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CNN By Michelle Toh, CNN Business DJI, the world’s top drone maker, will temporarily stop doing business in Russia and Ukraine. The move marks a rare exit from Russia by a prominent Chinese company since the war started, and comes after Ukrainian authorities claimed that DJI’s drones were being used by the Russian military. In
Continue ReadingBy Nicole Goodkind, CNN Business Maybe that avocado toast isn’t so bad, after all. Millennials are way ahead of Baby Boomers when it comes to saving for retirement, according to a new study by investment firm Charles Schwab. That younger generation is already stashing away funds in their mid-20s, beating their parents by about a
Continue ReadingBy Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
Continue ReadingCNN By Jackie Wattles, CNN Business SpaceX has been on a tear in 2022, notching 18 rocket launches and two astronaut splashdowns in just the first 130 days of the year — an unprecedented pace for the company and the commercial launch industry. The latest is scheduled for Friday evening with the launch of 53
Continue ReadingBy Jackie Wattles, CNN Business A SpaceX capsule carrying four astronauts — including the first Black woman to join the International Space Station crew — successfully docked with the ISS Wednesday evening, kicking off a five-month mission. The astronauts had spent 16 hours orbiting aboard their SpaceX Crew Dragon spacecraft after a pre-sunrise launch from
Continue ReadingCNN By Paul R. La Monica, CNN Business Even the world’s richest person needs financial advice. That’s great news for Morgan Stanley, the investment bank of choice for Elon Musk. Morgan Stanley advised the Tesla CEO on his $44 billion acquisition of Twitter. The bank also helped secure $25.5 billion in funding for the deal,
Continue ReadingCNN By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. LA County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue ReadingBy Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Los Angeles County Sheriff Alex Villanueva is the subject of national scrutiny right now. On Tuesday he alarmed press freedom advocates by lashing out at a press conference and indicating
Continue ReadingCNN, CNNBUSINESS By Ramishah Maruf, CNN Up to a quarter million Ford Explorers are being recalled due to a mechanical problem that can cause the SUV to roll away while it’s parked, according to documents from the National Highway Traffic Safety Administration. The document said a bolt in the rear axle mounting could fracture and
Continue ReadingBy Nicole Goodkind, CNN Business Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company’s stock hit a new low. In a blogpost, Tenev wrote that Robinhood’s financial position was strong, with over $6 billion in cash on its balance sheet.
Continue ReadingBy Sugam Pokharel and Mark Thompson, CNN Business Russia has cut off natural gas supplies to Poland and Bulgaria, dramatically escalating its response to Western sanctions imposed on Moscow over the war in Ukraine. Russian state energy giant Gazprom said in a statement Wednesday that it had fully halted supplies to Polish gas company PGNiG
Continue ReadingBy Matt Egan, CNN Business The Senate voted on Tuesday to confirm Lael Brainard as the Federal Reserve’s vice chair, approving a key Biden nominee empowered to help lead the central bank’s fight against high inflation. Brainard, currently a governor at the Fed, received some bipartisan support, with multiple Republicans supporting her nomination to a
Continue ReadingBy Jackie Wattles, CNN Business SpaceX’s Falcon 9 rocket and Crew Dragon spacecraft are headed back to the launch pad, kicking off the second astronaut mission for SpaceX in just one month. On board will be four professional astronauts, destined for the International Space Station, including the first Black woman to join the ISS crew.
Continue ReadingBy Chris Isidore, CNN Business The first all-electric Ford F-150 Lightning rolled off the assembly line in Detroit on Tuesday, with a great deal riding on its launch for both the company and electric vehicles overall. Interest and demand in the vehicles have been very strong, with Ford taking 200,000 preorders for the electric version
Continue ReadingCNN, CNNBUSINESS By Nicole Goodkind, CNN Business Inflation is at a 40-year high, and Americans are feeling it. A gallon of gas costs about double what it cost in January 2021. Home prices were up a whopping 19.8% year-over-year in February. And, in March, groceries cost 10% more than they did a year earlier. Thankfully
Continue ReadingBy Jeanne Sahadi, CNN Business Fidelity Investments announced Tuesday that it will offer bitcoin as an investment option in its 401(k) plans by the middle of this year. It’s a big move given that Fidelity is the largest 401(k) plan provider in the United States, acting as custodian for 23,000 plans, which have 20.4 million
Continue ReadingCNN By Jeanne Sahadi, CNN Business Fidelity Investments announced Tuesday that it will offer bitcoin as an investment option in its 401(k) plans by the middle of this year. It’s a big move given that Fidelity is the largest 401(k) plan provider in the United States, acting as custodian for 23,000 plans, which have 20.4
Continue ReadingBy Nicole Goodkind, CNN Business US markets plunged on Tuesday. The Dow fell 810 points, or 2.4%, as an April sell-off spurred by fears of an economic slowdown continued following Monday’s short-lived recovery. The losses were led by mega cap tech stocks as investors await key corporate earnings reports this week. First quarter results from
Continue ReadingBy Oliver Darcy, CNN Business The New York Post and Michelle Gotthelf, the former editor in chief of the tabloid’s digital operation, announced in a joint statement Tuesday that they had settled the explosive lawsuit Gotthelf had filed earlier this year. Gotthelf had alleged in her lawsuit that she was wrongfully fired after she reported
Continue ReadingBy Matt Egan, CNN Business Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one. Now, it’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation. “We will get a major recession,” Deutsche Bank economists
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