By Laura He, CNN Business As Covid makes a resurgence in China, the country’s leader signaled that his focus this time around is on containing the collateral damage to its huge economy. China must “strive to achieve the maximum prevention and control at the least cost, and minimize the impact of the epidemic on economic
Continue Reading
By Brian Stelter and An Phung, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Nicholas Kristof said something prophetic on last Sunday’s “Reliable Sources” telecast: “I’m not sure people fully appreciate — it is the photographers and the TV journalists and
Continue Reading
By Mark Thompson, CNN Business Britain has banned Russian state TV channel RT, saying it was incapable of providing impartial coverage of the war in Ukraine. UK broadcast media regulator Ofcom said it had been conducting 29 investigations into RT’s coverage of Russia’s invasion, and had taken into account the channel’s ties with the Russian
Continue Reading
By Ross Levitt, CNN Saturday Night Live star Pete Davidson is not going to be on Blue Origin’s next space flight after the company pushed back the launch date by six days. The launch of the Jeff Bezos-owned company’s rocket originally set for March 23 is now slated to fly on March 29, the company
Continue Reading
With the warmer weather and spring storms, Michelle Gleba with the Better Business Bureau is warning homeowners to be on the lookout for roofing scams.
Continue Reading
By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United
Continue Reading
By Curt Devine, Casey Tolan and Majlie de Puy Kamp, CNN The sprawling billion-dollar palace that sits on a hilltop overlooking the Black Sea is seen by some Kremlin critics as the ultimate emblem of Russian President Vladimir Putin’s legacy of corruption. Dubbed “Putin’s Palace,” the 190,000 square-foot mega-mansion was purportedly built for his personal
Continue Reading
By Matt Egan, CNN Business Koch Industries, the conglomerate run by billionaire Charles Koch, is planning to stay in Russia even as hundreds of Western companies have scaled back operations there following the invasion of Ukraine. In a statement on Wednesday, Koch Industries announced its Guardian Industries subsidiary will continue to operate two glass manufacturing
Continue Reading
By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
Continue Reading
By Matt Egan, CNN Business Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. After sinking below $94 a barrel earlier this week, US crude soared 8% to settle at $102.98 a barrel. Brent crude, the world benchmark, spiked 9% to $106.64 a
Continue Reading
By Samantha Murphy Kelly, CNN Business Barely a week after Apple unveiled its first budget 5G smartphone, Samsung announced a competing model that rivals it on price. At a brief virtual event on Thursday, Samsung showed off its new Galaxy A53 5G smartphone, which packs much of its higher-end flagship line into a more budget-friendly
Continue Reading By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United
Continue Reading
By Anna Bahney, CNN Business Home prices rose 15% to a median price of $357,300 in February from last year, as inventory stubbornly stayed near record lows, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes — which include single-family
Continue Reading
By Frank Pallotta, CNN Business James Bond is now an Amazon employee. The tech giant has closed its $8.5 billion deal to acquire MGM, the home of the Bond franchise and one of the most iconic movie studios in Hollywood history, Amazon announced Thursday. The move looks to bolster the company’s position in the entertainment
Continue Reading
By Allison Morrow, CNN Business Russia is barreling toward a default on its foreign debt payments, threatening to plunge its economy deeper into crisis. Defaults are murky territory in global economics, and Russia’s situation is complicated by its growing isolation under the unprecedented sanctions imposed on it by Western powers. For those of us who
Continue Reading
By Anna Bahney, CNN Business Mortgage rates climbed past 4% for the first time since May 2019. The 30-year fixed-rate mortgage averaged 4.16% in the week ending March 17, up from 3.85% the week before, according to Freddie Mac. Rates climbed as the Federal Reserve moved to curb soaring inflation. On Wednesday, the central bank
Continue Reading By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
Continue Reading
By Sara Ashley O’Brien, CNN Business For many gig workers, their vehicles are how they make a living. And as independent contractors, they’re solely responsible for keeping them clean, running and full of gas. In recent weeks, the latter part has gotten much more burdensome. In response to soaring gas prices, Uber and Lyft recently
Continue Reading
By Julia Horowitz, CNN Business After a week-long pause, investors can trade nickel again on the London Metal Exchange. But the market remains extremely glitchy and volatile, in a sign of how Russia’s war in Ukraine continues to rattle the global financial system in unexpected ways. What’s happening: The LME hoped to ease back into
Continue Reading
Opinion by Desmond Lachman for CNN Business Perspectives Even with consumer price inflation running at almost 8%, the Fed announced Wednesday it would raise its policy rate to 0.25%-0.5%. That leaves its interest rate at a meaningfully negative level in inflation-adjusted terms. Especially after Russia’s invasion of Ukraine and the renewed Covid outbreak in China,
Continue Reading