CNN-Business-Consumer

By Matt Egan, CNN Business Covid-19 drove global supply chains to the breaking point, causing shortages and sending prices skyrocketing. Just as the pandemic has calmed down, Russia’s invasion of Ukraine threatens to further scramble those fragile supply chains. Russia is a major producer of commodities, everything from oil and natural gas to palladium and

By Michelle Toh, CNN Business Two of Japan’s biggest names in business are teaming up. Sony and Honda announced Friday that they plan to start a joint venture to make and sell electric vehicles. The company will be established later this year, and deliveries will begin by 2025. Details of the agreements are still being

By Michelle Toh, CNN Business Grab, the Southeast Asian startup known for its “super app,” had a terrible Thursday. The ride-hailing giant’s stock plummeted as much as 37% in New York after reporting disappointing earnings. It posted revenue of $122 million for the fourth quarter, down 44% from the previous year as the firm said

By Laura He, CNN Business Will China help Russia cope with the fallout from economic sanctions? That has been the big question since Russia invaded Ukraine last week. The two nations have forged close ties in recent years, with Chinese leader Xi Jinping calling Russian President Vladimir Putin his “best and bosom friend” in 2019.

By Matt McFarland, CNN Business Rivian is rolling back price hikes on preordered vehicles following backlash from its customers. Rivian CEO RJ Scaringe apologized to customers in a letter published Thursday. “I have made a lot of mistakes since starting Rivian more than 12 years ago, but this one has been the most painful. I am

By Lauren del Valle, CNN Business Purdue Pharma and the Sackler families reached a settlement with a group of states this week that would require the Sacklers to pay out as much as $6 billion to states, individual claimants and opioid crisis abatement, if approved by a federal bankruptcy court judge. The new agreement, reached

By Jordan Valinsky, CNN Business Ben & Jerry’s decision to stop manufacturing ice cream in Israel sparked a lawsuit from its Israeli distributor. American Quality Products (AQP), which distributes Ben & Jerry’s in Israel, said Thursday that it’s suing the ice cream and its parent company Unilever for “unlawfully terminating its 34-year business relationship in

By Paul R. La Monica, CNN Business Crude oil prices briefly surged to their highest levels since 2008 Thursday morning before pulling back a bit. Still, at about $110 a barrel, there are growing concerns that skyrocketing energy prices could lead to a severe economic pullback in the United States and around the globe. After

By Matt Egan US oil prices briefly spiked on Thursday to their highest level in nearly 14 years, as concerns about disruptions to Russia’s supplies continue. US crude jumped as much as 5.4% to $116.57 a barrel early Thursday — the highest trade since September 22, 2008. A week earlier Lehman Brothers collapsed. However, the

By Matt Egan, CNN Business The war in Ukraine is raging. The oil market is panicking. Russian oil has not been directly targeted by the West’s crushing sanctions on Moscow — so far, at least. In fact, the United States and Europe have gone out of their way to avoid hitting Russia’s fossil fuels. But

By Chris Isidore, CNN Business Tesla CEO Elon Musk, a vocal critic of unions and the United Auto Workers’ efforts to organize his employees, is inviting the union to hold an organizing vote at the company. On Twitter late Wednesday night, Musk said that Tesla is able to hire and retain workers only in the

By Charles Riley, CNN Business A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Russia’s $1.5 trillion economy is the world’s 11th biggest, according to World Bank data. A week ago, it was doing

By Anneken Tappe, CNN Business Forecasting the pace of the recovery has been tough, and many economists have got their predictions very wrong over the past two years. For the February jobs report set to be released on Friday, experts say they are expecting robust job growth. But what if they got it wrong yet

By Chris Isidore, CNN Business Governments aren’t alone in turning the screws on the Russian economy. Dozens of major multinational companies are doing the same. A growing number of businesses are choosing to shut down their operations in Russia — even if they aren’t required to. Companies in multiple industries are bowing out of Russia,

By Julia Horowitz, CNN Business Russia’s economy is under serious pressure from tough new Western sanctions. That’s forcing financial institutions to consider: Just how exposed are they if it implodes? What’s happening: Foreign banks had more than $120 billion in claims on Russian counterparties at the end of September 2021, according to the Bank for

By Jordan Valinsky, CNN Business Two major retailers, Ikea and H&M, are temporarily pausing operations in Russia and Belarus because of the invasion of Ukraine. Ikea, the world’s largest furniture company, has 17 stores in Russia. The company said the conflict is having a “huge human impact” and “resulting in serious disruptions to supply chain

By Xiaofei Xu and Anaëlle Jonah, CNN France has seized a yacht owned by Russian oligarch Igor Sechin, the French finance ministry said in a statement on Thursday. Sechin is the CEO of Russian oil giant Rosneft. The European Union sanctioned Sechin earlier this week, describing him as one of Russian President Vladimir Putin’s “most

By Diksha Madhok, CNN Business Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. Her decision to invest in digital currencies was met with wariness by her family, she recalls. “The elders in my family told me not to throw my money away,” said Daga, who runs

By Reuters A Tokyo court on Thursday convicted former Nissan Motor executive Greg Kelly of helping Carlos Ghosn hide pay from financial regulators, but said he had not been responsible for the total $80 million the ex-Nissan chief allegedly failed to disclose. “The court finds the existence of unpaid remuneration” and the failure to disclose

By Allison Morrow, CNN Business If Russia’s oligarchs weren’t already shaking in their custom Italian-leather boots, they probably are now. In his first State of the Union address Tuesday night, President Joe Biden addressed Russian President Vladimir Putin’s cronies directly, telling them that the United States and its allies are coming to “seize your yachts,