Money

By Hanna Ziady, CNN London (CNN) — The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. The first ECB rate cut in nearly five years takes the benchmark rate in the 20 countries

By Brian Fung, CNN Washington (CNN) — The Federal Trade Commission is investigating a recent Microsoft deal with artificial intelligence startup Inflection, according to a person familiar with the matter, as US antitrust regulators ramp up scrutiny of the red-hot AI industry. Microsoft announced in March that it had hired Inflection’s co-founders and a number of its

By Parija Kavilanz, CNN New York (CNN) — In Florida, a handful of dead mall anchor Sears stores, left vacant and unmoored by the iconic retailer’s bankruptcy six years ago, are being jolted back to life. They won’t be resurrected into new stores, but they’re definitely being primed, one company hopes, to pull in plenty

By Chris Isidore, CNN New York (CNN) — Walmart, America’s largest private-sector employer, is starting a bonus program for its hourly employees. The company said on Wednesday that the program will be aimed at rewarding employees who stay with the company long-term, with employees able to earn up to a maximum of $1,000 for those

By Nicole Goodkind, CNN New York (CNN) — Texas’ famous longhorns are coming for Wall Street’s bulls. A new national stock exchange, based in Dallas, and backed by Wall Street heavyweights like BlackRock and Citadel Securities, is looking to take on the world-famous New York Stock Exchange and Nasdaq. The newly formed TXSE Group announced

By Nicole Goodkind, CNN New York (CNN) — Nvidia, Wall Street’s favorite artificial intelligence darling, is continuing to swell to staggering heights. The AI chipmaker’s market capitalization rose to $3.019 trillion on Wednesday, nudging slightly past Apple’s also $2.99 trillion market cap and making it the second-largest publicly traded company in the US by that

By Brian Fung, CNN (CNN) — A Palestinian-American engineer has sued the social media giant Meta, accusing his former employer of discriminating against pro-Palestinian speech on its platforms and of wrongfully firing him after he investigated the issue as part of his official duties. The lawsuit by Ferras Hamad — a Meta engineer assigned to

By Ramishah Maruf, CNN New York (CNN) — Banknotes featuring King Charles III entered circulation in the United Kingdom on Wednesday. The Bank of England said Charles is only the second monarch, after his late mother, Queen Elizabeth II, to appear on banknotes issued by the BoE. It’s also the first time the bank has

By Gloria Pazmino, CNN (CNN) — New York Governor Kathy Hochul announced Wednesday she is indefinitely delaying the implementation of congestion pricing in New York City’s borough of Manhattan just weeks before the plan was set to take effect, dealing a major blow to transportation advocates who have spent decades pushing for the deal and

By Jordan Valinsky, CNN New York (CNN) — General Mills, the manufacturer of Cheerios and other well-known cereals, is being sued by eight Black employees working at a Georgia plant who say it’s rampant with racism under the control of its White managers. In the federal lawsuit filed June 2, the employees accuse the managers

By Hanna Ziady, CNN London (CNN) — The UK Treasury has flatly contradicted Prime Minister Rishi Sunak’s claim that its impartial officials had calculated that the opposition Labour Party would “put up everyone’s taxes by £2,000.” Sunak made the claim during a televised debate Tuesday ahead of July’s election, as he and Labour leader Keir

By Nathaniel Meyersohn, CNN New York (CNN) — Champion, the more than century-old sportswear brand, has a new owner. Hanes has been under pressure from activist investors to cut costs. Known for its underwear brands and basic clothing lines, Hanes is getting back to its roots. Hanesbrands announced Wednesday that it will sell Champion to

By Jordan Valinsky, CNN New York (CNN) — The website for the Columbia Law Review is no longer accessible following the publication of an article critical of Israel that the publication’s board said did not go through the proper review process. At issue is the publication of an article that said Palestinians are living under

By Ramishah Maruf, CNN New York (CNN) — Lululemon, maker of the pricey yogawear sported by seemingly everyone from Pilates moms to college students to preteens in the US, is at a crossroads. For over a decade, the company has fought off competitors like Athleta and Nike to dominate the luxury athleisure market, managing to

By Nathaniel Meyersohn, CNN New York (CNN) — Dollar Tree said Wednesday it will explore a sale or spinoff of Family Dollar, less than a decade after acquiring the chain in what has turned out to be a disastrous merger. Family Dollar has around 8,000 US stores, catering to low-income customers predominantly in cities with

By Nathaniel Meyersohn, CNN New York (CNN) — Hourly retail security workers are now wearing police-like body cameras at major stores. Retail giant TJX, the parent of TJ Maxx, Marshalls and HomeGoods, said it’s equipping some store employees with body cameras to thwart shoplifting and keep customers and employees safe. TJX finance chief John Klinger

By Matt Egan, CNN (CNN) — Treasury Secretary Janet Yellen is expected to warn bankers and tech executives on Thursday that while artificial intelligence could open the door to vast rewards for the financial system, the technology also threatens to introduce new dangers, according to speech excerpts shared first with CNN. Yellen’s speech at a conference

By Laura He, CNN Hong Kong (CNN) — A Chinese government agency established to promote trade with Russia has been trying to source drone detectors and jammers, adding to concerns that Beijing may be supplying dual-use technology to Moscow. Foreign companies were seeking “unmanned aerial vehicle (UAV) equipment,” including drone detectors and jammers, according to