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By Anneken Tappe, CNN Business Rising prices on everything from food to gasoline are hurting Americans. Now the White House has unveiled a plan to fight inflation, President Joe Biden said during Tuesday’s State of the Union address. “Too many families are struggling to keep up with their bills,” Biden said, noting that soaring costs
Continue ReadingBy Matt Egan, CNN Business ExxonMobil pledged Tuesday to leave its last remaining oil-and-gas project in Russia, and it will not invest in new developments in the oil-rich country. By moving to discontinue its Sakhalin-1 project in Russia, Exxon joins a growing list of energy companies, including BP and Shell, that have announced their intention
Continue ReadingCNN, CNNBUSINESS By Matt Egan US oil prices briefly spiked on Thursday to their highest level in nearly 14 years, as concerns about disruptions to Russia’s supplies continue. US crude jumped as much as 5.4% to $116.57 a barrel early Thursday — the highest trade since September 22, 2008. A week earlier Lehman Brothers collapsed.
Continue ReadingBy Danielle Wiener-Bronner and Vanessa Yurkevich, CNN Business Russia’s attack on Ukraine is causing wheat prices to spike, exacerbating already high food prices. Wheat futures were up about 5.35% Tuesday, reaching prices not seen since 2008. The higher prices make wheat more expensive for food makers, who will likely pass those costs on to consumers.
Continue ReadingBy Peter Valdes-Dapena, CNN Business Stellantis, the company formed one year ago from the merger of Fiat Chrysler Automobiles and France’s PSA, has plans to double its net revenues by 2030 while moving more of its 14 car brands to being fully electric, CEO Carlos Tavares said in a presentation Tuesday. The company also says
Continue ReadingCNN, CNNBUSINESS By Mark Thompson, CNN Business Russia’s biggest search engine could collapse as financial fallout from the invasion of Ukraine spreads. Yandex, which handles about 60% of internet search traffic in Russia and operates a big ride-hailing business, said Thursday that it may be unable to pay its debts as a consequence of the
Continue ReadingBy Brian Fung, CNN Business Apple has stopped selling all of its products in Russia due to the invasion of Ukraine, the company announced Tuesday. The company said in a statement that it is “deeply concerned” about the Russian invasion and that in response, it has “paused all product sales” in the country. Apple also
Continue ReadingBy Sonia Moghe, CNN The federal judge who presided over Sarah Palin’s defamation trial against the New York Times said in a new written opinion setting forth his decision to dismiss the case last month that the former Alaska governor “wholly failed” to prove her case and that “no reasonable jury” would have found the
Continue ReadingBy Kunyi Yang The hashtag #BoycottLukoil started trending online not long after Russia invaded Ukraine on February 21. The idea is to stop people from filling their tanks at the US gas stations that bear the name Lukoil, the Russian oil and gas giant. The trouble is that most of the 230 Lukoil gas stations
Continue ReadingCNN, CNNBUSINESS By Mark Thompson and Vasco Cotovio, CNN Business Russian President Vladimir Putin is trying to stem the flow of Western businesses fleeing the country over his decision to wage war on Ukraine. Capital controls designed to stop the exodus were announced by Russian Prime Minister Mikhail Mishustin, state news agencies TASS and RIA
Continue ReadingBy Chris Liakos, CNN Business Two of the world’s biggest container shipping companies are halting cargo bookings to and from Russia. “As the stability and safety of our operations is already being directly and indirectly impacted by sanctions, new Maersk bookings to and from Russia will be temporarily suspended, with exception of foodstuffs, medical and
Continue ReadingBy Sara Ashley O’Brien, CNN Business In recent years, Ukraine has increasingly positioned itself as a tech hub, with a number of global companies leveraging its formidable IT outsourcing industry or setting up their own operations in the country. But Russia’s invasion of Ukraine has forced companies to scramble to get workers out. Some tech
Continue ReadingBy Oliver Darcy, CNN Business DirecTV is cutting ties with RT, the Russia-backed television network infamous for promoting Vladimir Putin’s agenda. A spokesperson for the US satellite carrier told CNN on Tuesday that the company had already been reviewing whether to renew the outlet’s carriage agreement, which was due for expiration later this year, and
Continue ReadingBy David Goldman and Matt Egan, CNN Business The US Strategic Petroleum Reserve is a man-made underground government storage complex built inside four separate salt domes on the Texas and Louisiana Gulf coast. Combined, the four SPR locations currently hold about 600 million barrels of crude oil. They’re about to get 30 million barrels lighter.
Continue ReadingBy Jordan Valinsky, CNN Business Domino’s is raising the price on one of its top promotions. The pizza chain announced that its “Mix and Match” deal, which lets customers choose two or more items for $5.99 each, will soon cost $1 more each for delivery orders. Domino’s said the price, which won’t change for carryout
Continue ReadingBy Paul R. La Monica, CNN Business March is looking a lot like January and February on Wall Street. That’s not good news for investors. The Dow fell nearly 600 points Tuesday, or 1.8%, one day after stocks capped off their second straight month of declines to start the year. The Dow managed to finish
Continue ReadingCNN By Brian Fung, CNN Business As hacking by nation-states has grown more pervasive in recent years, Microsoft has long called for the creation of a new Geneva Convention governing cyberspace. But now, for the first time, the tech giant appears to be suggesting that cyberattacks tied to the war in Ukraine could potentially be
Continue ReadingBy Brian Fung, CNN Business As hacking by nation-states has grown more pervasive in recent years, Microsoft has long called for the creation of a new Geneva Convention governing cyberspace. But now, for the first time, the tech giant appears to be suggesting that cyberattacks tied to the war in Ukraine could potentially be considered
Continue ReadingBy Frank Pallotta, CNN Business Marvel is Disney’s biggest brand in its media empire, and it’s about to get even bigger on Disney+. A number of Marvel series that originally streamed on Netflix, such as “Daredevil,” “The Punisher,” “Luke Cage,” “Iron Fist” and “Jessica Jones,” will be heading to Disney+ on March 16, Disney announced
Continue ReadingBy Jeanne Sahadi, CNN Business If you’re among the employed Americans who were allowed to work remotely during the pandemic last year, count your blessings. But if you worked from a state other than the one where your employer is based, you may have to pay up for that privilege come tax time. Here’s why:
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