Money

By Ramishah Maruf, CNN New York (CNN) — It was a simple plan. Business tends to slow down at Red Lobster locations during the third and fourth quarters, so its parent company, Thai Union, launched a new promotion. For $20, customers could eat as much shrimp as they wanted. The promotion has been a tradition

By Samantha Murphy Kelly, CNN (CNN) — Nicole Randol — a Missouri-based mother of two boys, ages 6 and 10 — recently posted a message on a popular Facebook parenting group about Robux, the virtual gaming currency for the platform Roblox: Target was having a 40%-off sale for Robux. In the moments that followed, nearly

By Allison Morrow and Chris Isidore, CNN New York (CNN) — General Motors, fresh off bruising wage negotiations with its labor union and eager to goose its stock price, announced billions of dollars’ worth of cash returns to shareholders. On Wednesday, GM said it would issue a $10 billion share buyback and 33% dividend increase

By Peter Valdes-Dapena, CNN (CNN) — General Motors announced Wednesday that it’s cutting spending at its self-driving car unit, Cruise. “We expect the pace of Cruise expansion to be more deliberate when operations resume and spending will be substantially lower in 2024 than it was in 2023,” GM chief executive Mary Barra said during an

By Sean Lyngaas, CNN Washington, DC (CNN) — A September hack of popular identity management firm Okta was far more extensive than previously known and saw the hackers steal data on all users in Okta’s customer support system, the company revealed Wednesday. The admission is a stark contrast from Okta’s statement earlier this month that

By Jordan Valinsky, CNN New York (CNN) — Rite Aid is closing another roughly 30 locations across the US in addition to the 100 the bankrupt chain announced last month as part of its restructuring efforts. The latest round of closures was revealed in a bankruptcy court filing with 31 stores closing in a dozen

By Oliver Darcy and Jon Passantino, CNN (CNN) — Jezebel, the punchy feminist blog that was shuttered earlier this month, will be resurrected after the publication was sold to a new owner.Jezebel, the punchy feminist blog that was shuttered earlier this month, will be resurrected after the publication was sold to a new owner. The digital

By Nicole Goodkind, CNN New York (CNN) — JPMorgan Chase CEO Jamie Dimon issued a stark warning to Wall Street on Wednesday: Inflation could rise further and recession is not off the table. “A lot of things out there are dangerous and inflationary. Be prepared,” he said at the 2023 New York Times DealBook Summit

By Alicia Wallace, CNN Minneapolis (CNN) — Your True Love’s lavish — and stunningly bird-laden — holiday gift-giving ritual is more expensive than ever before. But at least this time around, inflation’s not as piping hot. The cost of the dozen gifts outlined in the “Twelve Days of Christmas” song rang in at an all-time

By Bryan Mena, CNN Washington, DC (CNN) — US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2%

By Oliver Darcy, CNN (CNN) — Bob Iger, neatly dressed in a gray suit and pressed white shirt, sans tie, strutted onstage Tuesday afternoon at the New Amsterdam Theatre in New York City, greeting an anxious crowd of Disney employees assembled for his highly anticipated appearance. The chief executive, now a year into his second

By Anna Cooban, CNN London (CNN) — The US dollar is barreling toward a 3.7% loss this month against a basket of six major currencies in what would be it worst monthly performance in a year. That’s good news for countries relying on imports of commodities, most of which are traded in dollars, as well

By Jordan Valinsky, CNN New York (CNN) — Kraft’s new Mac & Cheese is ditching the cheese and going vegan. For the first-time ever, the household staple is going plant-based with a new version of the boxed favorite that contains a dairy-free alternative to its signature cheese. It’s called “Kraft NotMac&Cheese” and will soon roll

By Nathaniel Meyersohn, CNN New York (CNN) — The Black Friday and Cyber Monday billion-dollar US spending spree was fueled by “Buy Now, Pay Later” shoppers. On Cyber Monday, Buy Now, Pay Later purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics. The number of items per order also

By Laura He, CNN Hong Kong (CNN) — Chinese social media users are mourning the death of billionaire investor Charlie Munger. The vice chairman of Berkshire Hathaway passed away “peacefully” on Tuesday morning in a California hospital, according to a press release by the investment firm. No cause of death was given. The 99-year-old investor

CNN By Paul R. La Monica and Krystal Hur, CNN New York (CNN) — Billionaire investor Charlie Munger, the long-time friend and business partner of Warren Buffett, has died. He was 99 years old. Berkshire Hathaway, the investment firm where Munger served as vice chairman, said in a press release that Munger passed “peacefully” on

By Catherine Thorbecke, CNN (CNN) — Once bitter rivals fighting for control of London’s streets, Uber and the British capital’s iconic black cab taxis are now teaming up. Uber on Tuesday announced a new partnership with London’s black cab taxis that will let cab drivers opt in to gain access to Uber trip referrals. Riders,

By Matt Egan, CNN New York (CNN) — Billionaire hedge fund CEO Bill Ackman and several other business leaders are demanding Harvard University release the names of students whose organizations signed on to a letter blaming solely Israel for the deadly attacks by Hamas. The CEOs want the students blacklisted. But some of those students