By Laura He, CNN Business Banks have seized $2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings. Evergrande said that it won’t be able to meet the March 31 deadline for publishing audited results for 2021, a year
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By Nathaniel Meyersohn, CNN Business You’re probably not too happy with your grocery bills these days. But there are strategies to help you shop without breaking the bank. Food prices rose 1% in February, the largest monthly increase since April 2020. Over the past 12 months, overall food prices increased 7.9%, the biggest jump since
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By Matt Egan, CNN Oil prices rose sharply on Monday as Europe considers whether to match America’s ban on Russian oil. US crude soared 7% to settle at $112.12 a barrel. Brent crude, the world benchmark, also rallied 7% to $115.62 a barrel. The rally will cast further doubt on how much gasoline prices will
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By Sara Ashley O’Brien, CNN Business Google has reached a settlement with six engineers who alleged the company unlawfully retaliated against them over their workplace organizing efforts. The settlement, first reported by Vice News Monday, was confirmed by labor attorney Laurie Burgess, who represented the workers, as well as in a court filing Friday. The
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By Anneken Tappe and Paul R. La Monica, CNN Business The Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell. Between a strong job market and soaring inflation, “there is an obvious need to move expeditiously to return the stance of monetary policy
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By Ramishah Maruf, CNN Business The Securities and Exchange Commission proposed a climate disclosure rule Monday, a move that would boost the Biden administration’s goal to combat climate change. The rule would force companies to disclose their greenhouse emissions and other climate-related information to aid investment decisions — a first for the US and the
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By Jordan Valinsky, CNN Business A nonprofit reporting network launched Monday the Russian Asset Tracker, a database to track the assets of prominent Russians who have links to Vladimir Putin. It’s “the most comprehensive public database of oligarch assets to date,” according to the Organized Crime and Corruption Reporting Project, which collaborated with 27 media
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By Jackie Wattles, CNN Business Jeff Bezos’ space company, Blue Origin, said it will replace Saturday Night Live star Pete Davidson with a long-time employee on the company’s next supersonic jaunt to the edge of space. The company announced Monday it will replace Davidson with its chief architect of its suborbital rocket, Gary Lai. Davidson,
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By Catherine Thorbecke, CNN Business A number of Apple services were hit by a short-lived outage for some users on Monday afternoon. Reports began to swirl online of users experiencing issues with iMessage, iCloud and more of the tech giant’s tools starting around 1 p.m. ET. Apple eventually acknowledged at least 11 outages on its
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By Paul R. La Monica, CNN Business US-listed Russian stocks have been in freefall following the invasion of Ukraine — but it’s not the only nation whose stocks are getting whipsawed. Shares of major Chinese firms have been up and down in 2022. There’s plenty weighing on sentiment: worries about leading Chinese companies possibly getting
Continue Reading By Paul R. La Monica, CNN Business US-listed Russian stocks have been in freefall following the invasion of Ukraine — but it’s not the only nation whose stocks are getting whipsawed. Shares of major Chinese firms have been up and down in 2022. There’s plenty weighing on sentiment: worries about leading Chinese companies possibly getting
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By Anna Cooban, CNN Business A South African judge has put the brakes on a $270 million real estate project that includes a regional headquarters for Amazon, saying that indigenous people who consider the land to be sacred must be consulted. Judge Patricia Goliath said in a ruling on Friday that Liesbeek Leisure Properties Trust
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By Matt Egan, CNN Business Just a few months ago, optimism among American CEOs hit record highs. But given stubbornly high inflation, Russia’s invasion of Ukraine and a Covid wave in Europe, that sunny outlook has dimmed. The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped to a reading of 115 during
Continue Reading By Matt Egan, CNN Business Just a few months ago, optimism among American CEOs hit record highs. But given stubbornly high inflation, Russia’s invasion of Ukraine and a Covid wave in Europe, that sunny outlook has dimmed. The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped to a reading of 115 during
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By Chris Isidore, CNN Business A Boeing 737 carrying 132 people crashed early Monday in China. Although Boeing’s 737 has faced extraordinarily high-profile safety concerns over the past three years, the plane that crashed Monday was a different version of the aircraft than the embattled 737 Max that shook Boeing to its core. The cause
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By Jackie Wattles and Jennifer Korn, CNN SpaceX has a new deal to launch internet-beaming satellites for its chief competitor in the satellite business — British company OneWeb. The somewhat awkward pairing, announced by OneWeb on Monday, comes after Russia’s invasion of Ukraine effectively brought a halt to Russian launches of commercial Western satellites. A
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By Jordan Valinsky, CNN Business Following criticism from Ukraine’s president over Nestlé’s ties to Russia, the company is halting the sale of more of its brands in the country. “Going forward, we are suspending renowned Nestlé brands such as KitKat and Nesquik, among others,” the Swiss multinational brand said in a statement. “We have already
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By Matt Egan, CNN Business Ukrainian President Volodymyr Zelensky is calling out Nestlé for the Swiss company’s continued relationship with Russia. “‘Good food. Good life.’ This is the slogan of Nestlé. Your company that refuses to leave Russia,” Zelensky said Saturday during an address to the people of Switzerland. “Even now — when there are
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By Samantha Murphy Kelly, CNN Business Match on Monday rolled out a new service called Stir that aims to remove some of the barriers around dating as a single parent. The dating services company said Stir focuses on meeting the specific dating needs of single parents that aren’t typically addressed on mainstream dating apps. With
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By Paul R. La Monica, CNN Business It may not be the “elephant-sized” deal that Warren Buffett has long promised, but Berkshire Hathaway is making its biggest acquisition in years: it’s buying insurer Alleghany for $11.6 billion in cash. Buffett, the “Oracle of Omaha,” has been saying for years that he wants to make a
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