February 2021 at an Atlanta-area

By Chris Isidore, CNN New York (CNN) — The Justice Department is investigating whether or not Tesla cars can live up to the EPA’s official estimates of how far they can go on a single charge. In the company’s most recent SEC filing, it disclosed that the DOJ is looking at questions surrounding a number

By Veronica Miracle and Jeffrey Kopp, CNN (CNN) — In the not-so-distant future, human-like robots will be as ubiquitous as the automobile or smartphone – if Agility Robotics’ vision of the future comes to life. “This is really an inflection point in history,” said Jonathan Hurst, co-founder of Agility Robotics, a Silicon Valley firm that

By Jordan Valinsky, CNN Business New York (CNN) — McDonald’s is getting rid of one its most recognizable utensils. The McFlurry spoon, which sparked confusion among its fans for being hollow, is being phased out as the fast food chain says it seeks more sustainable alternatives. The clear plastic spoon doubled as a spindle, with

By Allison Morrow, CNN New York (CNN) — Sam Bankman-Fried plans to take the stand as soon as Thursday to defend himself against prosecutors’ claims that he stole billions of dollars from customers and defrauded investors in his now-bankrupt crypto exchange, FTX. Lead defense attorney Mark Cohen told the court on Wednesday that he plans

By Anna Bahney, CNN Washington, DC (CNN) — New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. Sales of newly constructed homes jumped 12.3% in September to a seasonally adjusted