CNN's Ali Velshi heading to Al Jazeera America

LOS ANGELES -- The Al Jazeera America channel says that CNN chief business correspondent Ali Velshi is coming aboard.

The channel, set to launch later this year, said Thursday that Velshi will develop and host a prime-time program that will debut as a half-hour weekly series.

Velshi's magazine-style show is expected to expand to a daily schedule by the end of the year, Al Jazeera America said.

In the as-yet untitled series, Velshi will focus on how the economy in the U.S. and internationally affects American lives, the channel said.

Velshi said this week he is exiting CNN, where he hosted "Your Money."

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CNN is a unit of Time Warner Inc.