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By Brian Fung, CNN (CNN) — A high-profile lawsuit brought by TikTok users and creators last month challenging Montana’s statewide ban against the short-form video app is being funded by the social media giant itself, the company told CNN on Wednesday. TikTok has been covering legal fees for the group of five TikTok creators, said
Continue ReadingBy Elisabeth Buchwald, CNN New York (CNN) — The largest US banks have sufficient safeguards in place to weather a severe recession while continuing lending to households and businesses, the Federal Reserve said Wednesday in its annual bank resilience test. The Fed’s stress tests carried extra weight this year after the collapse of three US
Continue ReadingBy Bryan Mena, CNN Washington, DC (CNN) — Federal Reserve Chair Jerome Powell doubled down Wednesday on the hawkish view that the central bank isn’t done tamping down inflation, and could even implement consecutive rate hikes at its upcoming monetary policy meetings. “If you look at the data over the last quarter, what you see
Continue ReadingBy Hanna Ziady, CNN London (CNN) — Britain’s biggest water supplier said Wednesday it needed to raise more cash from investors, as UK media reported the government was preparing contingency plans to rescue the company. Thames Water provides drinking water and waste water services to 15 million customers in London and the southeast of England.
Continue ReadingBy Jordan Valinsky, CNN New York (CNN) — As Bud Light continues to face fallout from its partnership with a transgender influencer, its parent company is rolling out commercials centered on some of its 65,000 workers and partners. Anheuser-Busch’s new ad campaign, launching Wednesday, “celebrates the people that bring our beer to life,” including farmers,
Continue ReadingBy Matt Egan and Katie Lobosco, CNN New York (CNN) — The Small Business Administration distributed more than $200 billion in potentially fraudulent Covid-19 relief funds, according to a federal watchdog. The findings, released Tuesday by the SBA’s inspector general, underscored how the emergency funds from the government designed to combat a once-in-a-century pandemic became
Continue ReadingBy Chris Isidore and Caroll Alvarado, CNN New York (CNN) — Hundreds of thousands of US airline customers were stranded this week as severe weather grounded planes and led to canceled flights. But storms were only one factor behind the travel nightmare. Staffing shortages, at both US airlines and the Federal Aviation Administration’s air traffic
Continue ReadingCNN By Ramishah Maruf, CNN New York (CNN) — United CEO Scott Kirby is apologizing to customers and his own employees after taking a private jet during a week when his airline was canceling thousands of flights. The airline confirmed Kirby flew from Teterboro Airport in New Jersey to Denver, Colorado, on Wednesday, and that
Continue ReadingBy Nathaniel Meyersohn, CNN New York (CNN) — Some shoppers are buying Costco’s $4.99 rotisserie chickens and paying at self-checkout. The problem: They aren’t all members. Since Costco has expanded self-checkout, the company has noticed that non-members have been sneaking in to use membership cards that don’t belong to them. The warehouse club retailer will
Continue ReadingBy Laura He, CNN Hong Kong (CNN) — Bernard Arnault, chairman and CEO of LVMH (LVMHF), has arrived in China for his first visit to the country since the end of its strict Covid restrictions, after his company posted a jump in sales driven by a rapid rebound in Chinese spending on luxury goods. The
Continue ReadingCNN By Ramishah Maruf, CNN New York (CNN) — A group of American fashion influencers and creators has received online backlash after they visited a model factory in China as part of a tour sponsored by Shein, an internet shopping giant, and posted glowing reviews. Shein is among a number of companies founded in China
Continue ReadingBy Ramishah Maruf, CNN New York (CNN) — A group of American fashion influencers and creators has received online backlash after they visited a model factory in China as part of a tour sponsored by Shein, an internet shopping giant, and posted glowing reviews. Shein – which is known for selling trendy clothing at low
Continue ReadingBy Danielle Wiener-Bronner, CNN New York (CNN) — Lawmakers and prominent social media personalities have in recent days rallied against a proposed New York City rule that some say would crack down on the city’s beloved pizzerias. Sen. Marsha Blackburn of Tennessee tweeted Monday that “New York City wants to ban wood-fired pizzerias,” adding that
Continue ReadingBy Peter Valdes-Dapena, CNN New York (CNN) — As Ford shifts to producing more electric vehicles, it expects to lay off a number of employees, mostly engineers, in North America over the coming days. The company would not confirm any specific number of employees involved. “This is related to the Ford+ growth plan we introduced
Continue ReadingBy Jordan Valinsky, CNN Business New York (CNN) — Spirits maker Diageo has cut ties with Sean “Diddy” Combs, ending a lucrative 15-year partnership that recently culminated in a racial discrimination lawsuit. The music mogul charged that Diageo had neglected and underpromoted his DeLeón tequila, dismissing it as an “urban” product in its marketing, in
Continue ReadingBy Matt Egan, CNN Business New York (CNN Business) — The United States is recovering faster than its peers from the historic bout of inflation squeezing families and souring the mood of the nation, according to a new analysis from White House economists. Inflation remains much higher than economists or American families would like, a
Continue ReadingBy Allison Morrow, CNN New York (CNN) — A federal judge on Tuesday denied efforts by Sam Bankman-Fried, the crypto entrepreneur accused of orchestrating a multibillion-dollar fraud, to have some of his criminal charges thrown out. Judge Lewis Kaplan of the Southern District of New York said in an opinion that the defense’s arguments “are
Continue ReadingBy Danielle Wiener-Bronner, CNN New York (CNN) — Starbucks will clarify its policy on Pride decorations following criticism and strikes at unionized stores. “We intend to issue clearer centralized guidelines… for in-store visual displays and decorations that will continue to represent inclusivity and our brand,” Sara Trilling, president of Starbucks North America, wrote in an
Continue ReadingCNN By Danielle Wiener-Bronner, CNN New York (CNN) — Starbucks will clarify its policy on Pride decorations following criticism and strikes at unionized stores. “We intend to issue clearer centralized guidelines… for in-store visual displays and decorations that will continue to represent inclusivity and our brand,” Sara Trilling, president of Starbucks North America, wrote in
Continue ReadingBy Elisabeth Buchwald, CNN New York (CNN) — US inflation could hit the Federal Reserve’s 2% target in 2025, Bank of America CEO Brian Moynihan told CNN in an exclusive interview Tuesday. “We think it will take [Fed officials] all of this year and all of next year and into 2025 before they get inflation
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