By Paul R. La Monica, CNN Business The Federal Reserve’s interest rate hikes should boost lending profits for major financial firms. Now, the big banks will have the chance to prove to investors that they can thrive if rates continue to climb. JPMorgan Chase, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley will all report
Continue Reading
By Frank Pallotta, CNN Business “Saturday Night Live” opened Saturday’s episode with one of the biggest stories from this week: the historic confirmation of Ketanji Brown Jackson to the Supreme Court. “Wow, what a day,” President Joe Biden, played by James Austin Johnson, said during the NBC variety show’s cold open. “Your speech was terrific,
Continue Reading
By Ramishah Maruf, CNN Russia and Belarus are restricted from accessing US-made software and technologies to aid in its military, the US Commerce Department issued in a final ruling Saturday. The Bureau of Industry and Security, an agency in the department, imposed “highly restrictive” license requirements on everything in the Commerce Control List, which includes
Continue Reading By Ramishah Maruf, CNN Russia and Belarus are restricted from accessing US-made software and technologies to aid in its military, the US Commerce Department issued in a final ruling Saturday. The Bureau of Industry and Security, an agency in the department, imposed “highly restrictive” license requirements on everything in the Commerce Control List, which includes
Continue Reading
By Nicole Goodkind, CNN Business US banks have left Russia, but that doesn’t mean they’re done making money off the Kremlin’s horrific invasion of Ukraine. The sell-off of Russian debt associated with Russian President Vladimir Putin’s campaign on Ukraine and the sanctions that ensued have created a window for a new type of arbitrage that
Continue Reading
Reuters Volkswagen has rejected a shareholder proposal for it to explain how its lobbying activities align with its climate goals — something two of the carmaker’s leading competitors have already promised to do, one of the investors said on Friday. A filing by a group of seven shareholders said that while Volkswagen does disclose its
Continue Reading Opinion by Dana Peterson for CNN Business Perspectives How does a war on the other side of the world impact US consumers at home? In the case of Russia’s invasion of Ukraine, it’s felt at the dinner table: Yes, the war will likely be the main topic of dinner conversation, but it will also make
Continue Reading
By Zoe Sottile, CNN Mattel has released its first-ever carbon neutral toys, including a Matchbox Tesla model made from recycled materials. The new products represent an expansion of the toy company’s sustainable offerings, according to a statement from Mattel. The company has pledged to use “100% recycled, recyclable or bio-based plastic materials in all its
Continue Reading By Jackie Wattles, CNN Business The first all-private mission to the International Space Station is slated to complete the final leg of its journey this week, capping off what will be about a 12-day, multimillion-dollar journey. The mission, called AX-1, was brokered by the Houston, Texas-based startup Axiom Space, which books rocket rides, provides all
Continue Reading By Jackie Wattles, CNN Business A SpaceX capsule carrying three paying customers and a former NASA astronaut has arrived at the International Space Station, finishing the first leg of this first-of-its-kind mission that will last about 10 days. The mission launched from Kennedy Space Center in Florida on Friday morning. And the spacecraft, which separated
Continue Reading
By Nathaniel Meyersohn, CNN Business No one has ever confused the service at fast food joints for luxury hotels. But two decades ago, Chick-fil-A borrowed a tactic from The Ritz-Carlton that would become a central element of its brand culture: Employees replying to customers who thank them by saying “my pleasure,” instead of “you’re welcome”
Continue Reading
By Julia Horowitz, CNN Business When people took to the streets in Egypt in 2011, protesters chanted about freedom and social justice — but also bread. The cost of pantry staples had jumped because of the skyrocketing price of goods like wheat, stoking fury with President Hosni Mubarak. Now, more than a decade after the
Continue Reading
By Anneken Tappe, CNN Business Having children is expensive, no matter where in the world you live. But, while America finds itself in the middle of the cost scale, China has become one of the priciest places to raise kids. South Korea tops the list of most expensive places to raise a child from birth
Continue Reading
By Anneken Tappe, CNN Business America’s inflation problem didn’t abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday. The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings. That outpaced February’s elevated reading of 7.9% and
Continue Reading
By Brian Stelter, CNN Business Discovery’s merger with WarnerMedia took effect on Friday afternoon, creating a streaming media giant led by CEO David Zaslav. The deal combines two treasure troves of content and foreshadows further changes in the streaming era. The newly formed company, Warner Bros. Discovery, will begin publicly trading on Monday. Zaslav said
Continue Reading
By Frank Pallotta, CNN Business “Dancing with the Stars” is headed to streaming. Disney announced Friday that the series, in which celebrities compete to be named the best ballroom dancer, will exclusively air on Disney+ in the US and Canada starting in the fall. It’s the first live series to debut on the streaming service,
Continue Reading
By Sara Ashley O’Brien, CNN Business One week after Amazon workers at a New York City warehouse made history by voting to form a union, the tech giant is calling for a do-over election in filing Friday that lays out 25 objections that form the basis of its appeal. In its filing to the National
Continue Reading
By Paul R. La Monica, CNN Business The globally loved Formula 1 racing is winning more US fans, thanks largely to Netflix’s popular “Drive to Survive” reality show and ESPN’s coverage of the races. And F1’s stock is red hot, too. The company is owned by Liberty Media — the conglomerate controlled by John Malone
Continue Reading By Paul R. La Monica, CNN Business The globally loved Formula 1 racing is winning more US fans, thanks largely to Netflix’s popular “Drive to Survive” reality show and ESPN’s coverage of the races. And F1’s stock is red hot, too. The company is owned by Liberty Media — the conglomerate controlled by John Malone
Continue Reading
By Jackie Wattles, CNN Business Three NASA astronauts and a European astronaut splashed down aboard their SpaceX Crew Dragon capsule off the coast of Florida after midnight Friday morning, capping off their six-month mission during which they worked alongside Russian cosmonauts and hosted the first all-private crew to visit the orbiting outpost. The crew of
Continue Reading