By Michelle Toh, CNN Business Ukraine could lose almost half of its economy this year as a result of Russia’s invasion, according to the World Bank. In a report published Sunday, the bank estimated that the country’s GDP could decline by 45.1% this year, although it noted that “the magnitude of the contraction will depend
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By Anna Cooban, CNN Business Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said. Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to
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By Laura He, CNN Business One of the regulators behind China’s dramatic crackdown on private enterprise has tried to quell growing concerns about the impact on employment, saying the country’s biggest tech companies have added nearly 80,000 jobs since July and are “full of confidence.” In a rare, direct response by a top government agency
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By Chris Isidore and Mark Thompson, CNN Business Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be “transformed.” According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the
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By Rob McLean and Clare Duffy, CNN Business Tesla CEO Elon Musk, who recently became Twitter’s largest individual shareholder, has decided not to join the social media company’s board. Twitter CEO Parag Agrawal tweeted the news Sunday night. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning
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By Zoe Sottile, CNN Have you ever wondered if your baby is cute enough to be the face of Gerber’s baby food? This month you can find out. The 2022 Photo Search, in which eager parents submit photos of their smiling infants for a chance to be Gerber’s “Spokesbaby,” launched on Monday, according to a
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By Ramishah Maruf, CNN Abigail Disney shared what she thinks the entertainment company should do in the wake of recent right-wing media attacks. Some conservatives are trying to attach sexual predation claims or allegations of being sympathetic to pedophiles to their opponents as the November midterms approach, and their latest target is the Walt Disney
Continue Reading By Ramishah Maruf, CNN Abigail Disney shared what she thinks the entertainment company should do in the wake of recent right-wing media attacks. Some conservatives are trying to attach sexual predation claims or allegations of being sympathetic to pedophiles to their opponents as the November midterms approach, and their latest target is the Walt Disney
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By Nicole Goodkind, CNN Business Banks have pledged to go green. Yet they can’t seem to ditch coal. Coal, the highest carbon emitting and dirtiest energy source, is the single biggest contributor to human-created climate change. Global power generation from coal grew 9% last year to an all-time high. Over the last three years commercial
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By Frank Pallotta, CNN Business Nothing can slow down Sonic The Hedgehog. “Sonic The Hedgehog 2,” the Paramount sequel about the iconic Sega video game character, notched an estimated $71 million domestically for its opening this weekend, according to the studio. That number not only exceeded expectations that had the film making closer to $50
Continue Reading By Frank Pallotta, CNN Business Nothing can slow down Sonic The Hedgehog. “Sonic The Hedgehog 2,” the Paramount sequel about the iconic Sega video game character, notched an estimated $71 million domestically for its opening this weekend, according to the studio. That number not only exceeded expectations that had the film making closer to $50
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By Paul R. La Monica, CNN Business The Federal Reserve’s interest rate hikes should boost lending profits for major financial firms. Now, the big banks will have the chance to prove to investors that they can thrive if rates continue to climb. JPMorgan Chase, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley will all report
Continue Reading By Frank Pallotta, CNN Business “Saturday Night Live” opened Saturday’s episode with one of the biggest stories from this week: the historic confirmation of Ketanji Brown Jackson to the Supreme Court. “Wow, what a day,” President Joe Biden, played by James Austin Johnson, said during the NBC variety show’s cold open. “Your speech was terrific,
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By Ramishah Maruf, CNN Russia and Belarus are restricted from accessing US-made software and technologies to aid in its military, the US Commerce Department issued in a final ruling Saturday. The Bureau of Industry and Security, an agency in the department, imposed “highly restrictive” license requirements on everything in the Commerce Control List, which includes
Continue Reading By Ramishah Maruf, CNN Russia and Belarus are restricted from accessing US-made software and technologies to aid in its military, the US Commerce Department issued in a final ruling Saturday. The Bureau of Industry and Security, an agency in the department, imposed “highly restrictive” license requirements on everything in the Commerce Control List, which includes
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By Nicole Goodkind, CNN Business US banks have left Russia, but that doesn’t mean they’re done making money off the Kremlin’s horrific invasion of Ukraine. The sell-off of Russian debt associated with Russian President Vladimir Putin’s campaign on Ukraine and the sanctions that ensued have created a window for a new type of arbitrage that
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Reuters Volkswagen has rejected a shareholder proposal for it to explain how its lobbying activities align with its climate goals — something two of the carmaker’s leading competitors have already promised to do, one of the investors said on Friday. A filing by a group of seven shareholders said that while Volkswagen does disclose its
Continue Reading Opinion by Dana Peterson for CNN Business Perspectives How does a war on the other side of the world impact US consumers at home? In the case of Russia’s invasion of Ukraine, it’s felt at the dinner table: Yes, the war will likely be the main topic of dinner conversation, but it will also make
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By Zoe Sottile, CNN Mattel has released its first-ever carbon neutral toys, including a Matchbox Tesla model made from recycled materials. The new products represent an expansion of the toy company’s sustainable offerings, according to a statement from Mattel. The company has pledged to use “100% recycled, recyclable or bio-based plastic materials in all its
Continue Reading By Jackie Wattles, CNN Business The first all-private mission to the International Space Station is slated to complete the final leg of its journey this week, capping off what will be about a 12-day, multimillion-dollar journey. The mission, called AX-1, was brokered by the Houston, Texas-based startup Axiom Space, which books rocket rides, provides all
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