Business

GM’s 2024 Chevrolet Equinox EV during a media launch event for the vehicle in Detroit, May 16, 2024. Michael Wayland / CNBC DETROIT – General Motors is trimming its expected sales and production of all-electric vehicles this year, as U.S. adoption of EVs occurs slower than expected. GM Chief Financial Officer Paul Jacobson said the

Cultura Rm Exclusive/twinpix | Image Source | Getty Images Home equity is near all-time highs. But tapping it may be tough due to high interest rates, according to financial advisors. Total home equity for U.S. mortgage holders rose to more than $17 trillion in the first quarter of 2024, just shy of the record set

United Auto Workers President Shawn Fain testifies about the toll of working hours on laborers before the Senate Health, Education, Labor and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill in Washington, D.C., on March 14, 2024. Chip Somodevilla | Getty Images DETROIT — United Auto Workers President Shawn Fain is under

Westend61 | Westend61 | Getty Images AMSTERDAM, Netherlands — Financial technology startup Nium told CNBC Wednesday it raised $50 million in new funds from investors, and is targeting an initial public offering in the next 18 months. The fundraising round was led by an undisclosed Southeast Asian sovereign wealth fund. It places Nium’s valuation at

Customers exit a Costco store in Teterboro, New Jersey, June 28, 2023. Kena Betancur | Corbis News | Getty Images DETROIT — General Motors has a not-so-secret weapon when it comes to getting U.S. consumers into its new all-electric vehicles: Costco Wholesale. The Detroit automaker said it’s increasingly using the retail giant’s Costco Auto Program

The original house used in the “Home Alone” movies on Nov. 8, 2021. Erin Hooley/Chicago Tribune/Tribune News Service via Getty Images An array of iconic homes are for sale — and buyers will almost certainly pay extra for that pedigree. However, that premium is hard to quantify since some uber-wealthy buyers will pay almost anything

Passengers on a Boeing 737 Max-8 plane during a United Airlines flight departing from Newark Liberty International Airport (EWR) in Newark, New Jersey, US, on Wednesday, March 13, 2024. Bing Guan | Bloomberg | Getty Images Now playing on United Airlines‘ seat-back screens: personalized ads. The carrier on Friday said it launched a media platform

Back in December 2023, when the market was pricing in six or so rate cuts, Apollo Asset Management Co-President Scott Kleinman had a more contrarian view: He said he’d be betting against any rate cuts in 2024.  That call so far has paid off. But higher-for-longer rates haven’t necessarily been a tailwind for the private equity industry

Vadym Buinov | Moment | Getty Images The Covid-19 pandemic brought to the surface both cracks and resilience in the American economy, with child care taking center stage as day cares shuttered, schools went remote and parents attempted to juggle their children with their jobs. While employment in the child care sector has made a

An alternative trading platform CEO wants to revolutionize private equity investing to help mitigate a stalling initial public offering market. So, Forge Global’s Kelly Rodriques partnered with Accuidity to launch the Forge Accuidity Private Market Index this spring. The ultimate goal: Give more investors easier access to unicorns. “This is a major financial innovation that’s

Cricket may not be as popular a sport in the U.S. as elsewhere in the world, but some high-profile CEOs and investors are trying to change that. As the Men’s T20 Cricket World Cup, co-hosted by the U.S. for the first time, ramps up, investors have pumped nearly a billion dollars into their American ambition.

Jelena McWilliams, chair of the Federal Deposit Insurance Corporation (FDIC), during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Aug. 3, 2021. Al Drago | Bloomberg | Getty Images There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Brandon Bell | Getty Images Spirit Airlines CEO Ted Christie said Friday that the budget airline isn’t considering a Chapter 11 bankruptcy filing and is “encouraged” by its plan after a failed takeover

SINGAPORE — Customers in Asia-Pacific have picked their favorite banks as lenders scramble to meet consumer expectations in a fast-changing environment. After a prolonged period of high inflation — and interest rates — banks in the region are starting to navigate the global trend of lower rates. They’re also facing technological innovation that has the

Rivian Automotive has redesigned its all-electric R1 pickup and SUV models to improve range, performance and computing power with the help of Nvidia chips, the company said Thursday. While the 2025 model-year vehicles do not outwardly look too different than the current models, Rivian said it has changed more than half the hardware components for

Saravutvanset | Room | Getty Images AMSTERDAM — Corporate payments startup Payhawk told CNBC it is planning mergers and acquisitions to grow its footprint in the corporate spend management world and take on big players like SAP. Payhawk said it is looking to acquire a company or companies at the series A stage of their development, referring to

Lululemon‘s growth in the Americas, its largest market, appears to be stalling after the retailer on Wednesday reported flat comparable sales in the region and weak guidance for the current quarter.  The athletic apparel retailer handily beat Wall Street’s earnings estimates, but only narrowly topped revenue expectations. Lululemon’s full fiscal-year guidance suggests the company is

Barry Sternlicht, chairman and CEO of Starwood Capital Group, speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, on May 7, 2024. David Swanson | Reuters Barry Sternlicht, Starwood Capital Group chairman and CEO, defended his decision to cap how much money investors could pull from his