Money

By Laura He, CNN Hong Kong (CNN) — China’s central bank has cut its key mortgage reference rate by a record amount, as it ramps up efforts to stem a prolonged property crisis. The People’s Bank of China (PBOC) announced Tuesday that it would cut its five-year loan prime rate (LPR) from 4.2% to 3.95%,

By Kathleen Magramo, CNN (CNN) — Hirotake Yano, the Japanese billionaire founder of Daiso Industries who helped popularize the discounted dollar-shop concept, has died of heart failure. He passed away in Hiroshima on February 12, the company said in a statement on Monday. Close family members held a private funeral and a commemoration will be

By Elisabeth Buchwald, CNN New York (CNN) — Capital One is acquiring Discover Financial Services for $35.3 billion in an all-stock deal, giving the bank a leg up in the competitive credit card market. Under the terms of the deal announced late Monday, Discover (DFS) shareholders will receive a little over one share of Capital

CNN By Nicki Brown, CNN (CNN) — Former Representative George Santos sued late night host Jimmy Kimmel for “deceiving” him into creating Cameo videos and then improperly broadcasting them on his show, according to court documents. “Defendants openly admitted to deceiving the Plaintiff under the guise of fandom, soliciting personalized videos only to then broadcast

By Nicki Brown, CNN (CNN) — Former Representative George Santos sued late night host Jimmy Kimmel for “deceiving” him into creating Cameo videos and then improperly broadcasting them on his show, according to court documents. “Defendants openly admitted to deceiving the Plaintiff under the guise of fandom, soliciting personalized videos only to then broadcast these

By Eva Rothenberg, CNN New York (CNN) — “Madame Web” swung to No. 2 at the US box office its opening week, but landed with just $26.2 million in gross domestic sales, according to Comscore estimates Monday, compared to the strong opening for “Bob Marley: One Love.” The latest in a pattern of increasingly anemic

By Ramishah Maruf, CNN New York (CNN) — Walmart, the global mega-retailer that began in Arkansas in 1962, is making huge moves in 2024. It’s making investments in technology and inventory that move it into new businesses and which will alter the Walmart experience of many customers. The company will release its fourth quarter earnings

By Anna Bahney, CNN Washington, DC (CNN) — Finding a new apartment to rent can be a slog. And with over half of US renters already paying more than 30% of their income — the standard threshold — it is clear there’s an affordability crisis. Beyond the cost, in many places it is hard to even

CNN By Anna Cooban, CNN London (CNN) — The European Union has launched a formal investigation into TikTok to determine whether the company is doing enough to protect minors on its platform as well as examine other suspected violations of the bloc’s landmark Digital Services Act. “The opening of proceedings means that the (European) Commission

By Anna Cooban, CNN London (CNN) — The European Union has launched a formal investigation into TikTok to determine whether the company is doing enough to protect minors on its platform as well as examine other suspected violations of the bloc’s landmark Digital Services Act. “The opening of proceedings means that the (European) Commission will

By Ramishah Maruf, CNN New York (CNN) — Most Americans associate Presidents’ Day with a day off work or an opportunity to snag good deals in stores. The holiday, which falls on the third Monday of February, is officially named “Washington’s Birthday” in honor of America’s first president, George Washington (his actual birthday is on

By Hanna Ziady, CNN London (CNN) — Israel’s output contracted sharply in the final three months of 2023, falling for the first time in nearly two years, as the war with Hamas takes a heavy toll on the economy. Gross domestic product (GDP) plunged 19.4% on an annualized basis compared with the July-to-September quarter, when

By Chris Lau, CNN Hong Kong (CNN) — Beijing’s C919 airliner, a potential rival to Western-made Boeing and Airbus planes, made its first foray outside Chinese territory on Sunday by staging a flyby at the Singapore Airshow. The single-aisle jet, manufactured by the state-owned Commercial Aircraft Corporation of China (Comac), is a prominent symbol of Beijing’s

By Chris Isidore, CNN New York (CNN) — There was a huge bang. A massive hole opened up in the side of the plane, minutes into a flight. Wind and noise filled the cabin, clothes and phones were ripped from passengers and hurled into the void. The metal of airplane seats twisted towards the opening.

By Bryan Mena, CNN Washington, DC (CNN) — A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The days of ultra-low interest rates are long gone, and

By Jordan Valinsky and Eva Rothenberg, CNN New York (CNN) — Starbucks has opened its first cafe designed to give customers with disabilities a “more accessible store experience,” the company announced Friday in a news release. The move is part of a wider inclusivity initiative that Starbucks has undertaken to design easily navigable retail spaces

By Bryan Mena, CNN Washington, DC (CNN) — Americans are on the verge of living through a historic economic event: inflation fully returning to normal — after a series of punishing interest rate hikes — without a recession. It’s a scenario that analysts refer to as a “soft landing.” The substantial progress seen so far

By Eva Rothenberg, CNN New York (CNN) — It’s an almost-inevitable part of any shopping trip. You enter a store to grab a few necessities and find yourself pushing, pulling, lifting and/or dragging your cart up the baking aisle as the one wheel with a mind of its own squeaks and stalls against the linoleum.

By Jeanne Sahadi, CNN New York (CNN) — A whopping $355 million judgment and other punitive measures in the New York civil fraud trial against former president Donald Trump, his sons and the Trump Organization will deal a very big — but maybe not fatal — blow to their New York State-based businesses. At least