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By Anneken Tappe, CNN Business President Joe Biden planned to reshape the Federal Reserve through his nominations for the three vacant seats on the board of governors. But Democratic Sen. Joe Manchin of West Virginia threw a wrench into those plans Monday. The crux of the matter is the nomination of Sarah Bloom Raskin, a
Continue ReadingBy Sara Ashley O’Brien, CNN Business Lyft on Monday said it plans to add a small fee on rides to help drivers deal with rising gas prices across the country, days after Uber laid out its plans to do the same. Lyft did not specify how much extra passengers will pay or when the surcharge
Continue ReadingCNN By Parija Kavilanz, CNN Business As Russia’s assault in Ukraine intensifies, fear of radioactive fallout from accidental or intentional attacks on Ukraine’s nuclear plants, or from the use of a nuclear bomb, has triggered surging demand for potassium iodide pills. In such an event, there’s the frightening risk of large amounts of radioactive iodine
Continue ReadingBy Oliver Darcy, CNN Business Fox News correspondent Benjamin Hall, who had been deployed in recent weeks to cover the war in Ukraine, has been hospitalized after being injured while reporting near Kyiv, the network said on Monday. “We have a minimal level of details right now, but Ben is hospitalized and our teams on
Continue ReadingBy Parija Kavilanz, CNN Business As Russia’s assault in Ukraine intensifies, fear of radioactive fallout from accidental or intentional attacks on Ukraine’s nuclear plants, or from the use of a nuclear bomb, has triggered surging demand for potassium iodide pills. In such an event, there’s the frightening risk of large amounts of radioactive iodine (or
Continue ReadingBy Chris Isidore, CNN Business The auto industry has a saying: You can’t build a car with 99% of the parts. But the computer chip shortage is proving that adage wrong. Ford will begin shipping Explorer SUVs without all of its chips to address the tight inventory of vehicles available for sale at dealerships. The
Continue ReadingBy Sara Ashley O’Brien, CNN Business More than two months after Theranos founder and former CEO Elizabeth Holmes was found guilty on four of 11 charges in her criminal fraud case, the trial of her ex-boyfriend and second-in-command at the failed blood testing company is set to begin. Ramesh “Sunny” Balwani, who served as Theranos’
Continue ReadingBy Brian Fung, CNN Meta, the parent company of Facebook and Instagram, issued a reminder on Sunday that it prohibits calls on its platforms for the assassination of high-ranking world leaders, following intense scrutiny of the company’s decision last week to relax hate speech policies in Ukraine. In an internal post to employees, Meta President
Continue ReadingBy Matt McFarland, CNN Business Ben Morris bought his Tesla in 2020 believing that it would drive itself one day. Now he says he would settle for continuing to feel safe using its cruise control. Morris is one of hundreds of Tesla owners claiming that the automaker’s cruise control has deteriorated and turned dangerous in
Continue ReadingBy Paul R. La Monica, CNN Business Surging oil and gas prices have raised recession alarm bells around the world. But another economic indicator is starting to look ominous: The yield curve is flattening. Wall Street closely watches the difference, or spread, between short-term government bond yields, most notably the 2-year Treasury, and longer-term bond
Continue ReadingBy Charles Riley, CNN Business Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago. Half of the country’s foreign reserves — roughly $315 billion — have been frozen by
Continue ReadingBy Matt Egan, CNN Business US oil prices briefly tumbled below $100 a barrel on Monday, unwinding a significant chunk of the recent spike caused by Russia’s invasion of Ukraine. Oil plunged more than 8%, touching a low of $99.76 a barrel. That means oil has lost almost roughly quarter of its value since touching
Continue ReadingCNN By Matt Egan, CNN Business US oil prices tumbled below $100 a barrel on Monday, unwinding a significant chunk of the recent spike caused by Russia’s invasion of Ukraine. Oil plunged more than 8%, touching a low of $99.76 a barrel. That means oil has lost almost roughly quarter of its value since touching
Continue ReadingBy Jeanne Sahadi, CNN Business Climate change. Inequality. Unrest. There’s a lot to consider in today’s world and you may find yourself wanting to invest only in companies that aim to do business in an environmentally sustainable, socially equitable and ethical way. Or, maybe you just want to invest in companies that are taking steps
Continue ReadingBy Jackie Wattles, CNN Business Pete Davidson will become the latest celebrity to fly to space with Jeff Bezos’ rocket company, Blue Origin, in a brief, suborbital flight slated for later this month. The company announced Monday morning that Davidson, the Saturday Night Live Star who’s become a pillar of entertainment intrigue amid his relationship
Continue ReadingBy Matt Egan, CNN Business Citigroup, the major US bank with the biggest footprint in Russia, said Monday it will expand its exit from Russia to go beyond the long-planned sale of its consumer bank there. Citi said in a statement it has decided to “expand the scope” of its exit process to include “other
Continue ReadingBy Julia Horowitz, CNN Business Russia’s war in Ukraine is roiling the global economy as policymakers race to get high inflation under control. But China’s response to its worst outbreak of Covid-19 in two years is a reminder that the conflict isn’t the only risk to the recovery. What’s happening: The world’s second-largest economy is
Continue ReadingCNN, CNNBUSINESS By Charles Riley, CNN Business Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago. Half of the country’s foreign reserves — roughly $315 billion — have been
Continue ReadingCNN By Laura He and Eric Cheung, CNN Business Foxconn, one of Apple’s biggest suppliers, has suspended operations in Shenzhen as China locks down the technology hub and several other regions to contain the country’s worst Covid-19 outbreak in two years. The world’s second largest economy is still doggedly pursuing its zero-Covid strategy, even as
Continue ReadingBy Laura He and Eric Cheung, CNN Business Foxconn, one of Apple’s biggest suppliers, has suspended operations in Shenzhen as China locks down the technology hub and several other regions to contain the country’s worst Covid-19 outbreak in two years. The world’s second largest economy is still doggedly pursuing its zero-Covid strategy, even as other
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