By Matt Egan, CNN Business Chevron CEO Mike Wirth expressed support on Tuesday for governments to release emergency stockpiles of oil to offset supply fears triggered by Russia’s invasion of Ukraine. “I do think a coordinated response by multiple countries could help in the near-term,” Wirth said in response to a question from CNN during
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By Frank Pallotta, CNN Business “The Batman,” which is anticipated to be one of the biggest blockbusters of the year, won’t hit theaters in Russia following the country’s invasion of Ukraine last week. “In light of the humanitarian crisis in Ukraine, WarnerMedia is pausing the release of its feature film ‘The Batman’ in Russia. We
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By Jackie Wattles, CNN Business Steve Wozniak has a new — and potentially lucrative — passion: Space junk. But the money, according to Wozniak’s co-founder in this new venture, couldn’t be further from the point. “I don’t think Steve [Wozniak] gives a damn about making another 10 cents, and I really couldn’t care less,” Alex
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By Julia Horowitz, CNN Business A global hunt for spare barrels of crude is underway as sanctions slam Russia, the world’s second largest exporter, following its invasion of Ukraine. But don’t expect Saudi Arabia to step in to fill the gap, at least for now. What’s happening: The kingdom could help ease global oil prices,
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By Mark Thompson and Vasco Cotovio, CNN Business Russian President Vladimir Putin is trying to stem the flow of Western businesses fleeing the country over his decision to wage war on Ukraine. Capital controls designed to stop the exodus were announced by Russian Prime Minister Mikhail Mishustin, state news agencies TASS and RIA reported on
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By Alicia Wallace, CNN Business Nearly half a million families are estimated to be stranded without reliable child care, exacerbating the nation’s worker shortage as parents continue to stay home, according to a new report. The report, published by Wells Fargo economists on Tuesday, adds to a growing cache of economic evidence highlighting job losses
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By Jordan Valinsky, CNN Business Coors Light is ditching plastic rings on its six-packs and replacing them with an environmentally friendlier option. Beginning later this year, Coors Light will instead be packaged in cardboard wrap carriers that are recyclable and sustainably sourced. Molson Coors announced the change Tuesday, saying Coors Light is the largest beer
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By Michelle Toh, CNN Business Cryptocurrency prices are climbing after Russia’s ruble sank to another record low and Moscow was hit with new sanctions. As of 5:25 a.m. ET on Tuesday, bitcoin had jumped 13% over the last 24 hours to $43,163, according to cryptocurrency tracker CoinDesk. Other cryptocurrencies moved higher, too. Ethereum climbed 10%
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By Laura He, CNN Business Switzerland, a major hub for storing wealth that is popular with Russian oligarchs, is breaking with its tradition of neutrality to sanction Russia. The Swiss government will adopt EU sanctions imposed following the invasion of Ukraine and immediately freeze any assets belonging to Russian President Vladimir Putin, Prime Minister Mikhail
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By Chris Isidore, CNN Business As the United States and Europe ramp up their sanctions on Russia, Western consumers will soon face rising costs. That’s true even for American consumers, even though relatively few Russian exports reach US shores. The higher prices are modest compared to the destruction of life and property in Ukraine. But
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By Matt Egan, CNN Business Russia faces the specter of a full-blown financial meltdown. Punishing sanctions leveled by the West have sent the ruble crashing to record lows, shuttered Moscow’s stock market and made Russian assets toxic on the world stage. The White House has even taken aim at Vladimir Putin’s financial fortress, removing access
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By Frank Pallotta, CNN Business Disney, Hollywood’s largest and most influential movie studio, is pausing the release of its theatrical films in Russia following the country’s invasion of Ukraine last week. “Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming
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By Oliver Darcy, CNN Business RT, the Russia-backed media outlet infamous for promoting Vladimir Putin’s talking points, has seen its influence significantly diminish in recent days as cable carriers and social media companies have taken swift measures to block its reach. The actions taken by television providers and technology companies against RT have dealt one
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By Oliver Darcy, CNN Business DirecTV is cutting ties with RT, the Russia-backed television network infamous for promoting Vladimir Putin’s agenda. A spokesperson for the US satellite carrier told CNN on Tuesday that the company had already been reviewing whether to renew the outlet’s carriage agreement, which was due for expiration later this year, and
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By Frank Pallotta, CNN Business Netflix is refusing to air Russian state TV channels in the country — something that the streamer would have been required to do by Russian law starting this week. “Given the current situation, we have no plans to add these channels to our service,” Netflix told CNN Business in a
Continue Reading By Frank Pallotta, CNN Business “The Batman,” which is anticipated to be one of the biggest blockbusters of the year, won’t hit theaters in Russia following the country’s invasion of Ukraine last week. “In light of the humanitarian crisis in Ukraine, WarnerMedia is pausing the release of its feature film ‘The Batman’ in Russia. We
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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
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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
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By Brian Fung, CNN Business Facebook, Twitter and YouTube are all taking tougher stances on content from Russian state media amid intensifying pressure from European officials for the Big Tech platforms to act against pro-Russian propaganda and address the escalating information war in Ukraine and across the internet. But there are concerns that cracking down
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By Jennifer Korn, CNN Business Airbnb is offering free short-term housing for up to 100,000 Ukrainians who have been displaced by the war with Russia, the company announced Monday. The stays will be funded by donations to the Airbnb.org Refugee Fund as well as with help from hosts on the platform. Brian Chesky, Airbnb’s cofounder
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