By Anna Bahney, CNN Business Mortgage rates are rising again amid fears of soaring inflation. The 30-year fixed-rate mortgage averaged 3.85% in the week ending March 10, up from 3.76% the week before, according to Freddie Mac. Inflation fears and geopolitical uncertainty are both having an impact, said Sam Khater, Freddie Mac’s chief economist. “Over
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By Matt Egan, CNN Business Goldman Sachs is exiting Russia, becoming the first major Wall Street bank to announce plans to do so after the invasion of Ukraine. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson told CNN on Thursday. JPMorgan Chase, America’s
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By Jordan Valinsky, CNN Business Peloton is testing a new rental model, marking the fitness company’s first significant strategy change under newly installed CEO Barry McCarthy. Beginning Friday, some Peloton stores in Texas, Florida, Minnesota and Colorado will offer customers a rental package covering both a bike and access to its streaming service for one
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By Anneken Tappe, CNN Business Prices kept rising last month in America, pushing a key inflation measure to a level not seen since January 1982. The Consumer Price Index, which measures a basket of goods and services, stood at 7.9% over the 12-month period that ended in February, without seasonal adjustments, the Bureau of Labor
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By Julia Horowitz, CNN Business Advocates of bitcoin have long claimed that the cryptocurrency has much in common with gold. They envision a world in which traders flock to it in times of stress and use it to store value over time. Now, Russia’s war in Ukraine, which has roiled markets, is testing that argument
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By Donie O’Sullivan, CNN Business A new conspiracy theory has become popular among some of the online communities that formed around QAnon — one simultaneously being promoted by the Kremlin as a justification for its invasion of Ukraine. The false claim: the United States is developing bioweapons in Ukraine and Vladimir Putin has stepped in
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By Rhea Mogul, Vedika Sud, Arpit Goel and Vijay Bedi, CNN Ritesh Mishra vowed to care for the dead, even if it meant risking his own life last year as India’s second Covid-19 wave tore through the country’s most populous state. The social worker said he didn’t wear a mask or gloves as he gave
Continue Reading By Donie O’Sullivan, CNN Business A new conspiracy theory has become popular among some of the online communities that formed around QAnon — one simultaneously being promoted by the Kremlin as a justification for its invasion of Ukraine. The false claim: the United States is developing bioweapons in Ukraine and Vladimir Putin has stepped in
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By David Goldman, CNN Business Amazon shares are about to get 20 times less expensive. The company announced Wednesday its board approved a 20-for-1 stock split, its first split since 1999. If approved by shareholders in May, the split will go into effect June 6. Amazon closed Wednesday at $2,785 per share. If the stock
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By Frank Pallotta, CNN Business “Hello there.” That’s what Star Wars fans were saying about the first look at Disney+’s upcoming “Obi-Wan Kenobi,” which the company premiered Wednesday. Disney showcased the trailer for the platform’s new Star Wars series at its annual shareholders meeting. It immediately went viral online. Of course it did. Obi-Wan Kenobi
Continue Reading By Frank Pallotta, CNN Business “Hello there.” That’s what Star Wars fans were saying about the first look at Disney+’s upcoming “Obi-Wan Kenobi,” which the company premiered Wednesday. Disney showcased the trailer for the platform’s new Star Wars series at its annual shareholders meeting. It immediately went viral online. Of course it did. Obi-Wan Kenobi
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By Frank Pallotta, CNN Business Bob Chapek, Disney’s CEO, was criticized Monday for speaking out about — but not directly condemning — Florida’s controversial “Don’t Say Gay” bill, with some feeling that Disney’s statement fell short. On Wednesday, Chapek agreed with the criticism. “I understand our original approach, no matter how well intended, didn’t quite
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By David Goldman and Becky Anderson, CNN Business The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue. The UAE’s ambassador to
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By Brian Stelter, CNN Business Major media companies continue to join the exodus from Russia, with Discovery and WarnerMedia making announcements on Wednesday about halting all programming in the country. WarnerMedia, CNN’s parent company, previously paused the release of “The Batman” in Russia, citing the “humanitarian crisis in Ukraine.” As of Wednesday the company is
Continue Reading By Brian Stelter, CNN Business Major media companies continue to join the exodus from Russia, with Discovery and WarnerMedia making announcements on Wednesday about halting all programming in the country. WarnerMedia, CNN’s parent company, previously paused the release of “The Batman” in Russia, citing the “humanitarian crisis in Ukraine.” As of Wednesday the company is
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By Paul R. La Monica, CNN Business American and European businesses are rapidly distancing themselves from Russia in the wake of its invasion of Ukraine. You’d think that would be a problem for America’s top banks, which have deep ties to businesses across the globe, including Russia. But you’d be wrong. While investors are waiting
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By Peter Valdes-Dapena, CNN Business It’s been promised for years. Now it’s finally here. Volkswagen has unveiled the production version of the VW ID. Buzz, a 21st century version of the classic VW Bus. Unlike the noisy and underpowered original bus, the new version will be full electric with ample horsepower. The Bus was a
Continue Reading By Peter Valdes-Dapena, CNN Business It’s been promised for years. Now it’s finally here. Volkswagen has unveiled the production version of the VW ID. Buzz, a 21st century version of the classic VW Bus. Unlike the noisy and underpowered original bus, the new version will be full electric with ample horsepower. The Bus was a
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By Jordan Valinsky, CNN Business Charles Entenmann, who helped to turn his family’s bakery into a baked goods behemoth, died recently, according to published reports. He was 92. The name Entenmann is instantly recognizable to grocery shoppers around the country for its signature white and blue boxes filled with sugary confections such as cakes, muffins,
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By Anna Bahney, CNN Business Homeowners saw massive increases in wealth over the past decade, but most of the gains went to the wealthiest US households. As home prices soared, housing wealth increased by $8.2 trillion over a decade, rising to $24.1 trillion in 2020 from $15.9 trillion in 2010, according to a new report
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