Catherine Thorbecke, CNN Business In a historic first, a crew of four civilians are set to launch to the International Space Station this week as part of an inaugural mission for the commercial spaceflight company Axiom Space. They’ll be riding on a SpaceX Falcon 9 rocket, and docking at the station via a SpaceX Dragon
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By Nicole Goodkind, CNN Business The United States is on the brink of a retirement crisis. The primary savings tool for Americans — your 401(k) — isn’t helping. By the end of the decade, about 21% of the country’s population will be 65 or older, up from 15% in 2016, according to forecasts by the
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By Anneken Tappe and Matt Egan, CNN Business US Treasury Secretary Janet Yellen warned Wednesday about the economic shock waves set off by the war in Ukraine, including disruptions to the global flow of food and energy. “Russia’s actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in
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By Anna Cooban, CNN Business Auto sales in Russia plummeted by almost two-thirds in March, as the war in Ukraine, Western sanctions and an exodus of foreign businesses wreaked havoc on the country’s economy. Just 55,000 new cars and light commercial vehicles were sold in Russia last month, down 63% from March 2021, according to
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By Julia Horowitz, CNN Business What does it mean when even the doves at the Federal Reserve start to sound like hawks? Investors are weighing that question after a key member of the central bank who has historically favored a gentler approach to raising interest rates talked tough about the central bank’s need to fight
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By Eric Cheung, CNN Business Taiwan plays a crucial role in making sure the world gets its cutting-edge technology devices, from laptops to advanced weapons, on time. That’s because the self-governed democratic island of 24 million people is a global leader in the supply of semiconductor chips. But as tensions escalate between Taipei and Beijing,
Continue Reading By Oliver Darcy and Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The formation of Warner Bros. Discovery is just about complete. As Variety’s Jennifer Maas first reported on Tuesday, the pending merger between Discovery and WarnerMedia could “close,”
Continue Reading By Matt Egan, CNN The price of New York Harbor jet fuel has more than doubled in the past two weeks, reaching an all-time high for any US-traded transportation fuel in at least the past 41 years, according to the Oil Price Information Service. The wholesale price for NY jet fuel spiked to $7.57 a
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By Chris Isidore, CNN Business JetBlue Tuesday made an unsolicited $3.6 billion offer for low-fare rival Spirit Airlines in an attempt to derail a proposed deal between Spirit and Frontier Airlines. JetBlue’s cash offer is about 33% more than the value of Frontier’s stock-and-cash offer for Spirit. Such a transaction would stop a combined Frontier
Continue Reading By Julia Horowitz, CNN Business What does it mean when even the doves at the Federal Reserve start to sound like hawks? Investors are weighing that question after a key member of the central bank who has historically favored a gentler approach to raising interest rates talked tough about the central bank’s need to fight
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By Matt McFarland, CNN Business Building a cheap car that is also profitable for the manufacturer is shockingly difficult. Because of the high cost of battery components, it becomes even more difficult if that car is electric. But Honda and General Motors, two of the biggest car companies in the world, believe they can crack
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By Anneken Tappe, CNN Business America’s soaring inflation is inflicting pain on household budgets across the United States. But not everyone is affected in the same way. While economic data shows the general trend of prices, it doesn’t tell the story of individual groups, said Federal Reserve Governor Lael Brainard on Tuesday. “Today, inflation is
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By Brian Fung, CNN Twitter said Tuesday it will no longer amplify or recommend Russian government accounts on its platform, bringing its stance on Kremlin-linked accounts closer in line with its approach to Russian state media. Twitter accounts operated by the Russian government will no longer “be amplified or recommended to people on Twitter, including
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By Anna Cooban, CNN Business European leaders are planning to phase out Russian coal imports in response to harrowing scenes in Bucha, a suburb of Kyiv. On Tuesday, the European Commission proposed a ban on €4 billion ($4.3 billion) worth of Russian coal imports per year as part of a fifth package of sanctions designed
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By Jordan Valinsky, CNN Business McDonald’s is bringing back Spicy Chicken McNuggets, but not everyone can buy them. The fast food chain said that the spicy nuggets are now available at about half of its US locations, or roughly 6,900 locations, for a limited time. McDonald’s regularly releases menu items on a regional basis to
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By Matt Egan, CNN Business The Federal Reserve’s fight against inflation will spark a recession in the United States that begins late next year, Deutsche Bank warned on Tuesday. The recession call — the first from a major bank — reflects growing concern that the Fed will hit the brakes on the economy so hard
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By Sara Ashley O’Brien, CNN Business Instacart is once again tweaking its tipping policy in a bid to address the effects on its workers of a practice known as “tip baiting,” where customers zero out a tip after an order is delivered. The company said Tuesday that it will cover the cost of a shopper’s
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By Oliver Darcy and Brian Stelter, CNN Business WarnerMedia chief executive Jason Kilar announced Tuesday that he will depart the company given that Discovery’s acquisition of the media conglomerate is almost complete. “With the pending transaction with Discovery nearing close, now is the right time to share with each of you that I will be
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By Samantha Murphy Kelly, CNN Business Microsoft is unveiling new Windows features in an attempt to improve the experience of virtual meetings and make sure the needs of people with disabilities are supported in a new era of hybrid work. During a virtual event on Tuesday, the company showed off its vision for the future
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By Paul R. La Monica, CNN Business How crazy rich is Elon Musk? The Tesla and SpaceX CEO’s net worth is now about a stratospheric $300 billion, according to Forbes’ real time rankings of the world’s wealthiest people. That means the 50-year-old Musk has a more than a $100 billion lead over second place Jeff
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