Money

By Jeanne Sahadi, CNN Business With Russia’s internationally condemned invasion of Ukraine, one thing is certain: No one knows exactly how things will play out. So far that disturbing uncertainty hasn’t sent markets into a sustained tailspin. US stocks took a hit the week of the invasion, but have since recovered some of those losses.

By Frank Pallotta, CNN Business Brandon Sanderson, the prolific fantasy author, broke the record for the most-funded Kickstarter recipient by bringing in more than $20.3 million on the platform since March 1. Sanderson created the Cosmere universe in which multiple stories like the “Mistborn” series take place. He originally sought $1 million in 30 days

By Frank Pallotta, CNN Business “The Batman” opens this weekend and theaters are hoping this blockbuster film will help the industry nudge closer toward normalcy. The film stars Robert Pattinson as the Caped Crusader. It is projected to bring in roughly $100 million for its opening weekend in North America. That would be one of

By Anna Cooban, CNN Business The number of independent media voices Russians can read and watch is dropping fast. Russian authorities have restricted access to news publications including BBC Russia, Radio Liberty and Latvia-based Meduza, RIA Novosti reported on Friday. The media outlets have been added to a list of publications “containing appeals for mass

By Matt Egan, CNN Business Covid-19 drove global supply chains to the breaking point, causing shortages and sending prices skyrocketing. Just as the pandemic has calmed down, Russia’s invasion of Ukraine threatens to further scramble those fragile supply chains. Russia is a major producer of commodities, everything from oil and natural gas to palladium and

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 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 Lauren del Valle, CNN Business Purdue Pharma and the Sackler families reached a settlement with a group of states this week that would require the Sacklers to pay out as much as $6 billion to states, individual claimants and opioid crisis abatement, if approved by a federal bankruptcy court judge. The new agreement, reached

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

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

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. But

By Chris Isidore, CNN Business Tesla CEO Elon Musk, a vocal critic of unions and the United Auto Workers’ efforts to organize his employees, is inviting the union to hold an organizing vote at the company. On Twitter late Wednesday night, Musk said that Tesla is able to hire and retain workers only in the

By Anneken Tappe, CNN Business Forecasting the pace of the recovery has been tough, and many economists have got their predictions very wrong over the past two years. For the February jobs report set to be released on Friday, experts say they are expecting robust job growth. But what if they got it wrong yet

By Chris Isidore, CNN Business Governments aren’t alone in turning the screws on the Russian economy. Dozens of major multinational companies are doing the same. A growing number of businesses are choosing to shut down their operations in Russia — even if they aren’t required to. Companies in multiple industries are bowing out of Russia,

By Julia Horowitz, CNN Business Russia’s economy is under serious pressure from tough new Western sanctions. That’s forcing financial institutions to consider: Just how exposed are they if it implodes? What’s happening: Foreign banks had more than $120 billion in claims on Russian counterparties at the end of September 2021, according to the Bank for

By Jordan Valinsky, CNN Business Two major retailers, Ikea and H&M, are temporarily pausing operations in Russia and Belarus because of the invasion of Ukraine. Ikea, the world’s largest furniture company, has 17 stores in Russia. The company said the conflict is having a “huge human impact” and “resulting in serious disruptions to supply chain

By Xiaofei Xu and Anaëlle Jonah, CNN France has seized a yacht owned by Russian oligarch Igor Sechin, the French finance ministry said in a statement on Thursday. Sechin is the CEO of Russian oil giant Rosneft. The European Union sanctioned Sechin earlier this week, describing him as one of Russian President Vladimir Putin’s “most

By Diksha Madhok, CNN Business Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. Her decision to invest in digital currencies was met with wariness by her family, she recalls. “The elders in my family told me not to throw my money away,” said Daga, who runs

By Reuters A Tokyo court on Thursday convicted former Nissan Motor executive Greg Kelly of helping Carlos Ghosn hide pay from financial regulators, but said he had not been responsible for the total $80 million the ex-Nissan chief allegedly failed to disclose. “The court finds the existence of unpaid remuneration” and the failure to disclose

By Peter Valdes-Dapena, CNN Business Ford is creating two new business units, one for electric vehicles and software and another for its traditional internal combustion vehicles. These companies will report their financial results separately from the rest of Ford but they will not be spun off as entirely separate companies. This new corporate structure will

By Paul R. La Monica, CNN Business Is the American consumer finally close to being tapped out? It appears that some Wall Street investors think that shoppers might, at long last, be ready to drop. According to a report this week from S&P Global Market Intelligence, short selling in consumer stocks — essentially betting that

By Peter Valdes-Dapena, CNN Business The Felicity Ace, the cargo ship carrying cars and SUVs from brands including Audi, Porsche, Bentley and Lamborghini, has now sunk. It had caught fire February 16th and its crew abandoned the ship. The largely burned out ship was being towed back to a safe port when it sank yesterday,

By Brian Lowry and Frank Pallotta, CNN After a year of simultaneously releasing movies on HBO Max and in theaters, Warner Bros. returns to exclusive theatrical releases bearing a rather sizable gift: “The Batman.” The movie, which is set to be one of the biggest blockbusters of the year, has wider implications for the studio

By Chris Isidore, CNN Business Oil prices are soaring to seven-year highs, but don’t expect US oil producers to ramp up supply. On the face of it, it’s an ideal time for US firms to cash in on high prices after Russia’s invasion of Ukraine: Traders are nervous about purchasing Russian oil due to uncertainty

By Julia Horowitz, CNN Business Federal Reserve Chair Jerome Powell had been making himself very clear: To fight inflation, the US central bank would begin rolling back crisis-era support for the economy very soon. But following Russia’s invasion of Ukraine, Wall Street isn’t convinced the Fed will have the same resolve to aggressively push ahead.

By Anneken Tappe, CNN Business America’s companies added 475,000 jobs last month, the ADP employment report said on Wednesday. That was nearly 90,000 more positions than economists had expected and a sharp reversal from January, when ADP initially posted a surprise drop in jobs. But the better-than-expected February numbers took a backseat to some significant

By Jordan Valinsky, CNN Business Jack Sweeney, a Florida teen who tracks Elon Musk’s private jet online has a new aviation-themed target: Russian oligarchs and billionaires. The 19-year-old, who rejected Musk’s $5,000 offer to delete his Twitter account, recently launched two new automated Twitter handles — @RUOligarchJets and @Putinjet — following Russia’s invasion of Ukraine.

By Charles Riley, CNN Business Global crude oil prices surged to more than $110 per barrel and the cost of natural gas skyrocketed to a new record in Europe on Wednesday as Russia’s escalating military campaign in Ukraine stoked fear in markets about a supply shock. Brent crude futures, the global benchmark, jumped nearly 9%

By Paul R. La Monica, CNN Business Consumers are feeling the pinch from inflation, and that will likely continue for the foreseeable future. That’s because major companies have been raising prices to protect their profit margins — and they are showing no signs of changing course anytime soon. Companies in a variety of industries have

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

By 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

By 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.

By 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

By 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