Money

By Charles Riley, CNN Business Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative

By Jill Dougherty, for CNN A week after Russia invaded Ukraine, the staff of Russia’s last independent TV channel, TV Rain, also known as Dozhd, shut itself down. Seated at the news desk, general director and co-founder Natalia Sindeeva — a tough-as-nails media entrepreneur — announced the channel was closing, took a breath, and said,

By Danielle Wiener-Bronner, CNN Business The International House of Pancakes is opening a bank. A pancake bank. That’s the concept for the brand’s new loyalty program, dubbed the International Bank of Pancakes (as in IBOP — not to be confused with IHOb, International House of Burgers, a 2018 marketing campaign). Rewards programs are a good

By Betsy Klein, CNN Business President Joe Biden will sign an executive order Wednesday establishing the first-ever federal strategy on cryptocurrencies, the White House said. Biden will order the exploration of a digital currency operated by the US central bank, and he encouraged regulators to identify and mitigate risks digital assets pose to the financial

By Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only reason. Numerous factors are combining to push gas prices up to a record. Gas hit $4.25 for a gallon of regular gas, according to AAA’s survey Wednesday. Gas

By Parija Kavilanz, CNN Business Lululemon unveiled a new product Tuesday that speaks to the upscale brand’s ambition to expand into new categories. The athleisure company, known for its leggings and yoga pants, introduced a running shoe for women called Blissfeel. The shoe marks Lululemon first-ever foray into footwear. The move sets Lululemon Athletica up

By David Goldman, CNN Business The United States and Europe have pummeled Russia with unprecedented sanctions over the past several weeks as Vladimir Putin’s army bears down on Ukraine. But the West has largely left Russia’s largest export untouched: energy. Until now. European Union officials on Tuesday said the bloc would slash imports of Russian

By Nathaniel Meyersohn, CNN Business Kohl’s is under intense pressure from Wall Street raiders and up against stiff competition from Amazon, Target and others. Now it’s hoping that overhauling its brand image can beat back those threats. Kohl’s announced plans Monday to add Sephora mini-shops to roughly 75% of its 1,100 US stores, open 100

By Danielle Wiener-Bronner, CNN Business McDonald’s and Starbucks are shutting their restaurants and cafes in Russia, and Coca-Cola is suspending its operations there in response to Russia’s invasion of Ukraine. PepsiCo is also pulling some products from the country. The decisions followed pressure from critics and similar moves by other Western companies. On Twitter, people

By Allison Morrow, CNN Business As the world barrels into Year Three of the pandemic, Americans are entering a new phase or economic anxiety — an inescapable reality that shouts out at them in big bold numbers on countless signs dotting the nation’s roadsides. Record gas prices are here, just as many people are mapping