By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
Continue Reading
By Julia Horowitz, CNN Business After a week-long pause, investors can trade nickel again on the London Metal Exchange. But the market remains extremely glitchy and volatile, in a sign of how Russia’s war in Ukraine continues to rattle the global financial system in unexpected ways. What’s happening: The LME hoped to ease back into
Continue Reading
Opinion by Desmond Lachman for CNN Business Perspectives Even with consumer price inflation running at almost 8%, the Fed announced Wednesday it would raise its policy rate to 0.25%-0.5%. That leaves its interest rate at a meaningfully negative level in inflation-adjusted terms. Especially after Russia’s invasion of Ukraine and the renewed Covid outbreak in China,
Continue Reading
By Jeanne Sahadi, CNN Business As expected, the US Federal Reserve on Wednesday hiked its key short-term interest rate for the first time since 2018. The central bank is expected to raise rates several more times this year, but in small increments. Since those hikes are coming off a 0% rate today, by early 2023
Continue Reading
By Laura He, CNN Business China is quietly distancing itself from Russia’s sanction-hit economy. The two states proclaimed last month that their friendship had “no limits.” That was before Russia launched its war in Ukraine. Now, with Russia’s economy being slammed with sanctions from all over the world, there is growing evidence that China’s willingness
Continue Reading By Laura He, CNN Business China is quietly distancing itself from Russia’s sanction-hit economy. The two states proclaimed last month that their friendship had “no limits.” That was before Russia launched its war in Ukraine. Now, with Russia’s economy being slammed with sanctions from all over the world, there is growing evidence that China’s willingness
Continue Reading
By Charles Riley, CNN Business Jerome Powell is trying to hike interest rates without damaging the economy. Getting it wrong means recession, and he knows it. The chairman of the Federal Reserve said Monday that the central bank is prepared to repeatedly hike interest rates — and by 0.5 percentage points if necessary— in order
Continue Reading
By Chris Isidore and Chris Liakos, CNN Business Russia is seizing hundreds of commercial jets owned by US and European leasing companies, a further sign of the challenges the country’s airline industry faces due to sanctions following its invasion of Ukraine. President Vladimir Putin signed a law Monday as part of the government’s anti-sanction measures
Continue Reading
By Frank Pallotta, CNN Business Netflix knows you share your password. And soon you might have to start paying for the privilege. Over the last year, Netflix been working on ways to “enable members who share outside their household to do so easily and securely, while also paying a bit more,” the company said in
Continue Reading
By David Goldman, CNN Business Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. But it’s not out of the woods yet. That’s because the funds the country used to make the debt
Continue Reading
By Charles Riley, CNN Business The Russian state television journalist who took a dramatic stand against President Vladimir Putin’s war in Ukraine during a live broadcast says it was “impossible to stay silent” and that she wants the world to know that many Russians are against the invasion. Marina Ovsyannikova told CNN’s Christiane Amanpour on
Continue Reading
By Matt McFarland, CNN Business Tesla’s most affordable car is only getting more expensive, while other electric vehicles sold as long as it have dropped in price. Tesla’s cheapest Model 3 now sells for $46,990 following a price hike this month, making the entry-level Model 3 34% more expensive than it was three years ago.
Continue Reading By CNN Business The-CNN-Wire™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.
Continue Reading
By Anneken Tappe, CNN Business Hindsight is 20:20, even for the Federal Reserve. The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome
Continue Reading
By Anneken Tappe, CNN Business The Federal Reserve is raising interest rates for the first time since 2018, the central bank announced Wednesday at the conclusion of its highly anticipated two-day monetary policy meeting. The move marks the end of the Fed’s pandemic-era easy money policy and comes amid soaring inflation across America. The federal
Continue Reading
By Frank Pallotta, CNN Business Two of the most recognizable voices in the NFL are switching networks. Joe Buck and Troy Aikman are leaving their long-time home at Fox to head to ESPN’s “Monday Night Football,” the network announced Wednesday. The broadcasting duo, who have called over 300 games together, will step into the “Monday
Continue Reading
By David Goldman, CNN Business After a number of US states passed laws severely restricting access to abortions, Citigroup this week said it is providing employees with travel benefits to facilitate access to abortion clinics. “In response to changes in reproductive healthcare laws in certain states in the U.S., beginning in 2022 we provide travel
Continue Reading By Charles Riley, CNN Business The Russian state television journalist who took a dramatic stand against President Vladimir Putin’s war in Ukraine during a live broadcast says it was “impossible to stay silent” and that she wants the world to know that many Russians are against the invasion. Marina Ovsyannikova told CNN’s Christiane Amanpour on
Continue Reading By Charles Riley, CNN Business The Russian state television journalist who took a dramatic stand against President Vladimir Putin’s war in Ukraine during a live broadcast says it was “impossible to stay silent” and that she wants the world to know that many Russians are against the invasion. Marina Ovsyannikova told CNN’s Christiane Amanpour on
Continue Reading
By Frank Pallotta, CNN Business Disney employees staged a walkout Tuesday in protest of the company’s response to Florida’s controversial Parental Rights in Education law, which critics have dubbed the “Don’t Say Gay” bill. While many employees at Disney headquarters in Burbank, California, did protest, it did not appear to be a massive showing across
Continue Reading