Money

By Paul R. La Monica, CNN Business Here’s a promising sign from Wall Street: Transportation stocks are leading the stock market this year, and that could bode well for the broader economy. The Dow Jones Transportation Average, a group of 20 stocks that includes major railroads, truckers, airlines and freight companies, is up about 7%

By Matt Egan, CNN Business Oil prices rose sharply Wednesday after Russia warned a major oil pipeline could be out of service for more than a month due to storm damage, amplifying supply shortfalls caused by the war in Ukraine. News of the outage helped drive US oil prices 5.2% higher to settle at $114.93

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

By Jeanne Sahadi, CNN Business Wall Street firms have figured out a way to beat inflation for their employees: Just hike annual bonuses to record amounts. The average Wall Street bonus for 2021 hit a record high of $257,500, up 20% from $213,700 the year before, according to estimates released Wednesday by New York State

By Anna Bahney, CNN Business The cost of monthly rent reached a new high in February, with the typical apartment now $283 more expensive each month than it was two years ago, before the onset of the pandemic. The national median rent was $1,792 last month, up 17% from a year ago, according to a

By Danielle Wiener-Bronner, CNN Business If you’ve found yourself struggling to find Pillsbury dough or Totino’s pizza rolls lately, it’s not you. It’s General Mills. The company has been struggling to meet demand for its refrigerated pizza and dough in the United States. Typically, General Mills likes to be able to meet customer demand 98%

By Stephanie Busari, CNN Africa’s richest man Aliko Dangote opened the continent’s largest fertilizer plant this week as war in Ukraine cuts off supplies from Russia, threatening a global food crisis. The $2.5 billion urea and ammonia fertilizer plant was commissioned by Nigeria’s President Muhammadu Buhari in Lagos, where Dangote is also due to open

By Nathaniel Meyersohn, CNN Business Following a landmark Supreme Court decision last year that opened the door for college athletes to make money, sponsors have scrambled to nab the highest-profile NCAA players. But Adidas is playing the game differently. Rather than exclusively going after individual sponsorship deals, Adidas announced Wednesday that it will create a

By Matt Egan JPMorgan Chase CEO Jamie Dimon urged President Joe Biden in an off-the-record meeting this week to develop a “Marshall Plan” to fortify the energy security of the United States and Europe, a person familiar with the matter confirmed to CNN Wednesday. Dimon’s comments came during a Monday meeting of business leaders and

By Anna Cooban, CNN Business The UK government is cutting payroll taxes and duties on fuel in an attempt to take some of the sting out of the worst cost of living crisis in decades. But it resisted calls to impose a new windfall tax on oil company profits to raise money to fund more

By Paul R. La Monica, CNN Business The meme stocks are back. Shares of GameStop and AMC, two companies beloved by traders on Reddit and other social media platforms, are surging again. Shares of GameStop rose more than 30% Tuesday and were up another 16% Wednesday. AMC soared 15% Tuesday and gained 20% Wednesday. GameStop

By Matt Egan, CNN Business Former Trump national security adviser H.R. McMaster said Russian President Vladimir Putin has been caught off guard by the West’s united front deploying tough sanctions in response to the invasion of Ukraine — and that the Biden administration deserves credit for helping foster that unity. “Putin perceived weakness and disunity,”

By Nadeen Ebrahim, CNN The war in Ukraine is only a month old, but its shockwaves are already being felt as far away as the Middle East, putting governments on edge as tensions simmer at home. “This crisis may be significantly more severe than the coronavirus crisis,” said Egyptian prime minister Mostafa Madbouly during a