By Anna Chernova and Chris Liakos President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties. “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the
Continue Reading By Alicia Wallace, CNN Business The US economy shrank at a slightly faster rate than previously estimated during the first quarter, the Bureau of Economic Analysis said Wednesday. With one quarter of negative economic growth in the books, the data adds to fears that a recession may be looming. Real gross domestic product declined at
Continue Reading By Vasco Cotovio, CNN Pro-journalist and free speech non-government organization Reporters Without Borders (RSF) says it has evidence that Russian soldiers executed journalist Maks Levin in a forest near Kyiv on March 13. Levin, a Ukrainian photojournalist who worked with a number of major Western news outlets including Reuters and the BBC disappeared on March
Continue Reading By Matt Egan, CNN Business JPMorgan Chase is laying off employees this week in response to the spike in mortgage rates that has rocked the housing market. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” JPMorgan said in a statement. Hundreds of JPMorgan employees will be laid off,
Continue Reading By Jordan Valinsky, CNN Business A report that the Food and Drug Administration might order Juul to pull its products from store shelves has sent shares of Altria plunging. The cigarette company owns a 35% stake in Juul. The Wall Street Journal reported Wednesday that the FDA could order the e-cigarette maker to remove its
Continue Reading By Paul R. La Monica, CNN Business Move over, GameStop and AMC. And forget about bitcoin and other cryptocurrencies. Revlon, the struggling makeup and cosmetics company that filed for bankruptcy last week, is the latest meme stock craze among the army of individual investors on Reddit. Shares of Revlon soared nearly 35% Wednesday afternoon in
Continue Reading By Danielle Wiener-Bronner, CNN Business For years, Kellogg’s has been synonymous with Froot Loops, Frosted Flakes, Special K and other cereals. Now, it’s focusing on snacks. Kellogg announced Tuesday that it is splitting into three separate companies, spinning off its US, Canadian and Caribbean cereal businesses into one group and its plant-based food businesses, including
Continue Reading By Jeanne Sahadi, CNN Business US retirees have some advice for their younger selves, and by extension anyone who has yet to retire: Save more. Save earlier. Make a financial plan for retirement. And don’t forget to account for taxes and inflation — they’ll hit you harder than you expect. Those are key takeaways from
Continue Reading By Alison Kosik, for CNN Business The NYC Rent Guidelines Board (RGB) has given the green light to allow landlords in New York City to hike rents on more than one million rent stabilized apartments. The RGB, which regulates rent stabilized apartments in Manhattan, voted 5 to 4 on Tuesday to approve raising rates on
Continue Reading By Allison Morrow, CNN Business Editor’s Note: This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. There’s good news and bad news on the gas prices front. Good news: Some price relief could be on the way. The bad news: It’s because traders are
Continue Reading By Julia Horowitz, CNN Business Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn’t worked. Russia’s government is making just as much money
Continue Reading By Matt Egan for CNN Business Fed Chairman Jerome Powell conceded that the Federal Reserve’s aggressive interest rate hikes won’t solve two of the biggest problems facing families: high prices for gas and groceries. During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid
Continue Reading By Paul R. La Monica, CNN Business Who says pleasing fickle investors on Wall Street is hard? FedEx delivered its biggest daily stock jump since the mid-1980s last week, surging more than 14% on June 14 after doing two relatively easy things: The company increased its dividend by a whopping 53% and reached a deal
Continue Reading By Frank Pallotta, CNN Business The Obamas are heading to Audible. Higher Ground — Barack and Michelle Obama’s production company — signed an exclusive multi-year first-look production deal with Audible, Amazon’s audiobook and podcast service. It gives Audible first dibs on Higher Ground content and includes multiple audio projects that will be distributed worldwide. Financial
Continue Reading Opinion by Tom Stalnaker, Khalid Usman and Andrew Buchanan for CNN Business Perspectives After two years of enduring masks, social distancing and quarantines, there’s not much that can come between consumers and their summer vacations this year. Outbreaks of Covid-19 no longer seem to stop them from traveling — and based on recent demand for
Continue Reading Lucy Bayly, CNN Business Federal Reserve Chairman Jerome Powell wants to increase joblessness in the US in order to save the economy. But Beyoncé may beat him to it. The multi-hyphenate artist’s latest single, “Break My Soul,” which dropped late Monday, begs listeners to “release” themselves from their 9-5, saying “I just quit my job,
Continue Reading By Paul R. La Monica, CNN Business The red-hot housing market is starting to show signs of cooling off. Prices have spiked to levels unaffordable for many prospective buyers, and mortgage rates have jumped following the Federal Reserve’s rate hikes and a surge in bond yields. But will the housing slowdown hurt the broader economy
Continue Reading By Laura He, CNN Business Some Chinese property developers are going to extreme lengths to attract buyers. From accepting grain or garlic as part payment, to offering live pigs as an incentive to buyers, the unusual sales tactics underline the dire state of China’s vast real estate industry. A collapse in sales has accelerated since
Continue Reading By Swati Gupta and Rhea Mogul, CNN Millions of people across India and Bangladesh have been affected by raging floods and landslides that left more than 100 people dead and entire communities devastated. The South Asian nations, home to more than 1.3 billion people, have been particularly badly hit by the rains, prompting some of
Continue Reading By Matt Egan, CNN Business Former Trump economic official Gary Cohn is in favor of President Joe Biden lifting some Trump-era tariffs imposed on China to address high inflation. “These tariffs are adding to the cost of many goods that US consumers are buying,” Cohn told CNN. Cohn, now vice chairman at IBM, is a
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