By Allison Morrow, CNN Business The tale of Zachary Horwitz made headlines this week after he was sentenced to 20 years for bilking investors out of $650 million by peddling bogus licensing deals with HBO and Netflix. Ironically, it is just the kind of juicy swindler story you might binge watch on those platforms: Horwitz,
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By Rishi Iyengar and Michelle Toh, CNN Business US stocks slid Friday as investors continued to track geopolitical developments in Eastern Europe following Thursday’s steep selloff. The Dow closed down nearly 233 points, or 0.7%. The S&P 500 and Nasdaq Composite ended the day with losses of 0.7% and 1.2%. All three indexes finished the
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By Matt Egan, CNN Business Economist Larry Summers called on the Federal Reserve Wednesday to take immediate action to catch up to inflation. “There are lots of reasons to suspect the Fed is well behind the curve,” Summers, a former senior official in the Clinton and Obama administrations, said during a virtual event. Summers, who
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By Chris Isidore, CNN Business Gas in California hit a record high of $4.72 a gallon on average on Wednesday — and experts say a whopping $5 a gallon will likely be the norm there in a matter of months, if not sooner. This isn’t just an issue for West Coasters: Some of the factors
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Opinion by Janneke Ratcliffe for CNN Business Perspectives Millions of Americans are losing out on the chance to reap the benefits of homeownership because of a supply shortage. This shortage is most acute among affordable homes, where low- and moderate-income renters, younger first-time homebuyers, and people of color are losing faith that they will be
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By Matt Egan, CNN Business Oil prices briefly touched $95 a barrel on Wednesday before backing away as investors try to make sense of the latest developments in the Russia-Ukraine crisis. US crude jumped as much as 3.2% to an intraday peak of $95.01 a barrel as US and NATO officials said they saw no
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By Paul R. La Monica, CNN Business AMC Entertainment, the theater chain and darling of the meme stock crowd, is hoping to profit as more people stay home to watch movies on streaming networks like Netflix and Disney+. How? In the immortal words of NFL Hall of Famer Terrell Owens: Getcha popcorn ready. AMC announced
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By Rebecca Wright, CNN The International Finance Corporation, one of the world’s leading development banks, has for decades touted its success in funding companies it says can help end extreme poverty in developing countries. But new research suggests the organization, which operates under the World Bank Group, has been providing hundreds of millions of dollars
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By Jeanne Sahadi, CNN Business Employers, take note: If your staff has been working from home most or all of the time during the past two years, chances are a majority may want to continue doing so after the threat of Covid-19 fades. Among Americans with jobs that can be done remotely, 59% say they
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By Peter Valdes-Dapena, CNN Business Mercedes’ AMG performance division is most famous for making hand-built gasoline engines, but times are changing and electric motors are the new thing. Mercedes just unveiled its latest AMG model, the Mercedes-AMG EQE, a fully electric high-perfomance mid-size sedan. With two high-output electric motors engineered specifically for AMG — one
Continue Reading By Peter Valdes-Dapena, CNN Business Mercedes’ AMG performance division is most famous for making hand-built gasoline engines, but times are changing and electric motors are the new thing. Mercedes just unveiled its latest AMG model, the Mercedes-AMG EQE, a fully electric high-perfomance mid-size sedan. With two high-output electric motors engineered specifically for AMG — one
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By Jordan Valinsky, CNN Business More people than ever participated in Dry January this year, but they didn’t totally ditch the bottle. According to surveys from CGA, a food and drink research firm, 35% of legal-aged US adults skipped alcohol for the entire month — a trend that’s growing in popularity as drinkers look to
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By Anneken Tappe and Nathaniel Meyersohn, CNN Business Inflation is rampant in the pandemic economy, but that didn’t keep Americans from opening up their wallets last month. US retail sales rose by 3.8% in January from the month prior, adjusted for seasonal swings — more than the 2% increase economists had predicted. That puts the
Continue Reading By Chris Isidore, CNN Business Gas in California hit a record high of $4.72 a gallon on average on Wednesday — and experts say a whopping $5 a gallon will likely be the norm there in a matter of months, if not sooner. This isn’t just an issue for West Coasters: Some of the factors
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By Julia Horowitz, CNN Business Wall Street is convinced it’s discovered the future of Silicon Valley. But early bets on the “metaverse” are running into some turbulence. What’s the metaverse? It’s a virtual world in which people hang out, attend meetings and play games as avatars. It’s generating tons of buzz. But shares of video
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By Jordan Valinsky, CNN Business Here’s more proof that the house always wins: In 2021, America’s gaming industry had its highest-grossing year ever. Again. The industry rolled in $53 billion in revenue last year — breaking the previous industry record by more than 20% registered in 2019, according to the American Gaming Association. Last year’s
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By Matt Egan, CNN Business Russia’s invasion of Ukraine is happening thousands of miles away from the closest major US city. And yet millions of American families will feel the economic consequences. That’s because the world economy and financial markets are interconnected. As Covid demonstrated, events on one side of the planet can set off
Continue Reading By Matt Egan, CNN Business The Russia-Ukraine crisis is taking place thousands of miles away from the closest major US city. And yet millions of American families would feel the economic consequences of a full-blown conflict. That’s because the world economy and financial markets are interconnected. As Covid demonstrated, events on one side of the
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By Swati Gupta and Rhea Mogul, CNN Indian actor and activist Deep Sidhu, who backed the country’s year-long farmer’s movement, died in a car crash Tuesday, according to police officials. He was 37. Sidhu’s car crashed into the rear end of a truck in the northern state of Haryana, senior official of Sonipat Police, Virender
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By CNN’s Beijing bureau and Michelle Toh, CNN Business Starbucks is facing its second controversy in China in two months, over what the coffee giant has described as a “misunderstanding” between its staff and a police officer. The incident unfolded on Sunday, when the beverage chain said that four police officers visited one of its
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