Money Archives

The Internal Revenue Service website seen displayed on a smartphone.

IRS now lets taxpayers opt out of facial recognition after backlash

February 22, 2022 3:37 PM CNN Newsource

By Rachel Metz, CNN Business The Internal Revenue Service will continue using controversial facial recognition software for the rest of the current tax-filing season to verify taxpayers’ identities before they can log on to its website. But after facing a backlash, the agency is now offering an alternative, too. The IRS announced Monday that people

Stock futures fell off a cliff Monday evening as tensions rise between Ukraine and Russia.

Stocks slide as Putin orders troops into Ukraine. Oil prices near $100 per barrel

February 22, 2022 3:23 PM CNN

By Laura He and Rob McLean, CNN Business Global stock markets tumbled and crude oil prices surged to $99 per barrel on Tuesday after Russia ordered troops into parts of eastern Ukraine. Wall Street also fell as traders returned from the holiday weekend, but stocks finished off their lows of the day. The Dow briefly

Fire that left cargo ship full of luxury cars stranded in the Atlantic may finally be going out

February 22, 2022 2:15 PM CNN Newsource

By Jennifer Korn and Vanessa Yurkevich, CNN The fire on board the large car-carrying cargo ship Felicity Ace could soon be extinguished because there might not be anything left to burn. The 656 foot-long Felicity Ace roll-on/roll-off car-carrying ship caught fire in the North Atlantic last Wednesday as it carried around 4,000 vehicles, including Porsches,

Slack went down for many users Tuesday morning

Slack went down today, but work wasn’t canceled

February 22, 2022 2:15 PM CNN

By Clare Duffy, CNN Business Slack went down for many users Tuesday morning, throwing off companies that rely on the popular workplace communication platform just as workers returned from the extended holiday weekend. “We’re investigating the issue where Slack is not loading for some users,” the company said on its status page around 9:30 am

The receiving station of the Nord Stream 2 gas pipeline near Lubmin

Germany halts Nord Stream 2 and Russia responds with a stark warning

February 22, 2022 11:39 AM CNN

By Charles Riley and Julia Horowitz, CNN Business The West showed Tuesday it was ready to target Russia’s huge energy industry — even at the risk of hurting itself — after Moscow ordered troops into parts of eastern Ukraine. Germany said it was halting certification of the Nord Stream 2 gas pipeline following Moscow’s actions

Slack went down today, but work wasn’t canceled

February 22, 2022 11:18 AM CNN Newsource

By Clare Duffy, CNN Business Slack went down for many users Tuesday morning, throwing off companies that rely on the popular workplace communication platform just as workers returned from the extended holiday weekend. “We’re investigating the issue where Slack is not loading for some users,” the company said on its status page around 9:30 am

Lithium for batteries is extracted through evaporation in a brine pool in Argentina. This pool is owned by a subsidiary of Neo Lithium

How a battery shortage could threaten US national security

February 22, 2022 11:15 AM CNN Newsource

By Matt McFarland, CNN Business Bob Galyen has spent his career building electric car batteries. And he thinks the United States has a problem. Galyen, who engineered the battery for the General Motors EV1, the first mass-produced electric vehicle, and also served as chief technology officer at a Chinese company that’s the top battery producer

Macy's billboard in front of the Macy's Herald Square store on Oct. 8

Macy’s and Kohl’s get in a knife fight with Wall Street

February 22, 2022 10:39 AM CNN Newsource

By Nathaniel Meyersohn, CNN Business Activist investors are circling Macy’s and Kohl’s. The department store chains are fighting back. Macy’s on Tuesday rejected calls from activist investor Jana Partners to spin off its e-commerce operations after completing a board review of the company’s entire strategy. Jana Partners in October said that Macy’s could double its

A shopper walks through the dairy aisle of a grocery store in Washington

Inflation keeps weighing on consumer confidence

February 22, 2022 10:07 AM CNN Newsource

By Anneken Tappe, CNN Business American consumer confidence slipped again in February, a new report from the Conference Board said Tuesday. The index tracking how Americans are feeling fell to 110.5 this month, a steeper decline than economists had expected and the lowest level since September. The January number was revised down as well. Inflation

Energy price shock from the Russia-Ukraine crisis could hurt the economy

February 22, 2022 9:16 AM CNN Newsource

By Matt Egan, CNN Business As oil rapidly approaches $100 a barrel, JPMorgan warned Tuesday that a spike in energy prices and other ripple effects from the Russia-Ukraine crisis could hurt both the stock market and the economic recovery. “An energy price shock amidst an aggressive central bank pivot focused on inflation could further dampen

A customer walks past plywood for sale at a Home Depot store on May 27

The Dow’s top stock of 2021 is off to a rough start this year

February 22, 2022 8:59 AM CNN Newsource

By Paul R. La Monica, CNN Business Home Depot was the Dow’s best-performing stock in 2021, soaring more than 55% thanks to strong demand from consumers in what was a red hot housing market. But shares are off to a bumpy start this year. Shares of Home Depot have fallen 24% because of fears about

Bahrain's world trade center and the skyline of the capital Manama in December 2020.

The Middle East already has a crypto hub, and it’s not Dubai

February 22, 2022 8:56 AM CNN Newsource

By Eoin McSweeney, CNN When the world’s biggest cryptocurrency exchange decided in December to set up an advisory body in Dubai, local bitcoin enthusiasts celebrated. Binance’s presence would be the jewel in the city’s crypto crown as it tried to position itself as a hub for the digital asset. The crypto exchange’s CEO Changpeng “CZ”

Traders work on the floor of the New York Stock Exchange at the opening bell on February 22 in New York.

Dow falls more than 460 points as Russia-Ukraine worries sink sentiment

February 22, 2022 8:11 AM CNN

By Paul R. La Monica, CNN Business Wall Street’s attempt for a Wednesday rally failed, with stocks closing broadly lower on continued worries about the likelihood of an imminent invasion of Ukraine by Russia. The Dow closed down more than 464 points, or 1.4%, after opening the session higher. It was a broad-based slide, with

Elon Musk accuses the SEC of illegally leaking details of its Tesla investigation

February 22, 2022 8:02 AM CNN Newsource

By Chris Isidore, CNN Business Tesla CEO Elon Musk is escalating his battle with the Securities and Exchange Commission, accusing a staff member of illegally leaking the results of an investigation. Musk said the regulator is trying to “weaponize” an earlier consent decree he and Tesla signed “for illicit ends.” The allegations in a court

Single family homes line the streets of Clairemont on Tuesday

Home prices skyrocketed last year. Two regions saw the biggest increases

February 22, 2022 8:01 AM CNN Newsource

By Anna Bahney, CNN Business Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data and substantially ahead of 2020’s 10.4% gain. All regions saw price gains last year, but increases were strongest in the South and the Southeast, each

HARD MTN DEW is launching first in Tennessee

Here’s where you can get boozy Mountain Dew first

February 22, 2022 7:49 AM CNN Newsource

By Jordan Valinsky, CNN Business The highly anticipated arrival of boozy Mountain Dew is finally here, but not everyone will be able to get it at first. HARD MTN DEW is launching Tuesday at select retailers in Tennessee, Florida and Iowa. Availability of the sugar-free, spiked seltzer will expand to more states later this year

Twenty years after 3G was first introduced in the United States

AT&T is shutting down its 3G network. Here’s how it could impact you

February 22, 2022 6:39 AM CNN Newsource

By Samantha Murphy Kelly, CNN Business Twenty years after 3G was first introduced in the United States, paving the way for a new generation of mobile apps, the network is officially being phased out. AT&T is set to pull the plug on its 3G network Tuesday, with other major US carriers expected to follow suit

Germany halts Nord Stream 2 and Russia responds with a stark warning

February 22, 2022 6:20 AM CNN Newsource

By Charles Riley and Julia Horowitz, CNN Business The West showed Tuesday it was ready to target Russia’s huge energy industry — even at the risk of hurting itself — after Moscow ordered troops into parts of eastern Ukraine. Germany said it was halting certification of the Nord Stream 2 gas pipeline following Moscow’s actions

A resident watches a live broadcast of Russian President Vladimir Putin on Monday

Russia is already paying a hefty financial price for its aggression

February 22, 2022 6:14 AM CNN Newsource

By Charles Riley, CNN Business Russian stocks whipsawed and the ruble rebounded from a near-record low on Tuesday as investors reacted to President Vladimir Putin’s decision to order troops into eastern Ukraine. Moscow’s MOEX stock index pared heavy losses after shedding more than 10% on Monday, bringing losses so far this year to about 20%.

Russia is already paying a hefty financial price for its aggression

February 22, 2022 6:14 AM CNN

By Charles Riley, CNN Business Russian stocks plunged and the ruble slid closer to a record low on Tuesday as investors reacted to President Vladimir Putin’s decision to order troops into eastern Ukraine. Moscow’s MOEX stock index dropped 4% after shedding more than 10% on Monday, bringing losses so far this year to over 20%.