Money

By Anna Cooban, CNN Business The UK government wants to dramatically ramp up production of nuclear power and wind energy, while also drilling for more oil and gas, in a bid to reduce imports and bring down eye-watering prices. Unveiling its new Energy Security Strategy on Wednesday, the government set out plans to generate 95%

By Rob Frehse and Brian Vitagliano, CNN Alex Jones was deposed over two days this week in the defamation suit brought against him by families of victims of the Sandy Hook shooting, according to a court filing from two attorneys representing Jones. The deposition, which occurred Tuesday and Wednesday, came less than a week after

By Richard Quest Ever since governments across the globe started slapping sanctions on Russia over its invasion of Ukraine, cryptocurrencies have been under scrutiny. The concern is that Russian banks and individuals who have had their assets frozen could potentially use the digital money to evade sanctions. The US and European Union rely heavily on

By Chris Isidore, CNN Business Elon Musk has gotten a lot of attention from buying a 9.1% stake in Twitter, along with landing a seat on the company’s board. He’s also worth an additional $1 billion. In a new filing late Tuesday, Musk disclosed how much he paid for the 73 million shares he started

By Anneken Tappe, CNN Business The Federal Reserve is ready to raise interest rates at a faster pace to get a handle on America’s pervasive inflation problem, according to minutes from the central bank’s March meeting released Wednesday. The minutes said “many participants” at the Fed’s meeting in March noted they would have preferred a

By David Goldman, CNN Business The West is tapping more of its emergency oil reserves to help wean itself off Russian crude. The International Energy Agency announced Wednesday it would supply the oil market with 60 million additional barrels of crude from its emergency stockpiles. The Paris-based IEA, which monitors energy supplies for the world’s

By Frank Pallotta, CNN Business Covid is in a lull in the United States: Masks are often an afterthought, people are going out again and some of the worst-hit industries during the pandemic — like movie theaters — are starting to get back to normal. That’s why so much is riding on one particular blockbuster:

By Parija Kavilanz, CNN Business H&M is coming out with a new line of baby clothes that can be recycled in an unexpected way once they’re worn out — composting. The 12-piece organic cotton collection for newborns (priced from $4.99 to $17.99) launches in May and includes tops, bottoms with adjustable waistbands and cuffs, jackets,

By Matt Egan, CNN Business Leading oil company CEOs declined on Wednesday to endorse a call from Democrats to reduce dividends and share buybacks and plow the money into ramping up production instead. During a hearing, Rep. Frank Pallone, a New Jersey Democrat, asked the top executives from ExxonMobil, Chevron, BP, Shell, Pioneer Natural Resources

By David Goldman, CNN Business Russia is in imminent danger of default after the United States cut off the country’s ability to pay its debt using frozen dollars sitting in American banks. Western countries sanctioned about half of Russia’s foreign reserves — roughly $315 billion — because of its invasion of Ukraine. Although the US

By Paul R. La Monica, CNN Business It’s looking awful gloomy out there on Wall Street. Traders are making big bets against retailers as recession fears gain steam. Investors are growing more skeptical of energy stocks following the spike in oil prices, according to S&P Global Market Intelligence. And investors are souring on health care