Money

By John Liu, Logan Schiciano, CNN (CNN) — The United States bought the Japanese yen for the first time in more than a decade as “a signal of friendship,” President Donald Trump said Sunday. The rare bilateral intervention in Japan’s currency market was designed to prop up the yen from its 40-year low against the

By Auzinea Bacon, CNN (CNN) — Sony Pictures’ and Marvel’s “Spider-Man: Brand New Day” soared to the second-biggest North American opening weekend ever with a $355 million haul at the box office, according to industry experts, just behind “Avengers: Endgame,” which opened to $357 million in 2019. “Spider-Man: Brand New Day” — released almost five

By Elisabeth Buchwald, CNN (CNN) — I can still remember the glorious day my dad took me to the Verizon store in the fifth grade to buy my first cellphone. The Samsung Glyde instantly won me over with its touchscreen and slide-out keyboard. On the bus ride home, I discovered a new form of entertainment:

By Allison Morrow, John Towfighi, CNN New York (CNN) — The meteoric rise and stunning near-collapse this week of a US hedge fund has sent shockwaves across global markets, becoming a kind of cautionary tale for the AI era. On Thursday, the San Francisco fund Situational Awareness, founded by a former OpenAI researcher with no

By Bryan Mena, CNN Washington (CNN) — Inflation is a far more serious and persistent issue than the Fed has made it out to be, and it must be addressed by raising interest rates, a group of rate-setting committee members said Friday. For months, the war in Iran has destabilized the global energy market, pushing

By Matt Egan, CNN (CNN) — Big Oil is minting money. ExxonMobil and Chevron, the two biggest US oil companies, reported gangbusters profits on Friday driven by the spike in global oil prices unleashed by the US-Iran war. Exxon raked in $14.5 billion in profit during the second quarter, more than doubling its year-earlier earnings

By Hadas Gold, CNN (CNN) — AI company Anthropic says that during routine testing some of its models accessed the internet and hacked into three separate organizations’ systems – and that it didn’t notice the models had done so until an internal review prompted by rival OpenAI disclosing its models did the same. Anthropic said

By Samantha Delouya, CNN (CNN) — Five months into the war in Iran, rising oil prices and stubborn inflation are driving mortgage rates to the highest level in a year. The average 30-year fixed mortgage rate climbed to 6.66% this week, the highest since July of last year, according to Freddie Mac. That’s up from

By Alicia Wallace, CNN (CNN) — The temporary truce in the war with Iran sent gas prices – and thus inflation – lower in June, providing some fuel for a crucial economic engine: the American consumer. The welcome readings, however, are likely temporary. Overall inflation fell in June for the first time in six years.

By Bryan Mena, CNN Washington (CNN) — The world’s largest economy lost steam heading into summer as red-hot demand for AI infrastructure widened the trade deficit, dampening growth. Meanwhile, Americans ramped up their spending in the quarter, a welcome sign for an economy that relies so strongly on consumption for growth. US gross domestic product,

By Allison Morrow, CNN New York (CNN) — Taco Bell’s parent company, Yum Brands, reported robust sales and profit in the second quarter. But more recent sales took a hit after the cyclospora outbreak plunged the company’s most important brand into a food-safety crisis. Sales at Taco Bell have fallen 2% from the end of

By Stephanie Yang, CNN Hong Kong (CNN) — With wildfires blazing and temperatures hitting record highs in Europe, one China-made product has never been hotter: air-conditioners. Europeans, who have been slower to adopt AC than those living in other parts of the world, are lining up outside stores and driving long distances in the hopes

By Samantha Delouya, CNN (CNN) — New York City is counting on office-to-apartment conversions to help relieve its housing shortage. But after structural problems earlier this month threatened a partial collapse at one of the city’s largest such projects, regulators have intensified scrutiny. Since then, three more Manhattan office conversion projects have been ordered to

By Jeanne Sahadi, CNN (CNN) — As it has done at every meeting this year, the Federal Reserve Open Market Committee on Wednesday decided to leave the central bank’s key overnight lending rate unchanged. The fed funds rate normally influences – directly or indirectly – movement in the interest rates consumers earn on their savings

By David Goldman, Hadas Gold, CNN (CNN) — An OpenAI test that escaped its cage and alarmed the AI and cybersecurity industry attacked more than just Hugging Face, the AI platform that initially appeared to be the sole victim of the virtual lab leak. OpenAI, in an update about its ongoing investigation of the incident,

By Rupert Neate, CNN (CNN) — The US government should ​not block Chinese artificial intelligence in an attempt to gain the upper hand in the race to develop the groundbreaking technology, Meta chief executive Mark Zuckerberg has told the Financial Times. Zuckerberg warned that a US ban on Chinese ​AI models would not be “an