By Anneken Tappe, CNN Business The time of ultra-low interest rates has come to an end. That’s what Federal Reserve Chair Pro Tempore Jerome Powell told lawmakers this week as part of his semiannual testimony. “Our monetary policy has been adapting to the evolving economic environment,” Powell told the House Committee on Financial Services Wednesday.
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By Allison Morrow, CNN Business As Western sanctions take root, Russians are bracing for a dramatic shift in their standard of living as their savings diminish in value and imports of everyday goods are quickly being cut off. Over the past week, several Western companies have abandoned their Russian operations to avoid running afoul of
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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
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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.
Continue Reading 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
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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.
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By CNN Business staff A growing number of international companies, including Apple, Disney and Ford, are dialing back operations in Russia over its invasion of Ukraine. On Tuesday, Exxon announced it would quit its last Russian project, while Boeing said that it had suspended major operations in Moscow. Other global energy players, including BP and
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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%
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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
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By Mark Thompson and Vasco Cotovio, CNN Business The Russian economy is taking “serious blows,” the Kremlin acknowledged Wednesday, as the country’s growing isolation piles further pressure on its tottering financial system. Apple, ExxonMobil, Ford, Boeing and Airbus joined a list of companies shutting down or suspending their operations in Russia in response to its
Continue Reading By CNN Business staff Dozens of the world’s biggest companies have abandoned or scaled back their operations in Russia in response to its invasion of Ukraine. The exodus affects every corner of the economy, from its vast energy riches through autos, finance, retail, entertainment and fast food, starving Russia of new investment and removing products
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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
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JEFFERSON CITY, Mo. (KMIZ) – The board of the state’s retirement benefit system will hold an emergency meeting Thursday over the system’s investment in Russian assets. The 4 p.m. meeting comes after Missouri State Treasurer Scott Fitzpatrick called on the Missouri State Employees’ Retirement System, or MOSERS, to divest itself of any funds that involve
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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
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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
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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
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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.
Continue Reading 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.
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By Mark Thompson, CNN Business Russia’s biggest search engine could collapse as financial fallout from the invasion of Ukraine spreads. Yandex, which handles about 60% of internet search traffic in Russia and operates a big ride-hailing business, said Thursday that it may be unable to pay its debts as a consequence of the financial market
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By Brian Fung, CNN Business Apple has stopped selling all of its products in Russia due to the invasion of Ukraine, the company announced Tuesday. The company said in a statement that it is “deeply concerned” about the Russian invasion and that in response, it has “paused all product sales” in the country. Apple also
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