By Matt Egan The apparent sabotage of the Nord Stream pipelines running from Russia underscore Europe’s massive energy vulnerabilities, former US energy regulator Neil Chatterjee told CNN. “It’s a scary situation. They are basically hoping and praying for a mild winter,” Chatterjee, a former commissioner and chairman of the Federal Energy Regulatory Commission, said in
Continue Reading By Matt Egan The apparent sabotage of the Nord Stream pipelines running from Russia underscore Europe’s massive energy vulnerabilities, former US energy regulator Neil Chatterjee told CNN. “It’s a scary situation. They are basically hoping and praying for a mild winter,” Chatterjee, a former commissioner and chairman of the Federal Energy Regulatory Commission, said in
Continue Reading By Nathaniel Meyersohn, CNN Business Add Nike to the list of brands and stores discounting excess merchandise to clear it off shelves. Nike said Thursday its inventory levels soared 65% in North America, its largest market, and 44% overall last quarter from a year ago. After navigating limited supply in 2021 Nike is now carrying
Continue Reading By Chris Isidore, CNN Business Hurricane Ian may have caused as much as $47 billion in insured losses, according to the latest estimate, which could make it the most expensive storm in the state’s history. CoreLogic, a research firm that estimates losses from natural disasters, released the estimate for damages as of Thursday night. The
Continue Reading By Parija Kavilanz, CNN Business Spanx, a brand founded by shapewear pioneer Sara Blakely, has named Kim Jones her successor as CEO. The Atlanta-based company promoted Jones, a longtime Spanx executive, on Friday. Blakely will continue to serve as the chair of Spanx’s board. Jones joined Spanx in 2005 and previously held roles as the
Continue Reading By Matt McFarland, CNN Business GM’s self-driving car subsidiary Cruise said earlier this year that it wants to add as many as 5,000 more robotaxis to American streets, including in San Francisco, where it currently maintains a fleet of fewer than 100 cars. But the city says the robotaxis are already shaping up to be
Continue Reading By Chris Isidore, CNN Business Hurricane Ian may have caused as much as $47 billion in insured losses, according to the latest estimate, which could make it the most expensive storm in the state’s history. CoreLogic, a research firm that estimates losses from natural disasters, released the estimate for damages as of Thursday night. The
Continue Reading By Anna Cooban, CNN Business EU governments agreed Friday to tax the windfall profits of oil and gas companies and to cap the revenues of some electricity generators as the cost of Europe’s energy crisis spirals higher. But energy ministers from the 27 EU member states failed to reach an agreement on a proposal by
Continue Reading By Clare Duffy, CNN Business Days before publicly announcing his investment in Twitter, Elon Musk texted with Jack Dorsey. The former Twitter CEO suggested he no longer believed in the company he founded, according to new court filings in the legal battle between Musk and Twitter. Musk had begun quietly building up a large stake
Continue Reading Martha C. White for CNN Business After hitting an alarming 40-year high in June, the Federal Reserve’s preferred benchmark for consumer inflation is once again flashing a warning sign about the persistence of high prices. The Bureau of Economic Analysis said Friday the Personal Consumption Expenditures price index for August rose by 6.2% from a
Continue Reading By Rachel Metz, CNN Business If you’ve ever wanted to use artificial intelligence to quickly design a hybrid between a duck and a corgi, now is your time to shine. On Wednesday, OpenAI announced that anyone can now use the most recent version of its AI-powered DALL-E tool to generate a seemingly limitless range of
Continue Reading By Nicole Goodkind, CNN Business Warnings of global recession are widespread, inflation is persistent and Russia is escalating the crisis in Europe. The macro picture for the economy is bleak, and markets are suffering. But in the midst of all of this turmoil, luxury automaker Porsche managed to make one of the biggest market debuts
Continue Reading By Mark Thompson, CNN Business There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated. But the latest update from the Office for National Statistics also showed that the United Kingdom is the
Continue Reading By Chris Isidore, CNN Business Florida homeowners were already facing an expensive and difficult market for home insurance before Hurricane Ian. The devastating storm is about to make things worse — even for those fortunate enough to escape any damage. For the better part of two decades, the nation’s major insurers have wanted as little
Continue Reading By Chris Isidore, CNN Business Florida homeowners were already facing an expensive and difficult market for home insurance before Hurricane Ian. The devastating storm is about to make things worse — even for those fortunate enough to escape any damage. For the better part of two decades, the nation’s major insurers have wanted as little
Continue Reading By Amarachi Orie, CNN Business The portrait of King Charles III that will feature on British coins has been unveiled by the Royal Mint, the official maker of UK coins. The image, which will first appear on commemorative £5 and 50 pence coins to honor the life of the late Queen Elizabeth II, was designed
Continue Reading By Laura He, CNN Business Asian markets are careening toward their worst month since the Covid pandemic began, hit by a mighty US dollar and rising global recession fears. The MSCI Asia ex-Japan Index — which captures 10 major markets across Asia, excluding Japan — has fallen 12.8% so far this month, on track to
Continue Reading By Allison Morrow, CNN Business All week, there have events in the news that have come in under of the banner of “this hasn’t happened since 2007/2008.” Yields on the 10-year Treasury briefly surpassed 4%, a level not seen since 2008. That movement helped push mortgage rates to their highest level, 6.7%, since — wait
Continue Reading By Allison Morrow, CNN Business All week, there have events in the news that have come in under of the banner of “this hasn’t happened since 2007/2008.” Yields on the 10-year Treasury briefly surpassed 4%, a level not seen since 2008. That movement helped push mortgage rates to their highest level, 6.7%, since — wait
Continue Reading By Jackie Wattles, CNN Officials at NASA have signed a Space Act Agreement with SpaceX to investigate the benefits and risks of having a private mission provide service to NASA’s nearly 33-year-old Hubble Space Telescope, boosting it to a higher orbit to extend its life, the space agency announced Thursday. “Hubble is amazingly successful. …
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