Money

By Allison Morrow, CNN New York (CNN) — Evergrande’s US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China’s spectacular growth over the past 30 years.  For decades, Evergrande, once one of China’s most successful real estate developers, gobbled up debt as China’s economy exploded. Demand for housing was so strong,

By Peter Valdes-Dapena, CNN Business (CNN) — The Lamborghini Lanzador is only a concept car for now, but the Italian supercar maker says it offers a preview of the brand’s very first fully electric model which will go into production in 2028. It’s not the sort of low-slung two-seat supercar for which Lamborghini is famous.

By Peter Valdes-Dapena, CNN Business (CNN) — A hulk of dented, torn and scorched metal that was, decades ago, a Ferrari race car just sold at an RM Sotheby’s auction in California for $1.9 million. While that may be surprising, it’s not quite as horrible an investment as it looks, especially if the buyer is

By Matt Egan, CNN New York (CNN) — House Judiciary Committee Chairman Jim Jordan has issued a subpoena to Citibank as part of a hunt for information on whether banks shared private customer data with the FBI after the January 6 insurrection. In a Thursday letter to Citibank, Jordan said Citi declined to voluntarily provide

By Carly Breland, CNN (CNN) — Chick-fil-A’s first foray into the chicken sandwich wars was so successful that it’s launching a second entry, marking the first time the chain has altered its well-known fried chicken sandwich. The new poultry offering hits restaurants nationwide on Aug. 28 with a twist on the original classic: It’s called

By Chris Boyette, CNN (CNN) — The makers of Spam, saying that their “special relationship with the Hawaiian community spans decades,” have donated over 264,000 cans to aid the disaster-relief efforts on Maui, the company said in a press release. “Three truckloads of Spam products are on their way to the impacted areas with two

By Laura He and Mengchen Zhang, CNN Hong Kong/Beijing (CNN) — A major Chinese investment trust has missed payments to corporate investors, sparking a rare protest and adding to concerns that a slump in China’s property market could trigger a wider financial crisis. At least three Chinese companies — Nacity Property Service, KBC Corporation and

By Anna Cooban, CNN London (CNN) — The price of bitcoin has dropped nearly 9% since early Thursday as part of a broader sell-off of risky assets. A report that Elon Musk’s Space X had dumped the cryptocurrency stoked investors’ fears. According to CoinGlass, a cryptocurrency trading platform, $1 billion has been drained from cryptocurrencies

By Chris Isidore, CNN New York (CNN) — Beyond the devastating human toll from the recent wildfires on Maui, there will be a financial cost far above what a disaster like this would have caused on the mainland. That’s because the process of rebuilding the more than 2,200 homes and businesses that state officials say

By Livvy Doherty and Michelle Toh, CNN London/Hong Kong (CNN) — H&M has decided to stop operating in Myanmar following an increase in allegations of labor abuses at garment factories in the country. The world’s second largest fashion retailer told CNN on Thursday that it had been “monitoring the latest developments in Myanmar very closely

By Peter Valdes-Dapena, CNN (CNN) — Ford has just unveiled the 800-horsepower Ford Mustang GTD which will be available in late 2024 or early 2025 at a starting price around $300,000. There’s much more in this Mustang, according to Ford (F), besides its powerful engine to account for its Lamborghini-level price. It’s modeled on the

CNN By Samantha Delouya, CNN (CNN) — China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects. Evergrande filed for

By Oliver Darcy, CNN (CNN) — Facebook is shunning the news business in the US. The Meta-owned company has quietly made changes in recent months that have dramatically reduced referral traffic to media outlets, more than half a dozen publishers told me. The move has put considerable dents in the daily traffic publishers see, with

By Jennifer Henderson and Ramishah Maruf, CNN New York (CNN) — Lyft and Uber threatened to stop doing business in Minneapolis after the city council adopted a new rule Thursday that would set a minimum wage for rideshare drivers. In a 7-5 vote, the Minneapolis City Council passed an ordinance that includes a number of

WCCO By Jennifer Henderson and Ramishah Maruf, CNN New York (CNN) — Lyft and Uber threatened to stop doing business in Minneapolis after the city council adopted a new rule Thursday that would set a minimum wage for rideshare drivers. In a 7-5 vote, the Minneapolis City Council passed an ordinance that includes a number

By Samantha Delouya, CNN (CNN) — China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects. Evergrande filed for Chapter

By Ellie Stevens, CNN (CNN) — Prominent restaurateur and Shake Shack founder Danny Meyer announced he will be closing two New York City restaurants located in a hotel which has been repurposed as a shelter for the city’s growing migrant population. The Redbury Hotel in Manhattan’s NoMad neighborhood began housing migrants earlier this month in

CNN By Nicole Goodkind, CNN New York (CNN) — Shares of Hawaiian Electric Industries tumbled more than 20% on Thursday following a report that the largest power provider in Hawaii could be considering restructuring as it faces an onslaught of costly lawsuits for the role it may have played in Maui’s devastating wildfires. The company’s

By Nicole Goodkind, CNN New York (CNN) — Shares of Hawaiian Electric Industries tumbled more than 20% on Thursday following a report that the largest power provider in Hawaii could be considering restructuring as it faces an onslaught of costly lawsuits for the role it may have played in Maui’s devastating wildfires. The company’s stock

By Brian Fung and Sean Lyngaas, CNN (CNN) — A network of dozens of accounts on Facebook and Instagram have been promoting Russia’s Wagner mercenary group to hundreds of thousands of followers, months after Meta vowed to remove content glorifying the group, according to a new report by disinformation experts. The study found more than