Money

By Paul R. La Monica, CNN Business Inflation is everywhere: grocery stores, gas stations, retailers and the housing market. But one important part of the economy has remained immune to higher prices: cell phone bills. And telecom stocks are paying for it. Even as Americans pay more for just about everything else, the average price

By Matt Egan, CNN Business Governments around the world must consider drastic steps to slash oil demand in the face of an emerging global energy crisis caused by Russia’s invasion of Ukraine, the International Energy Agency warned on Friday. The energy watchdog detailed a 10-point emergency plan that includes reducing speed limits on highways by

By Anna Bahney, CNN Business Home prices rose 15% to a median price of $357,300 in February from last year, as inventory stubbornly stayed near record lows, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes — which include single-family

By Charles Riley, CNN Business The S&P 500 surged 6% this week, its best weekly performance since November 2020. What? That’s right. US stocks had a banner performance even as war raged on in Ukraine, Russia teetered on the brink of default and the Fed hiked rates for the first time since 2018. The S&P

By Curt Devine, Casey Tolan and Majlie de Puy Kamp, CNN The sprawling billion-dollar palace that sits on a hilltop overlooking the Black Sea is seen by some Kremlin critics as the ultimate emblem of Russian President Vladimir Putin’s legacy of corruption. Dubbed “Putin’s Palace,” the 190,000 square-foot mega-mansion was purportedly built for his personal

By Matt Egan, CNN Business Koch Industries, the conglomerate run by billionaire Charles Koch, is planning to stay in Russia even as hundreds of Western companies have scaled back operations there following the invasion of Ukraine. In a statement on Wednesday, Koch Industries announced its Guardian Industries subsidiary will continue to operate two glass manufacturing

By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed

By Matt Egan, CNN Business Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. After sinking below $94 a barrel earlier this week, US crude soared 8% to settle at $102.98 a barrel. Brent crude, the world benchmark, spiked 9% to $106.64 a

By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United

By Allison Morrow, CNN Business Russia is barreling toward a default on its foreign debt payments, threatening to plunge its economy deeper into crisis. Defaults are murky territory in global economics, and Russia’s situation is complicated by its growing isolation under the unprecedented sanctions imposed on it by Western powers. For those of us who

By Anna Bahney, CNN Business Mortgage rates climbed past 4% for the first time since May 2019. The 30-year fixed-rate mortgage averaged 4.16% in the week ending March 17, up from 3.85% the week before, according to Freddie Mac. Rates climbed as the Federal Reserve moved to curb soaring inflation. On Wednesday, the central bank

By Julia Horowitz, CNN Business After a week-long pause, investors can trade nickel again on the London Metal Exchange. But the market remains extremely glitchy and volatile, in a sign of how Russia’s war in Ukraine continues to rattle the global financial system in unexpected ways. What’s happening: The LME hoped to ease back into

By David Goldman, CNN Business Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. But it’s not out of the woods yet. That’s because the funds the country used to make the debt

By Matt McFarland, CNN Business Tesla’s most affordable car is only getting more expensive, while other electric vehicles sold as long as it have dropped in price. Tesla’s cheapest Model 3 now sells for $46,990 following a price hike this month, making the entry-level Model 3 34% more expensive than it was three years ago.

By Frank Pallotta, CNN Business Two of the most recognizable voices in the NFL are switching networks. Joe Buck and Troy Aikman are leaving their long-time home at Fox to head to ESPN’s “Monday Night Football,” the network announced Wednesday. The broadcasting duo, who have called over 300 games together, will step into the “Monday

By David Goldman, CNN Business After a number of US states passed laws severely restricting access to abortions, Citigroup this week said it is providing employees with travel benefits to facilitate access to abortion clinics. “In response to changes in reproductive healthcare laws in certain states in the U.S., beginning in 2022 we provide travel

By Frank Pallotta, CNN Business Last week, Disney and its CEO Bob Chapek bungled their response to Florida’s controversial bill dubbed “Don’t Say Gay.” Now, some of the company’s employees are staging a walkout. A Twitter account, “@DisneyWalkout,” and an associated website, “WhereIsChapek.com,” have organized a series of 15-minute daily walkouts, encouraging employees to protest

By Paul R. La Monica, CNN Business It’s been a year full of worries for investors, from geopolitical conflict to inflation to the pandemic, and it doesn’t look like the concerns will ease anytime soon. The combination of these major macroeconomic and geopolitical issues will make it difficult for stocks to climb out of their

By Nathaniel Meyersohn, CNN Business Could the biggest department store marriage in years be in the works? Hudson’s Bay Co., the Canadian department store and owner of Saks Fifth Avenue, is considering making a bid for Kohl’s, Axios reported Wednesday, citing sources. The report drove Kohl’s stock up around 15% during mid-day trading Wednesday. A

By Jordan Valinsky, CNN Business Walmart is planning to hire more than 50,000 workers in the United States this spring. America’s largest retailer said in a statement Wednesday that the jobs will be filled in its stores, clubs, campuses and supply chain facilities. The company plans on hiring the new workers by the end of

By Matt Egan, CNN Business The Covid era of free money has come to an end. After dropping interest rates to zero in March 2020 to revive the economy, the Federal Reserve has just shifted gears to go into inflation-fighting mode. Fed officials said Wednesday they are raising interest rates, beginning their first cycle of

By Rebekah Riess, CNN Business The U.S. Coast Guard is working on a plan to safely refloat a 1,095-foot container ship operated by Evergreen Marine Corp. that grounded in the Chesapeake Bay Sunday night. This comes nearly a year after the container ship Ever Given, also operated by Evergreen Marine, became grounded in the Suez

By Brian Stelter and Oliver Darcy, CNN Business Fox News correspondent Benjamin Hall, who was severely injured while reporting outside Kyiv on Monday, has been evacuated from the country, Fox said. “Ben is alert and in good spirits,” Fox News Media CEO Suzanne Scott said Wednesday in a memo to staffers. “He is being treated

By Charles Riley, CNN Business Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more. The world’s second-largest crude oil exporter could be forced to limit output by

By Danielle Wiener-Bronner, CNN Business Starbucks CEO Kevin Johnson will step down on April 4 after five years at the helm of the company, Starbucks said in a statement Wednesday. Howard Schultz, who spent decades leading the company before Johnson, will take over as interim CEO and rejoin its board as the company searches for

By Laura He, CNN Business Chinese stocks had their best day in years Wednesday as Beijing promised measures to “substantially” boost economic growth and keep financial markets stable. Hong Kong’s benchmark Hang Seng Index ended up 9.1%, the biggest one-day gain since October 2008. China’s Shanghai Composite also rallied 3.5%, the strongest gain for that

By Chris Isidore, CNN Business Jet fuel prices are soaring along with other fuel costs. So are airfares. Blame the return of passenger demand — rather than fuel prices — if you pay more for a flight this spring or summer. The nation’s leading airline executives appeared at a JPMorgan investor conference Tuesday and all

By Phil Mattingly and Kaitlan Collins, CNN Sarah Bloom Raskin has withdrawn from consideration to be a nominee for the Federal Reserve Board of Governors. Raskin submitted her withdrawal in a letter to President Joe Biden. Biden nominated Raskin in January for the position of vice chair of supervision at the Fed, a role that

By Julia Horowitz, CNN Business After Russia invaded Ukraine, global oil prices experienced a dramatic spike. Just over a week ago, Brent crude leaped above $139 per barrel. Analysts warned prices could touch $185, then $200 as traders shunned Russian oil, pushing inflation even higher and adding huge strain to the global economy. But there’s

By Anna Cooban, CNN Business Nazmin Begum has a problem: she’s having to pay much more to keep her two children warm and fed as the United Kingdom endures its worst cost of living crisis in three decades. “Everything’s increasing,” she told CNN Business during a visit to The Boiler House, which provides discounted food,

Story by Reuters and Angela Dewan, CNN Environmental lawyers ClientEarth said on Tuesday they were preparing legal action against the directors of Shell over the company’s climate transition plan, in what they said would be the first such case of its kind. The lawyers from ClientEarth — which is a Shell shareholder — said they