By Anna Bahney, CNN Business Home prices rose 15% to a median price of $357,300 in February from last year, as inventory stubbornly stayed near record lows, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes — which include single-family
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Opinion by Karin Kimbrough for CNN Business Perspectives As the latest jobs numbers continue to show a resurging labor market, women have seen an uneven and slower recovery. While men have already recouped their pandemic job losses, there are still about 1.1 million women missing from the labor force. Women of color, in particular, are
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By Charles Riley, CNN Business The S&P 500 surged 6% this week, its best weekly performance since November 2020. What? That’s right. US stocks had a banner performance even as war raged on in Ukraine, Russia teetered on the brink of default and the Fed hiked rates for the first time since 2018. The S&P
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By Tami Luhby, CNN Business Connie Waters’ two young granddaughters are her life, and she’s only grown closer to them during the pandemic. The retired secretary from Salt Lake City babysits for Layla, 3, and Harlow, 1, three times a week while her daughter and son-in-law are at work. She also loves to watch Layla
Continue Reading By Tami Luhby, CNN Business Connie Waters’ two young granddaughters are her life, and she’s only grown closer to them during the pandemic. The retired secretary from Salt Lake City babysits for Layla, 3, and Harlow, 1, three times a week while her daughter and son-in-law are at work. She also loves to watch Layla
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By Mark Thompson, CNN Business Britain has banned Russian state TV channel RT, saying it was incapable of providing impartial coverage of the war in Ukraine. UK broadcast media regulator Ofcom said it had been conducting 29 investigations into RT’s coverage of Russia’s invasion, and had taken into account the channel’s ties with the Russian
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By Laura He, CNN Business As Covid makes a resurgence in China, the country’s leader signaled that his focus this time around is on containing the collateral damage to its huge economy. China must “strive to achieve the maximum prevention and control at the least cost, and minimize the impact of the epidemic on economic
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By Brian Stelter and An Phung, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Nicholas Kristof said something prophetic on last Sunday’s “Reliable Sources” telecast: “I’m not sure people fully appreciate — it is the photographers and the TV journalists and
Continue Reading By Mark Thompson, CNN Business Britain has banned Russian state TV channel RT, saying it was incapable of providing impartial coverage of the war in Ukraine. UK broadcast media regulator Ofcom said it had been conducting 29 investigations into RT’s coverage of Russia’s invasion, and had taken into account the channel’s ties with the Russian
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By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United
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By Curt Devine, Casey Tolan and Majlie de Puy Kamp, CNN The sprawling billion-dollar palace that sits on a hilltop overlooking the Black Sea is seen by some Kremlin critics as the ultimate emblem of Russian President Vladimir Putin’s legacy of corruption. Dubbed “Putin’s Palace,” the 190,000 square-foot mega-mansion was purportedly built for his personal
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By Matt Egan, CNN Business Koch Industries, the conglomerate run by billionaire Charles Koch, is planning to stay in Russia even as hundreds of Western companies have scaled back operations there following the invasion of Ukraine. In a statement on Wednesday, Koch Industries announced its Guardian Industries subsidiary will continue to operate two glass manufacturing
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By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
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By Matt Egan, CNN Business Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. After sinking below $94 a barrel earlier this week, US crude soared 8% to settle at $102.98 a barrel. Brent crude, the world benchmark, spiked 9% to $106.64 a
Continue Reading By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United
Continue Reading By Anna Bahney, CNN Business Home prices rose 15% to a median price of $357,300 in February from last year, as inventory stubbornly stayed near record lows, according to a report from the National Association of Realtors. But even as home prices continued to climb, sales slowed. Sales of existing homes — which include single-family
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By Frank Pallotta, CNN Business James Bond is now an Amazon employee. The tech giant has closed its $8.5 billion deal to acquire MGM, the home of the Bond franchise and one of the most iconic movie studios in Hollywood history, Amazon announced Thursday. The move looks to bolster the company’s position in the entertainment
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By Allison Morrow, CNN Business Russia is barreling toward a default on its foreign debt payments, threatening to plunge its economy deeper into crisis. Defaults are murky territory in global economics, and Russia’s situation is complicated by its growing isolation under the unprecedented sanctions imposed on it by Western powers. For those of us who
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By Anna Bahney, CNN Business Mortgage rates climbed past 4% for the first time since May 2019. The 30-year fixed-rate mortgage averaged 4.16% in the week ending March 17, up from 3.85% the week before, according to Freddie Mac. Rates climbed as the Federal Reserve moved to curb soaring inflation. On Wednesday, the central bank
Continue Reading By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed
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