Money

By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in

By Mark Thompson and Clare Sebastian, CNN Business Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further

By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and

By Matt McFarland, CNN Business Retail sales of new cars are forecast to fall 20.9% this month compared to the same time last year, amid vehicle shortages and sky-high prices, according to the automotive research firms J.D. Power and LMC Automotive. The forecast is in part due to ongoing supply chain disruption and the resulting

By Anneken Tappe, CNN Business The Federal Reserve means business when it comes to tightening monetary policy. After raising its benchmark interest rate by half a percentage point earlier this month — the first rate hike of that magnitude in more than two decades — investors should brace for more of this medicine, the central

By Matt Egan, CNN Business Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that. “He’s obsessed with the fact that gas prices are so high and people are hurting,” Granholm

By Allison Morrow, CNN Business In the peak of 2020 lockdowns, giant oil companies had a wake-up call. Demand had cratered, sapping profits, and it wasn’t clear when it would end. That gave environmentally minded investors an in. The pitch: Get on the clean and green path or perish. Fossil fuel companies, especially in Europe,

By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May

By Michelle Toh, CNN Business Luckin Coffee, the Chinese startup that became mired in a fraud scandal and was kicked off Wall Street two years ago, is making a comeback. The coffee chain on Tuesday posted first quarter earnings showing a jump of almost 90% in revenue and its first ever profit, despite challenging Covid

By Diksha Madhok, CNN Business India has decided to restrict the sale of sugar on international markets, just days after it banned wheat exports. In a statement on Wednesday, the Indian government said it will limit sugar exports to 10 million tons for the marketing season that runs through September to keep prices in check.

By Rhea Mogul, CNN A court in southern India on Tuesday sentenced a man to 10 years in prison in a ruling that found he abused his wife over their wedding dowry, leading to her death by suicide. The district court in Kerala state found Kiran Kumar guilty under India’s “dowry death” law, which allows

By Jeanne Sahadi, CNN Business Russia’s invasion of Ukraine may have marked the start of “a third world war,” and Russian President Vladimir Putin must be defeated “as soon as possible” if the world wants to preserve civilization. That was the stark message that Hungarian-born billionaire and philanthropist George Soros delivered on Tuesday to attendees

By Kathryn Vasel, CNN Business Millions of employees started working remotely after the pandemic first took hold in 2020. But now, more people are returning to the office — and they’re being greeted by much higher prices for just about everything. Food. Commuting. Daycare. Rising gas prices and soaring inflation have made going back to

By Paul R. La Monica, CNN Business Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat’s parent company. Shares of Snap plunged more than 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.

Opinion by Mark Wolfe for CNN Business Perspectives In March, the US Department of Commerce opened an investigation to determine if four countries that supply the US with solar panels — Cambodia, Malaysia, Thailand and Vietnam — have been using components made in China that should be subject to US tariffs. If the Commerce Department

By Allison Morrow, CNN Business One of the many buzzwords percolating around Davos this week is “fragmentation,” the force economists there warned could have “devastating human consequences.” By “fragmentation,” they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that’s defined the global economic order over the past three decades.

By Reuters Snap Inc said the economy had worsened faster than expected in the last month and the social media company slashed its quarterly forecast, triggering an after-hours sell-off. Since late April, “the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue

By Alicia Wallace, CNN Business Things were looking up for most Americans at the end of last year, with many households reporting their financial situation was better than at any other time since 2013. Nearly 7 out of 10 Americans surveyed by the Federal Reserve said they had the cash or cash equivalents on hand

By Paul R. La Monica, CNN Business Stablecoins are unstable. Cryptocurrencies don’t act like currency. Does digital money ever stand a chance of winning the establishment’s embrace? With the prices of cryptocurrencies like bitcoin and ethereum and so-called stablecoins like Luna and TerraUSD plunging in value and hurting many investors in the process, that seems

By Paul R. La Monica, CNN Business Inflation concerns have made it a brutal year for stocks, but wireless service is one area where prices aren’t rising much — and the sector has been a bright spot on Wall Street. So far in 2022, shares of T-Mobile are up 10% and AT&T’s stock has gained

By Jordan Valinsky, CNN Business Goldman Sachs CEO David Solomon said he’s “devastated” about the shooting Sunday on a New York City subway train that left one of his employees dead. Solomon said the victim, Daniel Enriquez of Brooklyn, was a “beloved member” of the investment bank for nine years and that he “epitomized our

By Allison Morrow, CNN Business In early 2021, in the midst of speculative stock market euphoria, a pair of day traders went viral on TikTok with a video explaining their winning strategy. “I see a stock going up and I buy it. And I just watch it until it stops going up, and I sell

By Anna Cooban, CNN Business Germany’s frustration over some European countries’ resistance to an embargo of Russia’s oil was laid bare on Monday. “We have seen the worst of Europe [in] that only some states are blocking the development,” Robert Habeck, Germany’s economy minister, told a panel at the World Economic Forum in Davos, Switzerland.

By Michelle Toh, CNN Business Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the

By Julia Horowitz, CNN Business The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second

By Matt Egan, CNN The White House is considering an emergency declaration that would enable President Joe Biden to release diesel from a rarely used stockpile in a bid to address a major supply crunch, a senior White House official told CNN. The deliberations about tapping the Northeast Home Heating Oil Reserve underscore the level

By Tami Luhby, CNN The Covid-19 pandemic has been good for the wallets of the wealthy. Some 573 people have joined the billionaire ranks since 2020, bringing the worldwide total to 2,668, according to an analysis released by Oxfam on Sunday. That means a new billionaire was minted about every 30 hours, on average, so

By Ramishah Maruf, CNN Business Elon Musk is going after Insider for publishing a story alleging he sexually harassed a flight attendant on a SpaceX corporate jet in 2016 — but the news outlet’s global editor-in-chief Nicholas Carlson is standing by his team’s reporting. Musk tweeted Friday that his company Tesla is building a “hardcore

By Parija Kavilanz, CNN Business Industry insiders have long feared a situation just like this: American parents are desperately seeking adequate supply of formula for their infants during a nationwide shortage. The formula shortage has exposed an inflexible industry dominated by just three to four large players that own a majority of formula production in

By Peter Valdes-Dapena, CNN Business The new Nissan Z is one of the most important models in the car maker’s recent history — not for any concrete business reason (two-seat sports cars aren’t big sellers), but because even a car company needs a soul. Nissan’s been through some rough times in the past four or

By Nicole Goodkind, CNN Business To badly misquote John Lennon: Everybody’s talking about inflation, stagflation, capitulation, globalization, stagnation, this-ation, that-ation, -ation, -ation, -ation. All we are saying is please make it end. Americans view inflation, which is near 40-year highs, as the top problem facing the country today by a very wide margin. No other

By Julia Horowitz, CNN Business The last time top politicians, CEOs and billionaires gathered in a Swiss mountain village to discuss society’s biggest problems and pitch their solutions, the coronavirus outbreak in China was little more than a remote threat. The economy was humming, and a major armed conflict in Europe was on nobody’s list

By Frank Pallotta, CNN Business “Saturday Night Live” closed out its 47th season by saying goodbye to two of its most beloved cast members. On Saturday night’s episode, the NBC variety show bid adieu to Kate McKinnon and Pete Davidson in subtle, but emotional ways. The show first said goodbye to McKinnon by opening the

By Ramishah Maruf, CNN J.M. Smucker is recalling certain types of Jif peanut butter in the US because of a potential salmonella contamination. The company said that the peanut butter was sold nationwide and the recall includes more than 45 kinds of products. They have lot codes between 1274425 to 2140425, the company said in

By Danielle Wiener-Bronner, CNN Business Believe it or not, people still order takeout using the phone. Applebee’s doesn’t want to take those calls anymore. It wants to outsource those orders to call centers, where a person or automated system will take your orders and also try to upsell you a little. More than half of

By Gabe Cohen, CNN Business Nicosha Jones spent nearly a year trying to buy her first home. Jones, 48, planned to build equity by buying a home in the South Phoenix neighborhood where she grew up. Instead, she’s on the sidelines, facing skyrocketing rent and struggling to restart the process of looking for a place

Opinion by Børge Brende for CNN Business Perspectives The war in Ukraine, a challenging economic outlook, rising global temperatures and a once-in-a-century pandemic: These are more than a series of distinct crises. They amount to what appears to be the onset of a new global era — one that many fear will be defined by

By Paul R. La Monica, CNN Business Pfizer, BioNTech and Moderna are experiencing a post-vaccine hangover on Wall Street this year. All three stocks surged spectacularly in 2021, thanks largely to their Covid-19 vaccines’ success and strong sales. But 2022 hasn’t been as kind to them. Shares of Pfizer are down about 15%, while its

By Chris Liakos and Anna Cooban, CNN Business Russia is about to cut off natural gas supplies to a third European country that refuses to accept the Kremlin’s demand for payment in rubles. Russian gas will stop flowing to Finland at 7 a.m. local time on Saturday, Finnish state gas company Gasum said in a