By Matt Egan, CNN Business Natural gas futures surged on Monday to levels unseen since 2008 as the Northeast braces for a rare April blast of heavy snow. The looming nor’easter will force millions of families to crank up the heat in the coming days, driving up demand for natural gas, the most popular way
Continue Reading
By Matt Egan Faced with a white-hot real estate market, renters are losing confidence they will ever own a home. On average only 43.3% of renters expect to own a home at some point in the future, down sharply from 51.6% in 2021, according to a Federal Reserve Bank of New York survey released on
Continue Reading
By Paul R. La Monica, CNN Business Tesla is in a highly competitive electric car market. It has no chief operating officer. And CEO Elon Musk was already busy juggling leadership roles at SpaceX, The Boring Company and Neuralink before he launched an unsolicited takeover offer for Twitter. That’s a lot of distractions. And it
Continue Reading By Paul R. La Monica, CNN Business Tesla is in a highly competitive electric car market. It has no chief operating officer. And CEO Elon Musk was already busy juggling leadership roles at SpaceX, The Boring Company and Neuralink before he launched an unsolicited takeover offer for Twitter. That’s a lot of distractions. And it
Continue Reading
By Uliana Pavlova, Chris Liakos and Anna Cooban, CNN Business The exodus of Western companies from Russia could cost hundreds of thousands of jobs in Moscow alone. The city’s mayor, Sergey Sobyanin, said in a blog post Monday that 200,000 people were at risk of losing their jobs. Authorities were setting aside 3.36 billion rubles
Continue Reading
By Matt Egan, CNN Business Oil prices fell sharply Monday as Covid lockdowns in China stoked concerns that the country’s zero-Covid strategy will sap energy demand in the world’s second-largest economy. US oil dropped 5.6% to a two-week low of $96.33 a barrel Monday morning, while Brent, the world benchmark, fell 4.9% to $101.43 a
Continue Reading
Opinion by Jewher Ilham for CNN Business Perspectives “Go. Go. Don’t look back. This is probably your last chance.” Those were the final words I heard from my father, Ilham Tohti, the last time I saw him. We were at the Beijing Capital International Airport in 2013, about to fly to America together, when he
Continue Reading
By Oliver Darcy, CNN Business Three companies tied to the far-right conspiracy theorist Alex Jones, including his fringe media organization InfoWars, are seeking bankruptcy protection, according to court documents filed Sunday. The move, which could pause civil litigation against the companies, comes after Jones was found legally responsible for damages in three defamation lawsuits related
Continue Reading
By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Richard Roth, CNN’s senior UN correspondent, the last remaining original employee of CNN, is recovering after a successful kidney transplant earlier this week. In a note to colleagues on Friday,
Continue Reading
By Nicole Goodkind and Julia Horowitz, CNN Business Almost two months after Russia’s invasion of Ukraine, the global metals trade remains in turmoil. What’s happening: The scarcity of commodities like copper, nickel and zinc — hastened by punitive sanctions on Russia and high energy prices — has broken down a century-old system, costing financial giants
Continue Reading
By Anna Cooban, CNN Business Britons are abandoning streaming services such as Netflix and Disney+ to save money as they suffer the biggest cut to their disposable incomes since the 1950s. Streaming services boomed during the pandemic as people were forced to spend more time at home. With lockdown restrictions lifted, Britons canceled about 1.5
Continue Reading By Anna Cooban, CNN Business Britons are abandoning streaming services such as Netflix and Disney+ to save money as they suffer the biggest cut to their disposable incomes since the 1950s. Streaming services boomed during the pandemic as people were forced to spend more time at home. With lockdown restrictions lifted, Britons canceled about 1.5
Continue Reading
Reuters Ukraine’s richest man has pledged to help rebuild the besieged city of Mariupol, a place close to his heart where he owns two vast steelworks that he says will once again compete globally. Rinat Akhmetov has seen his business empire shattered by eight years of fighting in Ukraine’s east but remains defiant, sure that
Continue Reading
By Theresa Waldrop and Luis Jaime RodrÃguez, CNN A SpaceX Falcon 9 rocket once again successfully launched a US spy satellite from the Vandenberg Space Force Base in California, the company said. The Falcon 9 was developed by Elon Musk’s SpaceX to be the first orbital-class rocket capable of launching multiple missions, as a way
Continue Reading
By Jordan Valinsky, CNN Business Taco Bell is bringing back the Mexican Pizza after a roughly two-year hiatus. The beloved menu item will permanently reappear on menus beginning May 19, the chain confirmed Monday. Taco Bell eliminated the pizza in November 2020 as part of a broader culling of its menus during the height of
Continue Reading By Nicole Goodkind and Julia Horowitz, CNN Business Almost two months after Russia’s invasion of Ukraine, the global metals trade remains in turmoil. What’s happening: The scarcity of commodities like copper, nickel and zinc — hastened by punitive sanctions on Russia and high energy prices — has broken down a century-old system, costing financial giants
Continue Reading
By Laura He, CNN Business Toyota and Volkswagen are gradually bringing their China factories back on line after they were closed for weeks because of Covid lockdowns. Toyota said on Monday it’s preparing to resume operations in Changchun, Jilin province — one of China’s largest auto manufacturing hubs — following a month-long pause. “We have
Continue Reading
By Laura He, CNN Business China’s economy made a solid start to the year, recording first quarter growth that surpassed expectations. But a recent slump in consumer spending and rising unemployment suggest much tougher months ahead with dozens of cities still under Covid lockdowns. China’s gross domestic product grew 4.8% in the three months to
Continue Reading By Laura He, CNN Business China’s economy made a solid start to the year, recording first quarter growth that surpassed expectations. But a recent slump in consumer spending and rising unemployment suggest much tougher months ahead with dozens of cities still under Covid lockdowns. China’s gross domestic product grew 4.8% in the three months to
Continue Reading
By Beth Marengo and Samaria Parker, CNN Over the past 70 years, media mogul Rupert Murdoch built a small Australian family newspaper company into arguably the most powerful conservative media empire in history. With a market cap of $13.50 billion, News Corp is one of the most influential companies on the planet. The story behind
Continue Reading