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.
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By Casey Tolan, Curt Devine and Daniel A. Medina, CNN The ships span the length of a football field or longer, come outfitted with helipads and swimming pools, and have shown up at ports around the world — towering over nearby fishing vessels and motorboats like giants. Yachts owned by Russian oligarchs — who have
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Opinion by Elise Gould and Heidi Shierholz for CNN Business Perspectives When the coronavirus pandemic shut down businesses across the US in spring 2020, the labor market lost 22 million jobs in just two months — more than twice as many jobs lost during the entire Great Recession and financial crisis of 2008-2009. Given that
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By Jackie Wattles, CNN Business Russia’s space agency, Roscosmos, will no longer deliver Russian-made rocket engines to the United States, Roscosmos head Dmitry Rogozin said on state television, ending a decades-long relationship between US and Russian rocket makers. “Today we have made a decision to halt the deliveries of rocket engines produced by NPO Energomash
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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
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By Matt McFarland, CNN Business Rivian is rolling back price hikes on preordered vehicles following backlash from its customers. Rivian CEO RJ Scaringe apologized to customers in a letter published Thursday. “I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am
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By Jackie Wattles, CNN Business SpaceX CEO Elon Musk sent a truckload of Starlink antennas — which can be used to connect to the company’s satellite-based internet service — to Ukraine this week, responding to a plea from the country’s vice prime minister amid fears that Ukrainians could lose internet access if Russia continues its
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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
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By Nathaniel Meyersohn, CNN Business Best Buy built a retail empire selling TVs and laptops. But to keep growing and fend off rivals like Amazon and Walmart, the company needs new ways to attract customers. Best Buy outlined plans Thursday to expand its footprint into health, fitness, personal electric transportation, outdoor products and other potentially
Continue Reading By Jackie Wattles, CNN Business SpaceX CEO Elon Musk sent a truckload of Starlink antennas — which can be used to connect to the company’s satellite-based internet service — to Ukraine this week, responding to a plea from the country’s vice prime minister amid fears that Ukrainians could lose internet access if Russia continues its
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By Jordan Valinsky, CNN Business Ben & Jerry’s decision to stop manufacturing ice cream in Israel sparked a lawsuit from its Israeli distributor. American Quality Products (AQP), which distributes Ben & Jerry’s in Israel, said Thursday that it’s suing the ice cream and its parent company Unilever for “unlawfully terminating its 34-year business relationship in
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By Frank Pallotta, CNN Business Serena Williams called out The New York Times Wednesday after the paper published an article about her venture fund but used a photo of her sister, Venus. The story was about how Serena Williams raised $111 million for a new venture fund, “Serena Ventures.” The incorrect photo did not appear
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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
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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 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
Continue Reading 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
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By Brian Fung, CNN Business The international non-profit that coordinates management of the internet told Ukraine it will not intervene in the country’s war with Russia, rebuffing a request to cut Russia off from the global internet. Ukraine’s proposal is neither technically feasible nor within the mission of ICANN, the Internet Corporation for Assigned Names
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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
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By Jordan Valinsky, CNN Business Russian-made vodka brands face intense backlash, with calls for boycotts spreading this week to about a dozen US states including Virginia, Oregon, Iowa and North Carolina. “This puts Russian vodka brands in a precarious position, as prolonged conflict will not only damage immediate sales, but may also cause permanent disillusionment
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By Charles Riley, CNN Business A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Russia’s $1.5 trillion economy is the world’s 11th biggest, according to World Bank data. A week ago, it was doing
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