Money

By Allison Morrow, CNN Business The US and its European allies on Friday announced new sanctions on Russian President Vladimir Putin, in a rare move targeting a foreign leader’s personal wealth. But the impact of those sanctions may be largely symbolic. Although Putin is believed to hold billions of dollars in personal wealth, little is

By Peter Valdes-Dapena, CNN Business General Motors is joining a host of other companies in cutting off its business with Russia. The Detroit-based automaker announced Friday it is halting all exports to the country which is currently invading neighboring Ukraine. Cutting off exports to Russia will not be terribly costly to GM, though. GM only

By Chris Isidore, CNN Business The price of diesel hit $4 a gallon over the weekend for the first time in nearly eight years. And that means US consumers will soon be paying more for a wide range of goods. On the face of it, Americans may think diesel prices don’t affect them much. But

By Julia Horowitz, CNN Business If Russia halts its supply of gas to Europe to retaliate against the punishing sanctions for its invasion of Ukraine, the region should still be able to make it through next winter. But it won’t be easy or cheap. That’s the conclusion from a report published Monday by Bruegel. The

By Mark Thompson, CNN Business Shell is getting out of Russia and ditching its joint ventures with Gazprom, including its involvement with the moribund Nord Stream 2 natural gas pipeline. The UK-based oil company said Monday it would dump its 27.5% stake in the Sakhalin-2 liquified natural gas facility, its 50% stake in a project

By Delyanne Barros for CNN Business The Great Resignation and the pandemic have left an indelible mark on America’s workforce. While many have left their jobs to care for family or retire early, others have reevaluated their financial lives or changed careers. All of this comes at a time of great economic turmoil. Rising inflation,

By Brian Stelter, CNN Business Discovery on Monday confirmed that Chris Licht will become the new head of CNN when Discovery and WarnerMedia merge this spring. Discovery CEO David Zaslav said “we plan to appoint Chris Licht as the new Chairman and CEO of CNN Global, hopefully starting May 1.” The pending merger between Discovery

By Parija Kavilanz, CNN Business Target announced Monday that it is raising its starting wage for workers in some positions to up to $24. The Minneapolis-based retailer said the increase will apply to hourly workers at its discount stores, supply chain facilities and headquarters. Target in 2020 set its minimum wage at $15. That will

By Jordan Valinsky, CNN Business Estée Lauder has fired John Demsey, a senior executive at the makeup company, for an offensive Instagram post on his personal account that used a racial slur. The company said Monday that Demsey’s termination was the “result of his recent Instagram posts, which do not reflect the values of the

By Matt Egan, CNN Business Red-hot inflation in the United States may not cool off this year as much as many hoped, Goldman Sachs cautioned in a new report. “The inflation picture has worsened this winter as we expected, and how much it will improve later this year is now in question,” Goldman Sachs economists