Business

Sales of previously owned homes are sitting at a 30-year low and didn’t move much in May as prices hit a new record and mortgage rates remain high. So-called existing home sales in May were essentially flat, down 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million units, according to the National

Jane Fraser, CEO of Citigroup, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Thursday, September 22, 2022.  Tom Williams | CQ-Roll Call, Inc. | Getty Images Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of

Eli Lilly on Friday said it applied for U.S. approval of its weight loss drug Zepbound for the treatment of the most common sleep-related breathing disorder and expects regulators to make a decision as early as the end of the year. If cleared by the Food and Drug Administration, the company plans to launch Zepbound for so-called obstructive

Tsingha25 | Istock | Getty Images Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved. A network of eight banks held $109 million in deposits for Yotta customers as of April 11,

Forever 21 is asking landlords for a break on rent as the legacy fast-fashion player’s sales decline and it struggles to keep up with savvier competitors, CNBC has learned. The retailer, which has more than 380 stores in the U.S., has asked some landlords to cut its rent by as much as 50%, people familiar

Workers assemble a Wuling Hongguang Mini EV, an all-electric microcar manufactured by SAIC-GM-Wuling, at a plant of the joint automaker in Qingdao in east Chinas Shandong province Tuesday, Nov. 30, 2021. Future Publishing | Future Publishing | Getty Images BEIJING — China spent $230.8 billion over more than a decade to develop its electric car

Starlink Mini promotional image. SpaceX customer email sent June 19, 2024. SpaceX is rolling out a compact version of its Starlink antennas, which the company is advertising as a mobile option for its satellite internet customers. “Starlink Mini is a compact, portable kit that can easily fit in a backpack, designed to provide high-speed, low-latency

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute’s Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.  Apu Gomes | Getty Images Shares of Dell Technologies and Super Micro Computer jumped Thursday after Elon Musk revealed that the two hardware

Henrik Fisker stands with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA in Manhattan Beach, California. on Nov. 16, 2021. Patrick T. Fallon | AFP | Getty Images Fisker on Monday became the latest all-electric vehicle startup to file for Chapter

People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018.  Jason Lee | Reuters BEIJING — Ratings agency Fitch no longer expects China to cut its policy rate this year, and has pushed back its expectations for a reduction to next year as the

Amy Poehler and Maya Hawke voice Joy and Anxiety, respectively, in Disney and Pixar’s “Inside Out 2.” Disney | Pixar A big piece has been missing from the box office — family films. A handful of kid-friendly hits — Universal’s “Super Mario Bros.” chief among them — have boosted ticket sales. But many family features

Zilch CEO Phil Belamant. Zilch LONDON — British fintech firm Zilch said Wednesday it’s raised $125 million in debt financing from German banking giant Deutsche Bank in a deal that will help the company triple sales in the next couple of years and move closer toward an initial public offering. The company, which offers shoppers

Employees on the assembly line produce cars in Mazda’s “Family” line of vehicles at China First Automobile Works (FAW) Group Haima Automobile Co., Ltd. April 6, 2005 in Haikou, Hainan Province, China. China Photos | Getty Images DETROIT – The traditional Detroit automakers – General Motors, Ford Motor and Stellantis – should exit the Chinese

Rudi_suardi | E+ | Getty Images Americans have seen their buying power rise for a year amid falling inflation and a strong job market, which might be welcome news for households struggling to afford everyday purchases. The average worker in the private sector saw their real hourly earnings grow 0.8% from May 2023 to May

Disney and Pixar brought a big dose of joy to the box office this weekend. “Inside Out 2” debuted with an estimated $155 million domestically, the second-highest theatrical opening of an animated film and the first film since Warner Bros.’ “Barbie” to top $100 million during its debut. Of note, Disney does not consider its

Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024.  Brendan McDermid | Reuters GameStop shares slid on Monday after the company’s highly anticipated annual meeting failed to offer any concrete updates on the video game retailer’s future

A pharmacist holds boxs of Eli Lilly & Co. Mounjaro brand tirzepatide medication arranged at a pharmacy in Provo, Utah, US, on Monday, Nov. 27, 2023.  George Frey | Bloomberg | Getty Images Skyrocketing demand for a class of weight loss and diabetes treatments has lifted Eli Lilly to new heights over the last year.

The Federal Reserve on Wednesday kept its key interest rate unchanged and signaled that just one cut is expected before the end of the year. With markets hoping for a more accommodative central bank, Federal Open Market Committee policymakers following their two-day meeting took two rate reductions off the table from the three indicated in