China markets fall as protests erupt over Covid lockdowns

China markets fall as protests erupt over Covid lockdowns

hong kong CNN Business — China’s major stock indices and its currency traded sharply lower on Monday, as widespread protests against the country’s stringent Covid-19 restrictions over the weekend roiled investor sentiment. Hong Kong’s Hang Seng (HSI) Index fell as much as 4.2% in early trading. It has since pared some losses and closed down … Read more

Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

hong kong CNN Business — Foxconn has offered to pay newly recruited workers 10,000 yuan ($1,400) to quit and leave the world’s largest iPhone assembly factory, in an attempt to quell protests that saw hundreds clash with security forces at the compound in central China. The Apple supplier made the offer Wednesday following dramatic scenes … Read more

Home sales drop for 9th month

Home sales drop for 9th month

Home sales in the United States declined for the ninth month in a row in October as surging mortgage rates and high prices pushed buyers out of the market. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 28.4% in October from a year ago and down 5.9% … Read more

Congress returns for lame duck with long to-do list

Congress returns for lame duck with long to-do list

CNN — Lawmakers are set to return on Monday after being away for several weeks campaigning for the crucial midterm elections. They face a jam-packed legislative to-do list before the new congressional session begins in January. With that in mind, Democratic leaders are eager to bring several bills to the floor for votes during the … Read more

China’s real estate crisis could be over with new rescue plan. Property stocks are soaring

China's real estate crisis could be over with new rescue plan.  Property stocks are soaring

hong kong CNN Business — Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday … Read more

ASEAN, G20 summits: As US, China meet, rest of world is pressed to pick a side

ASEAN, G20 summits: As US, China meet, rest of world is pressed to pick a side

Editor’s Note: A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here. hong kong CNN — World leaders are converging in Phnom Penh this weekend for the first in a series … Read more

Crypto: What’s next as FTX collapse triggers ‘Lehman moment’?

Crypto: What's next as FTX collapse triggers 'Lehman moment'?

London CNN Business — The stunning downfall of the FTX exchange, one of the biggest and most reputable players in the market for digital assets, is sparking alarm among people who own cryptocurrencies as investors run for cover. There are still many unanswered questions. But two big ones loom: How far will the damage spread? … Read more

Crypto giant Binance drops bid to save rival, stoking chaos in digital assets

Crypto giant Binance drops bid to save rival, stoking chaos in digital assets

New York CNN Business — In an abrupt reversal, cryptocurrency exchange Binance pulled out of a deal to acquire its embattled rival FTX, saying the company’s problems were “beyond our control or ability to help.” Binance, the world’s largest crypto exchange, said it reviewed FTX’s finances as part of the due diligence process, and it … Read more

Meta to lay off 11,000 employees, as Zuckerberg says he is ‘accountable for missteps’

Meta to lay off 11,000 employees, as Zuckerberg says he is 'accountable for missteps'

New York CNN Business — Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the … Read more

Democrats pick up Pennsylvania Senate seat in boost to their hopes of holding chamber

Voters casting final ballots to determine control of House, Senate and 36 governor races

CNN — Democrats will pick up a GOP-held Senate seat in Pennsylvania, CNN projects, in a huge boost to their hopes of clinging to the chamber. Democratic nominee John Fetterman – who is recovering from a stroke – will narrowly beat Mehmet Oz, in a rebuke of ex-President Donald Trump, who had endorsed the GOP … Read more