By Anna Cooban, CNN Europe’s ban on Russia’s diesel arrived painlessly on Sunday. Although the EU cut off its biggest supplier, diesel futures prices in the bloc fell 1.6% on Monday, amounting to a 20% loss over the past two weeks as demand in the region has waned, and efforts by countries to stockpile ahead
Continue Reading By Paul R. La Monica, CNN Congress is once again bickering about raising the debt ceiling, the amount of money the US government can borrow to pay its bills on time. And that means that Corporate America has to be ready for the worst. The CEO of Bank of America, America’s second-largest bank, told CNN
Continue Reading By Paul R. La Monica, CNN Congress is once again bickering about raising the debt ceiling, the amount of money the US government can borrow to pay its bills on time. And that means that Corporate America has to be ready for the worst. The CEO of Bank of America, America’s second-largest bank, told CNN
Continue Reading By Betsy Klein, CNN Treasury Secretary Janet Yellen said Monday that the probability of a US recession this year is low as she touted job growth and low unemployment on the eve of President Joe Biden’s State of the Union address. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment
Continue Reading By Jordan Valinsky, CNN Business National Enquirer, the 97-year-old controversial tabloid behind several bombshell celebrity and political scandals, sold itself to a brand acquisition company. American Media Inc. has offloaded the publication to VVIP Ventures, a joint venture between Vinco Ventures, Inc and a360 Media, for an undisclosed price, the companies announced Monday. National Examiner
Continue Reading By Brian Fung, CNN Dell plans to lay off roughly 5% of its workforce, the company said in a regulatory filing Monday, in the latest example of tech companies cutting costs in an uncertain economic climate. Dell has about 133,000 employees, the company told CNN. At that level, the 5% cut would represent more than
Continue Reading By Nicole Goodkind, CNN Business Investors who believe the bear market is over are “ignorant,” Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, told CNN. It’s not that investors don’t have some cause for optimism: markets are soaring, corporate earnings are beating expectations, employment is strong and the Federal Reserve is easing its
Continue Reading By Michelle Toh, CNN An episode of “The Simpsons” that includes a line about “forced labor camps” in mainland China has been pulled from Disney’s streaming platform in Hong Kong. A scene in the second episode of its latest season depicts the show’s matriarch, Marge Simpson, cycling on an indoor spin bike with an on-screen
Continue Reading By Diksha Madhok, CNN Indian billionaire Gautam Adani is repaying some debt early as he scrambles to end a rout in shares of his embattled conglomerate that entered a third week on Monday. In a statement on Monday, the Adani Group said its promoters, or controlling shareholders, will be paying back loans worth $1.11 billion
Continue Reading By Jeanne Sahadi, CNN If you think news that inflation is easing means you’re not going to get hit with any more higher prices, think again. At least, that is, if you’re paying for car insurance. There’s a very good chance your premiums this year will go up … by a lot. The average cost
Continue Reading By Jeanne Sahadi, CNN If you think news that inflation is easing means you’re not going to get hit with any more higher prices, think again. At least, that is, if you’re paying for car insurance. There’s a very good chance your premiums this year will go up … by a lot. The average cost
Continue Reading By Michelle Toh, CNN Apple supplier Foxconn says its January monthly sales hit a record high as it bounced back from Covid-19 disruptions in China. In a sales update on Sunday, the Taiwanese manufacturing giant reported revenue of 660.4 billion Taiwan dollars ($22 billion) in January, 48% more than the same period a year ago
Continue Reading By Hilary Whiteman, CNN The world is producing a record amount of single-use plastic waste, mostly made from polymers created from fossil fuels, despite global efforts to reduce plastic pollution and carbon emissions, according to a new report released Monday. The second Plastic Waste Makers Index, compiled by the philanthropic Minderoo Foundation, found the world
Continue Reading By Ramishah Maruf, CNN After a shocking jobs report, Larry Summers, treasury secretary under Bill Clinton, said he is more encouraged the Fed can pull off a soft landing, but cautioned it is a “big mistake” to think the economy is “out of the woods” on Fareed Zakaria GPS Sunday. Friday’s job’s report saw an
Continue Reading By Lucy Bayly, CNN First-time applications for unemployment benefits rose last week to 196,000, a slightly higher total than the 190,000 that economists were expecting — but still a historically low number. Despite widely publicized layoffs from tech giants, media companies and the financial sector in recent weeks, the US labor market remains robust after
Continue Reading By Ramishah Maruf, CNN After a shocking jobs report, Larry Summers, treasury secretary under Bill Clinton, said he is more encouraged the Fed can pull off a soft landing, but cautioned it is a “big mistake” to think the economy is “out of the woods” on Fareed Zakaria GPS Sunday. Friday’s job’s report saw an
Continue Reading By Paul R. La Monica, CNN Meme stock mania was supposed to be over, right? Guess what: It’s not. Sure, the entire market did well in January. But many of the Reddit/WallStreetBets darlings of two years ago were particularly strong performers. Shares of movie theater chain AMC have soared nearly 65% so far in 2023,
Continue Reading By Zoe Sottile, CNN Love is in the air — and it smells like Cracker Barrel. The restaurant chain has announced a romantic new venture for Valentine’s Day. Five lucky couples will have the chance to win free Cracker Barrel for a year, according to its website. Here’s the catch: To have a shot at
Continue Reading By Pete Muntean, CNN A FedEx cargo plane trying to land at an Austin, Texas, airport had to change course Saturday to avoid a potential collision with a Southwest Airlines jet that was taking off from the same runway, officials said. The National Transportation Safety Board said it’s investigating “a possible runway incursion and overflight”
Continue Reading By Pete Muntean, CNN A FedEx cargo plane trying to land at an Austin, Texas, airport had to change course Saturday to avoid a potential collision with a Southwest Airlines jet that was taking off from the same runway, officials said. The National Transportation Safety Board said it’s investigating “a possible runway incursion and overflight”
Continue Reading