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By Paul R. La Monica, CNN Business Consumers are feeling the pinch from inflation, and that will likely continue for the foreseeable future. That’s because major companies have been raising prices to protect their profit margins — and they are showing no signs of changing course anytime soon. Companies in a variety of industries have
Continue ReadingBy Mark Thompson and Vasco Cotovio, CNN Business The Russian economy is taking “serious blows,” the Kremlin acknowledged Wednesday, as the country’s growing isolation piles further pressure on its tottering financial system. Apple, ExxonMobil, Ford, Boeing and Airbus joined a list of companies shutting down or suspending their operations in Russia in response to its
Continue ReadingBy CNN Business staff Dozens of the world’s biggest companies have abandoned or scaled back their operations in Russia in response to its invasion of Ukraine. The exodus affects every corner of the economy, from its vast energy riches through autos, finance, retail, entertainment and fast food, starving Russia of new investment and removing products
Continue ReadingCNN By Anneken Tappe, CNN Business Rising prices on everything from food to gasoline are hurting Americans. Now the White House has unveiled a plan to fight inflation, President Joe Biden said during Tuesday’s State of the Union address. “Too many families are struggling to keep up with their bills,” Biden said, noting that soaring
Continue ReadingBy Anneken Tappe, CNN Business Rising prices on everything from food to gasoline are hurting Americans. Now the White House has unveiled a plan to fight inflation, President Joe Biden said during Tuesday’s State of the Union address. “Too many families are struggling to keep up with their bills,” Biden said, noting that soaring costs
Continue ReadingBy Matt Egan, CNN Business ExxonMobil pledged Tuesday to leave its last remaining oil-and-gas project in Russia, and it will not invest in new developments in the oil-rich country. By moving to discontinue its Sakhalin-1 project in Russia, Exxon joins a growing list of energy companies, including BP and Shell, that have announced their intention
Continue ReadingCNN, CNNBUSINESS By Matt Egan US oil prices briefly spiked on Thursday to their highest level in nearly 14 years, as concerns about disruptions to Russia’s supplies continue. US crude jumped as much as 5.4% to $116.57 a barrel early Thursday — the highest trade since September 22, 2008. A week earlier Lehman Brothers collapsed.
Continue ReadingBy Danielle Wiener-Bronner and Vanessa Yurkevich, CNN Business Russia’s attack on Ukraine is causing wheat prices to spike, exacerbating already high food prices. Wheat futures were up about 5.35% Tuesday, reaching prices not seen since 2008. The higher prices make wheat more expensive for food makers, who will likely pass those costs on to consumers.
Continue ReadingBy Peter Valdes-Dapena, CNN Business Stellantis, the company formed one year ago from the merger of Fiat Chrysler Automobiles and France’s PSA, has plans to double its net revenues by 2030 while moving more of its 14 car brands to being fully electric, CEO Carlos Tavares said in a presentation Tuesday. The company also says
Continue ReadingBy Sonia Moghe, CNN The federal judge who presided over Sarah Palin’s defamation trial against the New York Times said in a new written opinion setting forth his decision to dismiss the case last month that the former Alaska governor “wholly failed” to prove her case and that “no reasonable jury” would have found the
Continue ReadingBy Kunyi Yang The hashtag #BoycottLukoil started trending online not long after Russia invaded Ukraine on February 21. The idea is to stop people from filling their tanks at the US gas stations that bear the name Lukoil, the Russian oil and gas giant. The trouble is that most of the 230 Lukoil gas stations
Continue ReadingCNN, CNNBUSINESS By Mark Thompson and Vasco Cotovio, CNN Business Russian President Vladimir Putin is trying to stem the flow of Western businesses fleeing the country over his decision to wage war on Ukraine. Capital controls designed to stop the exodus were announced by Russian Prime Minister Mikhail Mishustin, state news agencies TASS and RIA
Continue ReadingBy Chris Liakos, CNN Business Two of the world’s biggest container shipping companies are halting cargo bookings to and from Russia. “As the stability and safety of our operations is already being directly and indirectly impacted by sanctions, new Maersk bookings to and from Russia will be temporarily suspended, with exception of foodstuffs, medical and
Continue ReadingBy Oliver Darcy, CNN Business DirecTV is cutting ties with RT, the Russia-backed television network infamous for promoting Vladimir Putin’s agenda. A spokesperson for the US satellite carrier told CNN on Tuesday that the company had already been reviewing whether to renew the outlet’s carriage agreement, which was due for expiration later this year, and
Continue ReadingBy David Goldman and Matt Egan, CNN Business The US Strategic Petroleum Reserve is a man-made underground government storage complex built inside four separate salt domes on the Texas and Louisiana Gulf coast. Combined, the four SPR locations currently hold about 600 million barrels of crude oil. They’re about to get 30 million barrels lighter.
Continue ReadingBy Jordan Valinsky, CNN Business Domino’s is raising the price on one of its top promotions. The pizza chain announced that its “Mix and Match” deal, which lets customers choose two or more items for $5.99 each, will soon cost $1 more each for delivery orders. Domino’s said the price, which won’t change for carryout
Continue ReadingBy Paul R. La Monica, CNN Business March is looking a lot like January and February on Wall Street. That’s not good news for investors. The Dow fell nearly 600 points Tuesday, or 1.8%, one day after stocks capped off their second straight month of declines to start the year. The Dow managed to finish
Continue ReadingBy Frank Pallotta, CNN Business Marvel is Disney’s biggest brand in its media empire, and it’s about to get even bigger on Disney+. A number of Marvel series that originally streamed on Netflix, such as “Daredevil,” “The Punisher,” “Luke Cage,” “Iron Fist” and “Jessica Jones,” will be heading to Disney+ on March 16, Disney announced
Continue ReadingBy Jeanne Sahadi, CNN Business If you’re among the employed Americans who were allowed to work remotely during the pandemic last year, count your blessings. But if you worked from a state other than the one where your employer is based, you may have to pay up for that privilege come tax time. Here’s why:
Continue ReadingBy Matt Egan, CNN Business Chevron CEO Mike Wirth expressed support on Tuesday for governments to release emergency stockpiles of oil to offset supply fears triggered by Russia’s invasion of Ukraine. “I do think a coordinated response by multiple countries could help in the near-term,” Wirth said in response to a question from CNN during
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