Money

By Bryan Mena, CNN Washington, DC (CNN) — The Federal Reserve raised its benchmark lending rate by a quarter point Wednesday, lifting interest rates to their highest level in 22 years. It’s the 11th rate increase since the Fed began its inflation fight in March 2022, and comes just one month after the central bank

By Samantha Murphy Kelly, CNN (CNN) — Samsung is doubling down on its foldable smartphones with a range of new features, but it’s not updating what’s arguably been the single biggest deterrent for customers: the high price tag. At its annual Unpacked event on Wednesday, held in Samsung’s home country of South Korea for the

By Robert North and Hanna Ziady, CNN London (CNN) — The CEO of one of the biggest banks in the United Kingdom has resigned after admitting she leaked details about the closure of Brexit campaigner Nigel Farage’s accounts to a BBC journalist. Alison Rose, the boss of NatWest, will step down after almost four years

By Laura He, CNN Hong Kong (CNN) — China has a new central bank governor. Pan Gongsheng, who has managed the world’s largest foreign exchange reserves for seven years and was credited with arresting a slide in the value of the yuan currency in 2016, was appointed the governor of the People’s Bank of China

By Hanna Ziady, CNN London (CNN) — When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. But some of the world’s biggest firms — including Nestlé, Heineken and snack maker Mondelez — stayed put. More than a year later, companies that chose to remain in

By Oliver Darcy, CNN (CNN) — Variety is facing a blistering wave of backlash. The Hollywood trade publication is being confronted with serious questions about its journalism from top industry figures over a feature story it published Tuesday that aimed to offer a fresh look into the behind-the-scenes drama and power struggles that beset CNN

CNN by Oliver Darcy, CNN New York (CNN) — The White House condemned Fox News on Tuesday over remarks made by one of its top hosts about the holocaust, denouncing the comments as a “horrid, dangerous, and extreme lie” that “insults the memory of the millions of people who suffered from the evils” committed by

By Samantha Delouya, CNN (CNN) — British billionaire and owner of the Tottenham Hotspur football club Joe Lewis was indicted on insider trading charges by the United States Attorney’s Office for the Southern District of New York, the office announced Tuesday. In a video posted to social media, US Attorney Damian Williams accused Lewis of

By Greg Wallace, CNN (CNN) — Flight disruptions are climbing as severe weather hits multiple busy Northeast airports. The flight tracking site FlightAware reported more than 600 cancellations and nearly 3,500 delays on Tuesday, including significant impacts to New York-area hubs. Delays and cancellations impacted four in 10 flights departing the LaGuardia and Newark airports

By Elisabeth Buchwald, CNN New York (CNN) — PacWest Bancorp (PACW) is set to merge with Banc of California in a $400 million equity deal, according to a joint announcement the banks released Tuesday afternoon, ahead of their second-quarter earnings results. Under the terms of the deal, both California-based banks will merge into one bank

By Anna Bahney, CNN Washington, DC (CNN) — So many things are working against would-be home buyers this summer. The housing market remains stuck, with sales pushed lower by a lack of both affordability and inventory, recent credit tightening, higher interest rates and home prices firming up across the country after a brief correction last

by Oliver Darcy, CNN New York (CNN) — The White House condemned Fox News on Tuesday over remarks made by one of its top hosts about the holocaust, denouncing the comments as a “horrid, dangerous, and extreme lie” that “insults the memory of the millions of people who suffered from the evils” committed by Adolf

By Samantha Murphy Kelly, CNN Business (CNN) — Less than six months after ChatGPT-creator OpenAI unveiled an AI detection tool with the potential to help teachers and other professionals detect AI generated work, the company has pulled the feature. OpenAI quietly shut down the tool last week citing a “low rate of accuracy,” according to

By Elisabeth Buchwald, CNN New York (CNN) — The Federal Reserve is at a crucial fork in the road after leaving interest rates unchanged at its June meeting for the first time since March 2022. One road — continuing to raise interest rates to lower inflation — could lead to a recession. That would happen

By Matt Egan, CNN New York (CNN) — The monthslong calm in gas prices is over. The national average price for a gallon of regular gasoline surged by 4 cents on Tuesday to $3.64, according to AAA. That marks the biggest one-day increase since June 7, 2022, according to a CNN review of AAA data.

By Clare Duffy, CNN New York (CNN) — Meta on Tuesday launched a highly anticipated “following feed” option in its Threads app as part of its latest batch of updates that could help the new social platform further chip away at Twitter’s position in the market. The option to see a reverse chronological feed of

By Matt Egan, CNN New York (CNN) — The controversial overhaul of Israel’s judicial system risks plunging the country into further turmoil that will hurt its economy and security, Moody’s Investors Service warned on Tuesday. “There is a significant risk that political and social tensions over the issue will continue, with negative consequences for Israel’s

By Vanessa Yurkevich and Chris Isidore, CNN Philadelphia (CNN) — UPS and the Teamsters have reached a tentative deal on a new contract, potentially avoiding a strike. A labor stoppage could have started as soon as next week and crippled US supply chains and been a multi-billion dollar hit to the economy. “We’ve changed the

By Elisabeth Buchwald, CNN New York (CNN) — The Senate Finance Committee is looking into whether billionaire investor Leon Black’s $158 million payment to disgraced financier Jeffrey Epstein was part of a greater strategy to avoid paying over $1 billion in federal gift and estate taxes. Black, the co-founder and former CEO of Apollo Global

By Nathaniel Meyersohn, CNN New York (CNN) — “Sound of Freedom,” a movie about a US federal agent who quit his job to chase child sex traffickers, has become what is, by the numbers, a summer blockbuster, taking in around $125 million in theaters since its debut. But it’s relying on an unusual strategy to