Money

By Matt Egan, CNN Business Leading oil company CEOs declined on Wednesday to endorse a call from Democrats to reduce dividends and share buybacks and plow the money into ramping up production instead. During a hearing, Rep. Frank Pallone, a New Jersey Democrat, asked the top executives from ExxonMobil, Chevron, BP, Shell, Pioneer Natural Resources

By David Goldman, CNN Business Russia is in imminent danger of default after the United States cut off the country’s ability to pay its debt using frozen dollars sitting in American banks. Western countries sanctioned about half of Russia’s foreign reserves — roughly $315 billion — because of its invasion of Ukraine. Although the US

By Paul R. La Monica, CNN Business It’s looking awful gloomy out there on Wall Street. Traders are making big bets against retailers as recession fears gain steam. Investors are growing more skeptical of energy stocks following the spike in oil prices, according to S&P Global Market Intelligence. And investors are souring on health care

By Julia Horowitz, CNN Business What does it mean when even the doves at the Federal Reserve start to sound like hawks? Investors are weighing that question after a key member of the central bank who has historically favored a gentler approach to raising interest rates talked tough about the central bank’s need to fight

By Oliver Darcy and Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The formation of Warner Bros. Discovery is just about complete. As Variety’s Jennifer Maas first reported on Tuesday, the pending merger between Discovery and WarnerMedia could “close,”

By Matt Egan, CNN The price of New York Harbor jet fuel has more than doubled in the past two weeks, reaching an all-time high for any US-traded transportation fuel in at least the past 41 years, according to the Oil Price Information Service. The wholesale price for NY jet fuel spiked to $7.57 a

By Matt McFarland, CNN Business Building a cheap car that is also profitable for the manufacturer is shockingly difficult. Because of the high cost of battery components, it becomes even more difficult if that car is electric. But Honda and General Motors, two of the biggest car companies in the world, believe they can crack

By Anneken Tappe, CNN Business America’s soaring inflation is inflicting pain on household budgets across the United States. But not everyone is affected in the same way. While economic data shows the general trend of prices, it doesn’t tell the story of individual groups, said Federal Reserve Governor Lael Brainard on Tuesday. “Today, inflation is

By Anna Cooban, CNN Business European leaders are planning to phase out Russian coal imports in response to harrowing scenes in Bucha, a suburb of Kyiv. On Tuesday, the European Commission proposed a ban on €4 billion ($4.3 billion) worth of Russian coal imports per year as part of a fifth package of sanctions designed

By Jordan Valinsky, CNN Business McDonald’s is bringing back Spicy Chicken McNuggets, but not everyone can buy them. The fast food chain said that the spicy nuggets are now available at about half of its US locations, or roughly 6,900 locations, for a limited time. McDonald’s regularly releases menu items on a regional basis to

By Matt Egan, CNN Business The Federal Reserve’s fight against inflation will spark a recession in the United States that begins late next year, Deutsche Bank warned on Tuesday. The recession call — the first from a major bank — reflects growing concern that the Fed will hit the brakes on the economy so hard