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By Clare Sebastian, CNN Russian President Vladimir Putin has devoted considerable airtime over the past few weeks to reassuring the Russian public that sanctions hurt the West more than they hurt Russia. Putin is preparing his country for the long haul. “The collective West does not plan on backing off its policy of economic pressure
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. When WarnerMedia and Discovery merged earlier this month, the incoming management team faced an immediate question: What to do with CNN+. So at 8 a.m. on April 11, the first
Continue ReadingBy Matt McFarland, CNN Business The Boring Company, Elon Musk’s bid to beat traffic by putting Teslas in tunnels, has raised $675 million, which it plans to use to build more of its Loop projects. The Boring Company’s new funding, announced Wednesday, comes from venture capital firms as well as real estate companies. Sequoia, a
Continue ReadingCNN, CLARE DUFFY, SPECTRUM NEWS NY1, WFTS, WSB, KSTU By Catherine Thorbecke, CNN Business Amazon announced Thursday that it will let third-party merchants offer Prime membership benefits such as free and fast shipping directly to Prime customers through their own online stores rather than solely through the e-commerce giant’s platform. The option, called Buy with
Continue ReadingBy Catherine Thorbecke, CNN Business Amazon announced Thursday that it will let third-party merchants offer Prime membership benefits such as free and fast shipping directly to Prime customers through their own online stores rather than solely through the e-commerce giant’s platform. The option, called Buy with Prime, will initially be available by invitation only for
Continue ReadingBy Alicia Wallace, CNN Business Daily life continues to get more expensive as American households battle the worst inflation in 40 years. From meat to gas to clothing and housing, the average family now has to fork over hundreds more dollars each month compared to this time last year. Food prices alone are up almost
Continue ReadingCNN, CNNBUSINESS By Anna Bahney, CNN Business Mortgage rates continued to rise this week, reaching their highest level in more than a decade. The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is
Continue ReadingBy Anneken Tappe, CNN Business A half-percentage point interest rate hike is officially on the table, Federal Reserve Chairman Jerome Powell said Thursday, as the central bank prepares to get inflation under control. “50 basis points will be on the table for the May meeting,” Powell said during a panel at the International Monetary Fund
Continue ReadingBy Danielle Wiener-Bronner, CNN Business In a scathing open letter to McDonald’s shareholders, legendary investor Carl Icahn said the company’s leadership was “failing” its investors and misleading the public about its animal welfare practices. “McDonald’s’ Board of Directors … is failing shareholders and stakeholders by presiding over animal welfare violations, supply chain lapses and what
Continue ReadingBy Oliver Darcy and Brian Stelter, CNN Business CNN+, the streaming service that was hyped as one of the most significant developments in the history of CNN, will shut down on April 30, just one month after it launched. CNN+ customers “will receive prorated refunds of subscription fees,” the company said. The decision was made
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates continued to rise this week, reaching their highest level in more than a decade. The 30-year fixed-rate mortgage averaged 5.11% in the week ending April 21, up from 5% the week before, according to Freddie Mac. It is the seventh consecutive week of increases and is significantly higher
Continue ReadingBy Clare Duffy, CNN Business Elon Musk on Thursday said he has lined up commitments worth $46.5 billion to finance a Twitter takeover deal, one week after he first made a public offer to buy the social media company. Musk said he has commitment letters to finance the deal, including two debt commitment letters from
Continue ReadingOpinion by Jessica J. González for CNN Business Perspectives When Elon Musk offered to buy Twitter and take it private last week, he wrote that he believed the company needed to be “transformed.” The next day, Musk took to the stage at a TED conference where he criticized the company for what he sees as
Continue ReadingBy Mark Thompson and Chris Liakos, CNN Business One of Russia’s richest men has quit as CEO of Lukoil, the country’s second-largest oil company. In a brief statement Thursday, Lukoil said Vagit Alekperov informed the company “about his decision to resign” as a director and president of the company. The company did not disclose the
Continue ReadingCNN, CNNBUSINESS By Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19
Continue ReadingBy Chris Isidore, CNN Business After two years of massive losses, US airlines are about to start reporting profits once again. Both American and United reported first-quarter losses but expect to book record revenue in the current period, just two years removed from a near halt in air travel caused by the Covid-19 pandemic. American
Continue ReadingCNN By Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have
Continue ReadingBy Faith Karimi, CNN Scoot over, Facebook and Instagram. There’s a newer photo-sharing app — and it’s not like other social media platforms. The app is called BeReal. And while you may not have heard of it, a lot of young people are signing up. Its active monthly users have skyrocketed this year by more
Continue ReadingBy Julia Horowitz, CNN Business Investors have quickly turned on companies like Netflix that were growing fast during the recovery from the pandemic but are now sputtering. Yet Tesla, which skeptics have long said is overvalued based on rosy projections for the future, is experiencing a much softer landing. What’s happening: Tesla shares have dropped
Continue ReadingBy Anna Cooban, CNN Business Nestlé, the world’s biggest food and drinks company, raised prices by more than 5% in the first three months of this year as it passed on rising costs to shoppers. Consumers in North America took the hardest hit, with an 8.5% rise in prices, the company said in its first-quarter
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