Former MoviePass executives face fraud charges

Former MoviePass executives face fraud charges

New York CNN Business — MoviePass’ former CEO and the head of its former parent company have been indicted on securities fraud charges for defrauding investors over the sustainability and profitability of the company’s movie-a-day subscription model, according to a Justice Department announcement Friday. J. Mitchell Lowe, former CEO of the movie ticket subscription service, … Read more

Homes in white neighborhoods are valued at higher values ​​than in communities of color, a new report shows

Homes in white neighborhoods are valued at higher values ​​than in communities of color, a new report shows

CNN — Homes in predominantly white neighborhoods are assessed at twice the value of homes in communities of color with comparable amenities, according to a new report released Wednesday. The report found that the racial gap in home values ​​had increased by 75% in the past decade, underscoring numerous accounts from black families in recent … Read more

A decade of rising house prices is over. The UK economy will feel the pain

A decade of rising house prices is over.  The UK economy will feel the pain

London CNN Business — For years, home ownership in the UK has been a one-way venture. Prices have risen steadily since the global financial crisis, increasing in even greater increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, up £27,000 on … Read more

Interest rates: What you need to know about the Federal Reserve’s historic rate hike

Interest rates: What you need to know about the Federal Reserve’s historic rate hike

Washington DC CNN — The Federal Reserve on Wednesday approved a fourth straight rate hike of three-quarters of a percentage point as part of its aggressive fight to bring down the white-hot inflation plaguing the US economy. The increased hike brings the central bank’s benchmark lending rate to a new target range of 3.75% to … Read more

BP’s profits more than double as calls for windfall taxes grow

BP’s profits more than double as calls for windfall taxes grow

London CNN Business — BP’s profits more than doubled in the third quarter of the year, extending a colossal earnings run for the world’s biggest oil and gas companies, which will contribute to growing demands in Britain and the United States for higher taxes on windfall profits. The British energy company had an underlying profit … Read more

The US spent half a trillion dollars last year alone to finance its mountain of debt

The US spent half a trillion dollars last year alone to finance its mountain of debt

New York CNN Business — The Federal Reserve’s war on inflation isn’t just painful for homebuyers and people with credit card debt. Uncle Sam is also being pressured by higher borrowing costs. The cost of financing America’s growing mountain of debt is rising rapidly as the Fed struggles to put out the inflationary fire by … Read more

Stocks: Dow on track for best month in more than 45 years

Stocks: Dow on track for best month in more than 45 years

New York CNN Business — The Dow fell nearly 130 points, or 0.4%, on Monday, but it still ended October up 14% — its best monthly gain since January 1976. However, blue chips remain up nearly 10% this year. Meanwhile, the S&P 500, which closed up 0.8% on Monday, is down about 20% in 2022. … Read more

The Fed may have to blow up the economy to get inflation under control

The Fed may have to blow up the economy to get inflation under control

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can register right here. New York CNN Business — The Federal Reserve is most likely to raise interest rates by three-quarters of a percentage point again on Wednesday, its fourth big increase in a row. And it … Read more

ExxonMobil posts another record profit as oil prices remain high

ExxonMobil posts another record profit as oil prices remain high

New York CNN Business — America’s largest oil company ExxonMobil set a profit record for the second straight quarter as oil and gas prices remained high. US oil company Chevron, No. 2, also delivered much better than expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from its record second-quarter results and up … Read more

Bed Bath and Beyond names Sue Grove as its new CEO

Bed Bath and Beyond names Sue Grove as its new CEO

New York CNN Business — Bed Bath and Beyond has appointed a new CEO – and investors sold the stock. The beleaguered retailer has appointed interim chief executive Sue Gove to the position permanently. She has held the post for the past four months following the exit of its former chief executive Mark Tritton, who … Read more