By Mark Thompson, CNN Business OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a
Continue Reading By Mark Thompson, CNN Business OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August, 200,000 barrels per day more than scheduled under a
Continue Reading By Michelle Toh and Wayne Chang, CNN Business “Top Gun: Maverick” is now showing Taiwan’s official flag after an outcry, putting its release in mainland China in jeopardy. The box office mega-hit — which is by far Tom Cruise’s biggest-ever commercial debut — now features his character sporting the flag on his iconic bomber jacket,
Continue Reading By Catherine Thorbecke, CNN Business A former employee at digital marketplace OpenSea has been hit with the first-ever charges related to an alleged insider trading scheme involving digital assets, authorities announced Wednesday. Nathaniel Chastain, a former product manager at OpenSea, was charged with one count of wire fraud and one count of money laundering related
Continue Reading By Matt McFarland, CNN Business General Motors announced Wednesday that it’s cut the price of the most affordable Chevrolet Bolt to $26,595, making it the cheapest electric vehicle in the US. The Bolt’s new price slightly undercuts the electric Nissan Leaf, which has a suggested retail price of $27,400. The Bolt’s price has fallen 27%
Continue Reading Catherine Thorbecke, CNN Business For much of her first decade at Facebook, Sheryl Sandberg’s public stature grew alongside the size and influence of the company she helped run. As second-in-command to Facebook cofounder Mark Zuckerberg, she oversaw the massive growth of its core advertising business while positioning herself as an icon of corporate feminism. When
Continue Reading By Brian Fung and Rishi Iyengar, CNN Business Sheryl Sandberg is stepping down as chief operating officer of Facebook-parent Meta, the company confirmed on Wednesday. In a post on Facebook, Sandberg did not disclose the reason for her departure from the company, which will take place in the fall. Sandberg said she planned to focus
Continue Reading By Frank Pallotta, CNN Business The cover of “Madden” has always held a special place in the world of video games and sports, but this year’s cover may stand out most of all. John Madden — the late NFL coach, announcer and namesake of the mega-popular football video game series — will grace the Madden
Continue Reading By Chris Isidore, CNN Business Canceled flights, surging airfares, a rental car shortage, record gas prices and rising hotel prices. Welcome to the summer of travel hell. Airlines had said they were prepared to avoid the service problems that plagued much of the industry last year. But between Friday and Monday, US airlines canceled 2,653
Continue Reading By Peter Valdes-Dapena, CNN Business Sales of non-plug-in internal combustion-powered vehicles peaked in 2017, according to a report by industry analysts at Bloomberg New Energy Finance, and have been in “permanent decline” since then as sales of plug-in hybrid and electric vehicles increase. Sales of plug-in vehicles are also expected to triple their current levels
Continue Reading By Peter Valdes-Dapena, CNN Business Sales of non-plug-in internal combustion-powered vehicles peaked in 2017, according to a report by industry analysts at Bloomberg New Energy Finance, and have been in “permanent decline” since then as sales of plug-in hybrid and electric vehicles increase. Sales of plug-in vehicles are also expected to triple their current levels
Continue Reading By Paul R. La Monica, CNN Business Inflation jitters are at a fever pitch, and some investing experts and economists are making comparisons to the 1970s and early 1980s. But could today’s surging prices really be as serious as the prolonged inflation shock of 40 years ago? (For those who didn’t live through it: It
Continue Reading By Paul R. La Monica, CNN Business Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve. “Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle
Continue Reading By Frank Pallotta, CNN Business Ellen DeGeneres left her longtime talk show last week with tears in her eyes, a lineup of special guests and a huge void for daytime TV to fill. Determining who is going to fill that space comes at a time when daytime TV — much like all of TV itself
Continue Reading By Frank Pallotta, CNN Business Ellen DeGeneres left her longtime talk show last week with tears in her eyes, a lineup of special guests and a huge void for daytime TV to fill. Determining who is going to fill that space comes at a time when daytime TV — much like all of TV itself
Continue Reading By Matt McFarland, CNN Business Twenty-one years ago, Bart Riley and co-founders bet their short-lived company, A123 Systems, on batteries free of nickel and cobalt. They believed the battery technology offered several benefits for automakers in the then-nascent electric vehicle space. The Massachusetts-based startup pitched Tesla on its batteries between 2008 and 2011, Riley recalled,
Continue Reading By Paul R. La Monica, CNN Business Inflation jitters are at a fever pitch, and some investing experts and economists are making comparisons to the 1970s and early 1980s. But could today’s surging prices really be as serious as the prolonged inflation shock of 40 years ago? (For those who didn’t live through it: It
Continue Reading By Paul R. La Monica, CNN Business Inflation jitters are at a fever pitch, and some investing experts and economists are making comparisons to the 1970s and early 1980s. But could today’s surging prices really be as serious as the prolonged inflation shock of 40 years ago? (For those who didn’t live through it: It
Continue Reading by Matt Egan, CNN The severe drought in California threatens to significantly undermine the state’s ability to generate hydroelectric power, raising costs for families and driving up planet-warming emissions, according to a federal government forecast. Assuming drought conditions persist, California’s hydroelectric generation would be 48% less this summer than if water conditions were normal, the
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Wednesday began rolling out an Amber Alert feature on its platform to notify users of missing children in their area. The alerts, which will be available in the United States and two dozen other countries, will include details about the missing child, such as a photo, description and
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