Money

By Matt Egan, CNN Business High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs. The Wall Street bank is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of

Opinion by Ralph Izzo for CNN Business Perspectives Russia’s move to cut off natural gas supplies to Poland and Bulgaria, and more recently Finland, parts of Germany and potentially Denmark and the Netherlands, is just the latest salvo in its ongoing weaponization of energy for political purposes. If allowed to continue unchecked, the war in

By Allison Morrow, CNN Business Despite all the buzz about the “Great Resignation” and a renaissance for the working classes in America, a new report finds the gap between executive and worker pay is only widening. The typical low-wage worker’s pay didn’t keep pace with inflation last year at more than a third of the

CNN, WEIBO By Julia Horowitz, CNN Business Foreign investors lost their nerve on parking money in China over the past year, as Beijing cracked down on the country’s biggest tech companies, the real estate sector stumbled and coronavirus lockdowns crimped growth. Once a beacon of opportunity, the world’s second biggest economy looked like a difficult

By Michelle Toh, CNN Business KFC has been forced to make menu changes again in Australia, as the fast food chain is hit with shortages of key ingredients. This time it’s lettuce. The company posted a notice on its local website this week telling customers it would add cabbage to some of its products because

By Laura He, CNN Business Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. Alibaba was up 1.9% on Tuesday, following a 5% gain on Monday. JD.com climbed 3%, after rising 4.7% the previous day. Other tech shares have also

By Oliver Darcy, CNN Business The Washington Post has suspended reporter David Weigel for one month without pay for retweeting a sexist joke, two people familiar with the matter told CNN on Monday. Weigel did not respond to a request for comment, but an out-of-office reply from his Post email address said that he would

CNN, CNNBUSINESS By Anna Cooban, CNN Business Thousands of UK workers are starting a four-day work week from Monday with no cut to their pay in the largest trial of its kind. The pilot, which will last for six months, involves 3,300 workers spanning 70 companies, ranging from providers of financial services to a fish-and-chip

CNN, CNN BUSINESS By Paul R. La Monica, CNN Business This year has so far been miserable for investors in social media companies. Shares of Facebook and Instagram owner Meta Platforms have plunged more than 40% so far in 2022. Investors are concerned about CEO Mark Zuckerberg’s plans to transform the company into a metaverse

CNN, CNNBUSINESS By Matt Egan The gas price spike keeps getting worse. The national average jumped to $4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month. There are now 10 states where the average price of gasoline is $5 a gallon

By Chris Isidore, CNN Business Tesla may not be cutting staff after all. That’s according to a tweet from its ever-mercurial CEO Elon Musk — an apparent contradiction to two emails he sent staff last week about planned job cuts and a hiring freeze, which pushed Tesla shares lower. Last Thursday, according to a Reuters