By Matt Egan, CNN Business It’s a tale of two oil trends for ExxonMobil: The company will post a massive profit increase for the first quarter thanks to the oil price spike, but it’s bracing to lose money on its planned exit from Russia. Exxon disclosed the news Monday ahead of its official quarterly earnings
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By Nadeen Ebrahim, CNN The Ukraine war is wreaking havoc on the world economy, but in the Middle East its impact hasn’t been so grim for everyone. Some of the world’s biggest hydrocarbon producers, the Gulf nations are seeing billions of dollars added to their coffers aided by a Ukraine war-driven rally in oil prices.
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By Anna Cooban, CNN Business European officials have signaled that they could sanction Russia’s energy exports after images emerged of mass killings of civilians in Bucha, near the Ukrainian capital. Josep Borrell, the European Union’s top diplomat, said in a statement Monday that the bloc was working as a “matter of urgency” on drawing up
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By Julia Horowitz, CNN Business Just three weeks ago, Starbucks announced that it had big plans to lavish its shareholders with new rewards. The company said it was reinstating its stock buyback program, touting a $20 billion commitment over the next three years. “While our growth this year will not be linear, we are confident
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By Chris Isidore, CNN Business Elon Musk recently purchased 9.2% of Twitter stock, according to a filing Monday, making him the largest shareholder in the company. News of the purchase sent shares of Twitter soaring 22% in early trading. Musk did not disclose what he paid for the shares, but his stake was worth $2.9
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By Danielle Wiener-Bronner, CNN Business Coke’s recent foray into bold new flavors has its latest entry, and it’s a doozy. Last month, Coca-Cola announced a new limited-edition beverage: Coca-Cola Starlight, a red version of the iconic soda with a flavor “inspired by space.” Now the company is one-upping itself with another offbeat offering: Coca-Cola Zero
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By Laura He, CNN Business China is extending an olive branch to the United States in a bid to prevent Chinese firms from being kicked off the US stock market. The China Securities Regulatory Commission, the country’s top securities watchdog, has proposed changing a decade-old rule that forbids Chinese firms from sharing sensitive data and
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By Matt Egan, CNN Business Jamie Dimon is worried about the powerful shockwaves set off by the combination of high inflation and Russia’s invasion of Ukraine. Dimon, one of the world’s most influential business leaders, warned Monday in his annual shareholder letter that the conflict poses a significant threat to the economic recovery that began
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By Diksha Madhok, CNN Business India’s Gautam Adani has joined what is probably the most elite club in the world. The infrastructure tycoon’s wealth hit $100 billion over the weekend, according to the Bloomberg Billionaires Index, making him the richest person in Asia. He joins nine other men in the centibillionaires club, including Tesla CEO
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By Danielle Wiener-Bronner and Poppy Harlow, CNN Howard Schultz’s first act on his return as Starbucks CEO is to pause the company’s share buyback program. “Starting immediately, we are suspending our share repurchasing program,” Schultz wrote in an open letter to Starbucks employees, customers and others which was published early Monday. “This decision will allow
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By Brian Stelter, CNN Business In a forthcoming book, a pair of New York Times reporters and CNN political analysts report that President Joe Biden “assessed” Fox News “as one of the most destructive forces in the United States.” The reporters, Jonathan Martin and Alexander Burns, say that Biden was even more critical of Fox
Continue Reading By Brian Stelter, CNN Business In a forthcoming book, a pair of New York Times reporters and CNN political analysts report that President Joe Biden “assessed” Fox News “as one of the most destructive forces in the United States.” The reporters, Jonathan Martin and Alexander Burns, say that Biden was even more critical of Fox
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By Ramishah Maruf, CNN Two Sky News journalists said they are lucky to be alive after their vehicle was ambushed outside Kyiv. Dominique van Heerden and Stuart Ramsay were part of a Sky News team that was traveling back to Kiev when their car was ambushed, the reporters told CNN’s chief media corespondent Brian Stelter
Continue Reading By Ramishah Maruf, CNN Two Sky News journalists said they are lucky to be alive after their vehicle was ambushed outside Kyiv. Dominique van Heerden and Stuart Ramsay were part of a Sky News team that was traveling back to Kiev when their car was ambushed, the reporters told CNN’s chief media corespondent Brian Stelter
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By Ramishah Maruf, CNN Elon Musk’s ongoing legal battle with the Securities and Exchange Commission has a new player — rapper Eminem. Musk’s lawyer, Alex Spiro, quoted Eminem’s 2002 song “Without Me” in the latest effort to overturn a 2018 agreement which requires the billionaire to gain pre-approval for certain tweets. “The [SEC] won’t let
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By Jon Sarlin, CNN Business By all appearances, it was your typical tech party. There was the branded swag, the free drinks and the mingling. But something was amiss at the Axie Infinity meet-up at Pattern Bar in Downtown LA. Earlier in the day, Axie Infinity, the play-to-earn crypto game in which players collect digital
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By Nicole Goodkind, CNN Business The US may have the world’s most powerful military, but the dollar is its greatest weapon. Now, after nearly 80 years of dollar dominance, the US might be in danger of losing its global reserve currency status. About 60% of the $12.8 trillion in global currency reserves are currently held
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By Kelly McCleary, CNN “Saturday Night Live” tackled some of the week’s biggest headlines on its version of “Fox and Friends,” during Saturday’s cold open, including the Will Smith slap at the Academy Awards and Ginni Thomas’ text messages urging a top White House official to keep up the fight to overturn the 2020 presidential
Continue Reading By Kelly McCleary, CNN “Saturday Night Live” tackled some of the week’s biggest headlines on its version of “Fox and Friends,” during Saturday’s cold open, including the Will Smith slap at the Academy Awards and Ginni Thomas’ text messages urging a top White House official to keep up the fight to overturn the 2020 presidential
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By Ramishah Maruf, CNN General Motors is recalling more than 680,000 SUVs due to a defect in their windshield wipers. The 2014 to 2015 Chevrolet Equinox and GMC Terrain vehicles are being recalled because the the windshield wipers could fall, due to the chance of its ball joints corroding or wearing away. The action covers
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