Money

By Laura He, CNN Hong Kong (CNN) — Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds. China’s vast real estate industry was long an important engine of growth in the world’s second biggest

By Laura He, CNN Hong Kong (CNN) — The Chinese economy has slipped into deflation, with consumer prices falling for the first time in more than two years in another sign of weakening demand. The consumer price index (CPI) fell by 0.3% in July from a year ago, according to China’s National Bureau of Statistics

By Marshall Cohen, CNN (CNN) — The voting technology company Smartmatic blasted Rudy Giuliani in court filings Monday night, accusing him of fabricating “excuse after excuse” to avoid turning over documents in its massive defamation suit against him, Fox News and others who spread lies about the 2020 election. Smartmatic claimed Giuliani “half-heartedly” performed manual

CNN By Samantha Delouya, CNN (CNN) — The future of WeWork is uncertain, according to the company. “Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release. WeWork management outlined a plan to

By Ramishah Maruf, CNN New York (CNN) — Casino owner PENN Entertainment has dropped Barstool, the sports website, agreeing to a $2 billion dollar deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet in the fall, PENN said in a statement Tuesday. It secured exclusive rights to

By Samantha Murphy Kelly, CNN (CNN) — Get your thumb ready for next month. Apple (AAPL) is making a subtle change to the iPhone’s software that will likely mess with your muscle memory: The big red “end call” button is moving. The iPhone’s phone app will get a series of updates coming to iOS 17,

By Anna Bahney, CNN Washington, DC (CNN) — Available credit for mortgages tightened in July, falling to its lowest level in a decade for potential home buyers, according to a report from the Mortgage Bankers Association released Tuesday that analyzes data from ICE Mortgage Technology. MBA’s monthly index fell by 0.3% to 96.3 in July,

By Ramishah Maruf, CNN New York (CNN) — Taco Bell is opening a $5 million taco tab and offering free Doritos Locos Tacos in honor of the “liberation” of the “Taco Tuesday” trademark to customers across the country. Well, almost everywhere. The giveaway is valid in 49 states but not in New Jersey, the only

By Jordan Valinsky, CNN New York (CNN) — Thousands of flights have been delayed or canceled Tuesday following a round of severe storms that hammered the eastern United Sates. More than 350 flights were canceled Tuesday, with another 2,200 delayed, according to data from FlightAware. It’s a significant improvement from Monday when 8,200 flights were

By Alicia Wallace, CNN Minneapolis (CNN) — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or

By Ellie Stevens, CNN (CNN) — The city of Los Angeles is on strike. A growing number of unions seeking improved conditions for their employees are halting movie productions in the city, holding up hotel business, potentially disrupting supply chains, and slowing down the airport. Today, 11,000 Los Angeles city workers are joining Hollywood actors,

CNN By Alicia Wallace, CNN Minneapolis (CNN) — More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36%

By Alicia Wallace, CNN Minneapolis (CNN) — More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from

By Anna Bahney, CNN Washington (CNN) — Prior to the pandemic, Yue and Chris Parsons were, like many Millennials, reluctant renters moving from one apartment to another, wondering when they would be able to buy a home of their own. But the pandemic turned out to be an opportunity — not just for the Parsonses,

By Olesya Dmitracova, CNN (CNN) — Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade, sending stocks tumbling as investors worried about more banking sector pain ahead. The credit ratings agency said late Monday that its

By Chris Isidore, CNN New York (CNN) — UPS’s tentative labor deal with the Teamsters hasn’t even taken effect yet. But it has already taken a bite out of its earnings and revenue, as both fell in the second quarter ahead of the deal being reached. The company also cut its profit forecast, expecting narrower

By Bryan Mena, CNN Washington, DC (CNN) — US small businesses are noticing slightly better business conditions and are feeling less pessimistic about the economy’s future, but they’re still gloomy when it comes to hiring, according to a survey released Tuesday by the National Federation of Independent Business. As inflation continued to slow last month,

By Laura He, CNN Hong Kong (CNN) — China’s exports suffered their biggest drop in more than three years in July as global demand slowed, adding further pressure on Beijing to find ways to reinvigorate the world’s second largest economy. The value of exports, measured in US dollars, fell 14.5% last month from a year

By Michelle Toh, CNN Hong Kong (CNN) — A top executive at HSBC has apologized after reportedly calling the UK government “weak” for caving to US pressure over doing business with China, in another sign of the political tightrope the British bank has to walk. Sherard Cowper-Coles, HSBC’s head of public affairs, inadvertently caused a