Money

Opinion by Elise Gould and Heidi Shierholz for CNN Business Perspectives When the coronavirus pandemic shut down businesses across the US in spring 2020, the labor market lost 22 million jobs in just two months — more than twice as many jobs lost during the entire Great Recession and financial crisis of 2008-2009. Given that

By Oliver Darcy, CNN Business RT America will cease productions and lay off most of its staff, according to a memo CNN obtained from T&R Productions, the production company behind the Russian state-funded network. Misha Solodovnikov, the general manager of T&R Productions, told staff in the memo that it will be “ceasing production” at all

By Matt McFarland, CNN Business Rivian is rolling back price hikes on preordered vehicles following backlash from its customers. Rivian CEO RJ Scaringe apologized to customers in a letter published Thursday. “I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am

By Lauren del Valle, CNN Business Purdue Pharma and the Sackler families reached a settlement with a group of states this week that would require the Sacklers to pay out as much as $6 billion to states, individual claimants and opioid crisis abatement, if approved by a federal bankruptcy court judge. The new agreement, reached

By Nathaniel Meyersohn, CNN Business Best Buy built a retail empire selling TVs and laptops. But to keep growing and fend off rivals like Amazon and Walmart, the company needs new ways to attract customers. Best Buy outlined plans Thursday to expand its footprint into health, fitness, personal electric transportation, outdoor products and other potentially

By Jordan Valinsky, CNN Business Ben & Jerry’s decision to stop manufacturing ice cream in Israel sparked a lawsuit from its Israeli distributor. American Quality Products (AQP), which distributes Ben & Jerry’s in Israel, said Thursday that it’s suing the ice cream and its parent company Unilever for “unlawfully terminating its 34-year business relationship in

By Matt Egan, CNN Business The war in Ukraine is raging. The oil market is panicking. Russian oil has not been directly targeted by the West’s crushing sanctions on Moscow — so far, at least. In fact, the United States and Europe have gone out of their way to avoid hitting Russia’s fossil fuels. But

By Charles Riley, CNN Business A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Russia’s $1.5 trillion economy is the world’s 11th biggest, according to World Bank data. A week ago, it was doing

By Anna Bahney, CNN Business Russia’s invasion of Ukraine helped send mortgage rates lower last week. This is the second week in a row rates have fallen, reversing weeks of increases that pushed rates close to 4%. The 30-year fixed-rate mortgage averaged 3.76% in the week ending March 3, down from 3.89% the week before,