By Mark Thompson, CNN Business BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted
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By Jennifer Korn and Jackie Wattles, CNN Business Rocket Lab, which aims to launch satellites into space quickly and cheaply, said it just used a helicopter to catch part of a rocket in mid-air. But the rocket was dropped into the ocean shortly after, ending up having to be fished out of the water. This
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By Paul R. La Monica, CNN Business Investors are very nervous about what’s next for America’s economy, with market fear gauges spiking. But there are still some bright spots for investors seeking companies that may still report healthy earnings even in a further-weakened economy. The market is grappling with a lot: interest rate hikes to
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By Mark Thompson, CNN Business The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has
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By Sara Ashley O’Brien, CNN Business The grassroots labor union that made history last month when it formed the first union at an Amazon warehouse in the United States has lost a union election at a much smaller facility just across the street. The election, held last week at the Staten Island sorting facility known
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By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
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By Paul R. La Monica, CNN Business Bad news for anyone trying to buy a house or refinance an existing loan: The yield on the benchmark 10-year US Treasury note, which influences how much consumers pay for mortgages and a variety of other loans, briefly topped the 3% level Monday for the first time since
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By Paul R. La Monica, CNN Business The S&P 500 fell more than 13% between January and April of this year. That’s the worst four-month start to a year since 1939, when longtime legendary investor Warren Buffett was just nine years-old. Comparing today’s stock market to 83 years ago isn’t an entirely apples-to-Apple comparison —
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By Catherine Thorbecke, CNN Business Amazon is ending its Covid-19 paid sick leave policy starting on Monday, the company said in a memo to employees this weekend that was shared with CNN Business. The return to pre-pandemic sick leave policies means that all US employees will now get up to five days of excused, unpaid
Continue Reading By Mark Thompson, CNN Business Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles. Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in
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Opinion by Desmond Lachman for CNN Business Perspectives Economist Milton Friedman famously taught us that monetary policy operates with long and variable lags. By this he meant that it takes time for the Federal Reserve’s actions to affect the economy, in much the same way as it takes time for a room’s temperature to adjust
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By Laura He, CNN Business Chinese social media have shut down the accounts of a prominent market analyst who drew attention in recent weeks to the dramatic slowdown in the country’s economy and the effects of government policy on the tech industry. Over the weekend, Tencent’s WeChat froze the public account of Hong Hao, managing
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By Chris Isidore, CNN Business Spirit Airlines said it will stick with its deal with Frontier Airlines, rejecting a more lucrative competing offer from JetBlue Airways. The airline said it doesn’t believe regulators would allow JetBlue to buy Spirit. “We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance
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By Nadeen Ebrahim, CNN When Russia’s invasion of Ukraine triggered an international food crisis, some Middle Eastern importers were hit particularly hard. An economically shattered Lebanon is fighting to avert a bread crisis, war-torn Yemen is already grappling with “alarming heights” of food insecurity, and Egypt, which last year imported 80% of its wheat from
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By Julia Horowitz, CNN Business As the economy began bouncing back from the coronavirus pandemic, interest in investment products that promoted good environmental, social and governance practices took off. But as markets have come under pressure this year, so-called “ESG” funds have started to struggle. What’s happening: Funds that prioritize responsible investments and ESG issues
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By Brian Fung, CNN Business The European Union is warning Apple about possible antitrust violations after an investigation into the iPhone maker’s dominance in mobile retail payments. The European Commission said Monday that it believes Apple has unfairly blocked competitors from using the wireless communications technology behind Apple Pay’s tap-to-pay capabilities. According to a statement
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By Matt Egan, CNN Business The United States is rapidly approaching a major jobs milestone that highlights the historically strong economic recovery from Covid-19. By the end of August, the labor market will have fully recaptured all jobs lost during the pandemic, Fitch Ratings projects in a new report shared first with CNN. If that
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By Diksha Madhok, CNN Business India has seized more than $700 million from one of China’s biggest tech companies after accusing it of moving money out of the country illegally. In a statement on Friday, India’s Enforcement Directorate — the country’s main financial investigation agency — accused the Indian subsidiary of smartphone maker Xiaomi of
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By Ramishah Maruf, CNN Reporting can be a risky profession, and in many parts of the world, it is becoming more dangerous than ever. This year to date, at least 17 journalists have been killed — and the real number is probably higher, CNN’s chief media correspondent Brian Stelter said on “Reliable Sources” Sunday. The
Continue Reading By Ramishah Maruf, CNN Reporting can be a risky profession, and in many parts of the world, it is becoming more dangerous than ever. This year to date, at least 17 journalists have been killed — and the real number is probably higher, CNN’s chief media correspondent Brian Stelter said on “Reliable Sources” Sunday. The
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