Money

By Alicia Wallace, CNN Minneapolis (CNN) — The US economy has encountered some expected turbulence on inflation’s descent. The Federal Reserve’s preferred inflation gauge bounced higher in April, underscoring Fed Chair Jerome Powell’s warnings that reining in price hikes “is likely to be bumpy.” But with spending also heating up, Friday’s data from the Commerce

CNN, CNN BUSINESS By Alicia Wallace, CNN Minneapolis (CNN) — The US economy has encountered some expected turbulence on inflation’s descent. The Federal Reserve’s preferred inflation gauge bounced higher in April, underscoring Fed Chair Jerome Powell’s warnings that reining in price hikes “is likely to be bumpy.” But with spending also heating up, Friday’s data

By Anna Cooban, CNN London (CNN) — The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission

By Michelle Toh, CNN Hong Kong (CNN) — Shein is plotting a major comeback in India, nearly three years after it was booted out of the country. The fast fashion giant is partnering with the retail arm of Mukesh Ambani’s Reliance Industries, a Shein spokesperson confirmed Friday. The tie-up with the richest man in the

By Matt Egan, CNN (CNN) — JPMorgan Chase informed about 1,000 First Republic Bank employees on Thursday that they will no longer have jobs. JPMorgan acquired most of First Republic’s assets earlier this month after the San Francisco-based regional bank was seized by the government. It marked the second-biggest bank failure in US history. A

By Samantha Delouya, CNN (CNN) — Ford electric vehicle owners will soon gain access to Tesla’s vast EV charging network, according to the CEOs of both companies. Beginning next year, Ford EV owners in the United States can use the Ford’s mobile app to use Tesla’s 12,000 Supercharger stations — the company’s name for its

By Jackie Wattles, CNN (CNN Business) — Virgin Galactic — the space tourism company founded by British billionaire Richard Branson — has returned its supersonic plane to the edge of space for the first time since 2021, when Branson made his own journey toward the cosmos. The company’s space plane, VSS Unity, carried two pilots

CNN By Brian Fung, CNN (CNN) — Microsoft joined a sprawling global debate on the regulation of artificial intelligence Thursday, echoing calls for a new federal agency to control the technology’s development and urging the Biden administration to approve new restrictions on how the US government uses AI tools. In a speech in Washington attended

By Allison Morrow, CNN New York (CNN Business) — After months of cat and mouse, lawyers for a group of FTX investors have served Shaquille O’Neal. Again. Plaintiffs’ attorneys say O’Neal has repeatedly dodged process servers who have been trying to hand-deliver legal complaints related to his role as a celebrity spokesperson for the cryptocurrency

By Kathleen Magramo, CNN Hong Kong (CNN) — One of Southeast Asia’s most well-known female entrepreneurs is to step down from her operational roles at Grab, the ride-hailing giant she helped found more than a decade ago. Tan Hooi Ling, a former chief operating officer who currently leads the firm’s technology and corporate strategy teams,

By Olesya Dmitracova, CNN London (CNN) — Germany has slipped into recession as last year’s energy price shock takes its toll on consumer spending. Output in Europe’s largest economy dropped 0.3% in the first three months of the year, following a 0.5% contraction at the end of 2022, official data showed Thursday. The Federal Statistical

CNN By Samantha Delouya, Clare Duffy and Donie O’Sullivan, CNN New York (CNN) — Twitter’s livestream event with Florida Gov. Ron DeSantis crashed and was delayed on Wednesday as hundreds of thousands of users logged on to hear DeSantis announce his bid for the White House. Sound from the livestream event — which was held

By Samantha Delouya, Clare Duffy and Donie O’Sullivan, CNN New York (CNN) — Twitter’s livestream event with Florida Gov. Ron DeSantis crashed and was delayed on Wednesday as hundreds of thousands of users logged on to hear DeSantis announce his bid for the White House. Sound from the livestream event — which was held on