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,
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By Samantha Murphy Kelly, CNN Business Apple is gearing up for its first big product event of the year. The company announced Wednesday it will host a virtual event, with the tagline “Peek Performance,” on March 8. Apple is rumored to be unveiling a series of new MacBooks and iMacs featuring the second iteration of
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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
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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
Continue Reading 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
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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
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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
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By Allison Morrow, CNN Business As Western sanctions take root, Russians are bracing for a dramatic shift in their standard of living as their savings diminish in value and imports of everyday goods are quickly being cut off. Over the past week, several Western companies have abandoned their Russian operations to avoid running afoul of
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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.
Continue Reading By Allison Morrow, CNN Business As Western sanctions take root, Russians are bracing for a dramatic shift in their standard of living as their savings diminish in value and imports of everyday goods are quickly being cut off. Over the past week, several Western companies have abandoned their Russian operations to avoid running afoul of
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By Anneken Tappe, CNN Business America’s companies added 475,000 jobs last month, the ADP employment report said on Wednesday. That was nearly 90,000 more positions than economists had expected and a sharp reversal from January, when ADP initially posted a surprise drop in jobs. But the better-than-expected February numbers took a backseat to some significant
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By Julia Horowitz, CNN Business Federal Reserve Chair Jerome Powell had been making himself very clear: To fight inflation, the US central bank would begin rolling back crisis-era support for the economy very soon. But following Russia’s invasion of Ukraine, Wall Street isn’t convinced the Fed will have the same resolve to aggressively push ahead.
Continue Reading By Anneken Tappe, CNN Business America’s companies added 475,000 jobs last month, the ADP employment report said on Wednesday. That was nearly 90,000 more positions than economists had expected and a sharp reversal from January, when ADP initially posted a surprise drop in jobs. But the better-than-expected February numbers took a backseat to some significant
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By Jordan Valinsky, CNN Business Jack Sweeney, a Florida teen who tracks Elon Musk’s private jet online has a new aviation-themed target: Russian oligarchs and billionaires. The 19-year-old, who rejected Musk’s $5,000 offer to delete his Twitter account, recently launched two new automated Twitter handles — @RUOligarchJets and @Putinjet — following Russia’s invasion of Ukraine.
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By CNN Business staff A growing number of international companies, including Apple, Disney and Ford, are dialing back operations in Russia over its invasion of Ukraine. On Tuesday, Exxon announced it would quit its last Russian project, while Boeing said that it had suspended major operations in Moscow. Other global energy players, including BP and
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By Charles Riley, CNN Business Global crude oil prices surged to more than $110 per barrel and the cost of natural gas skyrocketed to a new record in Europe on Wednesday as Russia’s escalating military campaign in Ukraine stoked fear in markets about a supply shock. Brent crude futures, the global benchmark, jumped nearly 9%
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By Paul R. La Monica, CNN Business Consumers are feeling the pinch from inflation, and that will likely continue for the foreseeable future. That’s because major companies have been raising prices to protect their profit margins — and they are showing no signs of changing course anytime soon. Companies in a variety of industries have
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By Mark Thompson and Vasco Cotovio, CNN Business The Russian economy is taking “serious blows,” the Kremlin acknowledged Wednesday, as the country’s growing isolation piles further pressure on its tottering financial system. Apple, ExxonMobil, Ford, Boeing and Airbus joined a list of companies shutting down or suspending their operations in Russia in response to its
Continue Reading By CNN Business staff Dozens of the world’s biggest companies have abandoned or scaled back their operations in Russia in response to its invasion of Ukraine. The exodus affects every corner of the economy, from its vast energy riches through autos, finance, retail, entertainment and fast food, starving Russia of new investment and removing products
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By Anneken Tappe, CNN Business Rising prices on everything from food to gasoline are hurting Americans. Now the White House has unveiled a plan to fight inflation, President Joe Biden said during Tuesday’s State of the Union address. “Too many families are struggling to keep up with their bills,” Biden said, noting that soaring costs
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