Money

By Curt Devine, Casey Tolan and Majlie de Puy Kamp, CNN The sprawling billion-dollar palace that sits on a hilltop overlooking the Black Sea is seen by some Kremlin critics as the ultimate emblem of Russian President Vladimir Putin’s legacy of corruption. Dubbed “Putin’s Palace,” the 190,000 square-foot mega-mansion was purportedly built for his personal

By Matt Egan, CNN Business Koch Industries, the conglomerate run by billionaire Charles Koch, is planning to stay in Russia even as hundreds of Western companies have scaled back operations there following the invasion of Ukraine. In a statement on Wednesday, Koch Industries announced its Guardian Industries subsidiary will continue to operate two glass manufacturing

By Paul R. La Monica, CNN Business The Oracle of Omaha is making an even bigger bet on a major oil company as crude prices continue to surge. Berkshire Hathaway, the conglomerate and investing firm run by billionaire Warren Buffett, increased its ownership stake in Occidental Petroleum to nearly 15% this week. Berkshire Hathaway disclosed

By Matt Egan, CNN Business Oil prices surged Thursday back above $100 a barrel on renewed concerns about the war in Ukraine disrupting Russia’s energy supplies. After sinking below $94 a barrel earlier this week, US crude soared 8% to settle at $102.98 a barrel. Brent crude, the world benchmark, spiked 9% to $106.64 a

By Anna Cooban, CNN Business A Dubai-owned British ferry company fired 800 seafarers on Thursday, bringing chaos to some of the country’s biggest ports and prompting union officials to urge the workers to occupy their ships. P&O Ferries carries more than 10 million passengers and 2.2 million units of freight between ports in the United

By Allison Morrow, CNN Business Russia is barreling toward a default on its foreign debt payments, threatening to plunge its economy deeper into crisis. Defaults are murky territory in global economics, and Russia’s situation is complicated by its growing isolation under the unprecedented sanctions imposed on it by Western powers. For those of us who

By Julia Horowitz, CNN Business After a week-long pause, investors can trade nickel again on the London Metal Exchange. But the market remains extremely glitchy and volatile, in a sign of how Russia’s war in Ukraine continues to rattle the global financial system in unexpected ways. What’s happening: The LME hoped to ease back into

By Jeanne Sahadi, CNN Business As expected, the US Federal Reserve on Wednesday hiked its key short-term interest rate for the first time since 2018. The central bank is expected to raise rates several more times this year, but in small increments. Since those hikes are coming off a 0% rate today, by early 2023

By Laura He, CNN Business China is quietly distancing itself from Russia’s sanction-hit economy. The two states proclaimed last month that their friendship had “no limits.” That was before Russia launched its war in Ukraine. Now, with Russia’s economy being slammed with sanctions from all over the world, there is growing evidence that China’s willingness