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
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Opinion by Gina Cummings for CNN Business Perspectives With inflation hitting a 40-year high in the United States, working families are swimming ever faster in the effort to stay afloat. But the water just keeps rising, as mostly stagnant wages are also rapidly losing value. The federal minimum wage has lost at least 21% of
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By Paul R. La Monica, CNN Business Alibaba has a message for investors nervous about its slowing growth and geopolitical uncertainty: We think our stock is cheap and we’re putting our money where our mouth is. Shares of Alibaba rose more than 11% Tuesday after the Chinese e-commerce and cloud giant announced it was boosting
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By Eoin McSweeney and Niamh Kennedy, CNN Business The Russian journalist who won last year’s Nobel Peace Prize says he will auction off his medal to support Ukrainian refugees. Novaya Gazeta editor Dmitry Muratov was compelled to sell his medal by the sight of “wounded and sick children” requiring “urgent treatment” following Russia’s invasion of
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By Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime, all Maserati models
Continue Reading By Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime, all Maserati models
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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
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By Frank Pallotta, CNN Business Disney’s controversial response to Florida’s “Don’t Say Gay” bill underscores the company’s complicated history with the LGBTQ+ community — a complex relationship in which Disney has played both champion and punching bag. Earlier this month, Disney CEO Bob Chapek spoke out about — but did not condemn — Florida’s controversial
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By Laura He, CNN Business Banks have seized $2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings. Evergrande said that it won’t be able to meet the March 31 deadline for publishing audited results for 2021, a year
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By Nathaniel Meyersohn, CNN Business You’re probably not too happy with your grocery bills these days. But there are strategies to help you shop without breaking the bank. Food prices rose 1% in February, the largest monthly increase since April 2020. Over the past 12 months, overall food prices increased 7.9%, the biggest jump since
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By Matt Egan, CNN Oil prices rose sharply on Monday as Europe considers whether to match America’s ban on Russian oil. US crude soared 7% to settle at $112.12 a barrel. Brent crude, the world benchmark, also rallied 7% to $115.62 a barrel. The rally will cast further doubt on how much gasoline prices will
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By Anneken Tappe and Paul R. La Monica, CNN Business The Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell. Between a strong job market and soaring inflation, “there is an obvious need to move expeditiously to return the stance of monetary policy
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By Ramishah Maruf, CNN Business The Securities and Exchange Commission proposed a climate disclosure rule Monday, a move that would boost the Biden administration’s goal to combat climate change. The rule would force companies to disclose their greenhouse emissions and other climate-related information to aid investment decisions — a first for the US and the
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By Jordan Valinsky, CNN Business A nonprofit reporting network launched Monday the Russian Asset Tracker, a database to track the assets of prominent Russians who have links to Vladimir Putin. It’s “the most comprehensive public database of oligarch assets to date,” according to the Organized Crime and Corruption Reporting Project, which collaborated with 27 media
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By Paul R. La Monica, CNN Business US-listed Russian stocks have been in freefall following the invasion of Ukraine — but it’s not the only nation whose stocks are getting whipsawed. Shares of major Chinese firms have been up and down in 2022. There’s plenty weighing on sentiment: worries about leading Chinese companies possibly getting
Continue Reading By Paul R. La Monica, CNN Business US-listed Russian stocks have been in freefall following the invasion of Ukraine — but it’s not the only nation whose stocks are getting whipsawed. Shares of major Chinese firms have been up and down in 2022. There’s plenty weighing on sentiment: worries about leading Chinese companies possibly getting
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By Matt Egan, CNN Business Just a few months ago, optimism among American CEOs hit record highs. But given stubbornly high inflation, Russia’s invasion of Ukraine and a Covid wave in Europe, that sunny outlook has dimmed. The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped to a reading of 115 during
Continue Reading By Matt Egan, CNN Business Just a few months ago, optimism among American CEOs hit record highs. But given stubbornly high inflation, Russia’s invasion of Ukraine and a Covid wave in Europe, that sunny outlook has dimmed. The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped to a reading of 115 during
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By Chris Isidore, CNN Business A Boeing 737 carrying 132 people crashed early Monday in China. Although Boeing’s 737 has faced extraordinarily high-profile safety concerns over the past three years, the plane that crashed Monday was a different version of the aircraft than the embattled 737 Max that shook Boeing to its core. The cause
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By Jordan Valinsky, CNN Business Following criticism from Ukraine’s president over Nestlé’s ties to Russia, the company is halting the sale of more of its brands in the country. “Going forward, we are suspending renowned Nestlé brands such as KitKat and Nesquik, among others,” the Swiss multinational brand said in a statement. “We have already
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