Business News

China’s economic growth plunges to lowest level since 1992

China’s economic growth plunges to lowest level since 1992

China’s growth dropped to its lowest level in nearly three decades, as the world’s second largest economy continues to feel the pain from trade tensions with the United States. China’s gross domestic product grew at 6% in the quarter ended September, the weakest quarterly growth rate since 1992 and down from 6.2% in the previous…

Goldman Sachs spends less on employee pay as it focuses on tech products

Goldman Sachs spends less on employee pay as it focuses on tech products

Goldman Sachs is spending less on employee compensation and more on ramping up tech ventures. The bank’s chief financial officer, Stephen Scherr, said this week that the percent of revenue spent on employee pay is expected to decline as the company zeroes in on tech-based ventures and “four key projects” — which include Apple Card,…

50,000 striking GM workers will now vote on tentative agreement

50,000 striking GM workers will now vote on tentative agreement

Striking General Motors workers will remain on the picket lines for at least another week, even as the United Auto Workers national council voted to recommend a tentative agreement with GM for ratification. This means the nearly 50,000 rank-and-file workers, who began their strike September 16, will now have an opportunity to vote on the…

Saudi Aramco delays IPO to give clarity on impact of attacks

Saudi Aramco delays IPO to give clarity on impact of attacks

Saudi Aramco’s long-awaited IPO has been delayed–again. The timing for the blockbuster listing was pushed back to allow the state-run Saudi oil company to publish quarterly results that will provide clarity on the impact of last month’s attacks on its oil facilities, a source familiar with the IPO process told CNN Business on Thursday. Investors…

Democrats need to sharpen their attacks on the Trump economy

Democrats need to sharpen their attacks on the Trump economy

If Democrats want to win in 2020, they have to sharpen their attacks on the Donald J. Trump economy. Moody’s Analytics 2020 Presidential Election Model weighs the current economy, politics and voter turnout and projects a second Trump term. “If the economy a year from now is the same as it is today, or roughly…

Stephen Colbert signs new ‘Late Show’ deal through 2023

Stephen Colbert signs new ‘Late Show’ deal through 2023

Stephen Colbert has signed a new contract that keeps him as host of CBS’ “The Late Show” through 2023, the network announced Thursday. “I’ve been asked by CBS to host ‘The Late Show’ until 2023, and I have every intention of honoring their subpoena,” Colbert said in a statement. Financial terms of the deal were…

Canada’s Cannabis 2.0: Edibles, beverages, vapes on deck

Canada’s Cannabis 2.0: Edibles, beverages, vapes on deck

It’s time for Cannabis 2.0 in Canada. Canada’s foray into legal cannabis last year was intentionally slow, methodical and tempered. The forms of recreational cannabis were limited to dry flower (or bud), tinctures and capsules. Canada is marking its one-year anniversary of legal weed by way of a product upgrade. Health Canada, the governing body…

Domino’s pulls the plug on 4 European markets

Domino’s pulls the plug on 4 European markets

Domino’s has run into trouble in Europe. The company that operates the pizza chain’s UK franchise has abandoned an expansion into Switzerland, Norway, Sweden and Iceland after its stores there failed to make a profit. Domino’s Pizza Group said Thursday that it would try to find a buyer for the 100-odd stores, and turn its…

Deal to end GM strike won’t save Lordstown plant

Deal to end GM strike won’t save Lordstown plant

The deal to end the month-long strike at General Motors will not save an assembly plant in Lordstown, Ohio, and two other transmission plants, according to the United Auto Workers union. In November, GM announced plans to close Lordstown as well as transmission plants in Warren, Michigan, and Baltimore, Maryland and Hamtramck, in Detroit. Under…

New Brexit deal is still bad for business and the UK economy

New Brexit deal is still bad for business and the UK economy

British Prime Minister Boris Johnson says he has secured a “great new deal” on Brexit. But the agreement he’s struck with the European Union would erect significant trade barriers for companies operating in the United Kingdom, reduce growth and leave the country poorer. The deal must still be approved by the UK parliament, which will…

How Elizabeth Warren could ‘vaporize’ America’s oil boom

How Elizabeth Warren could ‘vaporize’ America’s oil boom

Elizabeth Warren doesn’t just pose a threat to Wall Street. Her rising 2020 polling numbers are also striking fear in the heart of Big Oil. Warren, currently the odds-on favorite to be the Democratic presidential nominee, wants to ban fracking “everywhere.” And the Massachusetts senator pledged to immediately sign an executive order to stop all…

Why investors can’t get too excited about the new Brexit deal

Why investors can’t get too excited about the new Brexit deal

The British pound and UK stocks shot up on news that UK Prime Minister Boris Johnson had clinched a new Brexit agreement with the European Union. Then the political reality set in. Johnson still needs to get his deal through a special session of the UK Parliament scheduled for Saturday. Opposition parties and a group…

Christian Dior apologizes to China for not including Taiwan in a map

Christian Dior apologizes to China for not including Taiwan in a map

Add Christian Dior to the growing list of Western brands tangling with China. The French fashion house issued an apology Thursday over a map of China used during a presentation that didn’t include Taiwan. The small island is a self-ruled democracy that Beijing insists be treated as part of its “one China” initiative. The message…

Nestlé has $20 billion to spend on deals or buying back shares

Nestlé has $20 billion to spend on deals or buying back shares

Nestlé shareholders could be in for another $20 billion windfall if the maker of Nespresso and KitKat fails to find businesses worth buying. Nestlé, one of the world’s largest food companies, closed a $10.3 billion sale of its skincare business at the beginning of October and is now figuring out what to do with its…

Xbox and Taco Bell are giving away free consoles. Here’s how to win

Xbox and Taco Bell are giving away free consoles. Here’s how to win

In the spirit of Halloween, Xbox is handing out new consoles like candy. All you’ve got to do is eat a couple chalupas. The gaming giant has partnered with Taco Bell to give away a bundle of Xbox goodies, including a limited-edition console that rings like a bell (get it?) when it’s powered on, a…

The pound has been weighed down by Brexit. Now it’s getting some relief

The pound has been weighed down by Brexit. Now it’s getting some relief

Happy Thursday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. The pound is climbing on news that the United Kingdom has reached a new agreement with the European Union to leave the bloc before the October 31 Brexit deadline. The…

Asia markets get Hong Kong and Huawei boost

Asia markets get Hong Kong and Huawei boost

Asian markets were mostly quiet Thursday, but Hong Kong stocks climbed after the financial hub gave its real estate sector reason to cheer. China’s Shanghai Composite Index traded flat, while Japan’s Nikkei 225 inched up 0.1% and South Korea’s Kospi edged lower. Hong Kong’s Hang Seng Index advanced as much as 1.1% in the morning…

Invest like Warren Buffett — Is this value’s time to finally shine?

Invest like Warren Buffett — Is this value’s time to finally shine?

Is the market’s love affair with Big Tech finally coming to an end? That might be a stretch. But there’s a growing chorus on Wall Street for investors to look beyond the FANG momentum plays and more toward value stocks. In other words, investors are pulling a Warren Buffett. Companies in sectors like banking, energy…