By Paul R. La Monica, CNN Business Stocks surged Wednesday as investors celebrated a drop in crude oil prices. The Dow gained more than 700 points, or 2.1%, in midday trading. It was a broad-based rally, with oil giant Chevron the only Dow stock trading lower. The S&P 500 and Nasdaq were up about 2.6%
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Opinion by Mark Wolfe for CNN Business Perspectives Rising inflation is hitting all sectors of the economy. The overall rate of inflation on an annual basis reached 7.5% at the end of January, the highest level since 1982. Gas prices, in particular, are rising especially fast, reaching $4.25 a gallon on Wednesday, up from about
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By Sara Ashley O’Brien, CNN Business Tinder wants to help people surface red flags about potential dates through quick and affordable criminal background checks. Beginning this week, Tinder users will see a background check tool integrated into the popular dating app’s Safety Center. The new option is part of a partnership between Tinder’s parent company,
Continue Reading By Sara Ashley O’Brien, CNN Business Tinder wants to help people surface red flags about potential dates through quick and affordable criminal background checks. Beginning this week, Tinder users will see a background check tool integrated into the popular dating app’s Safety Center. The new option is part of a partnership between Tinder’s parent company,
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By Brian Fung, CNN House lawmakers who spent much of 2019 and 2020 probing Amazon for possible antitrust violations now accuse the tech giant of lying to Congress and want the Justice Department to investigate “potentially criminal conduct” from the company and some of its executives. In a letter to Attorney General Merrick Garland dated
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By Julia Horowitz, CNN Business Oil prices are pulling back and stocks are jumping higher as investors take a beat to consider what Russian President Vladimir Putin might do next. But the mood on Wall Street remains anxious, with traders hooked on headlines from Ukraine. “We’re still seeing these awful attacks, and we’re still seeing
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By Charles Riley, CNN Business Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers. As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative
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By Jill Dougherty, for CNN A week after Russia invaded Ukraine, the staff of Russia’s last independent TV channel, TV Rain, also known as Dozhd, shut itself down. Seated at the news desk, general director and co-founder Natalia Sindeeva — a tough-as-nails media entrepreneur — announced the channel was closing, took a breath, and said,
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By Danielle Wiener-Bronner, CNN Business The International House of Pancakes is opening a bank. A pancake bank. That’s the concept for the brand’s new loyalty program, dubbed the International Bank of Pancakes (as in IBOP — not to be confused with IHOb, International House of Burgers, a 2018 marketing campaign). Rewards programs are a good
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By Betsy Klein, CNN Business President Joe Biden will sign an executive order Wednesday establishing the first-ever federal strategy on cryptocurrencies, the White House said. Biden will order the exploration of a digital currency operated by the US central bank, and he encouraged regulators to identify and mitigate risks digital assets pose to the financial
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By Chris Isidore, CNN Business Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. But it’s not the only reason. Numerous factors are combining to push gas prices up to a record. Gas hit $4.25 for a gallon of regular gas, according to AAA’s survey Wednesday. Gas
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By Reuters Norway’s Yara, one of the world’s largest fertilizer makers, is curtailing its ammonia and urea output in Italy and France due to the surge in natural gas prices, it said on Wednesday, in another sign of rising costs for food production. The price of natural gas, which is used in the fertilizer manufacturing
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By Michelle Toh, CNN Business Cathay Pacific plans to continue operating at just minuscule levels as its home city remains largely cut off from the rest of the world. Hong Kong’s flagship airline said Wednesday that it would likely only be able to maintain 2% of passenger flight capacity, and less than one third of
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. This subject is quite sensitive, and some news outlets don’t want to say anything about it on the record for obvious reasons. But Russia’s new censorship law clamping down on
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By Danielle Wiener-Bronner, CNN Business Burger King is the latest fast food chain to pull corporate support from its businesses in Russia. Restaurant Brands International, which owns the burger chain, said Thursday it “has suspended all of its corporate support for the Russian market, including operations, marketing and supply chain.” The company is also stopping
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By Peter Valdes-Dapena, CNN Business As America shifts towards electric cars, plug-in hybrids are often forgotten. Their potential benefits are lost on many consumers who are either attracted to the high-tech allure of fully electric cars or afraid of the complication of needing to plug in a car. Some people are fully ready to commit
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By Chris Isidore, CNN Business The US average price of gas now stands at a record $4.17 a gallon. But gas for less than $4 a gallon can still be found at tens of thousands of service stations across much of the country. The data show that there’s a wide range of pricing in most
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By Brian Fung, CNN Former senior national security officials, including two ex-CIA directors and a past NSA director, are backing Apple’s app store practices as the iPhone maker fights a critical antitrust case. The nearly two-dozen security experts and former US officials argued Thursday in a court filing that proposals to force open Apple’s mobile
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By Parija Kavilanz, CNN Business Lululemon unveiled a new product Tuesday that speaks to the upscale brand’s ambition to expand into new categories. The athleisure company, known for its leggings and yoga pants, introduced a running shoe for women called Blissfeel. The shoe marks Lululemon first-ever foray into footwear. The move sets Lululemon Athletica up
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By Rishi Iyengar, CNN Business Spotify and Discord experienced disruptions to their services on Tuesday. Several Spotify users reported being automatically logged out of their accounts. “Something’s not quite right, and we’re looking into it,” the company tweeted. At roughly the same time, messaging platform Discord reported a partial outage. “We’re aware of an issue
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