Money

By Gregory Wallace, CNN US officials are seeking a $25 million fine from Air Canada, accusing the airline of failing to provide timely refunds to more than 5,000 passengers during the coronavirus pandemic. The formal complaint is the first enforcement action that the Department of Transportation has announced against an airline since the pandemic upended

By Brian Fung, CNN Business Big Tech critic Lina Khan will chair the Federal Trade Commission, the powerful antitrust agency that’s targeted companies such as Facebook with fines and lawsuits, according to a White House spokesperson. Khan had been confirmed as a commissioner to the FTC earlier on Tuesday, in a 69-28 Senate vote. But

By Jackie Wattles, CNN Business SpaceX has been targeting July for the first orbital flight of its gargantuan Starship system, which will be the most powerful launch vehicle ever created — and, the company hopes, will eventually take humans to Mars. But the company is not likely to hit that goal, CNN Business has learned.

By Alexis Benveniste, CNN Business MacKenzie Scott, one of the richest women in the world, and her husband Dan Jewett, donated $2.74 billion to organizations that focus on the arts and combating racial discrimination. The settlement from Scott’s 2019 divorce from her previous husband, Amazon CEO Jeff Bezos, made her one of the richest people

By Parija Kavilanz, CNN Business Hyram Yarbro already helped make one skincare brand popular with Gen-Z. Now, Sephora is betting he can do it with his own. Yarbro, who has a nearly cult-like following on TikTok for his reviews of popular beauty products, will launch his own skincare line — Selfless by Hyram — exclusively

By Matt Egan Corporate America wants to hire workers aggressively as the US economy races back to life following the pandemic. The Business Roundtable, an influential lobbying group comprised of top US executives, said Wednesday that its CEO economic outlook index has climbed to the second-highest level on record, behind only early 2018 when the

By Paul R. La Monica, CNN Business Who needs viral videos? Not Oracle, apparently. Oracle’s plan to buy the US assets of Chinese-owned TikTok in a partnership with Walmart is dead now that Donald Trump is out of the White House. But investors don’t seem concerned: They’re still treating Oracle like it’s a red-hot social

By Paul R. La Monica, CNN Business Shares of sports betting giant DraftKings tumbled in early trading Tuesday after a prominent research firm accused the company of hiding alleged ties to illegal gaming operations. Hindenburg Research claimed in a lengthy report that SBTech, a firm that DraftKings merged with when it went public last year,

By Joseph Ataman and Xiaofei Xu, CNN Business A French court has ordered IKEA to pay a €1 million ($1.2 million) fine after finding the Swedish retailer guilty of improperly using employee data. The judgment was announced Tuesday by a court in Versailles. The French subsidiary of IKEA was on trial alongside 15 people including

Karan Bilimoria, President of the Confederation of British Industry, discusses how the free trade agreement between Australia and the United Kingdom could forge new economic relationships.

By Anneken Tappe, CNN Business Another key inflation indicator flashed a warning sign in May: Producer prices jumped a record amount last month. The economy is reopening fully and soaring demand, together with supply chain issues and materials shortages, is pushing prices higher. That trend, which has been taking place all year, continued in May.

By Nathaniel Meyersohn, CNN Business Best Buy wants to sell you a new outdoor grill for summer cookouts, a backpack for a return to the office, and luggage for future vacations as it extends its product options beyond electronics. The chain announced Tuesday that it will sell grills, outdoor firepits and patio sets from brands

By Anneken Tappe and Nathaniel Meyersohn, CNN Business US retail sales fell 1.3% in May as the sector continues to come down from the stimulus-fueled high of recent months. The last round of stimulus checks from the American Rescue Plan approved by Congress in March boosted consumer spending in the early spring months. But the

By Julia Horowitz, CNN Business Special-purpose acquisition companies, or SPACs, were one of the stock market’s hottest trends in early 2021, drawing in billionaires, celebrities and athletes. Then, in early spring, enthusiasm began to wane, as “blank check” firms — which raise money from investors and then go hunting for takeover targets — started to

By Charles Riley and Kevin Liptak, CNN Business The United States and the European Union have resolved a long-running trade dispute over subsidies to Airbus and Boeing, a move that could improve transatlantic relations as both sides seek to counter China’s rising economic influence. US officials confirmed on Tuesday they struck a truce to end

By Matt Egan, CNN Business A once-in-century pandemic. Political polarization. The fight for social justice. An existential climate crisis. The modern CEO faces a minefield of vexing challenges every day. “We’re only at the tip of the iceberg,” Tim Ryan, US chairman of PricewaterhouseCoopers, told CNN Business. That’s why PwC, the 160-year-old accounting and consulting

Late-night host Stephen Colbert welcomes back a live studio audience for the first time in 15 months.

By Lauren Gunn, CNN Business The Ever Given is no longer blocking the Suez Canal, but the crisis is far from over for companies forced to endure a protracted legal battle in hopes of recovering goods worth hundreds of millions of dollars that have been stuck on the impounded container ship for months. IKEA and