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By Diksha Madhok, CNN Business India’s appetite for cheap Russian oil is swelling, even as the West continues to hit Moscow with unprecedented sanctions. Russian Crude flows to India are expected to reach 3.36 million metric tonnes in May, according to estimates from Refinitiv. This is nearly 9 times higher than the 2021 monthly average

By Niamh Kennedy, CNN The European Union has agreed on a partial ban on Russian oil imports, according to European Council chief Charles Michel. “Agreement to ban export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,”

By Anna Cooban, CNN Business Denmark and the Netherlands could become the latest European countries to have their deliveries of Russia’s natural gas cut off. On Monday, Danish energy company Ørsted and Dutch gas trading firm GasTerra warned Russia could turn off the taps as soon as Tuesday because they had refused to make payments

By Jack Guy, Pierre Bairin and Dalal Mawad, CNN A French journalist has been shot and killed in Ukraine, according to French President Emmanuel Macron. “Journalist Frederic Leclerc-Imhoff was in Ukraine to show the reality of the war. On board a humanitarian bus, alongside civilians forced to flee to escape the Russian bombs, he was

By Ramishah Maruf, CNN Many businesses, government offices and schools will be closed on Monday, May 30 because of Memorial Day — a federal holiday honoring members of the US armed forces who have died serving the country. The holiday is observed on the last Monday of May. Here’s what’s open and closed on Memorial

By Anna Cooban and James Frater, CNN Business Europe’s united front against Moscow is being put to the test as countries struggle to agree a ban on Russian oil imports. European Union diplomats failed to reach consensus Sunday on the terms of an embargo, but held further talks Monday in preparation for a summit of

By Michelle Toh, CNN Business China’s richest and most international city is trying to return to business as usual after a two-month lockdown, but some restrictions will remain in place. Shanghai authorities on Sunday pledged to allow all businesses to open up from Wednesday. The city’s deputy mayor, Wu Qing, announced the easing of restrictions

By Ramishah Maruf, CNN There’s a growing debate among journalists over how to report on the victims of mass shootings. Some argue that if lawmakers and American citizens were able to see the graphic images of dead bodies in classrooms, there could be a shift in how some in the country approach gun rights. Temple

By Frank Pallotta, CNN Business “Top Gun: Maverick” felt the need for speed at the box office this weekend. The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role of Pete “Maverick” Mitchell, made an estimated $124 million domestically for its three day opening weekend, according to Paramount. That not

By Nicole Goodkind, CNN Business To most investors, navigating today’s stock market is as treacherous as walking the plank. But for luxury investors, it’s more like strutting down the catwalk. The United States may very well be hurtling toward a recession and the Nasdaq is suffering its worst 100-day performance on record. But luxury spending

By Reuters Rivian Automotive said on Friday Charly Mwangi, who helped kick-start the electric-vehicle maker’s manufacturing process, will leave the company. Mwangi, a former Tesla executive, served as executive vice president from May 2020 at Rivian. He brought the R1T pickup truck and R1S SUV to production in late 2021. His departure comes amid the

By Ramishah Maruf, CNN It’s another chaotic holiday weekend for those traveling by air this Memorial Day. Upwards of 6,000 global flights have been canceled since Friday with hundreds more fights delayed, according to flight tracking website FlightAware. Some 1,640 flights were canceled on Sunday alone, FlightAware data indicates, with more than 500 of those

By Frank Pallotta, CNN Business Disney World is the crown jewel of the company’s Parks business, but even crown jewels need to be gussied up now and again. Now Epcot, one of the resort’s most beloved parks since its 1982 opening, is in the middle of an update aimed at attracting a new generation of

By Zoe Sottile, CNN Starting this fall, shoppers will be able to buy solar panels at Ikea, alongside the Swedish retailer’s flat-pack furniture and famous meatballs. The new project, according to a news release, is a collaboration between Ikea’s US branch and SunPower, a California-based company that sells and installs solar power products, including solar

By Ramishah Maruf, CNN Business Elon Musk, the world’s richest man, said on Twitter Thursday that billionaires aren’t the bad guys. Musk tweeted that it is “morally wrong & dumb” to use the word billionaire as a pejorative if that person is using their wealth to create products that make “millions of people happy.” He

By Matt Egan, CNN Business Corporate America has said very little following this week’s Texas school shooting that left 21 people dead. Yale professor Jeff Sonnenfeld is calling out their silence. Sonnenfeld, a vocal advocate of corporate social responsibility, applauded Goldman Sachs CEO David Solomon for speaking up but said more is needed. “This voice

By Matt Egan, CNN Business Gas prices are painfully high this Memorial Day weekend as millions of Americans hit the road for the unofficial start of summer. The $4.60-a-gallon average price for regular gas an all-time high — and pump prices are also very elevated on an inflation-adjusted basis. Real (that is, inflation-adjusted) gas prices

By Frank Pallotta, CNN Business Tom Cruise, one of the top movie stars in Hollywood, is about to have the biggest opening weekend of his career. “Top Gun: Maverick” — the sequel to the 1986 blockbuster — lands in theaters for the Memorial Day weekend. Cruise is reprising his role as Pete “Maverick” Mitchell, the

By Jeanne Sahadi, CNN Business Managing one’s finances in retirement is always tricky. But with inflation pushing up the price of everything from gas to housing to eggs, many retirees are cutting back or eliminating certain costs altogether. CNN Business spoke with several retirees about how they have been managing their spending as prices have

By Nathaniel Meyersohn, CNN Business Some welcome news for shoppers getting squeezed by inflation: promotions on televisions, furniture, clothing, sporting goods and other big-ticket purchases are ramping up. Target, Walmart, Best Buy, Urban Outfitters and other top retailers have said in recent weeks that they are sitting on too much inventory for some of their

By Allison Morrow, CNN Business There’s little political risk in taxing hugely profitable oil companies to help consumers pay their exorbitant energy bills. But many economists are warning that such a tax could ultimately do more harm than good. See here: On Thursday, the UK slapped a 25% tax on the “extraordinary” profits of British

By Julia Horowitz, CNN Business Wealth taxes are never a popular rallying cry at Davos, a playground for billionaires, corporate titans and top politicians. But Gabriela Bucher, the executive director of Oxfam International, was still frustrated that this week’s World Economic Forum mostly looked the other way. High energy prices are putting massive strain on

By David Goldman, CNN Business The manufacturer of a firearm used in the Robb Elementary School shooting said it will not attend the National Rifle Association convention Friday. “Daniel Defense is not attending the NRA meeting due to the horrifying tragedy in Uvalde, Texas, where one of our products was criminally misused,” said Steve Reed,

By Anneken Tappe, CNN Business Another key tracker of consumer prices took a breather in April, following in the footsteps of inflation indexes released earlier this month. Economists, the Federal Reserve, the Biden administration and the American people were all hopeful that March would prove to be the peak of the pandemic price hikes. The

By Angela Dewan, CNN The G7, which represents the world’s biggest advanced economies, agreed on Friday to achieve “predominantly decarbonized” electricity sectors by 2035, a goal that experts say is a major step in helping the world avert catastrophic climate change. G7 climate, energy and environment ministers made the new pledge in a 40-page communiqué

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. Government statements are not adding up. Gaps and discrepancies are raising alarms. Elected officials are failing to answer the public’s questions. This is a moment when journalists are needed. And