CNN, CNN BUSINESS By Frank Pallotta, CNN Business In November 2019, Disney debuted Disney+, kicking off the so-called streaming wars and prompting companies across the media world to spend billions of dollars to launch services to take on Netflix. Netflix was seen as the existential threat to the legacy media industry, so following its lead
Continue ReadingBy Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue ReadingCNN By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy
Continue ReadingBy Alicia Wallace, CNN Business The US economy has now regained all jobs lost during the pandemic, after a blowout July jobs report that showed a gain of 528,000 jobs, according to data released Friday by the Bureau of Labor Statistics. The massive monthly gain was more than double the 250,000 that economists were expecting,
Continue ReadingBy Matt Egan The selloff in the oil market gathered momentum Thursday on growing concerns about weakening demand for gasoline. US oil dropped 2.3% to $88.54 a barrel, the weakest settle since February 2. Brent crude, the world benchmark, fell around 3%. A government report released Wednesday unnerved oil traders by revealing an unexpected build
Continue ReadingBy Oliver Darcy, CNN Business A Texas judge on Thursday denied a request for a mistrial from the attorney for right-wing conspiracy theorist Alex Jones in a trial that will decide how much in damages is awarded to the parents of a Sandy Hook victim who won a default judgment against Jones. A hearing about
Continue ReadingBy Oliver Darcy, CNN Business Alyssa Farah Griffin and Ana Navarro, two conservatives who have been extraordinarily critical of former President Donald Trump, were officially announced on Thursday as a permanent co-hosts of “The View.” Co-host Whoopi Goldberg made the announcements during two live segments on the ABC daytime talk show. Griffin said she was
Continue ReadingBy Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There was a war
Continue ReadingCNN, CNN BUSINESS By Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There
Continue ReadingCNN By Allison Morrow, CNN Business Last year was a busy, chaotic one on Wall Street. Mergers, acquisitions and new stock listings were going a mile a minute, underpinned by a generally jolly mood. The economy was bouncing back. Vaccines dimmed the risks posed by Covid. Money was essentially free to borrow. There was a
Continue ReadingBy Chris Isidore, CNN Business US airlines just had one of the most lucrative quarters in history. Passengers are suffering for it. The record revenue many airlines reported in April, May and June came via very high airfares and packed airplanes. A series of service disruptions caused by staffing shortages has made flying even worse.
Continue ReadingCNN, CNN BUSINESS By Chris Isidore, CNN Business US airlines just had one of the most lucrative quarters in history. Passengers are suffering for it. The record revenue many airlines reported in April, May and June came via very high airfares and packed airplanes. A series of service disruptions caused by staffing shortages has made
Continue ReadingBy Chris Isidore, CNN Business Shares of luxury electric car maker Lucid plunged more than 10% Thursday after the company disclosed it will make roughly half the cars this year it had planned to build. The company said it is dealing with the serious supply chain problems that have disrupted other automakers’ production as well.
Continue ReadingOpinion by Van Jones and Jessie Buendia for CNN Business Perspectives America needs a new approach to energy. Nothing has shown that as well as the record high gas prices and temperatures hitting families across the country this summer. To cope, some Americans are cutting back on their air conditioning use, while others are reconsidering
Continue ReadingBy Nathaniel Meyersohn, CNN Business Early in the pandemic, people realized they were going to be spending a lot more time at home. So they decided to upgrade. Shoppers dished out for new sofas, beds and decor, remodeled their kitchens and backyards and invested in their remote work setup. Demand was so hot that it
Continue ReadingBy Matt Egan, CNN Business The Federal Reserve’s war on inflation will eventually kill the economic recovery from Covid-19, former Fed official Bill Dudley warns. The problem is that the Fed began its quest to tame inflation late, leaving the central bank little choice other than to slam the brakes on the economy by drastically
Continue ReadingBy Anna Bahney, CNN Business Mortgage rates dropped for the second week in a row, falling below 5% for the first time since mid-April. The 30-year fixed-rate mortgage averaged 4.99% in the week ending August 4, down from 5.3% the week before, according to Freddie Mac. But that is still significantly higher than this time
Continue ReadingBy Michelle Toh, CNN Business Alibaba just posted flat revenue growth for the first time since becoming a public company, but investors don’t seem to mind. Shares of the Chinese tech and e-commerce giant jumped more than 6% in premarket trading in New York on Thursday. Its stock in Hong Kong had earlier closed up
Continue ReadingBy Julia Horowitz, CNN Business Robinhood got off to a rocky start when it made its Wall Street debut one year ago, but hopes for the buzzy trading app were high as armchair investors piled into the market hoping to mint quick fortunes. The stock market was booming, and monthly active users more than doubled
Continue ReadingBy Anna Cooban, CNN Business Central bankers in the United Kingdom have announced the biggest increase in interest rates in 27 years, as spiraling inflation continues to cripple millions of households’ finances. The Bank of England raised the cost of borrowing by 50 basis points to 1.75% — the sixth time the central bank has
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