By Anna Cooban, CNN The United States is now the biggest supplier of crude oil to the European Union. In December, 18% of the bloc’s crude imports came from America, EU data office Eurostat said Tuesday. That is a big turnaround. Russia was until recently the bloc’s top supplier of crude, accounting for as much
Continue Reading By Catherine Thorbecke, CNN Alibaba on Tuesday said it plans to split its business into six separate units, in a move that promises to radically reshape the sprawling Chinese e-commerce firm that Jack Ma founded nearly 25 years ago. Each new business unit will be overseen by its own chief executive and board of directors,
Continue Reading By Danielle Wiener-Bronner, CNN If someone were to ask you to draw the Pepsi logo from memory, what would you draw? A circle, perhaps, with the red, white and blue stripes that are emblematic of the brand. The word “Pepsi,” probably, in that globe. When PepsiCo walks people through this exercise, as it sometimes does,
Continue Reading By Alicia Wallace, CNN Confidence in the US economy ticked up in March, despite the sudden turmoil in the banking industry, according to the latest report from the Conference Board. The business group’s Consumer Confidence Index increased to 104.2 in March from an upwardly revised reading of 103.4 the month before. Economists were expecting a
Continue Reading By Allison Morrow, CNN Federal prosecutors tacked on a 13th criminal charge against Sam Bankman-Fried, accusing the FTX co-founder of bribing “one or more” Chinese government officials with $40 million worth of cryptocurrency. In the indictment, prosecutors allege that Bankman-Fried sought to pay off Chinese officials in an effort to unfreeze accounts belonging to his
Continue Reading By Jeanne Sahadi, CNN Just as stock market turmoil is a good reminder to make sure your investment portfolio is diversified, a few surprise bank failures is a good excuse to find out whether your financial accounts — not just your checking and savings accounts — are all protected in the event that an institution
Continue Reading By Hanna Ziady, CNN Bank of England governor Andrew Bailey has said investors are hunting for “points of weakness” in banking, as fears linger that the crisis in the sector could engulf more lenders. On Monday, European bank shares rose, boosted by news that First Citizens Bank in the United States would buy most of
Continue Reading By Anna Bahney, CNN US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. After seasonal adjustment, the National Index posted a month-over-month decrease of 0.2%. “2023 began as 2022 had ended, with
Continue Reading By Chris Isidore, CNN Less than a day after Elon Musk implied that Twitter users might soon only see tweets from paid subscribers in their default feed, the billionaire was forced to clarify that posts from accounts users follow will still be visible, too. Twitter’s “For You” tab, the first screen that users see when
Continue Reading By Nicole Goodkind, CNN The job market has remained strong even as the Federal Reserve has spent a full year attempting to cool off the economy by raising interest rates. But economists think that the recent banking turmoil may be what finally raises unemployment. Tech giants like Google, Amazon, Meta and Microsoft have all conducted
Continue Reading By Nicole Goodkind, CNN Silicon Valley Bank’s downfall sent waves of panic through the financial system earlier this month, setting off a chain reaction of chaos with which regional banks are still grappling. Now, lawmakers are in the midst of an investigation into what led to the second-largest and third-largest bank collapses in US history
Continue Reading By Jeanne Sahadi, CNN Just as stock market turmoil is a good reminder to make sure your investment portfolio is diversified, a few surprise bank failures is a good excuse to find out whether your financial accounts — not just your checking and savings accounts — are all protected in the event that an institution
Continue Reading By Michelle Toh and Gawon Bae, CNN South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. Previously,
Continue Reading By Hanna Ziady, CNN One of the world’s largest alcoholic drinks companies has appointed its first female CEO. Diageo, which makes Guinness beer and Johnnie Walker whisky, said Tuesday that chief operating officer Debra Crew would succeed Ivan Menezes, who will retire from the company after 10 years at the helm. Crew is to take
Continue Reading By Jessie Yeung, CNN For the past decade, China has lent massive sums to governments across Asia, Africa and Europe, growing its global influence through infrastructure megaprojects and becoming one of the world’s biggest creditors. Now, a new study says Beijing has also become a major emergency rescue lender to those same countries, many of
Continue Reading By Laura He, CNN China’s new premier, Li Qiang, has offered a hearty welcome to foreign companies in an effort to arrest a slump in business confidence that has exacerbated the country’s economic woes. Li, who was formally appointed earlier this month, met a group of global CEOs on the sidelines of the China Development
Continue Reading By Laura He, CNN China’s new premier, Li Qiang, has offered a hearty welcome to foreign companies in an effort to arrest a slump in business confidence that has exacerbated the country’s economic woes. Li, who was formally appointed earlier this month, met a group of global CEOs on the sidelines of the China Development
Continue Reading By Marshall Cohen and Kristina Sgueglia, CNN Abby Grossberg, the former Fox News producer who accused the right-wing network of pressuring her into giving misleading testimony in the Dominion defamation case, told NBC News Thursday in her first TV interview that she was “bullied, intimidated and coerced” into protecting the right-wing network to keep her
Continue Reading By Oliver Darcy, CNN Another high-octane case against a media outlet is getting underway — this one, across the pond in the UK. Both Prince Harry and Elton John were in court on Monday as proceedings commenced in an explosive lawsuit brought against Daily Mail publisher, Associated Newspapers. The lawsuit, which was filed last year,
Continue Reading By Catherine Thorbecke, CNN Lyft announced on Monday that Amazon veteran David Risher will join as chief executive next month, and that co-founders Logan Green and John Zimmer will step down from their management positions at the ride-hailing company. Green, who is currently the CEO, will be succeeded by Risher effective April 17, the company
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