Money

By Allison Morrow, CNN Business If Russia’s oligarchs weren’t already shaking in their custom Italian-leather boots, they probably are now. In his first State of the Union address Tuesday night, President Joe Biden addressed Russian President Vladimir Putin’s cronies directly, telling them that the United States and its allies are coming to “seize your yachts,

By Frank Pallotta, CNN Business Serena Williams called out The New York Times Wednesday after the paper published an article about her venture fund but used a photo of her sister, Venus. The story was about how Serena Williams raised $111 million for a new venture fund, “Serena Ventures.” The incorrect photo did not appear

By Brian Stelter and Bianna Golodryga, CNN Journalists from the last remaining independent news network in Russia have left the country for their own safety, one day after Russia instituted a digital roadblock against the network. The country’s Prosecutor General’s Office issued an order on Tuesday to restrict access to both TV Rain, also known

By Matt Egan, CNN Business Russia’s stock market remains shut down. The ruble is worth less than a penny. And Western businesses are fleeing. JPMorgan warns a Russian default could be next. “Sanctions imposed on Russia have significantly increased the likelihood of a Russia government hard currency bond default,” JPMorgan emerging markets strategists wrote in

By Peter Valdes-Dapena, CNN Business Ford is creating two new business units, one for electric vehicles and software and another for its traditional internal combustion vehicles. These companies will report their financial results separately from the rest of Ford but they will not be spun off as entirely separate companies. This new corporate structure will

By Paul R. La Monica, CNN Business Is the American consumer finally close to being tapped out? It appears that some Wall Street investors think that shoppers might, at long last, be ready to drop. According to a report this week from S&P Global Market Intelligence, short selling in consumer stocks — essentially betting that

By Peter Valdes-Dapena, CNN Business The Felicity Ace, the cargo ship carrying cars and SUVs from brands including Audi, Porsche, Bentley and Lamborghini, has now sunk. It had caught fire February 16th and its crew abandoned the ship. The largely burned out ship was being towed back to a safe port when it sank yesterday,

By Anna Cooban, CNN Business Palm oil prices have shot up in the wake of Russia’s invasion of Ukraine as markets scramble to find alternatives to shipments of sunflower oil stuck in Black Sea ports. Palm oil futures prices in Indonesia — the world’s biggest exporter of the product — have soared by more than

By Brian Lowry and Frank Pallotta, CNN After a year of simultaneously releasing movies on HBO Max and in theaters, Warner Bros. returns to exclusive theatrical releases bearing a rather sizable gift: “The Batman.” The movie, which is set to be one of the biggest blockbusters of the year, has wider implications for the studio

By Chris Isidore, CNN Business Oil prices are soaring to seven-year highs, but don’t expect US oil producers to ramp up supply. On the face of it, it’s an ideal time for US firms to cash in on high prices after Russia’s invasion of Ukraine: Traders are nervous about purchasing Russian oil due to uncertainty

By Kathryn Vasel Shanika Puckett has taken six breaks during her nearly 20-year career as a graphic designer. Most were for a few months, like after the birth of her daughter or after an infection put her in a medically induced coma and she had to relearn how to walk. One break, after she left

By Anneken Tappe, CNN Business The time of ultra-low interest rates has come to an end. That’s what Federal Reserve Chair Pro Tempore Jerome Powell told lawmakers this week as part of his semiannual testimony. “Our monetary policy has been adapting to the evolving economic environment,” Powell told the House Committee on Financial Services Wednesday.