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By Frank Pallotta, CNN Business Disney’s CEO transition from Bob Iger to Bob Chapek marked a shift from an outspoken, famous CEO with political ambitions, to a largely unfamiliar name whose politics remain a mystery. This week, we got a glimpse at how Chapek’s Disney might respond to the world’s tumultuous political climate. On Monday,
Continue ReadingBy Matt Egan, CNN Business Russia’s invasion of Ukraine and the West’s crackdown on Moscow has left the world economy exposed to an epic energy shock. “The uncertainty on how this conflict and oil shortages will be resolved is unprecedented,” Goldman Sachs strategists wrote in a note to clients. The developments have been relentless. On
Continue ReadingCNN, CNNBUSINESS By Mark Thompson and James Frater, CNN Business Europe will consider joining a US-led embargo of Russian oil this week as the West looks for new ways to punish President Vladimir Putin for waging his devastating war in Ukraine. EU leaders will discuss whether to dump by far the biggest supplier of oil
Continue ReadingBy Anneken Tappe, CNN Business America’s worker shortage is far from over: In January, the nation had 11.3 million jobs to fill and not enough workers to do so, according to new data from the Bureau of Labor Statistics. This exceeded economists’ expectations but was a decrease from the revised December number, which was updated
Continue ReadingBy Paul R. La Monica, CNN Business Stocks surged Wednesday, snapping a four-day losing streak, as investors celebrated a drop in crude oil prices. The Dow gained more than 650 points, or 2%. It was a broad-based rally, with oil giant Chevron the only Dow stock trading significantly lower. It fell 2.5%. The S&P 500
Continue ReadingCNN, CNNBUSINESS By Paul R. La Monica, CNN Business Stocks surged Wednesday as investors celebrated a drop in crude oil prices. The Dow gained more than 700 points, or 2.1%, in midday trading. It was a broad-based rally, with oil giant Chevron the only Dow stock trading lower. The S&P 500 and Nasdaq were up
Continue ReadingOpinion by Mark Wolfe for CNN Business Perspectives Rising inflation is hitting all sectors of the economy. The overall rate of inflation on an annual basis reached 7.5% at the end of January, the highest level since 1982. Gas prices, in particular, are rising especially fast, reaching $4.25 a gallon on Wednesday, up from about
Continue ReadingBy Julia Horowitz, CNN Business Oil prices are pulling back and stocks are jumping higher as investors take a beat to consider what Russian President Vladimir Putin might do next. But the mood on Wall Street remains anxious, with traders hooked on headlines from Ukraine. “We’re still seeing these awful attacks, and we’re still seeing
Continue ReadingBy Charles Riley, CNN Business Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative
Continue ReadingBy Jill Dougherty, for CNN A week after Russia invaded Ukraine, the staff of Russia’s last independent TV channel, TV Rain, also known as Dozhd, shut itself down. Seated at the news desk, general director and co-founder Natalia Sindeeva — a tough-as-nails media entrepreneur — announced the channel was closing, took a breath, and said,
Continue ReadingBy Danielle Wiener-Bronner, CNN Business The International House of Pancakes is opening a bank. A pancake bank. That’s the concept for the brand’s new loyalty program, dubbed the International Bank of Pancakes (as in IBOP — not to be confused with IHOb, International House of Burgers, a 2018 marketing campaign). Rewards programs are a good
Continue ReadingBy Betsy Klein, CNN Business President Joe Biden will sign an executive order Wednesday establishing the first-ever federal strategy on cryptocurrencies, the White House said. Biden will order the exploration of a digital currency operated by the US central bank, and he encouraged regulators to identify and mitigate risks digital assets pose to the financial
Continue ReadingBy Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only reason. Numerous factors are combining to push gas prices up to a record. Gas hit $4.25 for a gallon of regular gas, according to AAA’s survey Wednesday. Gas
Continue ReadingBy Reuters Norway’s Yara, one of the world’s largest fertilizer makers, is curtailing its ammonia and urea output in Italy and France due to the surge in natural gas prices, it said on Wednesday, in another sign of rising costs for food production. The price of natural gas, which is used in the fertilizer manufacturing
Continue ReadingBy Michelle Toh, CNN Business Cathay Pacific plans to continue operating at just minuscule levels as its home city remains largely cut off from the rest of the world. Hong Kong’s flagship airline said Wednesday that it would likely only be able to maintain 2% of passenger flight capacity, and less than one third of
Continue ReadingBy Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. This subject is quite sensitive, and some news outlets don’t want to say anything about it on the record for obvious reasons. But Russia’s new censorship law clamping down on
Continue ReadingCNN, CNNBUSINESS By Danielle Wiener-Bronner, CNN Business Burger King is the latest fast food chain to pull corporate support from its businesses in Russia. Restaurant Brands International, which owns the burger chain, said Thursday it “has suspended all of its corporate support for the Russian market, including operations, marketing and supply chain.” The company is
Continue ReadingBy Peter Valdes-Dapena, CNN Business As America shifts towards electric cars, plug-in hybrids are often forgotten. Their potential benefits are lost on many consumers who are either attracted to the high-tech allure of fully electric cars or afraid of the complication of needing to plug in a car. Some people are fully ready to commit
Continue ReadingBy Chris Isidore, CNN Business The US average price of gas now stands at a record $4.17 a gallon. But gas for less than $4 a gallon can still be found at tens of thousands of service stations across much of the country. The data show that there’s a wide range of pricing in most
Continue ReadingBy Parija Kavilanz, CNN Business Lululemon unveiled a new product Tuesday that speaks to the upscale brand’s ambition to expand into new categories. The athleisure company, known for its leggings and yoga pants, introduced a running shoe for women called Blissfeel. The shoe marks Lululemon first-ever foray into footwear. The move sets Lululemon Athletica up
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