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CNN By Matt Egan, CNN New York (CNN) — Fitch Ratings is keeping the United States on watch for a potential credit rating downgrade even after Congress passed a last-minute bill to avert a disastrous default. In its first statement since the Senate passed the debt ceiling legislation Thursday night, Fitch Ratings on Friday said
Continue ReadingBy Chris Isidore, CNN New York (CNN) — Payment apps like PayPal and Venmo might be convenient, but they’re not banks — and a federal financial services watchdog is worried that too many consumers are treating them as such. Some consumers are using services like PayPal, Venmo, Cash App and Apple Pay for direct deposit
Continue ReadingBy Catherine Thorbecke, CNN (CNN) — Airbnb on Thursday sued New York City over its restrictions on short-term housing rentals, in a legal dispute that pits the company’s concerns about its ability to operate in a key market against the city’s efforts to address an affordable housing crisis. The San Francisco-based tech company sued New
Continue ReadingBy Nathaniel Meyersohn, CNN New York (CNN) — Target’s stock has lost about a fifth of its value over the past two and half weeks. It’s not about what you may have heard. If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target’s stock price falling because
Continue ReadingBy Anna Bahney, CNN Washington, DC (CNN) — Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association. “Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in
Continue ReadingBy Nicole Goodkind, CNN Business New York (CNN) — Netflix shareholders voted on Thursday to reject multi-million dollar pay packages for the company’s top executives including for co-CEOs Ted Sarandos and Greg Peters. The vote, which is non-binding, comes amid a strong bounceback for a company that lost more than half its value in 2022
Continue ReadingBy Samantha Murphy Kelly, CNN Business (CNN) — Next week, Apple may unveil its most ambitious new hardware product in years, but it’s in a product category that is anything but a proven winner. Apple is widely expected to introduce a “mixed reality” headset at its annual developer event on Monday that offers both virtual
Continue ReadingBy Reuters Investors proposing a class action lawsuit have accused Tesla CEO Elon Musk of insider trading and manipulating the cryptocurrency Dogecoin, costing them billions of dollars. In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s “Saturday Night Live” and other
Continue ReadingBy Jordan Valinsky, CNN Business New York (CNN) — Chick-fil-A has become a surprise target of right-wing ire following the discovery that the company has an executive overseeing its diversity, equity and inclusion policies. It joins a growing list of companies that right-wing media and conservatives on social platforms have chastised for so-called “woke” marketing.
Continue ReadingBy Alicia Wallace, CNN Minneapolis (CNN) — The US labor market isn’t ready to slow down just yet. Employers added 339,000 jobs in May, according to the monthly employment report from the Bureau of Labor Statistics released on Friday. That’s an acceleration from April’s job gains, which were revised upwardly to 294,000, and it’s a
Continue ReadingBy Laura He and Olesya Dmitracova, CNN Hong Kong/London (CNN) — Global stocks climbed Friday, led by a resurgent Hong Kong market, as investors greeted signs that the US Federal Reserve may hold off raising interest rates this month, the end of the US debt ceiling drama, and talk that China might unveil new measures
Continue ReadingBy Elisabeth Buchwald, CNN New York (CNN) — The faucets at the US Department of the Treasury are set to turn back on after nearly five months of frozen pipes. In a vote on Thursday evening, the Senate approved a measure to suspend the nation’s debt limit through January 1, 2025. President Joe Biden is
Continue ReadingBy Laura He, CNN Hong Kong (CNN) — Tesla CEO Elon Musk has wrapped up his first trip to China in three years, after meeting a string of government officials and thanking workers at the company’s mega factory in Shanghai. Musk’s private jet took off from Shanghai’s Hongqiao airport on Thursday, capping a whirlwind 48-hour
Continue ReadingBy Laura He, CNN Hong Kong (CNN) — With parts of China experiencing record high temperatures and heavy rains, reports of farm animals and crops suffering from extreme weather patterns are dominating headlines in the country, raising concerns about food security in the world’s second largest economy. China experienced its worst heat wave and drought
Continue ReadingBy Peter Valdes-Dapena, CNN Business (CNN) — America apparently needs more car seats. So, when Volkswagen unveiled the ID. Buzz, a retro-styled electric van, last year, it noted that the version for the North American market would be longer and would have three rows of seats. North America’s version of the ID. Buzz has now
Continue ReadingCNN By Peter Valdes-Dapena, CNN Business (CNN) — America apparently needs more car seats. So, when Volkswagen unveiled the ID. Buzz, a retro-styled electric van, last year, it noted that the version for the North American market would be longer and would have three rows of seats. North America’s version of the ID. Buzz has
Continue ReadingBy Oliver Darcy, CNN (CNN) — The biggest newspaper chain in the country is about to be rocked by the biggest walkout of its staff in history. On Monday, hundreds of Gannett journalists plan to stage a one-day strike during the media company’s annual shareholder meeting. Their message: Gannett needs new leadership. The journalists want
Continue ReadingBy Samantha Delouya, CNN (CNN) — Meta is the latest tech company to call its workers back to the office, more than three years after the COVID-19 pandemic first compelled many companies to adopt flexible work-from-home policies. The internet giant — which owns Facebook, Instagram and WhatsApp — has asked that employees currently assigned to
Continue ReadingBy Samantha Delouya and Elisabeth Buchwald, CNN (CNN) — Shares of Lululemon jumped after the market closed on Thursday, buoyed by stronger than anticipated quarterly results reflecting a jump in sales in China and beyond. The athleisure retailer said its net revenue rose by 24% to $2 billion between the first quarter of 2022 and
Continue ReadingBy Elisabeth Buchwald, CNN (CNN) — Desperate times are calling for desperate measures at the Treasury Department. For the first time since 2007, the department is set to auction $15 billion worth of one-day cash management bills on Friday that will be issued on June 5. This comes as the Treasury’s cash balances hover around
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