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By Curt Devine, Casey Tolan and Majlie de Puy Kamp, CNN The sprawling billion-dollar palace that sits on a hilltop overlooking the Black Sea is seen by some Kremlin critics as the ultimate emblem of Russian President Vladimir Putin’s legacy of corruption. Dubbed “Putin’s Palace,” the 190,000 square-foot mega-mansion was purportedly built for his personal
Continue ReadingBy Matt Egan, CNN Business Koch Industries, the conglomerate run by billionaire Charles Koch, is planning to stay in Russia even as hundreds of Western companies have scaled back operations there following the invasion of Ukraine. In a statement on Wednesday, Koch Industries announced its Guardian Industries subsidiary will continue to operate two glass manufacturing
Continue ReadingBy Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
Continue ReadingBy Matt Egan, CNN Business Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. After sinking below $94 a barrel earlier this week, US crude soared 8% to settle at $102.98 a barrel. Brent crude, the world benchmark, spiked 9% to $106.64 a
Continue ReadingBy Samantha Murphy Kelly, CNN Business Barely a week after Apple unveiled its first budget 5G smartphone, Samsung announced a competing model that rivals it on price. At a brief virtual event on Thursday, Samsung showed off its new Galaxy A53 5G smartphone, which packs much of its higher-end flagship line into a more budget-friendly
Continue ReadingBy Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United
Continue ReadingCNN, FEDERAL RESERVE BOARD By Anna Bahney, CNN Business Home prices rose 15% to a median price of $357,300 in February from last year, as inventory stubbornly stayed near record lows, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes
Continue ReadingBy Frank Pallotta, CNN Business James Bond is now an Amazon employee. The tech giant has closed its $8.5 billion deal to acquire MGM, the home of the Bond franchise and one of the most iconic movie studios in Hollywood history, Amazon announced Thursday. The move looks to bolster the company’s position in the entertainment
Continue ReadingBy Allison Morrow, CNN Business Russia is barreling toward a default on its foreign debt payments, threatening to plunge its economy deeper into crisis. Defaults are murky territory in global economics, and Russia’s situation is complicated by its growing isolation under the unprecedented sanctions imposed on it by Western powers. For those of us who
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates climbed past 4% for the first time since May 2019. The 30-year fixed-rate mortgage averaged 4.16% in the week ending March 17, up from 3.85% the week before, according to Freddie Mac. Rates climbed as the Federal Reserve moved to curb soaring inflation. On Wednesday, the central bank
Continue ReadingCNN By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway
Continue ReadingBy Sara Ashley O’Brien, CNN Business For many gig workers, their vehicles are how they make a living. And as independent contractors, they’re solely responsible for keeping them clean, running and full of gas. In recent weeks, the latter part has gotten much more burdensome. In response to soaring gas prices, Uber and Lyft recently
Continue ReadingBy Julia Horowitz, CNN Business After a week-long pause, investors can trade nickel again on the London Metal Exchange. But the market remains extremely glitchy and volatile, in a sign of how Russia’s war in Ukraine continues to rattle the global financial system in unexpected ways. What’s happening: The LME hoped to ease back into
Continue ReadingOpinion by Desmond Lachman for CNN Business Perspectives Even with consumer price inflation running at almost 8%, the Fed announced Wednesday it would raise its policy rate to 0.25%-0.5%. That leaves its interest rate at a meaningfully negative level in inflation-adjusted terms. Especially after Russia’s invasion of Ukraine and the renewed Covid outbreak in China,
Continue ReadingBy Jeanne Sahadi, CNN Business As expected, the US Federal Reserve on Wednesday hiked its key short-term interest rate for the first time since 2018. The central bank is expected to raise rates several more times this year, but in small increments. Since those hikes are coming off a 0% rate today, by early 2023
Continue ReadingCNN By Laura He, CNN Business China is quietly distancing itself from Russia’s sanction-hit economy. The two states proclaimed last month that their friendship had “no limits.” That was before Russia launched its war in Ukraine. Now, with Russia’s economy being slammed with sanctions from all over the world, there is growing evidence that China’s
Continue ReadingBy Laura He, CNN Business China is quietly distancing itself from Russia’s sanction-hit economy. The two states proclaimed last month that their friendship had “no limits.” That was before Russia launched its war in Ukraine. Now, with Russia’s economy being slammed with sanctions from all over the world, there is growing evidence that China’s willingness
Continue ReadingBy Rachel Metz, CNN Business Facebook and YouTube said Wednesday that they removed uploads of a deepfake video of Ukranian President Volodymyr Zelensky that purported to show him yielding to Russia. The deepfake spread widely online Wednesday, as noticed earlier by Vice’s Motherboard. In the video, which CNN Business has reviewed, Zelensky appears to stand
Continue ReadingCNN, CNNBUSINESS By Charles Riley, CNN Business Jerome Powell is trying to hike interest rates without damaging the economy. Getting it wrong means recession, and he knows it. The chairman of the Federal Reserve said Monday that the central bank is prepared to repeatedly hike interest rates — and by 0.5 percentage points if necessary—
Continue ReadingBy Chris Isidore and Chris Liakos, CNN Business Russia is seizing hundreds of commercial jets owned by US and European leasing companies, a further sign of the challenges the country’s airline industry faces due to sanctions following its invasion of Ukraine. President Vladimir Putin signed a law Monday as part of the government’s anti-sanction measures
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