By Charles Riley, CNN Business A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Russia’s $1.5 trillion economy is the world’s 11th biggest, according to World Bank data. A week ago, it was doing
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By Anna Bahney, CNN Business Russia’s invasion of Ukraine helped send mortgage rates lower last week. This is the second week in a row rates have fallen, reversing weeks of increases that pushed rates close to 4%. The 30-year fixed-rate mortgage averaged 3.76% in the week ending March 3, down from 3.89% the week before,
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By Anneken Tappe, CNN Business Forecasting the pace of the recovery has been tough, and many economists have got their predictions very wrong over the past two years. For the February jobs report set to be released on Friday, experts say they are expecting robust job growth. But what if they got it wrong yet
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By Chris Isidore, CNN Business Governments aren’t alone in turning the screws on the Russian economy. Dozens of major multinational companies are doing the same. A growing number of businesses are choosing to shut down their operations in Russia — even if they aren’t required to. Companies in multiple industries are bowing out of Russia,
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By Julia Horowitz, CNN Business Russia’s economy is under serious pressure from tough new Western sanctions. That’s forcing financial institutions to consider: Just how exposed are they if it implodes? What’s happening: Foreign banks had more than $120 billion in claims on Russian counterparties at the end of September 2021, according to the Bank for
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By Jordan Valinsky, CNN Business Two major retailers, Ikea and H&M, are temporarily pausing operations in Russia and Belarus because of the invasion of Ukraine. Ikea, the world’s largest furniture company, has 17 stores in Russia. The company said the conflict is having a “huge human impact” and “resulting in serious disruptions to supply chain
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By Xiaofei Xu and Anaëlle Jonah, CNN France has seized a yacht owned by Russian oligarch Igor Sechin, the French finance ministry said in a statement on Thursday. Sechin is the CEO of Russian oil giant Rosneft. The European Union sanctioned Sechin earlier this week, describing him as one of Russian President Vladimir Putin’s “most
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By Diksha Madhok, CNN Business Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. Her decision to invest in digital currencies was met with wariness by her family, she recalls. “The elders in my family told me not to throw my money away,” said Daga, who runs
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By Reuters A Tokyo court on Thursday convicted former Nissan Motor executive Greg Kelly of helping Carlos Ghosn hide pay from financial regulators, but said he had not been responsible for the total $80 million the ex-Nissan chief allegedly failed to disclose. “The court finds the existence of unpaid remuneration” and the failure to disclose
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By Jennifer Korn The business fallout from the war in Ukraine is about to extend to outer space. OneWeb, a London-based satellite startup striving for global internet connectivity and a key competitor to Elon Musk’s StarLink satellite internet constellation, was set to launch a batch of 36 internet satellites Friday as part of its plan
Continue Reading By Jennifer Korn A Russian ultimatum was met with swift dismissal as the war in Ukraine extends to outer space. OneWeb, a London-based satellite startup striving for global internet connectivity and a key competitor to Elon Musk’s StarLink satellite internet constellation, has rejected Russian demands to sever ties with the UK government on Thursday. The
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The Missouri attorney general is urging residents to take proactive steps to protect their information from identity theft if they think they might have been impacted by the data breach in August 2021 at T-Mobile.
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By Brian Fung, CNN Business A nationwide group of state attorneys general announced an investigation into TikTok’s impact on young Americans Tuesday, adding to the steady drumbeat of political pressure being applied to social media platforms. The probe zeroes in on TikTok’s user engagement techniques and alleged risks that the platform may pose to the
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By Rishi Iyengar, CNN Business Google is giving its employees one more month of being fully remote before requiring them back in the office at least three days a week. The tech giant will “end the voluntary WFH period” on April 4 that it gave its employees at the start of the coronavirus pandemic in
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By Sara Ashley O’Brien, CNN Business First, Amazon killed traditional bookstores. Then it opened its own. Now, Amazon is doing away with its bookstores. The e-commerce giant confirmed Wednesday that it is closing 68 retail locations, including all of its Amazon Books stores, as part of a broader shift in its bricks-and-mortar retail strategy. In
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By Brian Stelter, CNN Business President Biden’s State of the Union address reached more than 38 million people in the United States on Tuesday night, according to Nielsen ratings. Around the world, Biden’s message about the Russian invasion of Ukraine was seen by a far larger total audience, but there is no standardized way to
Continue Reading By Brian Stelter, CNN Business President Biden’s State of the Union address reached more than 38 million people in the United States on Tuesday night, according to Nielsen ratings. Around the world, Biden’s message about the Russian invasion of Ukraine was seen by a far larger total audience, but there is no standardized way to
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By Jackie Wattles and Jennifer Korn, CNN SpaceX has a new deal to launch internet-beaming satellites for its chief competitor in the satellite business — British company OneWeb. The somewhat awkward pairing, announced by OneWeb on Monday, comes after Russia’s invasion of Ukraine effectively brought a halt to Russian launches of commercial Western satellites. A
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By Allison Morrow, CNN Business If Russia’s oligarchs weren’t already shaking in their custom Italian-leather boots, they probably are now. In his first State of the Union address Tuesday night, President Joe Biden addressed Russian President Vladimir Putin’s cronies directly, telling them that the United States and its allies are coming to “seize your yachts,
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We’re talking about business taxes, anything business owners should know for filing taxes as well as some COVID related items.
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