Opinion by Patrick Gaspard for CNN Business Perspectives President Biden has led a successful campaign to cut Russia off from the global economy, with asset freezes, export controls and a ban on Russian oil imports. While this has had a devastating impact on the Russian economy, there’s no denying that Americans are feeling the reverberations
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By Matt Egan, CNN Business Turbulence in the oil market continued on Tuesday, with crude prices soaring back above $100 a barrel on concerns about a loss of supply of oil from Russia and signs that lockdowns in China may be easing. US crude jumped 7% to $100.84 a barrel in recent trading. Brent crude,
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By Danielle Wiener-Bronner, CNN Business Krispy Kreme wants to take the edge off higher gas prices by lowering doughnut prices. Every Wednesday from April 13 through May 4, Krispy Kreme will sell a dozen original glazed doughnuts for the price of a gallon of regular gas. Each week, the chain will use Monday’s national average
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By Chris Isidore and Mark Thompson, CNN Business Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be “transformed.” According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the
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By Kathryn Vasel, CNN Business Millions of people are quitting their jobs and finding new ones in what has been dubbed the Great Resignation. In February, there were more than 11 million job openings, according to the Labor Department, and the unemployment rate fell to 3.6% in March, a new pandemic-era low. If you are
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By Danielle Wiener-Bronner, CNN Business Baskin-Robbins is making some changes. The 77-year old ice cream shop is tweaking its logo, employee uniforms and packaging to update the brand. It’s the first major update for Baskin-Robbins since 2006, according to the company. It will also sell merchandise, including bikes and bucket hats, from a dedicated online
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By David Goldman, CNN Business Oil prices may have met their match — for now, at least. Crude futures are tumbling yet again, sinking nearly 3%. After nearing $140 a barrel in early March and topping $120 as recently as two weeks ago, Brent futures have fallen in nearly a straight line and now sit
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By Reuters Societe Generale said on Monday it had agreed to sell its stake in Rosbank and the Russian lender’s insurance subsidiaries to Interros Capital, a firm linked to billionaire Vladimir Potanin. Russia’s invasion of Ukraine has triggered financial sanctions from the United States, Europe and Britain, prompting Western companies to sell their Russian assets.
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By Michelle Toh, CNN Business Ukraine could lose almost half of its economy this year as a result of Russia’s invasion, according to the World Bank. In a report published Sunday, the bank estimated that the country’s GDP could decline by 45.1% this year, although it noted that “the magnitude of the contraction will depend
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By Anna Cooban, CNN Business Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said. Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to
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By Laura He, CNN Business One of the regulators behind China’s dramatic crackdown on private enterprise has tried to quell growing concerns about the impact on employment, saying the country’s biggest tech companies have added nearly 80,000 jobs since July and are “full of confidence.” In a rare, direct response by a top government agency
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By Rob McLean and Clare Duffy, CNN Business Tesla CEO Elon Musk, who recently became Twitter’s largest individual shareholder, has decided not to join the social media company’s board. Twitter CEO Parag Agrawal tweeted the news Sunday night. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning
Continue Reading By Chris Isidore and Mark Thompson, CNN Business Elon Musk has made an offer to buy Twitter and take it private, saying he believes the company needs to be “transformed.” According to an SEC filing, Musk has offered to acquire all the shares in Twitter he does not own for $54.20 per share, valuing the
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By Zoe Sottile, CNN Have you ever wondered if your baby is cute enough to be the face of Gerber’s baby food? This month you can find out. The 2022 Photo Search, in which eager parents submit photos of their smiling infants for a chance to be Gerber’s “Spokesbaby,” launched on Monday, according to a
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By Ramishah Maruf, CNN Abigail Disney shared what she thinks the entertainment company should do in the wake of recent right-wing media attacks. Some conservatives are trying to attach sexual predation claims or allegations of being sympathetic to pedophiles to their opponents as the November midterms approach, and their latest target is the Walt Disney
Continue Reading By Ramishah Maruf, CNN Abigail Disney shared what she thinks the entertainment company should do in the wake of recent right-wing media attacks. Some conservatives are trying to attach sexual predation claims or allegations of being sympathetic to pedophiles to their opponents as the November midterms approach, and their latest target is the Walt Disney
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By Nicole Goodkind, CNN Business Banks have pledged to go green. Yet they can’t seem to ditch coal. Coal, the highest carbon emitting and dirtiest energy source, is the single biggest contributor to human-created climate change. Global power generation from coal grew 9% last year to an all-time high. Over the last three years commercial
Continue Reading By Frank Pallotta, CNN Business Nothing can slow down Sonic The Hedgehog. “Sonic The Hedgehog 2,” the Paramount sequel about the iconic Sega video game character, notched an estimated $71 million domestically for its opening this weekend, according to the studio. That number not only exceeded expectations that had the film making closer to $50
Continue Reading By Frank Pallotta, CNN Business Nothing can slow down Sonic The Hedgehog. “Sonic The Hedgehog 2,” the Paramount sequel about the iconic Sega video game character, notched an estimated $71 million domestically for its opening this weekend, according to the studio. That number not only exceeded expectations that had the film making closer to $50
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By Paul R. La Monica, CNN Business The Federal Reserve’s interest rate hikes should boost lending profits for major financial firms. Now, the big banks will have the chance to prove to investors that they can thrive if rates continue to climb. JPMorgan Chase, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley will all report
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