Larry Page’s electric air taxi startup is winding down

CNN — 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 and twitter pages. … Read more

Mortgage rates rise to nearly 6.3%, the highest level since 2008

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 Mac. That is significantly higher … Read more

Why Jamie Dimon apologized to Elizabeth Warren

new York 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 … Read more

Boeing agrees to pay $200 million for misleading the public about the 737 Max

new York CNN Business — Boeing and its former CEO Dennis Muilenburg agreed to pay hefty fines to settle charges from the Securities and Exchange Commission that they misled the public about the safety of the 737 Max following two fatal crashes in 2018 and 2019. The SEC alleges that, following an October 2018 crash … Read more

Pakistan floods: Experts slam ‘pittance’ in aid as they find climate crisis role

London CNN — An analysis of Pakistan’s devastating floods has found “fingerprints” of the human-made climate crisis on the disaster, which killed more than 1,500 people and destroyed so much land and infrastructure it has plunged the South Asian nation into crisis. The analysis, published Thursday by the World Weather Attribution initiative, was unable to … Read more

Premarket stocks: Ukraine’s victories are exciting Wall Street. The boost could soon fade

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. London CNN Business — In the past week, Ukrainian troops have dealt a huge blow to Russia’s … Read more

The big threat to the US economy no one is talking about

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. new York CNN Business — This Friday, you have of thousands of railroad workers are poised to go on strike, potentially bringing nearly a third of all US freight to a grinding halt. It would … Read more

Pakistan flooding may take up to 6 months to recede, authorities say

Islamabad, Pakistan CNN — Authorities in Pakistan have warned it could take up to six months for deadly flood waters to recede in the country’s hardest-hit areas, as fears rise over the threat posed by waterborne diseases including cholera and dengue. Floods caused by record monsoon rains and melting glaciers in Pakistan’s northern mountain regions … Read more

Americans won’t be going crazy with holiday gifting this year

new York CNN Business — The kids, the grandparents, the babysitter, maybe your favorite aunt or uncle. That’s it. You can blame inflation for families knocking friends, co-workers and extended families off your holiday gift lists this year. Persistent inflation – consumer prices increased by 8.5% in July over last year – has reshaped how … Read more

The problem that should be keeping Liz Truss awake at night

London CNN Business — Liz Truss has a lot on her plate. The United Kingdom is heading for a recession. Workers are going on strike as inflation erodes their living standards. And millions of people and thousands of businesses need immediate relief from soaring energy bills to get through the winter. “This is a tough … Read more