By Julia Horowitz, CNN Business Wealth taxes are never a popular rallying cry at Davos, a playground for billionaires, corporate titans and top politicians. But Gabriela Bucher, the executive director of Oxfam International, was still frustrated that this week’s World Economic Forum mostly looked the other way. High energy prices are putting massive strain on
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By Eric Cheung and Wayne Chang, CNN Taiwan and the United States could begin talks to deepen trade and economic ties “in a few weeks,” two senior Taiwanese government officials told CNN on Friday. The new discussions will “explore concrete ways to deepen the US-Taiwan trade and investment relationship,” the officials said, with the focus
Continue Reading By Eric Cheung and Wayne Chang, CNN Taiwan and the United States could begin talks to deepen trade and economic ties “in a few weeks,” two senior Taiwanese government officials told CNN on Friday. The new discussions will “explore concrete ways to deepen the US-Taiwan trade and investment relationship,” the officials said, with the focus
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Government statements are not adding up. Gaps and discrepancies are raising alarms. Elected officials are failing to answer the public’s questions. This is a moment when journalists are needed. And
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Government statements are not adding up. Gaps and discrepancies are raising alarms. Elected officials are failing to answer the public’s questions. This is a moment when journalists are needed. And
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By Matt Egan, CNN Business Corporate America has said very little following this week’s Texas school shooting that left 21 people dead. Yale professor Jeff Sonnenfeld is calling out their silence. Sonnenfeld, a vocal advocate of corporate social responsibility, applauded Goldman Sachs CEO David Solomon for speaking up but said more is needed. “This voice
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By Matt Egan, CNN Goldman Sachs CEO David Solomon is calling on politicians to act following a spate of shootings in the United States. “All of us at Goldman Sachs express our deepest sorrow over the recent tragic and senseless acts of violence in America, which have resulted in the deaths of friends, neighbors, co-workers,
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By Mark Thompson and Clare Sebastian, CNN Business Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further
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By Parija Kavilanz, CNN Business Instacart said searches for baby formula hit a record high in mid-May but the on-demand grocery delivery site is struggling to fulfill orders because stores remain severely understocked amid the ongoing national formula shortage. The company said searches for formula surged 245% week-over-week as of May 16. At the same
Continue Reading By Parija Kavilanz, CNN Business Instacart said searches for baby formula hit a record high in mid-May but the on-demand grocery delivery site is struggling to fulfill orders because stores remain severely understocked amid the ongoing national formula shortage. The company said searches for formula surged 245% week-over-week as of May 16. At the same
Continue Reading Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives The economy is close to entering a recession, perhaps as soon as this year. To avoid taking too much of a financial hit, Americans will need to prepare. Last summer, we wrote that US economic growth was already starting to slow and the economy
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By Anna Cooban, CNN Business Denmark and the Netherlands could become the latest European countries to have their deliveries of Russia’s natural gas cut off. On Monday, Danish energy company Ørsted and Dutch gas trading firm GasTerra warned Russia could turn off the taps as soon as Tuesday because they had refused to make payments
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By Jennifer Korn, CNN Business Justin Timberlake sold his entire song catalog to a Blackstone-backed management company, joining a wave of recent mega stars who are selling the rights to their music for big bucks. London-based firm Hipgnosis Song Management announced Thursday the purchase of all the singer’s copyrights on tracks he wrote or co-wrote
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By Julia Horowitz, CNN Business When Ukrainian President Volodymyr Zelensky spoke by video to a packed room at the World Economic Forum in Davos, Switzerland, he thanked the West for its solidarity against Russia. But he also issued a warning to political leaders and business executives: Don’t lose your nerve. “I would only wish you
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By Matt Egan, CNN Business Russia has spent the past half-century attempting to build a reputation on the world stage as a reliable supplier of energy. It took Vladimir Putin mere months to cast serious doubt on that reputation. “I wouldn’t trust them,” US Energy Secretary Jennifer Granholm told CNN in response to a question
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By Nathaniel Meyersohn, CNN Business Decades-high inflation is leading to a split in American consumers’ behavior. Affluent shoppers are splurging on new outfits at Macy’s, Nordstrom and other high-end outlets, while lower-income customers are pulling back on discretionary items, leading retailers say. Macy’s said Thursday that comparable sales at stores open for at least one
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By Paul R. La Monica, CNN Business China’s economy has slumped as Covid cases surged in the world’s most populous country. But Chinese consumers stuck at home are still spending. E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Shares of Alibaba were up nearly 15% in late morning trading
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By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Anna Bahney, CNN Business Mortgage rates fell for a second consecutive week, but still remain above 5%. The 30-year, fixed-rate mortgage averaged 5.10% in the week ending May 26, down from 5.25% the week before, according to Freddie Mac. It is still well above the 2.95% average from this time last year. “Mortgage rates
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