By Paul R. La Monica, CNN Business So much for Wednesday’s big market rally. Stocks slid Thursday after the US government reported a significant spike in consumer prices. Inflation is clearly not going away, and that means the Federal Reserve is probably going to have to aggressively raise interest rates. The Dow dropped 112 points,
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By Julia Horowitz, CNN Business Europe’s reliance on energy from Russia has jacked up the odds that the region could enter a recession this year as soaring inflation pushes people to cut back spending. The United States is more insulated from the spike in oil and gas prices — but it’s not immune. What’s happening:
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By Charles Riley, CNN Business Goldman Sachs and JPMorgan Chase are the first major Western banks to get out of Russia following the invasion of Ukraine. More are likely to follow at a cost of tens of billions of dollars. Goldman Sachs said Thursday that it is “winding down its business in Russia in compliance
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By Matt Egan, CNN Business The United States and its allies are considering additional sanctions to punish Russia for “atrocities” committed in Ukraine even as existing sanctions deal a powerful blow to the Russian economy, US Treasury Secretary Janet Yellen said Thursday. “The Russian economy will be devastated as a consequence of what we’ve already
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By Mark Thompson, CNN Business Russia’s richest businessman has warned the Kremlin against confiscating assets of companies that have fled in the wake of the invasion of Ukraine, saying such a step would set the country back more than 100 years. Vladimir Potanin, president of metals giant Norilsk Nickel and its biggest shareholder, said that
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By Danielle Wiener-Bronner, CNN Business When McDonald’s opened its doors in Moscow for the first time, it was a big deal. It was the dead of winter — January 31, in 1990 — but still people came out in droves. Grainy CNN television footage shows lines snaking out the door, and throngs of people inside,
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By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
Continue Reading By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
Continue Reading By Alicia Wallace, CNN Business Earth & Sky Floral Designs, located on the Laguna Pueblo reservation in New Mexico, is the only florist for miles. Owner Shayai Lucero says she often racks up the mileage on her Jeep and minivan making deliveries, the bulk of which are near her home but sometimes include a 150-mile
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By Paul R. La Monica, CNN Business Amazon and Google owner Alphabet are two of the most dominant companies on Earth. Each is worth more than $1 trillion and is a leader in multiple industries. But neither stock is a member of Wall Street’s most exclusive club: the Dow Jones Industrial Average. That may soon
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By Anna Bahney, CNN Business Mortgage rates are rising again amid fears of soaring inflation. The 30-year fixed-rate mortgage averaged 3.85% in the week ending March 10, up from 3.76% the week before, according to Freddie Mac. Inflation fears and geopolitical uncertainty are both having an impact, said Sam Khater, Freddie Mac’s chief economist. “Over
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By Matt Egan, CNN Business Goldman Sachs is exiting Russia, becoming the first major Wall Street bank to announce plans to do so after the invasion of Ukraine. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson told CNN on Thursday. JPMorgan Chase, America’s
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By Jordan Valinsky, CNN Business Peloton is testing a new rental model, marking the fitness company’s first significant strategy change under newly installed CEO Barry McCarthy. Beginning Friday, some Peloton stores in Texas, Florida, Minnesota and Colorado will offer customers a rental package covering both a bike and access to its streaming service for one
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By Anneken Tappe, CNN Business Prices kept rising last month in America, pushing a key inflation measure to a level not seen since January 1982. The Consumer Price Index, which measures a basket of goods and services, stood at 7.9% over the 12-month period that ended in February, without seasonal adjustments, the Bureau of Labor
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By Julia Horowitz, CNN Business Advocates of bitcoin have long claimed that the cryptocurrency has much in common with gold. They envision a world in which traders flock to it in times of stress and use it to store value over time. Now, Russia’s war in Ukraine, which has roiled markets, is testing that argument
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By Donie O’Sullivan, CNN Business A new conspiracy theory has become popular among some of the online communities that formed around QAnon — one simultaneously being promoted by the Kremlin as a justification for its invasion of Ukraine. The false claim: the United States is developing bioweapons in Ukraine and Vladimir Putin has stepped in
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By Rhea Mogul, Vedika Sud, Arpit Goel and Vijay Bedi, CNN Ritesh Mishra vowed to care for the dead, even if it meant risking his own life last year as India’s second Covid-19 wave tore through the country’s most populous state. The social worker said he didn’t wear a mask or gloves as he gave
Continue Reading By Donie O’Sullivan, CNN Business A new conspiracy theory has become popular among some of the online communities that formed around QAnon — one simultaneously being promoted by the Kremlin as a justification for its invasion of Ukraine. The false claim: the United States is developing bioweapons in Ukraine and Vladimir Putin has stepped in
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By David Goldman, CNN Business Amazon shares are about to get 20 times less expensive. The company announced Wednesday its board approved a 20-for-1 stock split, its first split since 1999. If approved by shareholders in May, the split will go into effect June 6. Amazon closed Wednesday at $2,785 per share. If the stock
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By Frank Pallotta, CNN Business “Hello there.” That’s what Star Wars fans were saying about the first look at Disney+’s upcoming “Obi-Wan Kenobi,” which the company premiered Wednesday. Disney showcased the trailer for the platform’s new Star Wars series at its annual shareholders meeting. It immediately went viral online. Of course it did. Obi-Wan Kenobi
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