By David Goldman, CNN Business Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. But it’s not out of the woods yet. That’s because the funds the country used to make the debt
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By Danielle Wiener-Bronner, CNN Business Starbucks CEO Kevin Johnson will step down on April 4 after five years at the helm of the company, Starbucks said in a statement Wednesday. Howard Schultz, who spent decades leading the company before Johnson, will take over as interim CEO and rejoin its board as the company searches for
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By Laura He, CNN Business Chinese stocks had their best day in years Wednesday as Beijing promised measures to “substantially” boost economic growth and keep financial markets stable. Hong Kong’s benchmark Hang Seng Index ended up 9.1%, the biggest one-day gain since October 2008. China’s Shanghai Composite also rallied 3.5%, the strongest gain for that
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By Michelle Toh, CNN Business Li-Ning goods will be detained by US authorities after US Customs and Border Protection said an investigation indicated that the Chinese sportswear giant uses North Korean labor in its supply chain. Starting this week, the company’s merchandise will be detained at all US ports, the CBP announced Tuesday. “Such merchandise
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By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
Continue Reading By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
Continue Reading By Jackie Wattles, CNN Business In the minutes after Astra — a US-based startup — launched its rocket from a remote site in Alaska Tuesday afternoon, investors appeared ready to believe that the company had, once again, failed to keep the mission on track. Astra confirmed on Twitter that the rocket had made it to
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By Chris Isidore, CNN Business Jet fuel prices are soaring along with other fuel costs. So are airfares. Blame the return of passenger demand — rather than fuel prices — if you pay more for a flight this spring or summer. The nation’s leading airline executives appeared at a JPMorgan investor conference Tuesday and all
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By Jennifer Korn, CNN Business Forget the stereo. Your next car could come with a virtual reality entertainment system. Holoride, a tech startup whose promise is “turning vehicles into moving theme parks,” recently announced at the SXSW festival in Austin that it is bringing VR headsets to select Audi SUVs and sedans this summer. With
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By Phil Mattingly and Kaitlan Collins, CNN Sarah Bloom Raskin has withdrawn from consideration to be a nominee for the Federal Reserve Board of Governors. Raskin submitted her withdrawal in a letter to President Joe Biden. Biden nominated Raskin in January for the position of vice chair of supervision at the Fed, a role that
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By Oliver Darcy and Brian Stelter, CNN Business A Monday attack on a Fox News crew reporting near the Ukrainian capital of Kyiv left two of the network’s journalists dead and its correspondent severely injured, the channel said on Tuesday. Killed in the attack were Pierre Zakrzewski, a 55-year-old longtime war photojournalist, and Oleksandra “Sasha”
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By Paul R. La Monica, CNN Business March Madness isn’t just for college basketball fans. That phrase is also an apt description of the volatility on Wall Street, and this March is no different. Just look at what stocks have done so far this month. It began with worries about Russia’s invasion of Ukraine and
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By Anna Cooban, CNN Business Intel plans to invest up to €80 billion ($89 billion) over the next decade to build up Europe’s supply chain for semiconductor chips. The tech giant said on Tuesday that it will spend an initial €17 billion ($19 billion) to create two new chip factories in Germany. Construction on the
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By Frank Pallotta, CNN Business Winning the hearts and minds of children could be part of the solution to Netflix’s recent growth problems. That’s why it’s doubling down on Dr. Seuss. The streaming company announced Tuesday that it was premiering five new animated series based on books by beloved children’s book author Theodor Geisel, better
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By David Goldman, CNN Business A Russian state television journalist who protested the invasion of Ukraine during a live news broadcast was found guilty Tuesday of organizing an “unauthorized public event.” A district court in Moscow said in a statement that Marina Ovsyannikova, an editor at Channel One, had been found guilty of the “administrative
Continue Reading By Paul R. La Monica, CNN Business Movie theater chain and meme stock favorite AMC has taken several steps of late to diversify beyond its core business. The company has recently gotten into cryptos and NFTs and also plans to sell its own popcorn brand at retail stores. And in another unconventional move, AMC is
Continue Reading By Oliver Darcy and Brian Stelter, CNN Business A Monday attack on a Fox News crew reporting near the Ukrainian capital of Kyiv left two of the network’s journalists dead and its correspondent severely injured, the channel said on Tuesday. Killed in the attack were Pierre Zakrzewski, a 55-year-old longtime war photojournalist, and Oleksandra “Sasha”
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By Clare Duffy and Rachel Metz, CNN Business Russia’s invasion of Ukraine is unfolding online like no war in history, providing a real-time stream of information on social platforms like Twitter, Facebook and TikTok. But with that unique view into the conflict comes a flood of misinformation that’s especially hard to root out — effectively
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By Chris Isidore, CNN Business After more than a month of surging prices, Tuesday brought some modest — very modest — relief to drivers. The average price of a gallon of regular gas fell to $4.32 a gallon, down from $4.33 a gallon Monday, according to AAA. Even at just nine-tenths of a cent, it
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By Anneken Tappe, CNN Business Prices kept rising in February as another key inflation gauge soared and hit double digits. The US producer price index, which tracks what America’s producers get paid for their goods and services on average over time, rose 10% for the 12-month period ended in February, not adjusted for seasonal swings,
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