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CNN, CNNBUSINESS By David Goldman and Becky Anderson, CNN Business The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue. The UAE’s
Continue ReadingBy Rishi Iyengar, CNN Business Spotify and Discord experienced disruptions to their services on Tuesday. Several Spotify users reported being automatically logged out of their accounts. “Something’s not quite right, and we’re looking into it,” the company tweeted. At roughly the same time, messaging platform Discord reported a partial outage. “We’re aware of an issue
Continue ReadingBy David Goldman, CNN Business The United States and Europe have pummeled Russia with unprecedented sanctions over the past several weeks as Vladimir Putin’s army bears down on Ukraine. But the West has largely left Russia’s largest export untouched: energy. Until now. European Union officials on Tuesday said the bloc would slash imports of Russian
Continue ReadingBy Nathaniel Meyersohn, CNN Business Kohl’s is under intense pressure from Wall Street raiders and up against stiff competition from Amazon, Target and others. Now it’s hoping that overhauling its brand image can beat back those threats. Kohl’s announced plans Monday to add Sephora mini-shops to roughly 75% of its 1,100 US stores, open 100
Continue ReadingBy Danielle Wiener-Bronner, CNN Business McDonald’s and Starbucks are shutting their restaurants and cafes in Russia, and Coca-Cola is suspending its operations there in response to Russia’s invasion of Ukraine. PepsiCo is also pulling some products from the country. The decisions followed pressure from critics and similar moves by other Western companies. On Twitter, people
Continue ReadingBy Allison Morrow, CNN Business As the world barrels into Year Three of the pandemic, Americans are entering a new phase or economic anxiety — an inescapable reality that shouts out at them in big bold numbers on countless signs dotting the nation’s roadsides. Record gas prices are here, just as many people are mapping
Continue ReadingBy Jordan Valinsky, CNN Business Better.com, the embattled online mortgage company, announced Tuesday that it’s taking the “difficult step of streamlining” its operations and laying off about one-third of its workforce, amounting to roughly 3,000 jobs. The company, which gained notoriety last year after its CEO fired 900 employees over Zoom just before Christmas, expanded
Continue ReadingBy Anna Cooban, CNN Business Nickel prices have soared to all-time highs in the wake of Russia’s invasion of Ukraine, threatening the global transition to electric vehicles. The London Metal Exchange suspended trading in nickel on Tuesday for the first time in its 145-year history after prices doubled in a matter of hours to $100,000
Continue ReadingOpinion by Mary Beth Laughton for CNN Business Perspectives When I started my career in the late 1990s, only six women had ever broken the proverbial glass ceiling to become CEOs of Fortune 500 companies. This small but mighty group was an inspiration to young women like me just starting their careers, especially considering the
Continue ReadingBy Kathryn Vasel, CNN Business Getting to know new colleagues through a box on your screen while working from home can have its challenges. Recent hires already have a lot on their plates when it comes to making a good impression, but forging relationships with your new co-workers should also be a high priority, even
Continue ReadingBy Jennifer Korn Google on Tuesday announced it has agreed to buy cybersecurity firm Mandiant for around $5.4 billion, one of the largest acquisitions in the tech giant’s history and a big bet that helping companies better address cyber threats can bolster its cloud computing business. “The acquisition of Mandiant will complement Google Cloud’s existing
Continue ReadingBy Charles Riley, CNN Business Stagflation strikes fear into the hearts of economists — and policymakers —the world over. Europe could be headed for something even worse. Western sanctions imposed following Russia’s invasion of Ukraine have caused global energy prices to spike and consumer confidence to plummet in Europe. Russia is being cut off from
Continue ReadingBy Samantha Murphy Kelly, CNN Business At its first product event of the year on Tuesday, Apple unveiled an upgraded iPad Air, a new desktop computer and a powerful new Mac chip. But the standout product was a new budget iPhone with access to 5G networks. Apple’s new iPhone SE, only the third version since
Continue ReadingBy Mark Thompson, CNN Business Europe is planning to slash consumption of Russian natural gas this year as it prepares for a complete break with its single biggest energy supplier over the war in Ukraine. EU officials on Tuesday outlined a plan to achieve energy independence from Moscow “well before 2030.” The European Union would
Continue ReadingBy Parija Kavilanz, CNN Business Slimmed down toilet paper, fewer cookies in a bag, less conditioner in squeeze tubes. The changes are subtle and might evade less discerning shoppers. But retail industry experts say we could see more consumer products start shrinking in size or quantity — or both — because of rising costs. Record
Continue ReadingBy Mark Thompson, CNN Business Russia is finding it ever harder to sell its oil and gas. Shell said Tuesday it was breaking completely with Russia’s giant energy industry, halting all purchases of Russian crude oil immediately and shutting its service stations in the country. The UK-based company, which last week announced it was dumping
Continue ReadingBy Laura He, CNN Business Chinese retail investors are snapping up stocks with even the slightest link to trade with Russia, as they bet on closer economic ties between the two countries following unprecedented Western sanctions on Moscow. From shipping firms to port operators, shares of more than a dozen Chinese companies that have trade
Continue ReadingCNN By Esha Mitra and Rhea Mogul, CNN Indian university student Niranjana Santhosh was so close to being evacuated from the bombarded Ukrainian city of Sumy on Monday that she was sitting on a bus with her bags packed, waiting for the driver to start the engine. But three hours later, she and dozens of
Continue ReadingBy Esha Mitra and Rhea Mogul, CNN Indian university student Niranjana Santhosh was so close to being evacuated from the bombarded Ukrainian city of Sumy on Monday that she was sitting on a bus with her bags packed, waiting for the driver to start the engine. But three hours later, she and dozens of other
Continue ReadingBy Rishi Iyengar, CNN Business Like much else about the country, Russia’s internet has long straddled East and West. Russian citizens, unlike their Chinese counterparts, have been able to access US tech platforms such as Facebook, Twitter and Google, though they have been subject to censorship and restrictions — the defining feature of China’s internet
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