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Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy. Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief

London has been the unrivaled king of European finance for more than three decades. Brexit is starting to change that. Billions of dollars worth of stock and derivatives trading has already vanished from the British capital after the United Kingdom completed its exit from the European Union on Jan. 1, shifting abroad to financial hubs

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Tonight: GameStop stock is all fired up — again. Plus, the US Postal Service’s new vans look like ducks, and somehow Michael Bolton gets a financial news headline in 2021 …

Call it a Mac mini: Target is opening scaled-down versions of Apple stores at some of its US outlets this year, furthering the two companies’ relationship. Target said an “enhanced Apple shopping experience” is rolling out to 17 stores in the coming months, with redesigned sections that include new lighting and displays for shoppers to

Another 730,000 American workers filed for first-time unemployment benefits, adjusted for seasonal swings, last week, the Labor Department reported Thursday. That was far fewer than economists had predicted, and a massive 111,000-claim drop from the prior week’s number of applications. The decline was mostly due to sharp drops in applications filed in California and Ohio.

The Federal Reserve suffered a widespread disruption in multiple payment services Wednesday, including a system that banks and businesses rely on to zip trillions of dollars around the financial system each day. After experiencing problems for several hours, the crucial payment system, known as Fedwire, resumed normal operations shortly before 3 p.m. ET, according to

Geely has scrapped plans to merge its business with Volvo and will now focus its global ambitions on a joint venture with the Swedish carmaker on connected cars. China’s largest independent automaker already owns Volvo and operates the Swedish firm as a separate company. But about a year ago, Geely said that it was considering

Three of Britain’s biggest banks have announced plans to dump expensive office space, a bet that remote work is here to stay even after the pandemic ends. HSBC said Tuesday that it plans to cut its global real estate footprint by 40% “over the next several years,” part of a broader plan to slash costs

After a wild several weeks for GameStop, the retailer’s chief financial officer is resigning. The company announced Tuesday that Jim Bell, its executive vice president and CFO, will resign from his roles on March 26. GameStop has started searching for a new CFO “with the capabilities and qualifications to help accelerate GameStop’s transformation,” it said,

Do you read the following headline from CNN Business and get a little nervous? Housing market concerns begin to emerge If the answer is yes, you’re probably among the group that includes homeowners and investors — and whose frustration with the pandemic has more to do with the way Covid is affecting the way you

Over the last year, the worldwide web has started to look less worldwide. Europe is floating regulation that could impose temporary bans on US tech companies that violate its laws. The United States was on the verge of banning TikTok and WeChat, though the new Biden administration is rethinking that move. India, which did ban