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

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

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

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

Premarket stocks: The Fed may have changed markets forever

Premarket stocks: The Fed may have changed markets forever

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. New York CNN Business  —  It’s safe to say that the global economy is in a pretty bad … Read more

China GDP: 2022 Q3 data stronger than expected after Xi Jinping secures third term in power

China GDP: 2022 Q3 data stronger than expected after Xi Jinping secures third term in power

Hong Kong CNN Business — China released stronger-than-expected GDP and other economic data on Monday, just a day after Xi Jinping secured a historic third term in power at the end of a major political gathering. But Hong Kong’s Hang Seng (HSI) index, a key gauge of overseas investor sentiment toward China, tumbled at Monday’s … Read more

US officials made lucrative stock trades while preparing for Covid-19, WSJ reports

US officials made lucrative stock trades while preparing for Covid-19, WSJ reports

New York CNN Business — Dozens of federal officials made lucrative stock and mutual fund deals in early 2020 as the government braced for the onslaught of Covid-19, according to a Wall Street Journal investigation. In January of that year, while the public was largely unaware of the scope and severity of the threat posed … Read more

Markets are losing retailers, it’s bad for stock prices

Markets are losing retailers, it’s bad for stock prices

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can register right here. You can listen to an audio version of the newsletter by clicking on the same link. New York CNN Business — It’s been a tumultuous year for retail traders – people who buy … Read more

Chinese shares fall to multi-year lows in New York and Hong Kong amid party congress

Chinese shares fall to multi-year lows in New York and Hong Kong amid party congress

Hong Kong CNN Business — Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concern over China’s rising Covid cases and economic outlook. The jump comes as members of China’s ruling Communist Party gather for the 20th Party Congress, a major leadership reshuffle that sets the tone for politics for … Read more