By Catherine Thorbecke, CNN Business Kittyhawk, the electric air taxi startup backed by Google co-founder Larry Page, announced Wednesday that it plans to “wind down” operations. “We have made the decision to wind down Kittyhawk. We’re still working on the details of what’s next,” the company wrote in a brief statement shared on its LinkedIn
Continue Reading By Nicole Goodkind, CNN Business JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. This time, he faced his longtime critic Sen. Elizabeth Warren. Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular
Continue Reading By Anna Bahney, CNN Business Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie
Continue Reading By Chris Isidore, CNN Business Tesla said it has spotted a flaw in 1.1 million cars’ windows that could pinch occupants while closing. The windows are supposed to stop if they detect an obstacle in their path but Tesla said testing discovered a possible problem in some of its windows. It said it should be
Continue Reading By Oliver Darcy, CNN Business Conspiracy theorist Alex Jones tangled Thursday in an explosive courtroom exchange with an attorney for families of Sandy Hook victims who have sued him in Connecticut, prompting an admonishment from the judge and warning that they could be held in contempt if they violate court rules moving forward. The warning
Continue Reading By Oliver Darcy, CNN Business Conspiracy theorist Alex Jones tangled Thursday in an explosive courtroom exchange with an attorney for families of Sandy Hook victims who have sued him in Connecticut, prompting an admonishment from the judge and warning that they could be held in contempt if they violate court rules moving forward. The warning
Continue Reading By Oliver Darcy, CNN Business Jake Tapper is moving to primetime as part of a sweeping set of programming changes CNN announced Thursday that will take effect through the midterm elections. Tapper, the network’s lead Washington anchor, will anchor the 9 p.m. hour starting October 10 and continuing until November 11. “The world has come
Continue Reading By Brian Fung, CNN Amazon founder Jeff Bezos and CEO Andy Jassy must testify in an ongoing Federal Trade Commission probe into whether the company misled people into subscribing to Amazon Prime and other services, the agency said Wednesday. The decision follows earlier Amazon claims that FTC staff were harassing the two men and imposing
Continue Reading By Julia Horowitz, CNN Business When the Federal Reserve started hiking interest rates to combat decades-high inflation, Chair Jerome Powell stressed that the central bank could increase borrowing costs without inflicting too much damage on the economy. “We feel the economy is very strong and will be able to withstand tighter monetary policy,” Powell said
Continue Reading By Parija Kavilanz, CNN Business Halloween is still a month away, but Walmart is ready for Christmas. Walmart on Thursday said it’s getting the ball rolling on its year-end holiday shopping season at its stores and online as early as next month. Noting that more than half of its customers make their holiday shopping plans
Continue Reading By Junko Ogura, Emi Jozuka and Kathleen Benoza Japan tried to shore up the value of its currency Thursday by buying yen and selling US dollars for the first time in 24 years. The yen had earlier plunged to its lowest level since 1998 after the Federal Reserve hiked interest rates aggressively while the Bank
Continue Reading By Mark Thompson, CNN Business The Bank of England announced its seventh interest rate hike in less than a year on Thursday, despite forecasting a recession, as it battles the highest level of inflation of any G7 economy. The central bank repeated last month’s hike of half a percentage point, taking rates to 2.25% from
Continue Reading By Laura He, CNN Business Hong Kong stocks hit their lowest level in more than a decade Thursday and other Asian markets also fell after the US Federal Reserve raised rates by 75 basis points and forecast even more hikes ahead, fueling concerns about a recession. The Hang Seng Index fell as much as 2.6%,
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Peter Valdes-Dapena, CNN Business Stealing older model Hyundai and Kia cars and SUVs became a scary social media trend. Now, data from the Highway Loss Data Institute, which collects information on insurance claims, confirm these South Korean models are far more likely to get stolen than others. In fact, 2015-2019 Hyundai and Kia models
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Brian Fung, CNN Business Florida has asked the Supreme Court to rule on whether states may force social media companies to host content they would rather remove — setting up a potential landmark battle over digital speech rights and content moderation that could reshape the country’s relationship with the First Amendment. In a petition
Continue Reading By Matt Egan Goldman Sachs told its New York City-based employees on Wednesday that as of November 1 they will no longer need to get vaccinated for Covid-19, CNN has learned. The move comes weeks after Goldman Sachs relaxed its Covid requirements for all US employees except those based in New York, its home city.
Continue Reading By Alicia Wallace, CNN Business In its efforts to bring down historic inflation and cool the economy, the Federal Reserve has used multiple euphemisms to describe the potential impact on Americans’ jobs, from economic “pain” to “unfortunate costs” and a “softening labor market.” Data, however, doesn’t mince words. The Fed’s latest economic projections, released Wednesday
Continue Reading By Jennifer Korn, CNN Business Live-streaming giant Twitch on Tuesday said it will take additional steps to crack down on unlicensed gambling content on its platform after facing backlash from some of its top creators. The Amazon-owned service plans to prohibit gambling sites from streaming on the platform if they are not licensed in the
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