By Ramishah Maruf, CNN The International Monetary Fund said it would bring Ukraine’s request for $1.4 billion in emergency financing to its executive board as early as next week, the IMF said Saturday. And it said countries with close economic ties to Russia are also at risk for shortages and supply disruptions. It is in
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By Kunyi Yang, CNN Business The Russian Tea Room is a 100-year-old New York City icon that has long drawn in locals and tourists alike. In its heyday, the restaurant hosted such luminaries as choreographer George Balanchine, artist Salvador Dali and composer Leonard Bernstein, and it was featured in the movies “Tootsie” and “Manhattan.” It
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By Ramishah Maruf, CNN The maker of Stolichnaya vodka announced a major rebrand Friday, in direct response to its founder’s “vehement position” against the Putin regime and the Russian invasion of Ukraine. The vodka, famously marketed as Russian, will now be sold and marketed simply as Stoli, the company said in a statement. Stoli Group’s
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By Nimi Princewill, CNN As Russian troops tear through Ukraine, swathes of Africa are gearing up to bear the brunt of a potentially drawn-out conflict between the ex-Soviet republics — two of some of the continent’s most cherished trading partners. African economists sound the alarm over a looming and likely catastrophic lowering of trade volumes
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By Nathaniel Meyersohn, CNN Business Clipping coupons is an American pastime. Reality shows devoted to extreme couponers have become sensations. But many companies that issue coupons hate them. Critics say coupons are expensive, wasteful and inefficient advertising. Some companies have gone to great lengths to get rid of them. It didn’t end well. A devoted
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By Alicia Wallace, CNN Business In May 2020, the Bureau of Labor Statistics delivered the worst US jobs report on record: 20.5 million jobs had been lost in the previous month and the national unemployment rate had hit 14.7%. More data followed showing how Black and Hispanic Americans (with jobless rates of 16.7% and 18.9%,
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By Parija Kavilanz, CNN Business The price of premium perfumes recently soared by levels typically never seen for luxury fragrances. But don’t blame rising inflation — the reasons have more to do with consumer behavior in times of stress and uncertainty. The average retail price for fragrances rose by 15% in 2021 compared to 2020,
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By Laura He, CNN Business China has set its lowest official target for economic growth in three decades. Speaking during one of China’s most important political gatherings of the year, Premier Li Keqiang said that China would target GDP growth of about 5.5% this year. The world’s second biggest economy grew 8.1% in 2021, but
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By Angela Dewan, CNN When you turn on the heating in your home, you may not think much about where your energy comes from, let alone where the money you pay for it goes. For millions of people living in Europe, there’s a good chance that money is flowing to the Russian state — much
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By Oliver Darcy, CNN Business Russian President Vladimir Putin’s creeping authoritarianism got a lot more overt on Friday when he signed a censorship bill into law making it impossible for news organizations to accurately report the news in or from Russia. The law, according to the Committee to Protect Journalists, makes it a crime to
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By 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
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By Peter Valdes-Dapena, CNN Business A Toyota sold at a Florida collector car auction Friday for $2.5 million. As you might guess, this was not your standard Rav4 Hybrid. (Yes, car prices have gone up a lot, but not that much.) This particular Toyota was, genuinely, the rarest of the rare. It was a Toyota
Continue Reading By Peter Valdes-Dapena, CNN Business A Toyota sold at a Florida collector car auction Friday for $2.5 million. As you might guess, this was not your standard Rav4 Hybrid. (Yes, car prices have gone up a lot, but not that much.) This particular Toyota was, genuinely, the rarest of the rare. It was a Toyota
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By Peter Valdes-Dapena, CNN Business Stellantis, the maker of Dodge and Jeep vehicles, has a factory in Russia. But it has not announced plans to pull out the country in the face of Russia’s invasion of Ukraine, unlike some other companies. Chief executive Carlos Tavares said he feels that doing so would only harm the
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By Brian Fung, CNN Business Russia is blocking Facebook in the country, according to its communications regulator. “In March 2022, a decision was made to block access to the Facebook network (owned by Meta Platforms, Inc.) in the Russian Federation,” the statement said. In response, Meta president of global affairs Nick Clegg said the company
Continue Reading By Brian Fung, CNN Business Russia moved to block access to Facebook within its borders on Friday, seeking to shut down the world’s biggest social media platform and drawing a rebuke from the Biden administration. “In March 2022, a decision was made to block access to the Facebook network (owned by Meta Platforms, Inc.) in
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Opinion by Mark Zandi for CNN Business Perspectives Painfully high inflation has become the nation’s number one economic problem, ignited by the pandemic, and set to get worse as Russia’s invasion of Ukraine sends gasoline prices higher. In his State of the Union address, President Biden proposed several steps to address the inflation problem, and
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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.
Continue Reading 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.
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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
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