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

Stocks sink as investors wait for the Fed’s rate hike

new York CNN Business — So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike. The Dow fell more than 450 points, or 1.5%, in midday trading. The … Read more

Indian tycoon Gautam Adani just booted Jeff Bezos as world’s second-richest person

new York CNN Business — Jeff Bezos just lost his status as the world’s second-richest person, dropping to No. 3 as Indian business mogul Gautam Adani rapidly climbs the ranks of Bloomberg’s Billionaire Index. Elon Musk, still the No. 1 wealthiest person with $260 billion to his name, may need to watch his back. Adani … Read more

Porsche IPO: Volkswagen targets 75 billion euro valuation

Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history. Volkswagen (VLKAF) will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the … Read more

Manchester United: Winning on Wall Street despite struggling on the field

new York CNN Business — Fans of the Manchester United Football Club are not thrilled to see their squad in the middle of the pack of the English Premier League so far this season, especially after a disappointing run in 2021. Making worse matters? The once mighty Man United’s last significant championship was a UEFA … 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

British pound hits a 37-year low as UK economy skids

London CNN Business — The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, it lowest since 1985, after the Office for National Statistics said that … Read more