By Charles Riley, CNN Business Goldman Sachs and JPMorgan Chase are the first major Western banks to get out of Russia following the invasion of Ukraine. More are likely to follow at a cost of tens of billions of dollars. Goldman Sachs said Thursday that it is “winding down its business in Russia in compliance
Continue Reading
By Laura He, CNN Business Popular Chinese tech stocks have plunged after the US regulator named five Chinese companies that could be removed from American stock markets for failing to meet audit requirements. The names cited by the US Securities and Exchange Commission on Thursday are fast-food company Yum China Holdings, tech firm ACM Research,
Continue Reading
Next year, people in Columbia may pay more in taxes when purchasing items online.
Continue Reading
By Anna Bahney, CNN Business Rents in Manhattan are once again hitting new record highs, after cratering during the pandemic. The median monthly rent for a Manhattan apartment was a record $3,700 in February. That was up 24% from a year ago and up an unusually large 4.2% from January, according to a report from
Continue Reading
By Rachel Metz, CNN Business In 2018, Magic Leap released an augmented reality headset that could show crisp, three-dimensional images as though they were right in front of you on a coffee table or living room floor. It was years in the making, and came after the company raised billions in funding — and it
Continue Reading
By Danielle Wiener-Bronner, CNN Business Burger King is the latest fast food chain to pull corporate support from its businesses in Russia. Restaurant Brands International, which owns the burger chain, said Thursday it “has suspended all of its corporate support for the Russian market, including operations, marketing and supply chain.” The company is also stopping
Continue Reading
By Mark Thompson, CNN Business Russia said it could seize the assets of Western companies that have suspended operations in the country. Dozens of American, European and Japanese companies from almost every sector of the economy have abandoned joint ventures, factories, stores and offices in the last two weeks in response to Russia’s invasion of
Continue Reading
By Paul R. La Monica, CNN Business So much for Wednesday’s big market rally. Stocks slid Thursday after the US government reported a significant spike in consumer prices. Inflation is clearly not going away, and that means the Federal Reserve is probably going to have to aggressively raise interest rates. The Dow dropped 112 points,
Continue Reading
By Julia Horowitz, CNN Business Europe’s reliance on energy from Russia has jacked up the odds that the region could enter a recession this year as soaring inflation pushes people to cut back spending. The United States is more insulated from the spike in oil and gas prices — but it’s not immune. What’s happening:
Continue Reading By Charles Riley, CNN Business Goldman Sachs and JPMorgan Chase are the first major Western banks to get out of Russia following the invasion of Ukraine. More are likely to follow at a cost of tens of billions of dollars. Goldman Sachs said Thursday that it is “winding down its business in Russia in compliance
Continue Reading
By Matt Egan, CNN Business The United States and its allies are considering additional sanctions to punish Russia for “atrocities” committed in Ukraine even as existing sanctions deal a powerful blow to the Russian economy, US Treasury Secretary Janet Yellen said Thursday. “The Russian economy will be devastated as a consequence of what we’ve already
Continue Reading
By Danielle Wiener-Bronner, CNN Business When McDonald’s opened its doors in Moscow for the first time, it was a big deal. It was the dead of winter — January 31, in 1990 — but still people came out in droves. Grainy CNN television footage shows lines snaking out the door, and throngs of people inside,
Continue Reading
By Mark Thompson, CNN Business Russia’s richest businessman has warned the Kremlin against confiscating assets of companies that have fled in the wake of the invasion of Ukraine, saying such a step would set the country back more than 100 years. Vladimir Potanin, president of metals giant Norilsk Nickel and its biggest shareholder, said that
Continue Reading
By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
Continue Reading By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
Continue Reading By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
Continue Reading
By Paul R. La Monica, CNN Business Amazon and Google owner Alphabet are two of the most dominant companies on Earth. Each is worth more than $1 trillion and is a leader in multiple industries. But neither stock is a member of Wall Street’s most exclusive club: the Dow Jones Industrial Average. That may soon
Continue Reading
By Anna Bahney, CNN Business Mortgage rates are rising again amid fears of soaring inflation. The 30-year fixed-rate mortgage averaged 3.85% in the week ending March 10, up from 3.76% the week before, according to Freddie Mac. Inflation fears and geopolitical uncertainty are both having an impact, said Sam Khater, Freddie Mac’s chief economist. “Over
Continue Reading
By Matt Egan, CNN Business Goldman Sachs is exiting Russia, becoming the first major Wall Street bank to announce plans to do so after the invasion of Ukraine. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson told CNN on Thursday. JPMorgan Chase, America’s
Continue Reading
By Jordan Valinsky, CNN Business Peloton is testing a new rental model, marking the fitness company’s first significant strategy change under newly installed CEO Barry McCarthy. Beginning Friday, some Peloton stores in Texas, Florida, Minnesota and Colorado will offer customers a rental package covering both a bike and access to its streaming service for one
Continue Reading