Money

By Brian Stelter, CNN Business Discovery on Monday confirmed that Chris Licht will become the new head of CNN when Discovery and WarnerMedia merge this spring. Discovery CEO David Zaslav said “we plan to appoint Chris Licht as the new Chairman and CEO of CNN Global, hopefully starting May 1.” The pending merger between Discovery

By Parija Kavilanz, CNN Business Target announced Monday that it is raising its starting wage for workers in some positions to up to $24. The Minneapolis-based retailer said the increase will apply to hourly workers at its discount stores, supply chain facilities and headquarters. Target in 2020 set its minimum wage at $15. That will

By Jordan Valinsky, CNN Business Estée Lauder has fired John Demsey, a senior executive at the makeup company, for an offensive Instagram post on his personal account that used a racial slur. The company said Monday that Demsey’s termination was the “result of his recent Instagram posts, which do not reflect the values of the

By Matt Egan, CNN Business Red-hot inflation in the United States may not cool off this year as much as many hoped, Goldman Sachs cautioned in a new report. “The inflation picture has worsened this winter as we expected, and how much it will improve later this year is now in question,” Goldman Sachs economists

By Julia Horowitz, CNN Business In less than a week, Russian assets have become practically untouchable for Western investors, who see no reason to expose themselves to a pariah economy that could be crushed by sanctions. Financial transactions also look increasingly difficult to execute and risk running afoul of regulators. “It’s very difficult to see

By Charles Riley, CNN Business Russian billionaires Mikhail Fridman and Oleg Deripaska have broken ranks with the Kremlin and called for an end to Russia’s war in Ukraine. Fridman, who was born in western Ukraine, wrote in a letter to staff that he wanted the “bloodshed to end.” “My parents are Ukrainian citizens and live

By Charles Riley, CNN Business The West has pledged to remove some Russian banks from SWIFT, a messaging service that connects financial institutions around the world, as part of a barrage of sanctions designed to limit Moscow’s ability to pay for its war in Ukraine. The United States, the European Union, the United Kingdom and

By Ramishah Maruf, CNN Business BP is cutting ties with Rosneft in response to Russia’s invasion of Ukraine. The British company said in a statement Sunday that it would exit its 19.75% stake in the Russian state oil giant, describing Moscow’s decision to attack its neighbor as “an act of aggression which is having tragic

By Ramishah Maruf, CNN A federal grand jury in San Diego indicted the founder of BitConnect for allegedly orchestrating a $2.4 billion global Ponzi scheme, the Justice Department said Friday. Satish Kumbhani, 36, is accused of misleading investors about the cryptocurrency’s “lending program,” where he claimed the proprietary technology would bring substantive returns to investors

By Emma Tucker, Melissa Alonso and Jackie Wattles, CNN A shipment of Starlink user terminals — small antennas that allow customers to access SpaceX’s satellite-based internet service — arrived in Ukraine Monday, providing a back stop for Ukrainians who may see their traditional service interrupted amid the Russian invasion. SpaceX founder and CEO Elon Musk

By Parija Kavilanz, CNN Business As Covid restrictions ease, expect to see more malls morph into family entertainment destinations where shopping may not even be what draws shoppers in. Retail analysts say it’s become necessary for mall operators to diversify the in-mall experience beyond shopping in order to stay relevant to consumers — especially as