Money

By Hanna Ziady, CNN Shares of BP fell more than 5% Tuesday after the energy giant said it would return less cash to investors following a drop in first-quarter profit. BP reported underlying profit of $5 billion for the first three months of the year. That’s down from $6.2 billion a year ago — after

By Matt Egan, CNN Sheila Bair, who guided the FDIC through the Great Recession, worries the Federal Reserve is making today’s banking crisis worse. The Fed’s war on inflation has piled pressure on the banking system, contributing to the significant stress on the banking system. Even though First Republic this week became the third bank

By Nicole Goodkind, CNN Want to know what the future holds for the US economy? You’ll have to consult your crystal ball. But if that doesn’t work, Jake Jolly, head of investment analysis at BNY Mellon Investment Management, has outlined three possible scenarios, each considering the impact of the banking crisis, the “stickiness” of inflation,

By Jessie Yeung, CNN It’s one of the world’s priciest cities, with the least affordable housing market on the planet and parking spaces that can go for nearly a million dollars each. So when the Hong Kong government raised the minimum wage by a measly 32 cents on Monday, activists and community workers were scathing

By Michelle Toh, CNN HSBC announced it had tripled its quarterly profit Tuesday, blowing past expectations as it benefited from high interest rates around the world. Europe’s biggest bank recorded a whopping $12.9 billion in pre-tax profit for the quarter ended March. That was up 207% from a year earlier, and significantly higher than the

By Michelle Toh, CNN Jack Ma has a new job: visiting professor in Japan. The Chinese billionaire has joined Tokyo College, under the University of Tokyo, according to a Monday statement on its website. In his role, Ma will work with researchers, serve as an adviser to the college and participate in seminars. He will

By Chris Isidore and Juliana Liu, CNN More than 11,000 members of the Writers Guild of America (WGA) are set to go on strike Tuesday morning for the first time since 2007, a move that could bring an immediate halt to the production of many television shows and possibly delay the start of new seasons

By Ivana Kottasová, CNN The first time Angela Davis went to a food bank was mortifying. The single mother of five — with three kids still living at home — had realized that after paying her bills, she simply had no money left to buy food. “It felt degrading. I was a bit down about

By Laura Ly and Peter Valdes-Dapena, CNN Some Kia, Hyundai and Honda models are getting stolen in New York City so often that the Mayor is giving out Apple AirTags to help residents track their vehicles. The city plans to distribute 500 AirTags to residents to place in their cars to combat car thefts in

By Peter Valdes-Dapena, CNN Shares of electric truck maker Lordstown Motors dropped more than 40% in Monday trading and ended the day down 23%, after the company disclosed that Foxconn, its major investor and the company that is helping to build its trucks, said it wants to back out of making further investments. With that

By Ramishah Maruf, CNN Who wants a big bowl of “chocolatey crispy deliciousness” for breakfast? General Mills is betting a lot of people do, as it is launching Kit Kat Cereal nationwide beginning this month at $5.69 for a standard-size box. The cereal, whose squares resemble the classic wafer-covered chocolate bar from Hershey’s, launched in

By Elisabeth Buchwald, CNN The Federal Deposit Insurance Corporation is advocating for an increase in the deposit insurance limit for business payment accounts following the three recent bank failures. Currently, the FDIC insures up to $250,000 per depositor for each account ownership category. But the agency backed deposits exceeding that limit when Silicon Valley Bank

CNN, WCBS By Nicki Brown and Sabrina Souza, CNN The jury in the Ed Sheeran copyright infringement case — about whether Sheeran’s smash single “Thinking Out Loud” copied the classic Marvin Gaye song “Let’s Get It On” — deliberated for about five minutes Wednesday evening before the judge sent jury members home. The jury sent

By Nicki Brown, CNN Musician Ed Sheeran appeared visibly frustrated on the stand Monday as he continued his testimony in the second week of his copyright infringement case about whether his smash single “Thinking Out Loud” copied the classic Marvin Gaye song “Let’s Get It On.” Sheeran said he found the allegations in the case

By Jeanne Sahadi Let’s be frank: If you have a US bank account, hearing about bank failures in the past couple of months hasn’t felt great. After all, a bank is supposed to be the safest, most boring place to keep your money, not the reason you reach for Advil. Well, guess what? A bank

By Jeanne Sahadi, CNN First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, with most of its assets sold to JPMorgan Chase. Here’s where things stand for customers. Will I lose any money? No. Chase is assuming all deposits of First Republic customers. “To protect depositors, the FDIC is entering