By Jackie Wattles, CNN Business SpaceX CEO Elon Musk sent a truckload of Starlink antennas — which can be used to connect to the company’s satellite-based internet service — to Ukraine this week, responding to a plea from the country’s vice prime minister amid fears that Ukrainians could lose internet access if Russia continues its
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By Lauren del Valle, CNN Business Purdue Pharma and the Sackler families reached a settlement with a group of states this week that would require the Sacklers to pay out as much as $6 billion to states, individual claimants and opioid crisis abatement, if approved by a federal bankruptcy court judge. The new agreement, reached
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By Nathaniel Meyersohn, CNN Business Best Buy built a retail empire selling TVs and laptops. But to keep growing and fend off rivals like Amazon and Walmart, the company needs new ways to attract customers. Best Buy outlined plans Thursday to expand its footprint into health, fitness, personal electric transportation, outdoor products and other potentially
Continue Reading By Jackie Wattles, CNN Business SpaceX CEO Elon Musk sent a truckload of Starlink antennas — which can be used to connect to the company’s satellite-based internet service — to Ukraine this week, responding to a plea from the country’s vice prime minister amid fears that Ukrainians could lose internet access if Russia continues its
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By Jordan Valinsky, CNN Business Ben & Jerry’s decision to stop manufacturing ice cream in Israel sparked a lawsuit from its Israeli distributor. American Quality Products (AQP), which distributes Ben & Jerry’s in Israel, said Thursday that it’s suing the ice cream and its parent company Unilever for “unlawfully terminating its 34-year business relationship in
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By Frank Pallotta, CNN Business Serena Williams called out The New York Times Wednesday after the paper published an article about her venture fund but used a photo of her sister, Venus. The story was about how Serena Williams raised $111 million for a new venture fund, “Serena Ventures.” The incorrect photo did not appear
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By Paul R. La Monica, CNN Business Crude oil prices briefly surged to their highest levels since 2008 Thursday morning before pulling back a bit. Still, at about $110 a barrel, there are growing concerns that skyrocketing energy prices could lead to a severe economic pullback in the United States and around the globe. After
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By Matt Egan US oil prices briefly spiked on Thursday to their highest level in nearly 14 years, as concerns about disruptions to Russia’s supplies continue. US crude jumped as much as 5.4% to $116.57 a barrel early Thursday — the highest trade since September 22, 2008. A week earlier Lehman Brothers collapsed. However, the
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By Matt Egan, CNN Business The war in Ukraine is raging. The oil market is panicking. Russian oil has not been directly targeted by the West’s crushing sanctions on Moscow — so far, at least. In fact, the United States and Europe have gone out of their way to avoid hitting Russia’s fossil fuels. But
Continue Reading By Matt Egan, CNN Business The war in Ukraine is raging. The oil market is panicking. Russian oil has not been directly targeted by the West’s crushing sanctions on Moscow — so far, at least. In fact, the United States and Europe have gone out of their way to avoid hitting Russia’s fossil fuels. But
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By Brian Fung, CNN Business The international non-profit that coordinates management of the internet told Ukraine it will not intervene in the country’s war with Russia, rebuffing a request to cut Russia off from the global internet. Ukraine’s proposal is neither technically feasible nor within the mission of ICANN, the Internet Corporation for Assigned Names
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By Chris Isidore, CNN Business Tesla CEO Elon Musk, a vocal critic of unions and the United Auto Workers’ efforts to organize his employees, is inviting the union to hold an organizing vote at the company. On Twitter late Wednesday night, Musk said that Tesla is able to hire and retain workers only in the
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By Jordan Valinsky, CNN Business Russian-made vodka brands face intense backlash, with calls for boycotts spreading this week to about a dozen US states including Virginia, Oregon, Iowa and North Carolina. “This puts Russian vodka brands in a precarious position, as prolonged conflict will not only damage immediate sales, but may also cause permanent disillusionment
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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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