By Mark Thompson and Clare Sebastian, CNN Business Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further
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By Parija Kavilanz, CNN Business Instacart said searches for baby formula hit a record high in mid-May but the on-demand grocery delivery site is struggling to fulfill orders because stores remain severely understocked amid the ongoing national formula shortage. The company said searches for formula surged 245% week-over-week as of May 16. At the same
Continue Reading By Parija Kavilanz, CNN Business Instacart said searches for baby formula hit a record high in mid-May but the on-demand grocery delivery site is struggling to fulfill orders because stores remain severely understocked amid the ongoing national formula shortage. The company said searches for formula surged 245% week-over-week as of May 16. At the same
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Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives The economy is close to entering a recession, perhaps as soon as this year. To avoid taking too much of a financial hit, Americans will need to prepare. Last summer, we wrote that US economic growth was already starting to slow and the economy
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By Anna Cooban, CNN Business Denmark and the Netherlands could become the latest European countries to have their deliveries of Russia’s natural gas cut off. On Monday, Danish energy company Ørsted and Dutch gas trading firm GasTerra warned Russia could turn off the taps as soon as Tuesday because they had refused to make payments
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By Jennifer Korn, CNN Business Justin Timberlake sold his entire song catalog to a Blackstone-backed management company, joining a wave of recent mega stars who are selling the rights to their music for big bucks. London-based firm Hipgnosis Song Management announced Thursday the purchase of all the singer’s copyrights on tracks he wrote or co-wrote
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By Julia Horowitz, CNN Business When Ukrainian President Volodymyr Zelensky spoke by video to a packed room at the World Economic Forum in Davos, Switzerland, he thanked the West for its solidarity against Russia. But he also issued a warning to political leaders and business executives: Don’t lose your nerve. “I would only wish you
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By Matt Egan, CNN Business Russia has spent the past half-century attempting to build a reputation on the world stage as a reliable supplier of energy. It took Vladimir Putin mere months to cast serious doubt on that reputation. “I wouldn’t trust them,” US Energy Secretary Jennifer Granholm told CNN in response to a question
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By Nathaniel Meyersohn, CNN Business Decades-high inflation is leading to a split in American consumers’ behavior. Affluent shoppers are splurging on new outfits at Macy’s, Nordstrom and other high-end outlets, while lower-income customers are pulling back on discretionary items, leading retailers say. Macy’s said Thursday that comparable sales at stores open for at least one
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By Paul R. La Monica, CNN Business China’s economy has slumped as Covid cases surged in the world’s most populous country. But Chinese consumers stuck at home are still spending. E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Shares of Alibaba were up nearly 15% in late morning trading
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By Frank Pallotta, CNN Business “Top Gun: Maverick” took off at the box office this weekend — setting a new record in the process. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete “Maverick” Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according
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By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
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By Anna Bahney, CNN Business Mortgage rates fell for a second consecutive week, but still remain above 5%. The 30-year, fixed-rate mortgage averaged 5.10% in the week ending May 26, down from 5.25% the week before, according to Freddie Mac. It is still well above the 2.95% average from this time last year. “Mortgage rates
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” hits theaters this weekend, marking the return of one of the biggest movie stars of the 1980s and 1990s. We’re not talking about Tom Cruise. Val Kilmer returns to the screen to reprise his role as Tom “Iceman” Kazansky in the long-awaited sequel to the 1986 blockbuster.
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” hits theaters this weekend, marking the return of one of the biggest movie stars of the 1980s and 1990s. We’re not talking about Tom Cruise. Val Kilmer returns to the screen to reprise his role as Tom “Iceman” Kazansky in the long-awaited sequel to the 1986 blockbuster.
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By Frank Pallotta, CNN Business Tom Cruise is one of the most popular movie stars in Hollywood history. The actor has had a 40 year career of hits including “War of the Worlds,” “A Few Good Men” and “Jerry Maguire.” This weekend he returns to his iconic role of Pete “Maverick” Mitchell in “Top Gun:
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By Allison Morrow, CNN Business The deepening chasm between the crypto evangelists and naysayers may never have been as stark. On Wednesday, Andreessen Horowitz, the most prominent Silicon Valley venture capital group, made a $4.5 billion bet on what it called a “golden era” for cryptocurrencies, citing “a massive wave of world-class talent” that’s entered
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By Anneken Tappe, CNN Business America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday. US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% between January and March, adjusted for seasonal swings,
Continue Reading By Anneken Tappe, CNN Business America’s economy shrank in the first quarter of the year at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday. US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5% between January and March, adjusted for seasonal swings,
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By Frank Pallotta, CNN Business Jimmy Kimmel delivered yet another emotional plea to America’s lawmakers after a mass shooting in America. The ABC late night host responded to the school shooting this week at Robb Elementary School in Uvalde, Texas, with tears in his eyes. “Here we are again, on another day of mourning in
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