By Rob McLean, CNN Business Zachary Horwitz, a small-time actor who admitted to operating a multimillion-dollar Ponzi scheme, was sentenced to 20 years in federal prison on Monday. The Department of Justice said in a news release that Horowitz “raised at least $650 million with bogus claims that investor money would be used to acquire
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By Paul R. La Monica, CNN Business President Joe Biden and Secretary of State Antony Blinken believe a Russian invasion of Ukraine could happen in a matter of days. The news rattled investors, sending the Dow down 622 points, or 1.8%, Thursday. It was the worst day of the year for the index. Stocks dropped
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By Chris Isidore, CNN Business If you were to judge the US auto market by this year’s Super Bowl ads, you’d think virtually all the cars for sale in America today are electric vehicles made by the world’s long-established automakers. And you never would have heard of Tesla, the world’s largest EV maker. Traditional automakers
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By Brian Fung, CNN Business A nationwide group of state attorneys general announced an investigation into TikTok’s impact on young Americans Tuesday, adding to the steady drumbeat of political pressure being applied to social media platforms. The probe zeroes in on TikTok’s user engagement techniques and alleged risks that the platform may pose to the
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By Brian Fung, CNN Texas is suing Facebook’s parent company, Meta (FB), over allegations the social media giant illegally harvested the facial recognition data of tens of millions of state residents for a decade. The lawsuit, filed Monday in Texas’s Harrison County District Court, argues that a now-shuttered Facebook photo-tagging feature failed to get Texans’
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By David Goldman, CNN Business The stock market gave investors whiplash Monday as Wall Street tried to predict the next events in a rapidly evolving and tumultuous conflict between Russia and Ukraine. US stocks fell on Monday after the United States said it would close the US embassy in Kyiv. US officials are “temporarily relocating”
Continue Reading Opinion by Tim Calkins for CNN Business Perspectives The Super Bowl is the biggest single advertising event of the year. Companies line up to spend millions of dollars buying commercial time during the game, and they spend months working on the ads, surveying consumers and testing different creative ideas. But unlike most advertising these days,
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By Julia Horowitz, CNN Business Concerns about an imminent Russian invasion of Ukraine are roiling the market for agricultural products like wheat at a time when global food prices are already near 10-year highs. Russia is the world’s top exporter of wheat. Ukraine is also a significant exporter of both wheat and corn. That’s sending
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By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
Continue Reading By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
Continue Reading By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven
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By Matt Egan High inflation is making Americans unhappy, and the Federal Reserve must step up its campaign to get prices back under control, a top Fed official said Monday. “This inflation we’re seeing is very bad for low and moderate-income households,” St. Louis Federal Reserve President James Bullard told CNBC. “Real wages are declining.
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By Jordan Valinsky, CNN Business The app for Coinbase, a cryptocurrency exchange, briefly crashed Sunday after a bizarre Super Bowl ad sparked a surge in traffic. The 60-second ad featured a floating and colorful QR code bouncing around the screen, similar to a bouncing DVD logo. The QR code directed people to a link offering
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By Jackie Wattles, CNN Business Jared Isaacman — the billionaire CEO of payments processing company Shift 4 — is buying three more flights with SpaceX, the first of which is scheduled for this year and could put Isaacman and SpaceX on track to travel deeper into space than any human has traveled in a half
Continue Reading By Jackie Wattles, CNN Business Jared Isaacman — the billionaire CEO of payments processing company Shift 4 — is buying three more flights with SpaceX, the first of which is scheduled for this year and could put Isaacman and SpaceX on track to travel deeper into space than any human has traveled in a half
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By Julia Horowitz, CNN Business Oil prices have been climbing ever since the global economy started to recover from Covid-19. Now, as the United States warns that Russia could imminently invade Ukraine, they’re pushing even higher. What’s happening: Brent crude futures, the global benchmark, rose above $96 per barrel on Monday before falling back slightly.
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By Karol Suarez, CNN Business The United States has suspended avocado imports from Mexico’s western state of Michoacan after a US official received a threat, Mexico’s Agriculture Ministry said in a statement on Saturday. According to the statement, the US Department of Agriculture Animal and Plant Health Inspection Service (USDA-APHIS) decided to pause until further
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By Diksha Madhok, CNN Business European and Asian stocks fell on Monday after the United States warned that a Russian invasion of Ukraine could happen as soon as this week. But stocks pulled back from their steep selloff on renewed hopes that an armed conflict could be avoided. At mid-day in Europe, London’s FTSE 100
Continue Reading By Diksha Madhok, CNN Business European and Asian stocks fell on Monday after the United States warned that a Russian invasion of Ukraine could happen as soon as this week. But stocks pulled back from their steep selloff on renewed hopes that an armed conflict could be avoided. At mid-day in Europe, London’s FTSE 100
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By Michelle Toh, CNN Business The United States is about to get its first initial public offering from a Chinese company in months, even as US-China tensions and regulatory scrutiny remain high. Meihua International Medical Technologies, which sells medical supplies around the world, is expected to debut this week on the Nasdaq in New York.
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