Money

By Hanna Ziady, CNN Business The UK government could award oil and gas companies more than 100 new licenses to drill in the North Sea, as it looks for ways to bolster energy security amid a global supply crunch. Launched Friday, the licensing round won’t lead to new UK production for several years. And when

By Nicole Goodkind, CNN Business The White House isn’t very happy with OPEC’s decision to slash oil production by 2 million barrels per day. Consumers won’t be big fans either, as the move will likely send gas prices higher. But there’s one big winner coming out of the ordeal: Oil stocks. What’s happening: The cartel

By Julia Horowitz, CNN Business Credit Suisse said it will buy back up to $3 billion in its own bonds to save money on debt servicing costs while taking advantage of low prices. The announcement on Friday comes after investors displayed concerns about the financial position of the troubled Swiss bank before it announces its

By Michelle Toh, CNN Business Hong Kong’s flagship airline Cathay Pacific is facing “unprecedented” staff shortages and may not be ready to handle a surge in demand, as the city winds up its strict Covid policy and reopens for international travel. A top local union warned Thursday of “a record number of resignations from the

By Paul LeBlanc, CNN Former US Treasury Secretary Larry Summers said Thursday it’s “more likely than not” the US will enter a recession, calling it a consequence of the “excesses the economy has been through.” “Historical experience suggests that the kind of inflation we have rarely returns to normal levels — target levels of around

by Matt Egan, CNN Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his

By Frank Pallotta, CNN Business Netflix is going to the movies, but only for a week. “Glass Onion: A Knives Out Mystery,” the new whodunit starring Daniel Craig, will debut at the three major US theater chains — AMC, Regal and Cinemark — for a week one month before it streams on Netflix, the company

By Peter Valdes-Dapena, CNN Business Last June, Toyota warned owners of its first mainstream electric vehicle, the BZ4X, to stop driving their SUVs and have them transported to dealers because of a scary problem: the wheels could fall off after driving even just a few miles. Now, more than three months later, Toyota has announced