Money

By Michelle Toh, CNN Business Two of Japan’s biggest names in business are teaming up. Sony and Honda announced Friday that they plan to start a joint venture to make and sell electric vehicles. The company will be established later this year, and deliveries will begin by 2025. Details of the agreements are still being

By Michelle Toh, CNN Business Grab, the Southeast Asian startup known for its “super app,” had a terrible Thursday. The ride-hailing giant’s stock plummeted as much as 37% in New York after reporting disappointing earnings. It posted revenue of $122 million for the fourth quarter, down 44% from the previous year as the firm said

By Laura He, CNN Business Will China help Russia cope with the fallout from economic sanctions? That has been the big question since Russia invaded Ukraine last week. The two nations have forged close ties in recent years, with Chinese leader Xi Jinping calling Russian President Vladimir Putin his “best and bosom friend” in 2019.

By Casey Tolan, Curt Devine and Daniel A. Medina, CNN The ships span the length of a football field or longer, come outfitted with helipads and swimming pools, and have shown up at ports around the world — towering over nearby fishing vessels and motorboats like giants. Yachts owned by Russian oligarchs — who have

By Oliver Darcy, CNN Business RT America will cease productions and lay off most of its staff, according to a memo CNN obtained from T&R Productions, the production company behind the Russian state-funded network. Misha Solodovnikov, the general manager of T&R Productions, told staff in the memo that it will be “ceasing production” at all

By Matt McFarland, CNN Business Rivian is rolling back price hikes on preordered vehicles following backlash from its customers. Rivian CEO RJ Scaringe apologized to customers in a letter published Thursday. “I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am

By Nathaniel Meyersohn, CNN Business Best Buy built a retail empire selling TVs and laptops. But to keep growing and fend off rivals like Amazon and Walmart, the company needs new ways to attract customers. Best Buy outlined plans Thursday to expand its footprint into health, fitness, personal electric transportation, outdoor products and other potentially

By Jordan Valinsky, CNN Business Ben & Jerry’s decision to stop manufacturing ice cream in Israel sparked a lawsuit from its Israeli distributor. American Quality Products (AQP), which distributes Ben & Jerry’s in Israel, said Thursday that it’s suing the ice cream and its parent company Unilever for “unlawfully terminating its 34-year business relationship in

By Paul R. La Monica, CNN Business Crude oil prices briefly surged to their highest levels since 2008 Thursday morning before pulling back a bit. Still, at about $110 a barrel, there are growing concerns that skyrocketing energy prices could lead to a severe economic pullback in the United States and around the globe. After

CNN By Frank Pallotta, CNN Business Serena Williams called out The New York Times Wednesday after the paper published an article about her venture fund but used a photo of her sister, Venus. The story was about how Serena Williams raised $111 million for a new venture fund, “Serena Ventures.” The incorrect photo did not

CNN By Matt Egan, CNN Business The war in Ukraine is raging. The oil market is panicking. Russian oil has not been directly targeted by the West’s crushing sanctions on Moscow — so far, at least. In fact, the United States and Europe have gone out of their way to avoid hitting Russia’s fossil fuels.

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. However, the