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The US could use a simple tool to strategically weaken the US dollar for economic gains. A reduction in the federal deficit would help tame inflation and weaken the US dollar. AdvertisementThat's why a weakening US dollar is music to the ears of American corporations, trade partners, and policymakers. That agreement devalued the US dollar, stabilized trade with Japan, and helped reduce the US trade deficit. A balanced Federal budget would help them achieve that scenario without putting the economy at risk.
Persons: , It's, isn't, Donald Trump Organizations: Service, Swiss, America's, China, Accord Locations: Europe, China, Japan, Asia
Despite lower price tags, Chinese EVs often have more powerful batteries and more advanced technology. The competition among hundreds of Chinese EV makers has spurred rapid innovation. Even Tesla CEO Elon Musk, who made a surprise visit to Beijing last week, has said that without trade barriers Chinese EV makers would "demolish" their competitors. Chinese EVs tend to be smaller, cheaper and more accessible to the masses — BYD's Seagull, a small all-electric hatchback, starts at less than $10,000. It would take time to set up a sales and distribution network, Fields said, and Chinese EV makers could face a perception issue among American consumers.
Persons: They're, Stella Li, America's Tesla, Tesla, BYD, Mark Fields, Elon Musk, Musk, Fields, they've, Li, Biden, Musk's, That's Organizations: Alliance for American Manufacturing, U.S, BYD, NBC News, Western, Communist Party, Ford, International Energy Agency, Western automakers, United States, Lawmakers, World Trade Organization, European, Rhodium Group, EV, China Association of Automobile Manufacturers Locations: China, EVs, U.S, BYD Americas, BYD, Shenzhen, United States, Beijing, Europe, United, Union, Chinese, Mexico, South Korea, Japan
US President Joe Biden speaks about his Investing in America agenda at the Wilmington Convention Center in Wilmington, North Carolina, on May 2, 2024. President Joe Biden is set to meet Tuesday afternoon with a slate of executives from a variety of industries, some of which have been the targets of his regulatory agenda. The guest list includes United Airlines CEO Scott Kirby, Citi CEO Jane Fraser, Evercore founder and senior chairman Roger Altman, Marriott International CEO Anthony Capuano, Flex CEO Revathi Advaithi, Bechtel Group CEO Brendan Bechtel, former Xerox CEO Ursula Burns and Corning CEO Wendell Weeks, according to a White House official. Biden is planning to discuss his "strategy of investing in America and rebuilding international alliances," the official said in a statement. And as part of a broader siege against what Biden calls "junk fees," the White House has issued rules prohibiting certain fees from airlines and credit card companies.
Persons: Joe Biden, Scott Kirby, Jane Fraser, Roger Altman, Anthony Capuano, Revathi Advaithi, Brendan Bechtel, Ursula Burns, Corning, Wendell Weeks, Biden Organizations: Wilmington Convention, United Airlines, Citi, Marriott International, Flex, Bechtel, Xerox, White, Federal Trade Commission, Department Locations: Wilmington, Wilmington , North Carolina, America
The chairman of the powerful House Judiciary Committee is launching an investigation into Formula 1 and its U.S. owner, Liberty Media , to demand answers about the sport's decision to deny Andretti Global a spot on the grid. The letter is dated Tuesday and addressed to Greg Maffei, the president and CEO of Liberty Media, and Stefano Domenicali, the president and CEO of Formula One Group. "Delaying Andretti Cadillac's entry into Formula One for even one year will harm American consumers to benefit failing Formula One teams," Jordan writes. "Limiting the number of teams in Formula One will increase the price of sponsoring or buying into an existing Formula One team. The letter comes days after Mario Andretti, a former Formula 1 world champion, visited Capitol Hill and spoke at a press conference with lawmakers to pressure the sport to admit Andretti Global.
Persons: Mario Andretti, John James, Jim Jordan, Greg Maffei, Stefano Domenicali, Andretti, Jordan Organizations: Washington , DC, Andretti, Capitol, General Motors, Committee, Liberty Media, NBC News, Formula One, Formula, One, Andretti Global, Capitol Hill Locations: Washington ,, Ohio, United States, Michigan
While it was a delicious deal for customers, it was terrible for the company: Red Lobster lost $3.3 million in seven weeks. The deal was once again too popular, and Red Lobster was unprepared for its customers’ insatiable lust for discounted shellfish. Red Lobster is now reportedly considering filing for bankruptcy protection to restructure its debt and shed some of its 650 US locations. Red Lobster stallsBut Red Lobster fell behind its sister brand Olive Garden under Darden. In 2021 and 2022, Red Lobster brought on a new CEO, chief marketing officer, chief financial officer and chief information officer.
Persons: Lobster, , , John Gordon, Michael Nagle, Alex Susskind, General Mills, Bill Darden, Charley Woodsby, Darden, ” Woodsby, Jonathan Maze, Betty Crocker, Red, Glen Martin, Mills, ” Joe Lee, Olive, Red Lobster’s, “ Darden, ” Les Foreman, Justin Sullivan, they’ve, Les Foreman, Thiraphong Chansiri, ” “, ” Chansiri Organizations: New, New York CNN, Lobster, Thai Union, Bloomberg, Getty, Red Lobster, CNN, Cornell University, Baby Boomers, General, Howard, Restaurant Business, Darden, Denver Post, Harvard Business School, Longhorn, Darden Restaurants, Gate, , Thai, , ” Thai Locations: New York, United States, Bangkok, Thai, underinvestment, Lakeland , Florida, Orlando, America, Olive, Sale, Thai Union, Thailand
The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”
Persons: Pioneer’s, Scott Sheffield, Mr, Kyle Mach, Organizations: Federal Trade Commission, Exxon, Natural Resources, Pioneer’s, Organization of Petroleum, Competition Locations: Texas, New Mexico, commission’s
New York CNN —Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players. The FTC said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board.
Persons: New York CNN — Scott Sheffield, “ Mr, , Kyle Mach, Sheffield “, Douglas Farrar, Sheffield, , Exxon Organizations: New, New York CNN, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, FTC, ExxonMobil, Competition, CNN, Railroad Commission, Texas, Exxon Locations: New York, American, Saudi, Sheffield, Texas, OPEC, Russia, FTC’s, Saudi Arabia
Twelve members of the U.S. Congress sent a letter to Formula 1 owner Liberty Media on Wednesday demanding answers for why it is excluding Andretti Global from the sport, giving the American team powerful new allies in its bid to enter F1. "Our team, Andretti Global, is part of every major racing discipline in the world. Last fall Formula 1's governing body, the FIA, accepted the racing team's push to join the grid, saying it met the criteria. Because we have an obligation to protect the American consumer, to protect American companies, and that is our first allegiance. The move marks an earthquake for F1 as Newey is widely regarded as the greatest car designer in the sport.
Persons: Mario Andretti, Andretti Cadillac, John James, Gregory Maffei, , that's, Andretti, James, It's, Jim Jordan, Adrian Newey, Sebastian Vettel, Max Verstappen, Newey Organizations: Auto, U.S, Capitol, U.S . Congress, Liberty Media, Andretti Global, American, General Motors, Formula, Andretti, GM, Cadillac, Rep, FIA, Formula One Management, Miami, Prix, Las Vegas, Red Bull Racing, Red Bull, NBC News Locations: U.S, Michigan, America, Ohio, Austin
2024’s safest sunscreens for summer and year-round
  + stars: | 2024-05-01 | by ( Sandee Lamotte | ) edition.cnn.com   time to read: +10 min
The annual report provides a database of products by brand and type, while also breaking them down into the top recreational sunscreens, the best daily SPF (sun protection factor) and the safest sunscreens for babies and children. Many of the safest choices will be mineral-based instead of chemical-based sunscreens, said Emily Spilman, EWG’s healthy living science program manager. Mineral sunscreens work by physically deflecting and blocking the sun’s rays, as opposed to sunscreens with chemicals that absorb UV rays and release heat as they break down. In 2019, oxybenzone was an ingredient in 60% of all sunscreen products tested by EWG, dropping to 30% in 2022. By 2023 and again in 2024, the chemical was used in only 6% of tested products, which included sunscreens and daily moisturizers and lip balms with sunscreen protection.
Persons: Brianna Starr, Alicia, ” Brianna, we’d, , , Brianna, Rajesh Nair, ” Nair, Emily Spilman, ” Spilman, It’s, “ It’s, Bill Clinton, padimate, Homer Swei, EWG’s, ” Swei, oxybenzone, Len Lichtenfeld, Lichtenfeld, ” Lichtenfeld Organizations: CNN, Orlando Health Cancer, Orlando Health Cancer Institute, Twitter, FDA, US Food and Drug Administration, Care Products Council, U.S . Food, Drug Administration, oxybenzone, American Cancer Society Locations: Kansas, TikTok, Orlando , Florida, Japan, Europe, U.S, Australia
US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.
Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, , Andy Lipow, , De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, , Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia
Americans are falling behind on their payments
  + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.
Persons: New York CNN —, Austan Goolsbee, ’ ”, , Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss
The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.
Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, , Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan
As many American companies struggle to navigate the world's second-largest economy, Meta Platforms has found itself raking in billions of dollars from China without the direct challenges of doing business there. The influx in spending from Chinese ecommerce advertisers has been a "significant positive" for Meta, said Rohit Kulkarni, analyst at Roth MKM covering internet companies. Many American companies doing business in China have battled similar challenges as the post-Covid recovery there has progressed slower than expected. Meta has said it has a "diverse advertiser base" of Chinese companies. The concern is that as more Chinese advertisers target American consumers through Meta's platforms, that could drive up the price of ads for everyone.
Persons: Temu, Rohit Kulkarni, Roth, Meta's, Piper Sandler, Tom Champion, Estee Lauder, Meta, Susan Li, Shein, Kate Scott, Dawkins, , Roth's Kulkarni, Piper Sandler's, they're, Josh Silverman, we're, Piper, doesn't, Jim Cramer's, Jim Cramer, Jim, Facebook Mark Zuckerberg, Kenzo Tribouillard Organizations: Club, Super, U.S, Meta, Apple, Facebook, Tencent, Holdings, Nasdaq, CNBC, Wall Street, Google, European Commission, AFP, Getty Locations: China, Ireland, Shanghai, Singapore, U.S, Meta, Brussels
Last year, Taiwan Semiconductor Manufacturing Company reported its first profit decline in four years. The company said engineering wafer production began at the factory in April, an important step toward the eventual chip production. Last July, TSMC announced that chip production for the first factory would be postponed from 2024 to 2025. Barring further setbacks, TSMC's update could mean the first factory will begin production of chips in 2025. This funding could be particularly important for TSMC, given the cost of factory construction and chip manufacturing can differ between the US and Taiwan.
Persons: , TSMC, Biden, Joe Biden, — TSMC, Dylan Patel, SemiAnalysis, that's, Morris Chang, C.C, Wei Organizations: Service, Taiwan Semiconductor Manufacturing Company, Business, Biden, Financial Times Locations: Taiwan, Arizona, Phoenix, Japan, Germany
President Biden on Wednesday called for major increases to some tariffs on steel and aluminum products from China, speaking to members of a national steelworkers union in Pittsburgh as he vies with former President Donald J. Trump for votes in Northern industrial states. “These are strategic and targeted actions that are going to protect American workers and ensure fair competition,” Mr. Biden told a crowd of about 100 union members at the United Steelworkers, which endorsed him last month. “Meanwhile, my predecessor and the MAGA Republicans want across-the-board tariffs on all imports, from all countries, that could badly hurt American consumers.”The Biden administration has argued that a flood of low-cost exports from China is undermining American-made products — jeopardizing Mr. Biden’s push to expand U.S. manufacturing, a central focus of his economic agenda. In his speech, Mr. Biden said he would ask the U.S. trade representative, Katherine Tai, to increase tariffs to what White House officials said would be 25 percent on certain Chinese products that now face tariffs of 7.5 percent, or none at all, pending the outcome of an administration review of the China tariffs initially imposed under Mr. Trump.
Persons: Biden, Donald J, Trump, ” Mr, MAGA, , Biden’s, Katherine Tai Organizations: steelworkers union, United Steelworkers, MAGA Republicans, White, Mr Locations: China, Pittsburgh, Northern, American, U.S
"The timing of the Strike Force announcement, in an election year, raises the likelihood that political motivations rather than the interests of American consumers drove the action," House Oversight Committee Chair Rep. James Comer, R-Ky., said in the letter. The Strike Force is jointly led by the FTC and the Department of Justice, which have been at the front lines of the Biden administration's regulatory agenda over the past several years. Comer alleged in the letter that "this pattern" of blaming corporate-pricing practices for inflation "signals that the new FTC-DOJ Strike Force will be used as a political tool." But Biden's logic that companies are the ones responsible for high prices, not his economic agenda, could be taking hold with voters. A March survey found that respondents blamed recent price hikes on "large corporations taking advantage of inflation" more than Democratic policies.
Persons: Lina M, Khan, Bill Nelson, Joe Biden's, Lina Khan, Biden, James Comer, Jonathan Kanter, Comer, , Biden's Organizations: Commerce, Science, NASA, Capitol, Republican, CNBC, Federal Trade, Strike Force, Force, U.S, FTC, Department of Justice, Biden, Kroger, Albertsons, DOJ Strike Force, Democratic Locations: Washington , U.S, Ky
JPMorgan CEO Jamie Dimon issued a warning in the bank's earnings report Friday. With so much at stake, here's an earnings season cheat sheet of when some of the biggest companies are reporting and the storylines to follow. Themes to watch: AI could reduce the number of junior bank employees thanks to the tech automating their grunt work . Themes to watch: Netflix was dubbed the king of streaming earlier this year after a big earnings report. The bank's earnings report beat analysts' expectations, but advisory revenues were down 21% year-over-year.
Persons: , Donald Trump's, iStock, Rebecca Zisser, Jamie Dimon, Dimon, Michael M, Goldman Sachs, Blackstone, Will Meta, Bob Iger's, Brooks Kraft, Jeremy Barnum, it's, Jeff Currie, Justin Sullivan, Tesla, Elon Musk, Musk, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Michelle Grisé, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, JPMorgan . Tech, JPMorgan, New York Stock Exchange, Finance Key Companies, Bank of America, Companies, Meta, Microsoft, Apple, Nvidia, Amazon, Retail, Walmart, Costco, Netflix, Disney, Paramount Global, Boeing, Brooks Kraft LLC, Getty, BI, Healthcare, RAND, Boston Marathon Locations: Israel, Russia, United States, New York, London, Chicago
Washington CNN —Two leading US lawmakers have reached a bipartisan deal that could, for the first time, grant all Americans a basic right to digital privacy and create a national law regulating how companies can collect, share and use Americans’ online data. But it could also override some of the toughest state-based privacy laws in the nation, such as in California. And it would guarantee Americans the right to request copies of their data, to correct it or even to have it deleted from a company’s records. The draft legislation breaks a yearslong deadlock between Republicans and Democrats over the scope of any national privacy bill. It would preempt more than a dozen state privacy laws already on the books in states such as California, Texas and Virginia.
Persons: hoover, Washington Sen, Maria Cantwell, Cathy McMorris Rodgers, , , Biden, we’ve, , McMorris Rodgers, Cantwell, Joe Biden’s Organizations: Washington CNN, General Data Protection, Republicans, Democratic, Senate, Committee, Washington Rep, Republican, House Energy, Commerce, Democrats Locations: United States, California, China, Russia, California , Texas, Virginia
This made it possible for him to reduce his loan balance by over $50,000 — he has about $65,000 left in student debt as of March, he told BI via email. That December, he stumbled upon a YouTube video that provided him with the idea he'd been looking for: He could try to secretly juggle multiple remote jobs simultaneously. As for his student debt, his repayment goal is right on schedule. Advertisement"I'm expecting to have all my student loans paid off before Christmas," he said. Are you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?
Persons: , Adam, he'd, he's, didn't, overemployment, it's, — didn't Organizations: Service, Business, LinkedIn Locations: Arizona
Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.
Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, , , Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, , DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg
Four years later, American consumers have mostly moved on from the pandemic and are spending more on experiences than ever before. Prioritizing experiences, however, has led to a major shift in their financial lives: The personal saving rate in the US has declined considerably. In 2023, consumer spending on foreign trips and live entertainment rose by nearly 30 percent, according to the newspaper. Related storiesAt the same time, perhaps predictably, the US personal saving rate has declined, according to the bureau. In February, the personal saving rate was 3.6 percent, a drop from 4.1 percent the month before.
Persons: , Ulrike Malmendier, Malmendier Organizations: Service, Business, Washington Post, University of California Locations: Berkeley
Read previewLots of consumers like streaming music. Lots of musicians complain about streaming — they say it doesn't generate nearly as much revenue for them as they deserve and need. So here's a proposal to help fix that: a tax that would increase American consumers' music streaming bills by 50% — meaning you'd pay an extra $4 to $10 a month for services like Spotify or Apple Music. I don't believe there was ever a time that Americans supported a 50% tax hike on anything, for any reason. But when we got on the phone to discuss the bill this month, he said it's supposed to be taken literally and seriously.
Persons: , Rashida Tlaib, Jamaal Bowman, Tlaib, Damon Krukowski, I'm, it's, Krukowski, you've, Taylor Organizations: Service, Apple, Business, Wage, Act, Rep, United Musicians, Allied Workers, Spotify Locations: Michigan, New York
Why are bidets just now getting popular in America?
  + stars: | 2024-03-24 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +8 min
It took a toilet paper shortage for some to come around to the 18th-century invention. A common reason why bidets aren’t used in the US is that during World War 2, American soldiers saw brothels utilizing bidets. Big Toilet PaperWhen the great toilet paper shortage hit in 2020, many Americans realized there could be another way to clean themselves. Using toilet paper had seemed, somehow, American, with toilet paper jokes a staple in bathroom humor and “TP-ing” a stereotypical rite of passage for teens. With the toilet paper mania, she decided to kill two birds with one stone and splurge on a Tushy.
Persons: bidets, – washlets, , James Lin, Lin, Miki Agrawal, Toto, “ Gosh, ” Joe, aren’t, Elisabeth of Bavaria, Carl Knoll, Joe, Agrawal, can’t, ” Atieh, ” Derek Rucker, Rucker, Mikaela Koelzer, Koelzer, ” Koelzer, Organizations: New, New York CNN, CNN, Carl Knoll Porcelain, Kellogg School of Management Locations: New York, bidetking.com, American, Michigan, France, Europe, East, East Asia, Japan, United States, Carlsbad, Gmunden, Spain, Indian, Illinois, Jordan, Chicago
That answered a big question going into the central bank's two-day March meeting following two months of hotter inflation readings. We hope to see that strength continue in the coming months as increasing supply would help keep housing inflation down. Following the company's last quarterly report, Jim Cramer said, "You cannot have a recession if Cintas is blowing the doors open." ET: PCE price index (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, JEF, HB Fuller, Jim Cramer's, Jim, Victor J Organizations: Dow, Federal Reserve, Nasdaq, McCormick & Company, GameStop, Jefferies, Gross, Walgreens Boots Alliance, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: U.S
The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prevents sellers’ brokers from setting buyers’ agents’ compensation, which critics say led brokers to push more expensive properties on customers. Another new rule will require buyers’ brokers to enter into written agreements with their buyers. Realtors could now compete on commissions, allowing for prospective buyers to shop around on rates before they commit to buying a home. The association also faces scrutiny from the US Department of Justice, and it’s unclear whether this settlement with sellers will impact the government’s scrutiny of the brokerage industry.
Persons: , Kevin Sears, Nykia Wright, Homesellers, HomeServices, Wright Organizations: CNN, National Association of Realtors, NAR, Realtors, realtors, US Department of Justice Locations: Missouri, America, litigate
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