DIRS.INFO The most relevant business & tech news

☆ Many Indian stocks are in a 'bubble,' investor says, revealing the stock he just sold
▼ + stars: | 2024-05-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

India's mid-cap stocks are in a "bubble" despite the country's promising economic prospects, according to contrarian fund manager Jonathan Pines. Pines added that he's unable to justify current stock prices, even when accounting for "aggressive assumptions" about future growth in India's mid-cap stocks. The mid-cap 'bubble' Pines revealed that his fund recently held two Indian stocks, one of which was SJVN . SJVN, a mid-cap stock in the hydropower energy sector, has experienced a "vertical price" movement, which Pines attributed to a potential bubble in the Indian mid-cap market. The only 'reasonable' Indian stock On the other hand, GAIL India , a natural gas distribution company, remains the sole Indian stock in Pines' portfolio.

Persons: Jonathan Pines, it's, Pines, Rohit Natarajan, SJVN, Sudhanshu Bansal, GAIL India, GAIL Organizations: Federated, Antique, JM Financial, Federated Hermes Asia Locations: Pines, Japan, India, India's, U.S

☆ Massachusetts takes Uber and Lyft to trial over status of gig workers
▼ + stars: | 2024-05-13 | by ( ) edition.cnn.com time to read: +2 min

Uber and Lyft are set to face trial on Monday in a US lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. Uber (UBER) and Lyft (LYFT) argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The lawsuit going to trial was filed in 2020 by Campbell’s predecessor, Maura Healey, now the state’s Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying $266.4 million into workers’ compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor.

Persons: Andrea Joy Campbell, Uber, Peter Krupp, Rohit Singla, Maura Healey, Lyft Organizations: Democratic, Studies, Massachusetts, Campbell’s Locations: Massachusetts, Boston, Suffolk

☆ The rule capping credit card late fees at $8 is on hold — here’s what it means for you
▼ + stars: | 2024-05-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment. The CFPB estimates that the rule would've saved American families $10 billion a year in fees paid by those who fall behind on their bills. It would've capped late fees that are typically $32 per incident to $8 each and limited the industry's ability to hike the fees. "Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers," a CFPB spokesman told CNBC on Friday. The CBA said it will continue to press its case in the courts on why the CFPB rule should be "thrown out entirely."

Persons: Rohit Chopra, Mark Pittman, would've Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, Bureau, Northern, Northern District of Texas, U.S . Chamber of Commerce, U.S, CNBC, Consumer Bankers Association, District, CBA Locations: Washington ,, U.S, Northern District

☆ CFPB rule to save Americans $10 billion a year in late fees faces possible last-minute freeze
▼ + stars: | 2024-05-09 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation. Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in federal court to prevent the new rule from taking effect. That could hold up the regulation, which would slash what most banks can charge in late fees to $8 per incident, just days before it was to take effect on Tuesday. The credit card regulation is part of President Joe Biden's broader election-year war against what he deems junk fees. Big card issuers have steadily raised the cost of late fees since 2010, profiting off users with low credit scores who rack up $138 in fees annually per card on average, according to CFPB Director Rohit Chopra.

Persons: Tobin Marcus, Joe Biden's, Rohit Chopra Organizations: Financial, Bureau, U.S . Chamber of Commerce, D.C, Northern District of, Wolfe Research Locations: Texas, Washington, Northern District, Northern District of Texas

☆ US regulators are looking at potential ‘bait and switch’ schemes with airline-affiliated credit card reward points
▼ + stars: | 2024-05-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you use a points-and-rewards credit card offered by an airline in partnership with a big bank, how much are the points you’ve accrued worth in dollars? The terms and conditions of such card programs can be confusing and in some instances they can be changed at any time. “For many families looking to finance a trip or a vacation, those [credit card] benefits are really valuable. “[But] our review of all the fine print suggests that credit card companies and airlines have the power to quickly and dramatically devalue those points by making it more challenging to redeem them. Such a drop in revenue, banks argue, could jeopardize the availability of rewards programs.

Persons: you’re, It’s, ”, Rohit Chopra, Chopra, Transportation Peter Buttigieg, Rob Nichols, ” Nichols, Nichols, Jaret, Seiberg, Biden, Trump Organizations: New, New York CNN, Department of Transportation, Consumer Financial Protection Bureau, Transportation, American Bankers Association, Cowen Washington Research Group Locations: New York, CFPB, U.S

☆ Cybersecurity professionals say generative AI can be exploited in cyberattacks — but it can also be a powerful defense
▼ + stars: | 2024-05-07 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +5 min

Generative AI is revolutionizing cybersecurity in connected networks. Generative AI has become a double-edged sword for the security of connected networks. On one hand, generative AI can speed up cybersecurity problems, making it easier and cheaper for bad actors to conduct identity attacks. Business Insider spoke with several cybersecurity professionals who attended the annual RSA conference this week in San Francisco about how generative AI is increasingly used in cybersecurity for 5G devices and networks. Now that mobile and Internet of Things devices have become more ubiquitous, they're using even more data, which generative AI can help filter and secure.

Persons: —, David Cooper, Cooper, Shaun McAlmont, Chris Novak, David Aviv, Steve Wilson, Ev Kontsevoy, It's, Rohit Ghai, Ghai, Wilson Organizations: Service, Accenture Security, RSA, Verizon Business Locations: cybersecurity, San Francisco

☆ India’s economy and Modi, Ambani, Adani: The three men shaping the next economic superpower
▼ + stars: | 2024-05-07 | by ( Diksha Madhok | ) edition.cnn.com time to read: +13 min

Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology. As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades. Both Adani and Ambani have become key allies as the country embarks on this revolution. “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said.

Persons: Mukesh Ambani, Mark Zuckerberg, Bill Gates, Ivanka Trump, popstar Rihanna, David Blaine, Ambani, Gautam Adani, Jeff Bezos, ”, Rohit Lamba, Narendra Modi, — Modi, Adani, Noemi Cassanelli, ’, John D Rockefeller, Vanderbilt, James Crabtree, Modi, Guido Cozzi, Cozzi, Ambani’s, Dhirubhai, helms, Cantor Fitzgerald, Cantor, ’ Ambani, Amit Dave, Hindenburg’s, ferociously, ” Cantor, Modi’s, Prasanna Tantri, Crabtree, Lamba Organizations: New, New Delhi CNN —, Reliance Industries, Pennsylvania State University, Investors, Adani, CNN, Adani Realty, Frick, Astor, Carnegie, Samsung, Hyundai, World Bank . Coal, University of St, Adani Group, Reliance, Reliance Industry, Adani Enterprises, AEL “, Tata Group, Modi, India’s, Hindenburg, GQG Partners, Indian School of Business Locations: New Delhi, Gujarat, Davos, Coachella, Silicon Valley, India, China, Mumbai, Antilia, America, Asia, Britain, South Korea, Worth, United Kingdom, University of St Gallen, Switzerland, American

☆ Reddit shares climb on revenue beat in first quarterly report since IPO
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReddit shares climb on revenue beat in first quarterly report since IPORohit Kulkarni, Roth MKM managing director, joins 'Closing Bell Overtime' to talk Reddit's first quarterly report, what's ahead for the social media company, user growth in the quarter and more.

Persons: Rohit Kulkarni, Roth

☆ RSA CEO Rohit Ghai says emergent 5G technology increases the need to protect critical networks
▼ + stars: | 2024-05-06 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +7 min

Emergent 5G technology is faster and more secure than ever. "There's a huge amount of intellectual property and corporate data that sits on mobile devices," Ghai said. 5G networks are very, very dynamic. The other change is using identity and access governance to make sure privileged access to IT and OT [operational technology] networks is managed. That same pattern follows in 5G networks.

Persons: Rohit Ghai, Ghai, —, It's Organizations: Service, RSA, Infrastructure Security, 5G Locations: San Francisco, cybersecurity

☆ When grief and AI collide: These people are communicating with the dead
▼ + stars: | 2024-05-06 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +12 min

People have wanted to reconnect with deceased loved ones for centuries, whether they’ve visited mediums and spiritualists or leaned on services that preserve their memory. In September 2023, it introduced ChatGPT voice, where users can ask the chatbot prompts without typing. HereAfter AI, founded in 2019, allows users to create avatars of deceased loved ones. “Remembering is very important; it reflects the human condition and importance of deceased loved ones.”But she noted the relationship we have with our closest loved ones is built on authenticity. Creating an AI version of that person could for many “feel like a violation of that.”Bill Abney said he feels uneasy about communicating with his late fiancée through AI platforms.

Persons: Ana Schultz, Kyle, ”, Schultz, “, Schutz, they’ve, ” Ana Schultz, ElevenLabs, Joe Biden, Biden, ChatGPT, OpenAI, Danielle Jacobson, she’s, Phil, Cole, ” Jacobson, “ Cole, Replika, Rohit Prasad, Val Kilmer, It’s, Mary, Frances O’Connor, ‘, ’ ”, Bill Abney, Kari, ” Abney, “ I’m, Jodi Spiegel, Sims Organizations: CNN, Davidson College, Tech, Alexa, MARS, Amazon, University of Arizona Locations: Rock Falls , Illinois, Alabama, Johannesburg, South Africa, “, San Francisco, Newfoundland, Canada

☆ Medical Debt Shows Up Less Often on Credit Reports
▼ + stars: | 2024-05-03 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Rohit Chopra, the bureau’s director, said in a statement that “further reforms” were needed to scour medical debt from credit histories. The bureau is considering a rule to ban medical debt from consumer credit files. The bureau estimated in a 2022 report that well over half the debt that appeared on credit reports as being in collection was medical debt. People can incur medical bills unexpectedly, and many think that their health insurance will cover the costs. And the consumer bureau previously found that medical collection debt reported to the credit bureaus was “plagued by inaccuracies.”

Persons: —, TransUnion —, Rohit Chopra Organizations: Consumer Financial

☆ Meta's earnings report comes as 'Magnificent Seven' stock looks to return to all-time high
▼ + stars: | 2024-04-24 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Meta Platforms is set to report first-quarter earnings after Wednesday's closing bell, the latest in a salvo of releases from technology names. The "Magnificent Seven" stock is currently trading about 6% below an all-time high it hit earlier in April as traders get ready for the latest news. Here's what investors should know ahead of the release: How the stock moved last time Meta's fourth-quarter earnings, released in early February, prompted a major rally. As a social media platform operator, they'll look at the total number of active users on a daily basis and minutes per active user. Average revenue per user is another important metric, as it can show how much each active user contributes in terms of profit.

Persons: Meta, LSEG, Rohit Kulkarni, Roth, Mark Zuckerberg, Kulkarni Organizations: Nasdaq, Meta, Investment, LSEG

☆ Meta Platforms gets billions from China without headaches many U.S. companies face there
▼ + stars: | 2024-04-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

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

☆ Snap's move on TikTok news is 'a bit premature', says Roth MKM's Rohit Kulkarni
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnap's move on TikTok news is 'a bit premature', says Roth MKM's Rohit KulkarniRohit Kulkarni, Roth MKM senior research analyst, and Paul Gallant, TD Cowen TMT policy analyst, join 'Closing Bell Overtime' to talk the TikTok bill in congress and its impact on other social media companies.

Persons: Roth, Rohit Kulkarni Rohit Kulkarni, Paul Gallant, TD Cowen

☆ Temasek CIO on the green transition: 'Clearly we can move faster, we need to move faster'
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTemasek CIO on the green transition: 'Clearly we can move faster, we need to move faster'Rohit Sipahimalani, CIO of Temasek, discusses how geopolitics affects efforts to address the climate crisis.

Persons: Rohit Sipahimalani Organizations: Temasek

☆ Vertical farming: This GigaFarm in Dubai’s desert could produce 3 million kilograms of food
▼ + stars: | 2024-03-14 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

CNN —In 2022, Dubai unveiled the world’s largest vertical farm. Intelligent Growth Solutions (IGS)“Not just another vertical farm”GigaFarm’s vertical farming solution is supplied by IGS, a Scottish company founded in 2013. “This is not just another vertical farm, this is something completely different,” says Lloyd, adding that the recycling model could be applied to any urban area. And it’s not just the UAE that’s interested in vertical farming: Qatar is investing heavily in smart farming, and agritech companies are expanding into Saudi Arabia. However, it will take another decade before we see widespread adoption of vertical farming, and more research is required to increase the number of crops that can be grown, Sharma adds.

Persons: Dubai’s Al, it’s, Oliver Christof, “, Andrew Lloyd, you’ve, ”, Lloyd, AeroFarms, Lloyd —, It’s, ReFarm, Rohit Sharma, Sharma Organizations: CNN, Dubai’s Al Maktoum International Airport, UAE, UN, IGS, University of Wollongong Locations: Dubai, Dubai’s, Dubai’s Al Maktoum, Tech, Scottish, Abu Dhabi, UAE, Ukraine, Russia, Carrefour, Qatar, Saudi Arabia, East, Africa

☆ CFPB Director Rohit Chopra responds to lawsuit against $8 credit card late fee cap
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFPB Director Rohit Chopra responds to lawsuit against $8 credit card late fee capConsumer Financial Protection Bureau Director Rohit Chopra joins 'The Exchange' to discuss the status of the $8 late fee cap for credit cards amid lawsuits, efforts to make mortgage closing costs more affordable, and more.

Persons: Rohit Chopra Organizations: Financial

☆ As late, missed payments rise, credit card borrowers face 'consequences' for falling behind, CFPB says
▼ + stars: | 2024-03-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowThe consequences of missed credit card paymentsThe CFPB found that late fees are often layered on top of other punitive measures credit card companies impose on consumers who miss payments, including negative credit reporting, which can hurt their credit rating. "When consumers don't make required payments, they can face a long list of consequences. More consumers are falling behindCollectively, consumers are having a harder time managing debt amid high interest rates and higher prices. Not only are more cardholders carrying debt from month to month but more are also falling behind on payments, recent reports also show. Credit card delinquency rates surged in 2023, the Federal Reserve Bank of New York found.

Persons: Rohit Chopra, — Organizations: Consumer Financial Protection Bureau, Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York

☆ Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. For the past decade, consumers have faced increasing credit card late fees with the average cost of a late payment rising from $23 at the end 2010 to $32 in 2022, according to the CFPB. However, the agency says many larger credit card issuers hiked those late fees each year without proving why the increase was necessary. I don't think $8 is enough of a deterrent [against making late payments]," he tells CNBC Make It.

Persons: Rohit Chopra, Ted Rossman Organizations: Consumer Financial, Federal, CNBC, American Bankers Association

☆ Generative AI in early innings of transforming insurance industry, says EXL Service CEO
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGenerative AI in early innings of transforming insurance industry, says EXL Service CEORohit Kapoor, EXL Service vice chair & CEO, joins 'Fast Money' to discuss why insurance might be the next big industry shaken up by generative AI.

Persons: Rohit Kapoor Organizations: EXL, EXL Service

☆ New CFPB rule caps banks' credit card late fees at $8
▼ + stars: | 2024-03-05 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap late fees that banks charge customers at $8 per incident. By cutting late fees to $8 from an average of around $32, more than 45 million card users would save an average of $220 annually, the CFPB said in a release. Regulations tied to that law granted issuers the ability to charge ever-increasing amounts of late fees. "For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers," CFPB Director Rohit Chopra said in the release. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines."

Persons: Rohit Chopra Organizations: Banking, Housing, Urban Affairs Committee, Consumer Financial, Bureau

☆ Credit card late fees capped at $8 as part of Biden administration crackdown on junk fees
▼ + stars: | 2024-03-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The new rule applies to large credit card issuers – those with more than 1 million accounts. These companies represent more than 95% of total outstanding credit card debt, according to the CFPB. It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. Some borrowers, especially Millennials and those with lower incomes, have been falling behind on their credit card debt following more than two years of high inflation.

Persons: Biden, ”, Rohit Chopra, “, Greg Baer, Joe Biden, “ It’s, Chuck Bell Organizations: CNN, Consumer Financial, White, Bank Policy Institute, Council, Consumer

☆ New Federal Rule Caps Most Credit Card Late Fees at $8
▼ + stars: | 2024-03-05 | by ( Stacy Cowley | ) www.nytimes.com time to read: +1 min

Millions of Americans could soon see lower credit card bills after a federal rule that caps late fees at $8 a month was finalized on Tuesday by the Consumer Financial Protection Bureau, which estimates that the change will save households $10 billion a year. Late fees have become a major profit source for credit card issuers, generating more than $14 billion in 2022, according to bureau data. A 2010 rule imposed by the Federal Reserve aimed to cap the charges, but allowed adjustments for inflation — a provision card issues have used to raise their fees far beyond the actual costs they incur when payments arrive late, the bureau said. That allowed credit card companies to “harvest billions of dollars in junk fees from American consumers,” said Rohit Chopra, the bureau’s director. It applies only to large issuers that have more than one million open accounts, but the agency estimates that the rule will cover 95 percent of outstanding credit card balances.

Persons: ”, Rohit Chopra, “ Organizations: Consumer Financial Protection Bureau, Federal Reserve

☆ Enact CEO Rohit Gupta talks mortgage insurance as homebuyers struggle with down payments
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnact CEO Rohit Gupta talks mortgage insurance as homebuyers struggle with down paymentsRohit Gupta, Enact CEO, joins 'Closing Bell Overtime' to talk the state of housing and mortgage rates.

Persons: Rohit Gupta

☆ CFPB Director on credit card report: Many consumers would be better off with newer entrants
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFPB Director on credit card report: Many consumers would be better off with newer entrantsConsumer Financial Protection Bureau Director Rohit Chopra joins 'Squawk Box' to discuss the state of consumer borrowing, why large banks are charging higher credit card rates than smaller banks and credit unions, steps consumers can take to cut back on credit card fees, and more.

Persons: Rohit Chopra Organizations: Consumer Financial

Search resuls for: "Rohit"

25 mentions found