By Charles Riley, CNN Business Here’s one big reason oil prices are near a seven-year high: OPEC and Russia are producing less than they promised. The Organization of the Petroleum Exporting Countries and 10 other major crude oil producers, including Russia, have been gradually increasing their output after taking 9.7 million barrels per day out
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By Anneken Tappe, CNN Business Omicron threw a wrench into America’s economy at the start of 2022: The US private sector lost hundreds of thousands of jobs in January, according to Wednesday’s ADP Employment Report. The loss of 301,000 private-sector positions came as a surprise to economists who had predicted businesses had added 207,000 jobs.
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Opinion by Rhonda Sideris and Heleena Sideris for CNN Business Perspectives Like many other businesses, we’ve been through our fair share of challenges running our Park City, Utah vacation rental company during the pandemic. We’ve sacrificed millions of dollars in revenue by honoring generous cancellation policies for guests and keeping properties vacant for a day
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By Samantha Murphy Kelly, CNN Business Aaron Hommell bought his 3G iPhone 5 in 2014 and kept it for more than seven years, holding onto it even after the screen cracked and a long list of faster models hit the market. Then a year ago, AT&T began sending him emails that the company would be
Continue Reading By Samantha Murphy Kelly, CNN Business Aaron Hommell bought his 3G iPhone 5 in 2014 and kept it for more than seven years, holding onto it even after the screen cracked and a long list of faster models hit the market. Then a year ago, AT&T began sending him emails that the company would be
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By Ivana Kottasová and Angela Dewan, CNN The European Commission is coming under criticism after unveiling a long-delayed proposal to designate natural gas and nuclear power “sustainable” sources of energy Wednesday. Including the energy sources on the EU’s green list could unlock a wave of private investment into new nuclear and gas projects. But the
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By Julia Horowitz, CNN Business Not everyone has thousands of dollars on hand to purchase a single share of Google. Soon, investors won’t have to. What’s happening: Google parent Alphabet, the third largest public company in the United States, announced after markets closed on Tuesday that it will execute a 20-for-1 stock split in mid-July,
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By Jordan Valinsky, CNN Business US airlines have canceled thousands of flights for Wednesday and Thursday as a powerful winter storm packing ice, rain, sleet and snow is stretching from the Midwest to the South. For Wednesday, Chicago O’Hare, a United and American Airlines hub, is the most affected airport with 364 cancellations, according to
Continue Reading By Jordan Valinsky, CNN Business US airlines have canceled nearly 3,000 flights combined for Wednesday and Thursday as a powerful winter storm packing ice, rain, sleet and snow is stretching from the Midwest to the South. For Wednesday, Chicago O’Hare, a United and American Airlines hub, is the most affected airport with 164 cancellations, according
Continue Reading By Ivana Kottasová and Angela Dewan, CNN The European Commission is coming under criticism after unveiling a long-delayed proposal to designate natural gas and nuclear power “sustainable” sources of energy Wednesday. Including the energy sources on the EU’s green list could unlock a wave of private investment into new nuclear and gas projects. But the
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By Vanessa Yurkevich, CNN Business The restaurant industry will likely never return to its pre-pandemic state, according to the National Restaurant Association. The trade group says 2022 will be a “new normal,” for the sector as it struggles to rebound and as competition for workers remains intense, according to the association’s 2022 State of the
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By Laura He, CNN Business The Chinese box office has raked in $314 million so far during the Lunar New Year holiday, largely thanks to a patriotic war epic celebrating China’s victory over the United States during a key battle during the Korean War. “Water Gate Bridge” is the sequel to the 2021 Chinese blockbuster
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By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Whoopi Goldberg will start a two-week suspension Wednesday morning. ABC News president Kim Godwin announced the decision to discipline Goldberg on Tuesday night, one day after “The View” host had
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By Oliver Darcy, CNN Business ABC News suspended “The View” host Whoopi Goldberg for two weeks on Tuesday night, hours after she apologized for having falsely declared on the daytime program that the Holocaust was “not about race.” In a statement, ABC News president Kim Godwin bluntly described Goldberg’s comments about the Holocaust, which were
Continue Reading By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Whoopi Goldberg will start a two-week suspension Wednesday morning. ABC News president Kim Godwin announced the decision to discipline Goldberg on Tuesday night, one day after “The View” host had
Continue Reading By Oliver Darcy, CNN Business ABC News suspended “The View” host Whoopi Goldberg for two weeks on Tuesday night, hours after she apologized for having falsely declared on the daytime program that the Holocaust was “not about race.” In a statement, ABC News president Kim Godwin bluntly described Goldberg’s comments about the Holocaust, which were
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By Clare Duffy, CNN Business Despite being one of the biggest online advertising giants, Google’s ad business is still growing at a rapid clip. Google’s ad sales grew nearly 33% year-over-year to $61.2 billion during the three months ending in December, and contributed to an overall better-than-expected quarter for its parent company, Alphabet. The company
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By Matt Egan, CNN Business America’s national debt just hit another sobering milestone. Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday. Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about
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By Chris Isidore, CNN Business General Motors reported record earnings for 2021, despite struggling with a shortage of computer chips and other parts that crimped its ability to build and sell all the cars and trucks it wanted. Quarterly earnings reached nearly $2 billion, excluding special items, topping the consensus forecast of $1.7 billion from
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By Clare Duffy, CNN Business In June 2019, after years of being under scrutiny for the impact its platforms have on society, Facebook unveiled one of its most ambitious projects yet: a cryptocurrency called Libra, which would be backed by an international consortium of companies. The effort had such lofty goals as providing financial services
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