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☆ Ed Rendell: UPenn president Liz Magill made a 'mistake' but shouldn't be forced out
▼ + stars: | 2023-10-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

“I don’t think she is going to step down.”Magill did condemn antisemitism broadly before the Palestine Writes festival and noted that some speakers had a history of making antisemitic remarks. Indeed, some members of the UPenn faculty and even the UPenn Jewish community criticized Magill prior to the Sept. 22 Palestine Writes festival for being too critical of the event. Still, Magill’s handling of the Palestine Writes festival triggered a backlash from powerful donors in a campaign led by private-equity billionaire Marc Rowan. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. Given the controversy over the Palestine Writes festival, Rendell is calling for the creation of an independent commission that would approve whether outside groups can access the UPenn campus.

Persons: Ed Rendell doesn’t, Rendell, Liz Magill, ”, Magill, ” Rendell, “, ” Magill, Marc Rowan, Dick Wolf, Jon Huntsman, David Magerman, Cliff Asness, ” Wolf, Ronald Lauder, Lauder, UPenn, Huntsman Organizations: New York CNN Business — Former, University of Pennsylvania, Ivy League, UPenn, CNN, Israel, “, Wolf Humanities Center, Daily, University Locations: Palestine, UPenn, Israel, Utah, Pennsylvania

☆ Law & Order creator Dick Wolf implores UPenn president to quit
▼ + stars: | 2023-10-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Dick Wolf, the creator of “Law & Order,” wrote a letter to Liz Magill pleading with her to step down as president of the University of Pennsylvania. “President Magill, I implore you and [chair of the board of trustees] Scott Bok to step down from your UPenn positions before any more unnecessary damage to UPenn,” Wolf wrote in the letter, obtained by CNN on Friday. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. In the days before the Palestine Writes festival, Magill was not just facing pressure from Lauder, Wolf and others who wanted the event scrapped. Three dozen members of the UPenn faculty also wrote to The Daily Pennsylvanian in support of the Palestine Writes festival.

Persons: New York CNN Business — Dick Wolf, ”, Liz Magill, Wolf, UPenn’s, Magill, Scott Bok, ” Wolf, UPenn, Bok, Israel, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, Ronald Lauder, Lauder, ” “, ” Magill, ” Bok Organizations: New York CNN Business, “, University of Pennsylvania, UPenn’s Wolf Humanities, Ivy League, CNN, Wolf Humanities Center, Daily, University, Penn, Greenhill & Co Locations: Palestine, UPenn, Israel, Irish

☆ UPenn President called to resign following protest of the school's response to Palestinian festival
▼ + stars: | 2023-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Vahan Gureghian, former University of Pennsylvania trustee, is calling for Liz Magill, the Ivy League school's president, to step down amid deepening donor backlash. But apparently Liz is not ready for this job.”Debate over free speech, antisemitismMagill was not only facing pressure from Lauder and other opponents of the Palestine Writes festival. Three dozen members of the UPenn faculty also wrote a letter in student newspaper The Daily Pennsylvanian to support the Palestine Writes festival. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to The Daily Pennsylvanian. “The unanimous sense of those gathered was that President Magill and her existing University leadership team are the right group to take the University forward,” Bok said.

Persons: Vahan Gureghian, Liz Magill, Magill, Gureghian, “, ” Gureghian, Scott Bok, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, “ You’re, Elizabeth Magill, Ronald Lauder’s, Lauder, ” Lauder, ”, “ Liz, Liz, UPenn, ” Magill, ” Bok Organizations: New York CNN Business — Former University of Pennsylvania, Ivy League school’s, CNN, Israel, University of Pennsylvania, Ivy League school's, CSMI Consulting, “, University, Pennsylvania, Penn, Daily, Greenhill & Co Locations: Penn, Palestine, Israel, Philadelphia, Lauder

☆ Record online discounts are coming this holiday season
▼ + stars: | 2023-10-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

And the company predicts the strategy will work, with online holiday sales climbing almost 5% above last year. Retailers are poised to offer up to 35% off listed prices this holiday season, with the deepest discounts applied to toys, electronics and apparel, Adobe said in its annual holiday forecast. Buy Now, Pay Later is expected to drive a record $17 billion in online spending this holiday season, up 17% from 2022, Adobe said. Americans are also doing more and more holiday shopping (and shopping in general) on smartphones and tablets. That means Adobe’s 2023 holiday shopping forecast for solid sales growth would signal a genuine increase in demand from consumers.

Persons: they’re Organizations: New York CNN Business —, Adobe Analytics, Retailers, Adobe, PlayStation, Madden NFL, Amazon, PayPal, Commerce Department

☆ Trump gets kicked off Forbes 400 list of richest Americans
▼ + stars: | 2023-10-04 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —As Donald Trump scrambles to defend his business empire in court, the former president has suffered another blow: dropping off The Forbes 400 list of the richest Americans. Unlike the steady or growing fortunes of Forbes 400 leaders Elon Musk, Jeff Bezos and Larry Ellison, Trump’s net worth took a double-digit hit. Trump launched Truth Social in February 2022, envisioning it as a credible threat to Facebook and Twitter. Trump was previously booted from The Forbes 400 in 2021 and in 1990 when he faced severe financial stress. As Forbes notes, Trump “lied” to the magazine in a successful effort to make the Forbes 400.

Persons: Donald Trump scrambles, Trump, Elon Musk, Jeff Bezos, Larry Ellison, Forbes, Trump’s, Taj Mahal, Trump “, ”, “, Fred Trump, ” Forbes, John Barron, ” Jonathan Greenberg Organizations: New York CNN Business, Forbes, Facebook, McKinsey Global Institute . San, Whole Foods, Target, Nordstrom, Starbucks, Bank of America Center, Trump, Taj, Trump Castle Associates, Trump Organization, CNN Locations: New York, United States, McKinsey Global Institute . San Francisco, San Francisco, California, Manhattan, Americas, midtown Manhattan

☆ Real estate insiders question how Trump fraud judge valued Mar-a-Lago
▼ + stars: | 2023-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%. But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. Cintron, the Harrington Ocko & Monk partner, doesn’t think the Mar-a-Lago valuation controversy moves the needle on the question of whether Trump committed fraud.

Persons: Donald Trump, Trump, Arthur Engoron, Engoron, ” Engoron, ”, Eli Beracha, “, ” Dina Goldentayer, Douglas Elliman, ” Goldentayer, Goldentayer, Zillow, ” It’s, Jonathan Miller, Miller Samuel, ” Miller, Melissa Cintron, Harrington Ocko, Monk, it’s “, Miller, Christopher Kise, ” Trump, Letitia James, Cintron, Harrington, doesn’t, he’s, ” Cintron, CNN’s Anna Bahney Organizations: New York CNN Business, Trump, Florida International University, Miller Samuel Inc, Harrington, Mar, realtors, South, New York Locations: York, Beach, South Florida, New York City, “, Springs, Westchester County , NY, Aberdeen, Scotland, Trump

☆ Goldman Sachs warns US energy policy is backfiring
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.

Persons: Goldman Sachs, Daan Struyven, Biden, ”, Jennifer Granholm, Saudi Arabia’s, “, ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, ”, Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC

☆ Corporate America to DC: Don’t shut down the government
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

“Nobody wins in a government shutdown,” said one executive at a business group who requested anonymity to speak candidly. ‘It’s not good for business’A shutdown may not be an especially dramatic event for the stock market or deal a sizable blow to GDP. It’s not good for business – or consumer confidence,” another trade group executive told CNN. It’s unfortunate.”Markets usually don’t careWall Street is not overly worried about the potential damage to the economy at large nor the stock market. During half of those shutdowns, the stock market posted positive returns.

Persons: ” Neil Bradley, “, ”, “ We’ve, ’, Chuck Robbins, Robbins, ‘ It’s, Geoff Freeman, Bradley, it’s, Mitch McConnell, shutdowns, ” Bradley, “ It’s, Keith Lerner, Goldman Sachs, couldn’t Organizations: New York CNN Business, Corporate, US Chamber of Commerce, CNN, Cisco, US Travel Association, US Travel, ”, Federal Reserve, Labor Statistics, Publicly, Democrats, Privately, GOP, House GOP, Republicans, Chamber, Advisory, Commerce Locations: Washington

☆ Gas is rapidly approaching $6 in one state
▼ + stars: | 2023-09-19 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

In California, gas prices are rapidly approaching $6 a gallon. Nationally, gas prices remain well below the record of $5.02 set last June. Still, US gas prices climbed this week to $3.88 a gallon, the highest level of the entire year, according to AAA. Boosted by those two nations’ aggressive supply cuts, US oil prices climbed to as high as $93.74 a barrel on Tuesday. And this recent rise in gas prices is causing headaches for some in Washington.

Persons: it’s, That’s, Pain, Joe Biden’s, Jerome Powell, Powell, ” Nicholas Colas, Colas, “, ”, Joe Brusuelas, Andy Lipow, Lipow, Russia don’t, Brent, Goldman Sachs, Vincent Reinhart, RSM’s, Reinhart, ’, Morgan Stanley, Kristina Hooper Organizations: New York CNN, —, AAA, Brent, Federal, DataTrek Research, RSM, Lipow Oil Associates, Rockies, Citigroup, Fed, Mellon Locations: United States, West Coast, In California, Los Angeles, Long Beach, California, Washington and Nevada, Saudi Arabia, Russia, It’s, Washington, OPEC

☆ Ford’s former CEO has a stark warning for both the UAW and automakers
▼ + stars: | 2023-09-13 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

“The automakers can’t plead poverty,” Fields told CNN on Wednesday, noting the industry’s recent string of profitable years. [Automakers’] CEO pay went up 40%. “But I do think he’s quite misplaced in that if there’s a work stoppage… there will be lots of people hurt,” the former Ford CEO said. However, economists say a UAW strike is unlikely to cause a recession, though it would do damage to local economies and parts suppliers. You can’t fault them for trying to deal with inflation that is hurting their families,” the former Chrysler CEO said.

Persons: Mark Fields, ” Fields, “, ”, Jim Farley, Fields, CNN’s Vanessa Yurkevich, “ We’re, ” Farley, Shawn Fain, ’, ” Fain, Jake Tapper, Bob Nardelli, ” Nardelli, Goldman Sachs, “ It’s, Fain, Nardelli, Ron Gettelfinger, Ford, CNN’s Chris Isidore Organizations: New York CNN Business —, Detroit, Ford, GM, CNN, Chrysler, United Auto Workers, UAW, UPS, American Airlines, West Coast, TPG Capital, Anderson Economic Group, Big Locations: Mexico, Chihuahua

☆ As cracks emerge in Russia, US plots fresh sanctions to crank up pressure on Moscow
▼ + stars: | 2023-08-24 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Washington plans to keep piling pressure on Russia through additional sanctions in a bid to force hard choices in Moscow, a senior US official tells CNN. The preparations of further economic punishments come as cracks emerge in Russia’s economy and society because of the war in Ukraine and sanctions from the West. The scramble in Russia to shore up the crumbling ruble shows the pressure on Moscow is working, the senior US official told CNN. The United States has steadily imposed sanctions on Russia and the US official said Washington plans to continue doing so in a bid to ramp up pressure. Former CIA director David Petraeus argues now is the time for the United States to crank up the pressure on Russia.

Persons: . Wagner, Yevgeny Prigozhin, Putin, David Petraeus, “, ” Petraeus, Petraeus, ”, Ed Mills, Raymond James, Mills, Biden Organizations: New York CNN Business —, CNN, ., US, United, Washington, CIA, KKR Global Institute Locations: New York CNN Business — Washington, Russia, Moscow, Ukraine, United States, South Africa, Washington, United

☆ Alleged Russian crime boss sanctioned by Ukraine owns a major stake in US biotech firm
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +13 min

Buried in corporate filings is another relationship that is central to Humacyte: Russian billionaire Gavril Yushvaev is the company’s second-largest individual shareholder. Humacyte: Russian billionaire has no ‘control’ over firmYushvaev has not been sanctioned by the US government. “There are patients walking today on their own limbs who would not be doing so without access to the HAV to repair their damaged arteries,” a Humacyte spokesperson said. ‘It shows poor judgment’Yushvaev was brought in as an accredited private investor by Credit Suisse’s capital markets advisory group, a Humacyte spokesperson told CNN. Dougan does not personally know Yushvaev, a Humacyte spokesperson told CNN.

Persons: — Weeks, Kathleen Sebelius, Gavril Yushvaev, Yushvaev –, ”, Yushvaev, ” Forbes, Dann, Charles Whitehead, That’s, Steven Tian, Putin, Vladimir Putin, Trump, Sebelius, Humacyte, Obama, ” Yushvaev, Yale’s Tian, Whitehead, “, ” It’s, Brady Dougan, Dougan, Laura Niklason, ’ Yushvaev, Jeff Sonnenfeld, Sonnenfeld, ” Humacyte, Lawrence Ward, Ward, Eleanor Bloxham, ” Bloxham, ’, Lyft, Mother Jones Organizations: New York CNN, Pentagon, Nasdaq, US Department of Defense, CNN, Securities and Exchange Commission, Ukraine, Pepsico, Cornell Law School, BlackRock, Vanguard, Yale School of Management’s, Institute, Treasury Department, Kremlin, Credit, Ayabudge, Credit Suisse, Humacyte, PTC, Yale, Yushvaev, SEC, “, Soviet, US Treasury, Dorsey, Whitney’s, Value Alliance, The Department of Defense, DOD, Cornell, Russia Locations: Ukraine, North Carolina, Humacyte, Russian, Russia, Crimea, Cypriot, Yale, Bloxham, Lyft

New York CNN Business —Taylor Swift’s era-defining “Eras” tour is flying like a jet stream, high above the music scene — by billions of dollars. The tour could gross $2.2 billion in North American ticket sales alone, according to August survey data from research firm QuestionPro provided to CNN exclusively. ‘An economic phenomenon’“Taylor Swift’s ‘Eras’ tour is rewriting the playbook of entertainment economics,” said Chris Leyden, director of growth marketing at SeatGeek. “She’s not just a performer — she’s an economic phenomenon.”The average resale price of an “Eras” ticket was $1,607, SeatGeek told CNN. Swift kicked off the highly-anticipated “Eras” — her first tour since her “Reputation” stadium tour in 2018 — in March.

Persons: New York CNN Business — Taylor, QuestionPro, Swift, Elton John’s, Larry Miller, New York University Steinhardt, “, ”, Miller, concertgoers, Taylor, Chris Leyden, “ She’s, —, SeatGeek, “ Taylor, Terri Shoemaker, Taylor Swift, Hell, Swifties, “ We’ve, Ethan Chernofsky, That’s, it’s, I’ve Organizations: New York CNN Business, North, CNN, New York University, Swift, Arizona Food Bank Network, Retailers, Ticketmaster, Entertainment, Nissan Locations: Los Angeles, American, North America, Arizona, Philadelphia, Nashville , Tennessee, Arlington , Texas

☆ Under Biden, US oil production is poised to break Trump-era records
▼ + stars: | 2023-08-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. Climate vs. inflationWhen and if the oil production record falls, don’t expect any fireworks from the White House. Last week, Saudi Arabia vowed to extend its oil production cut for at least another month. It’s also true that domestic oil production -— unlike prices -— has been slow to recover from the Covid-19 crash.

Persons: Joe Biden, Trump, It’s, Biden, ”, Hunter Kornfeind, it’s, Mike Pence, Joe Biden’s, Pence, Barack Obama, “, Matt Smith, ” Biden, That’s, Kornfeind Organizations: New York CNN Business, Rapidan Energy, drillers, US Energy Information Administration, Strategic Petroleum Reserve, EIA, Exxon, Rapidan Energy Group, American Petroleum Institute, Biden, CNN, “ Locations: Saudi Arabia, Texas, Americas, Russia

☆ Fitch tells CNN why it downgraded America now
▼ + stars: | 2023-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Fitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt. “The numbers speak for themselves,” Richard Francis, the lead analyst on US sovereign ratings at Fitch, told CNN in an interview on Wednesday. Within minutes of Fitch’s downgrade on Tuesday evening, the White House, Treasury Department and some leading economists slammed the move. Whether America slips into a mild recession or narrowly avoids one “just doesn’t move the needle,” Francis told CNN. ‘The center’s fallen apart’Beyond the fiscal mess, Fitch is growing increasingly worried about the political situation in the world’s largest economy.

Persons: New York CNN Business — Fitch, ” Richard Francis, Francis, “, ” Francis, Janet Yellen, Fitch, Obama, Jason Furman, Larry Summers, ”, Donald Trump, there’s, Biden Organizations: New York CNN Business, Fitch, CNN, Treasury Department, Social Security, Office, Democrats, Republicans, Trump Locations: America

☆ ‘Barbenheimer’ is stimulating the economy
▼ + stars: | 2023-07-27 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

Bank of America cardholders increased their non-gasoline spending by 1.9% year over year during the week ending July 22, the bank said Thursday. Bank of America cardholders spent 13.2% more on entertainment than a year ago, easily the most out of any category tracked. That is a significant acceleration from the week of July 15, when entertainment spending was up 4.9%. Earlier in July, entertainment spending was flat to down compared with the year before, according to Bank of America. Federal Reserve Chair Jerome Powell was even asked on Wednesday about how demand for “Barbie” and Taylor Swift concerts is impacting the broader economy.

Persons: New York CNN Business —, Barbie ”, “ Oppenheimer, Bank of America cardholders, Barbie, Oppenheimer, ” “ Barbie ”, Christopher Nolan’s “ Oppenheimer ”, Jerome Powell, “ Barbie ”, Taylor Swift, Powell, ” Powell, ” Organizations: New York CNN Business, Bank of America, CNN, Warner Bros Locations: “

☆ Larry Summers slams Biden economic agenda as ‘increasingly dangerous’
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans. Specifically, Summers took issue with the administration’s trade stance, efforts to prop up US manufacturing and its antitrust crackdown. “It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said. Manufacturing on the riseBiden has made reviving American manufacturing a central part of his economic agenda. The White House has hailed a surge in private investment in American manufacturing under Biden’s watch.

Persons: Larry Summers, Obama, Joe Biden’s, “, ” Summers, Summers, Biden, ” Biden, Morgan Stanley, ”, General Merrick Garland Organizations: New York CNN, Clinton, Peterson Institute for International Economics, Harvard, Harvard University, Treasury, ”, Justice Department Locations: America, Philadelphia, ”

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

☆ If you win the lottery, here’s what you should (and shouldn’t) do
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. “Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health.

Persons: you’ll, “, ” Belinda Herzig, ”, Gary, who’s, Herzig, you’re Organizations: New York CNN, Mellon Wealth Management, CNN, lotto Locations: New

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

☆ The oil market is very chill about the chaos in Russia. Should it be?
▼ + stars: | 2023-06-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Oil prices are, incredibly, lower today than they were before the short-lived uprising in Russia — one of the world’s most important players in the oil market. But some oil market veterans wonder if the pendulum has now swung too far in the other direction. An actual disruption to Russia’s oil flows would be a game-changer for the oil market, and perhaps the world economy. That country’s civil war shut down oil export terminals — and even though Libya’s output is much smaller than that of Russia, oil prices shot higher. For now, the oil market is betting there won’t be a repeat of the Libya unrest in Russia.

Persons: Wagner, Russia won’t, Vladimir Putin’s, Jerome Powell, Powell, Putin, ” Helima Croft, ”, Croft, Yevgeny Prigozhin, Bob McNally, George W, Bush, ” McNally, Prigozhin, “, ” Croft, Obama Organizations: New York CNN Business, CIA, RBC Capital Markets, CNN, Rapidan Energy Group, RBC, Strategic Petroleum Reserve Locations: Russia, Ukraine, Moscow, China, Libya

☆ Inflation hurts. But White House economists find that it’s even worse in every other G7 nation
▼ + stars: | 2023-06-27 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The United States is recovering faster than its peers from the historic bout of inflation squeezing families and souring the mood of the nation, according to a new analysis from White House economists. To address that, the White House economists built an apples-to-apples inflation metric that makes certain adjustments to how shelter costs factor into overall inflation. But we are very heartened and happy to see the trend going where it is,” a CEA official told CNN in a phone interview. And here’s the thing about inflation: It is undeniably down in the United States.”Two independent economists that CNN shared the CEA report with support the logic powering the analysis. That is absolutely a painful thing,” the CEA official said.

Persons: Joe Biden’s, “, “ I’m, Mark Zandi, Republican John McCain, Zandi, Joe Brusuelas, ” Brusuelas, Joe Biden, Ronald Reagan, Biden, Brian Moynihan, CNN’s Poppy Harlow, George W, Bush, Piper Sandler, Trump, ” Piper Sandler Organizations: New York CNN Business —, White House, of Economic Advisers, CNN, CEA, White, Republican, RSM, Federal Reserve, Bank of America, Federal, Gallup Locations: United States, Ukraine, Canada, France, Germany, Italy, Japan, United Kingdom, America, Europe, Wall, Middle America

☆ Extreme heat means two-thirds of North America could suffer blackouts this summer
▼ + stars: | 2023-06-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Periods of extreme heat stress the grid by spiking demand for electricity as families and businesses crank up the air conditioning to stay cool. Power grid officials have warned that large swaths of the United States could face blackouts if it’s a hot summer. “Two-thirds of North America is at risk of energy shortfalls this summer during periods of extreme demand,” the North American Energy Reliability Corporation (NERC) concluded in its summer outlook published last month. The risk of blackouts comes into play only if there is extreme heat. But many Americans in the South and Central regions of the United States are dealing with extreme heat right now.

Persons: NERC, ” NERC Organizations: New York CNN Business, North American Energy Reliability Corporation, National Oceanic, Atmospheric Administration, US Energy Information Administration Locations: United States, North America, Mississippi, Central, Texas . New England, Ontario, “, South, Arizona, Alabama, West Texas, Pacific Northwest, Southwest , Texas, Southeast, Texas, Nevada , Utah, Gulf Coast

☆ FDIC accidentally reveals details about Silicon Valley Bank’s biggest customers
▼ + stars: | 2023-06-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators. According to Bloomberg, that document was accidentally released unredacted by the FDIC in response to a Freedom of Information Act request. For instance, leading venture capital firm Sequoia Capital, held just more than $1 billion at SVB, according to the FDIC document. The FDIC document indicates the Chinese firm held about $903 million at SVB. The FDIC, charged with insuring deposits at banks, apparently did not intend to release the details on SVB’s biggest customers.

Persons: SVB, Zhipin, Dennis Kelleher, ” Kelleher, Mike Pence, ” Organizations: New York CNN Business —, Bloomberg, Silicon Valley Bank, Bloomberg News, FDIC, Sequoia Capital, PayPal, Google, Apple, Sequoia, CNN, Better Markets, Internet, Better, Main Street Locations: Silicon, Beijing

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