By Livvy Doherty and Anna Cooban, CNN Business Vitol Group, the world’s top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source with knowledge of the situation told CNN. The Dutch energy and commodities trading company will also not enter into any new Russian crude
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By Danielle Wiener-Bronner, CNN Business Food prices keep going up. In the year ending in March, not adjusted for seasonal swings, food prices rose 8.8% — the biggest 12-month increase since the year ended May 1981, the Bureau of Labor Statistics reported Tuesday. Over the past year, virtually every type of food has become more
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By Alicia Wallace and Matt Egan, CNN Russia’s war in Ukraine has “redrawn the contours” of the global economy, stoking concerns of recessions and creating an urgent need to “stave off starvation” for hundreds of millions of people around the world, US Treasury Secretary Janet Yellen said Wednesday. In a speech at the Atlantic Council,
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By Anna Bahney, CNN Business With home prices skyrocketing by double-digit percentages over the last year, it would be no surprise if property taxes jumped too. But surprisingly, the average property tax on a single-family home rose by just 1.8% last year to $3,785, increasing at the smallest pace in the past five years, according
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By Anna Bahney, CNN Business Home prices have skyrocketed by nearly 20% over the last year and mortgage rates have risen faster over the past three months than they have in decades. But the high cost to buy a home is not the only obstacle prospective buyers are facing. Other hurdles include a lack of
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Opinion by Mark Zandi for CNN Business Perspectives Ever since Russia invaded Ukraine, oil and other commodity prices have surged and recession risks have risen sharply. In fact, the odds of a recession beginning in the next 12 months are getting uncomfortably high: one-in-three, and rising as time goes on. To avoid a downturn, the
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By Anneken Tappe, CNN Business US inflation kept moving higher in March and the Producer Price Index is the latest data point showing the price pressure. The index, which measures what America’s producers get paid for their goods and services on average over time, rose 11.2% in the year ended in March, not adjusted for
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By Anna Cooban, CNN Business Germany would plunge into a deep recession if its supply of Russian natural gas was suddenly shut off, the country’s top forecasters warned on Wednesday. The country would lose 220 billion euros ($238 billion) in economic output over the next two years in the event of such a shock, according
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By Nicole Goodkind, CNN Business JPMorgan Chase kicked off earnings season Wednesday with some bad news: First-quarter profit fell 42% from a year ago, driven lower by Russia’s invasion of Ukraine, high levels of inflation and supply chain problems. The largest US bank by assets is often viewed as a bellwether for the rest of
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By Chris Isidore, CNN Business Travel is booming, and Delta Air Lines boosted ticket prices. That helped the company weather higher fuel costs in the first quarter, and Delta believes it can turn a profit in the second quarter. The company reported an adjusted net loss of $784 million in the first quarter, which was
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By Nicole Goodkind, CNN Business Wall Street and private businesses have funneled millions of dollars into anti-union tactics and lobbying, and they’ve gotten what they wanted: Union membership has been on a steady decline in the United States for the past four decades. Now, employees are stepping up their efforts to unionize, most prominently at
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By Laura He, CNN Business China is struggling to contain an outbreak of Covid-19 in Shanghai despite a 17-day lockdown that is keeping most of its 25 million residents trapped at home. Located on the east coast of China, Shanghai is the country’s biggest and most affluent city and one of the largest metropolises in
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By Michelle Toh, CNN Business One of Apple’s top suppliers is stopping work at its factories in and around Shanghai as the city of 25 million people remains under a strict Covid lockdown. Pegatron announced Tuesday that it had suspended production at its facility in China’s largest city, as well as the nearby city of
Continue Reading By Michelle Toh, CNN Business One of Apple’s top suppliers is stopping work at its factories in and around Shanghai as the city of 25 million people remains under a strict Covid lockdown. Pegatron announced Tuesday that it had suspended production at its facility in China’s largest city, as well as the nearby city of
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The pandemic may be slowing down but renters across the US are facing sharp increases.
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The Labor Department says inflation jumped to 8.5 percent last week and prices are still being affected by a recovering supply chain and increasing consumer demands.
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By Sara Ashley O’Brien, CNN Business The rate of serious injuries at Amazon warehouses in the United States is more than twice as high as those at other, non-Amazon warehouses, according to a new study that examines injury data supplied to the federal agency that oversees workplace safety. Amazon employed 33% of all US warehouse
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By Sara Ashley O’Brien, CNN Business After a historic union victory at an Amazon warehouse in New York City earlier this month, a grassroots labor organization is hoping it can notch a second win at a facility just across the street. Hundreds of Amazon employees at a Staten Island sorting facility known as LDJ5 began
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By Alicia Wallace, CNN Business For many of the nation’s small and independent brewers, this year will prove to be a true test of their staying power. Early data for 2022 shows that brewery closures are on the rise and some sales have been spotty, said Bart Watson, senior economist for the Brewers Association, craft
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By Parija Kavilanz, CNN Business In Kyiv, a group of small business owners are busy at work. There’s a war raging around them and they’re reminded how close the danger is whenever the warning sirens go off in the Ukrainian capital. They describe it as a jarring sound, yet they push through the fear because
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