Money

By Oliver Darcy, CNN (CNN) — Lachlan Murdoch is stepping onto center stage. On Wednesday, his father, Rupert Murdoch, officially stepped down as chairman of News Corporation, the print publishing arm of the billionaire mogul’s powerful media empire, marking the end of an era. Rupert, who maintained he will continue an “active role” in the company, will formally

By Ramishah Maruf, CNN New York (CNN) — Anheuser-Busch InBev’s US chief marketing officer is stepping down after the company reported a slump in Bud Light sales, as the backlash against the beer continues. In a statement Wednesday, Anheuser-Busch said Benoit Garbe, the company’s US chief marketing officer, “will be resigning at the end of

By Brian Fung, CNN Washington (CNN) — A group of US senators is demanding that Meta CEO Mark Zuckerberg hand over troves of emails and documents that could show how the company handled the knowledge that its platforms could harm the mental health of teens. In a letter dated Tuesday and addressed to Meta CEO Mark Zuckerberg,

By Nicole Goodkind, CNN New York (CNN) — Warren Buffett’s Berkshire Hathaway unloaded its entire $850 million worth of General Motors (GM) stock last quarter, according to a Securities and Exchange Commission filing. Shares of the automaker, which recently forecast that a strike by autoworkers this fall would cut pretax earnings by about $800 million

By Bryan Mena, CNN Washington, DC (CNN) — Maryland’s job market has reached a historic milestone. The mid-Atlantic state registered a record unemployment rate of 1.6% in September — less than half the national unemployment rate of 3.8% that month — Labor Department data shows. That’s the lowest seasonally adjusted unemployment rate of any state

By Clare Duffy and Donie O’Sullivan, CNN New York (CNN) — Meta will allow political ads on its platforms to question the outcome of the 2020 US presidential election, part of a rollback in election-related content moderation among major social media platforms over the past year ahead of the 2024 US presidential contest. The policy

By Liam Reilly, CNN (CNN) — Did Apple and Jon Stewart part ways over China? Members of Congress would like to know. The House Select Committee on the Chinese Communist Party on Wednesday sent a letter to Apple chief executive Tim Cook asking that he explain why the company will no longer produce “The Problem With Jon Stewart”

By Matt Egan, CNN New York (CNN) — Robinhood is trying hard to lure customers fed up with traditional banks that pay little to no interest on savings. To attract deposits, the stock trading app made famous by the GameStop craze is offering fatter and fatter interest rates. Robinhood will now pay subscription customers a

By Samantha Murphy Kelly, CNN (CNN) — China has started to roll out what it’s calling the world’s most advanced internet network, which promises to operate several times faster than current networks. The network – which can travel at about 1.2 terabits (or 1,200 gigabits) each second – is fast enough to transfer data from

By Peter Valdes-Dapena, CNN (CNN) — The Toyota Camry, the best-selling car in America, is going hybrid-only. The Camry is available in a hybrid version now, but the redesigned 2025 Camry will be offered only as a hybrid car combining a gasoline engine with electric motors. It will join a number of other Toyota models,

By Brian Fung, CNN (CNN) — Major social media companies must face allegations that their services addicted teen users and caused other mental health harms after a federal judge on Tuesday denied a motion to dismiss the bellwether lawsuit filed by a wave of consumer plaintiffs. The decision is a blow to tech giants Google, Meta, Snap and TikTok,

CNN By Nathaniel Meyersohn, CNN New York (CNN) — The backlash against self-checkout is growing, and stores are starting to dial back on the technology after it exploded over the past few years. Booths, a British supermarket chain, said it’s removing self-checkout stations in all but two of its 28 stores. In the United States,

By Hanna Ziady, CNN London (CNN) — UK inflation plunged to its lowest level in two years in October, allowing Prime Minister Rishi Sunak to declare victory on his pledge to halve the rate of price increases this year. But a chorus of commentators say businesses and households still face “worryingly” high bills and a

By Chris Isidore, CNN New York (CNN) — The US Postal Service lost $6.5 billion in its just-completed fiscal year, delivering a blow to the service’s hopes of a financial turnaround. The Postal Service had projected it would break even in the fiscal year that ended September 30, on its way to annual profits this

By Alicia Wallace, CNN Minneapolis (CNN) — US wholesale inflation cooled off in October, reversing a three-month trend that had seen the cost of energy push up prices, according to data released Wednesday by the Bureau of Labor Statistics. The Producer Price Index, which measures the average price changes that businesses pay to suppliers, fell

By Bryan Mena, CNN Washington, DC (CNN) — Americans cut their retail spending in October for the first time since March, with interest rates at a 22-year high. Retail sales, which are adjusted for seasonality but not inflation, fell 0.1% in October from the prior month, the Commerce Department reported Wednesday. While that’s the first

By Jordan Valinsky, CNN New York (CNN) — Ticket prices continue to decline sharply for Formula 1 Grand Prix in Las Vegas, even as the highly anticipated event is set to rev its engines in just one day. Since last week, prices have dropped 23% for Saturday night’s main event, falling below $1,000, with the

By Hanna Ziady, CNN London (CNN) — 2024 will be the “pivotal” year in the takeover of Credit Suisse by UBS, with the migration of IT systems presenting huge risks as the two megabanks merge operations across more than 50 countries, UBS CEO Sergio Ermotti said Wednesday. Next year is “probably the most important year

By Nathaniel Meyersohn, CNN New York (CNN) — Target’s sales slumped last quarter and the retail giant is predicting a slow holiday shopping season. Target’s sales tumbled 4.9% — the second quarter in a row sales have dropped. And the company forecast a weak holiday, as customers continue to forgo discretionary purchases like furniture, electronics and some

By Vanessa Yurkevich, CNN New York (CNN) — Going for seconds this Thanksgiving won’t be so painful – for your wallet. A Thanksgiving meal of twelve classic items for 10 people will cost $61.17 on average – a 4.5% drop from last year’s record high average of $64.05, according to a new survey from the