By Matt Egan, CNN Business The cost of living is already very high in America. The Russia-Ukraine crisis could make it even worse. Oil prices have jumped well above $90 a barrel in recent weeks as the risk of a Russian invasion has increased. If the Russia-Ukraine crisis drives oil to about $110 a barrel,
Continue Reading
By Paul R. La Monica, CNN Business Microsoft CEO Satya Nadella is on a major shopping spree. The company’s planned purchase of video game maker Activision Blizzard, with a price tag of nearly $70 billion, is Microsoft’s biggest and boldest acquisition. But it’s hardly the only notable deal in the Nadella era. Microsoft scooped up
Continue Reading
By Rachel Metz, CNN Business Mark Zuckerberg stares at a cartoon version of himself in a virtual world and tries to pick an outfit for his avatar to wear. Zuckerberg flicks his hand to change the avatar’s apparel, switching from a black shirt, slacks and white sneakers to a skeleton costume to an astronaut suit.
Continue Reading
By Samantha Murphy Kelly, CNN Business The looming shutdown of 3G networks won’t just impact older phones. With AT&T’s 3G network shutting down next week, and other carriers following suit later this year, a range of products require updates to continue working, including some home alarm systems, medical devices such as fall detectors, and in-car
Continue Reading
By Frank Pallotta, CNN Business The Super Bowl had a little bit of everything Sunday night: a close game that went down to the wire, an exciting halftime show starring some of hip hop’s greatest artists and a Los Angeles venue that added a Hollywood vibe. All of that led to big ratings for the
Continue Reading
By Matt Egan, CNN Business The Biden administration warned Russian President Vladimir Putin on Tuesday against weaponizing its energy exports during the standoff with Ukraine. “If Putin decides to weaponize his energy supplies, it would be a major mistake,” Daleep Singh, US deputy national security advisor, said on CNBC. The Biden official noted that Russia
Continue Reading
By Matt Egan, CNN Business The Biden administration warned Russian President Vladimir Putin on Tuesday against weaponizing its energy exports during the standoff with Ukraine. “If Putin decides to weaponize his energy supplies, it would be a major mistake,” Daleep Singh, US deputy national security advisor, said on CNBC. The Biden official noted that Russia
Continue Reading
By Anneken Tappe and Nathaniel Meyersohn, CNN Business Inflation is rampant in the pandemic economy, but that didn’t keep Americans from opening up their wallets last month. US retail sales rose by 3.8% in January from the month prior, adjusted for seasonal swings — more than the 2% increase economists had predicted. That puts the
Continue Reading
By Paul R. La Monica, CNN Business Sometimes in investing, a little luck goes a long way. Just ask Warren Buffett. The Oracle of Omaha is set to make a handsome profit from a new investment in video game maker Activision Blizzard that Berkshire Hathaway made during the quarter before Microsoft announced its plans to
Continue Reading
By Jordan Valinsky, CNN Business Tim Hortons is singing Justin Bieber’s praises Tuesday because his line of donuts just turned around the Canadian restaurant’s fortunes. The coffee chain’s parent company, Restaurant Brands International, reported that sales rose 10.3% at stores open at least a year in the fourth quarter of 2021. That reversed a 11%
Continue Reading
By Anneken Tappe, CNN Business America’s rising prices were unrelenting in January. Another key inflation measure showed prices rising more than expected last month. The producer price index, which tracks average price changes America’s producers get paid for their goods and services over time, rose 9.7% in the 12 months ended in January, not adjusted
Continue Reading
By Matt Egan, CNN Business Wall Street’s Russia-Ukraine fears eased Tuesday morning after Russia announced it is withdrawing some troops following the completion of recent drills near Ukraine. The Dow jumped 422 points, or 1.2%. The S&P 500 surged 1.5% and the Nasdaq was 2.5% higher. Investors have been concerned that an armed Russian conflict
Continue Reading
By Julia Horowitz, CNN Business America’s economy is driven by shoppers who shell out big money for items like iPhones, sofas and cars and experiences such as dining out. So when consumers start to feel less confident, economists and investors worry. What’s happening: Consumer sentiment in the United States has dropped to its worst level
Continue Reading By Jordan Valinsky, CNN Business Tim Hortons is singing Justin Bieber’s praises Tuesday because his line of donuts just turned around the Canadian restaurant’s fortunes. The Canadian coffee chain’s parent company, Restaurant Brands International, reported that sales rose 10.3% at stores open at least a year in the fourth quarter of 2021. That reversed a
Continue Reading
By Paul R. La Monica, CNN Business The Super Bowl was a bonanza for the gambling business thanks to new customers from New York, which recently legalized sports betting. But now comes the hard part for companies like DraftKings and FanDuel. Betting upstarts need to spend big bucks to attract new users — but like
Continue Reading
Story by Reuters Financial institutions channeled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even though many have made net-zero pledges, a report by a group of 28 non-government organizations showed. Reducing coal use is a key part of global efforts to slash climate-warming greenhouse
Continue Reading
By Charles Riley, CNN Business Tesla CEO Elon Musk has donated roughly $5.7 billion worth of the electric carmaker’s shares to charity. The donation of 5,044,000 shares was revealed Monday in a filing to the US Securities and Exchange Commission. The shares were gifted last year between November 19 and November 29, according to the
Continue Reading
The Better Business Bureau is warning you to not fall victim of a COVID-19 testing scam even as testing demand has dramatically decreased in Missouri in the past month.
Continue Reading
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
Continue Reading
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
Continue Reading