By Michelle Toh, CNN Business Honda is joining the flurry of global automakers spending tens of billions of dollars to go electric. The Japanese company announced Tuesday that it would invest approximately 5 trillion yen ($39.8 billion) to electrify its lineup over the next decade, including software and research and development. It wants to launch
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By Laura He, CNN Business Factories shut down, new model launches delayed and sales plunging. China’s huge car market has been thrown into disarray by the country’s latest Covid surge, with stringent lockdowns across several cities hitting vehicle production. China’s worst Covid outbreak in two years has prompted authorities to ramp up the country’s zero-Covid
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By Danielle Wiener-Bronner, CNN Business A deadly and highly infectious avian flu is forcing US farmers to kill millions of egg-laying hens, reducing the country’s egg supply and driving up prices. On Thursday, retailers paid between $2.80 and $2.89 for a dozen large grade A white eggs in the Midwest, according to the USDA’s daily
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By Brian Stelter, CNN Business Starting in May, MSNBC’s highest-rated star Rachel Maddow will be hosting her 9 p.m. Eastern show just one day a week — on Mondays — while she pivots to other projects for parent company NBCUniversal. The new schedule has an end-of-an-era feel for MSNBC, since so much of the channel
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By Catherine Thorbecke, CNN Business A coalition of thousands of Etsy sellers signaled support for a one-week strike starting on Monday — the same day the online marketplace known for its unique handicrafts will start hiking the fees it charges those who use its platform to earn a living. An online petition started by Etsy
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Opinion by Senator Tom Carper and Senator John Cornyn for CNN Business Perspectives It’s been more than a month since Russia invaded Ukraine — with atrocities and tragedies playing out day after day across social media and televisions around the world. The US, our European allies and our global partners are completely aligned in our
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By Matt McFarland, CNN Business Frugal Tesla Guy, a YouTube personality focused on Tesla, gives his passengers a speech to prepare them before he turns on “full self-driving.” “I need you to understand that I have complete and total control. I’m behind the wheel. I have access to the brake, the accelerator and the steering
Continue Reading Opinion by Patrick Gaspard for CNN Business Perspectives President Biden has led a successful campaign to cut Russia off from the global economy, with asset freezes, export controls and a ban on Russian oil imports. While this has had a devastating impact on the Russian economy, there’s no denying that Americans are feeling the reverberations
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By Matt Egan, CNN Business Turbulence in the oil market continued on Tuesday, with crude prices soaring back above $100 a barrel on concerns about a loss of supply of oil from Russia and signs that lockdowns in China may be easing. US crude jumped 7% to $100.84 a barrel in recent trading. Brent crude,
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By Danielle Wiener-Bronner, CNN Business Krispy Kreme wants to take the edge off higher gas prices by lowering doughnut prices. Every Wednesday from April 13 through May 4, Krispy Kreme will sell a dozen original glazed doughnuts for the price of a gallon of regular gas. Each week, the chain will use Monday’s national average
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By Chris Isidore and Mark Thompson, CNN Business Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be “transformed.” According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the
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By Kathryn Vasel, CNN Business Millions of people are quitting their jobs and finding new ones in what has been dubbed the Great Resignation. In February, there were more than 11 million job openings, according to the Labor Department, and the unemployment rate fell to 3.6% in March, a new pandemic-era low. If you are
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By Danielle Wiener-Bronner, CNN Business Baskin-Robbins is making some changes. The 77-year old ice cream shop is tweaking its logo, employee uniforms and packaging to update the brand. It’s the first major update for Baskin-Robbins since 2006, according to the company. It will also sell merchandise, including bikes and bucket hats, from a dedicated online
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By David Goldman, CNN Business Oil prices may have met their match — for now, at least. Crude futures are tumbling yet again, sinking nearly 3%. After nearing $140 a barrel in early March and topping $120 as recently as two weeks ago, Brent futures have fallen in nearly a straight line and now sit
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By Reuters Societe Generale said on Monday it had agreed to sell its stake in Rosbank and the Russian lender’s insurance subsidiaries to Interros Capital, a firm linked to billionaire Vladimir Potanin. Russia’s invasion of Ukraine has triggered financial sanctions from the United States, Europe and Britain, prompting Western companies to sell their Russian assets.
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By Michelle Toh, CNN Business Ukraine could lose almost half of its economy this year as a result of Russia’s invasion, according to the World Bank. In a report published Sunday, the bank estimated that the country’s GDP could decline by 45.1% this year, although it noted that “the magnitude of the contraction will depend
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By Anna Cooban, CNN Business Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said. Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to
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By Laura He, CNN Business One of the regulators behind China’s dramatic crackdown on private enterprise has tried to quell growing concerns about the impact on employment, saying the country’s biggest tech companies have added nearly 80,000 jobs since July and are “full of confidence.” In a rare, direct response by a top government agency
Continue Reading By Chris Isidore and Mark Thompson, CNN Business Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be “transformed.” According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the
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By Rob McLean and Clare Duffy, CNN Business Tesla CEO Elon Musk, who recently became Twitter’s largest individual shareholder, has decided not to join the social media company’s board. Twitter CEO Parag Agrawal tweeted the news Sunday night. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning
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