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☆ Fraud Trial to Begin for Chinese Billionaire Who Allied Himself With America’s Right
▼ + stars: | 2024-05-22 | by ( Michael Forsythe | ) www.nytimes.com time to read: 1 min

Four years ago, Guo Wengui, a prominent Chinese property developer, announced the imminent end of Communist rule and the formation of the New Federal State of China. The setting wasn’t Beijing, or anywhere close to China, but a boat in New York Harbor. He was joined by Steve Bannon, the right-wing firebrand and former adviser to President Trump. Another Trump aide, Peter Navarro, would be declared the shadow government’s “international ambassador.”“From this day forward, the Communist Party is not the legal government of China!” he shouted in Mandarin. Mr. Guo, also known as Miles Kwok, had completed a remarkable transformation, from exiled Beijing billionaire to a player in America’s right-wing firmament.

Persons: Guo Wengui, Steve Bannon, President Trump, Trump, Peter Navarro, ”, Guo, Miles Kwok Organizations: New Federal, Communist Party Locations: New Federal State of China, Beijing, China, New York, America’s

☆ A Microsoft under attack from government and tech rivals after 'preventable' hack ties executive pay to cyberthreats
▼ + stars: | 2024-05-22 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +13 min

The decision by Microsoft to link executive compensation to successful cybersecurity performance is another is prompting discussions at other firms. One change the tech giant is making in response: linking executive compensation more closely to cybersecurity. In recent years, many Fortune 500 companies, including Apple, have added bonus pay tied to ESG metrics. The conversations about cybersecurity-linked executive pay have started taking place at other companies since Microsoft made its move, according to Aalap Shah, managing director at executive compensation consultant Pearl Meyer. Madnick's research shows that gaps in corporate culture are often culprits in high-profile hacks, not just the Microsoft example.

Persons: Brad Smith, Charlie Bell, Aalap Shah, Pearl Meyer, It's, I've, Shah, —, Stuart Madnick, Madnick, Ryan Kalember, unavoidability, Jen, Kalember, ransomware, Mike Doonan, Doonan Organizations: Microsoft, U.S, Hill, Google, U.S . Department of Homeland, Initiative, Microsoft Security, Team, Companies, Fortune, Apple, MIT, Infrastructure Security Agency, CNBC, Technology, State Department Locations: China, Russia, cybersecurity, U.S

☆ High inflation made finances worse for 65% of Americans in 2023
▼ + stars: | 2024-05-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The Fed on Tuesday released its Economic Well-Being of US Households report for 2023, examining the financial lives of US adults and their families. Inflation made the financial lives “worse” for 65% of US households, according to the report. Three-plus years of high inflation have taken their toll on Americans’ wallets and their psyches. That was especially true in 2022, when US inflation hit 9.1%, its highest annual rate in more than 40 years. Incomes grew healthily in 2023, but so did spending, the Fed report showed.

Persons: ”, Michelle Bowman, Tuesday’s, they’d Organizations: CNN, Reserve, Tuesday, Household Economics, Survey, ”, Federal Reserve

☆ Rent Is Harder to Handle and Inflation Is a Burden, a Fed Financial Survey Finds
▼ + stars: | 2024-05-21 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

American households struggled to cover some day-to-day expenses in 2023, including rent, and many remained glum about inflation even as price increases slowed. That’s one of several takeaways from a new Federal Reserve report on the financial well-being of American households. The report suggested that American households remained in similar financial shape to 2022 — but its details also provided a split screen view of the U.S. economy. But that optimistic share is down from 78 percent in 2021, when households had just benefited from repeated pandemic stimulus checks. And signs of financial stress tied to higher prices lingered, and in some cases intensified, just under the report's surface.

Organizations: Federal Locations: U.S

☆ What Donald Trump might do if he wins a second term in 2024
▼ + stars: | 2024-05-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

Read previewIn January 2025, Donald Trump may be sworn into office as the 47th President of the United States. Another Trump term, on the other hand, would likely entail a radical reversal from not just the previous four years, but even from Trump's first term in office. While not exhaustive, here's just some of what to expect in a second Trump administration. Miller told The New York Times that a second Trump administration would build "vast holding facilities that would function as staging centers" on "open land in Texas near the border." According to Bloomberg, Trump wants to extend those cuts in a second term.

Persons: —, Donald Trump, Joe Biden, Biden, Trump, Trump's, That's, mifepristone, Stephen Miller, Miller, Alex Wong, Nixon, shouldn't, he's, Israel, there's Organizations: Service, Business, Trump, The New York Times, Heritage Foundation's, Senate, Federal Communications Commission, Federal Trade Commission, Federal Reserve, Congress, TIME, Republican, National Guard, United, Department of Justice, Capitol Police, Atlantic Treaty Organization, State Department, Pentagon, Bloomberg, American, Security, Social Security, CNBC Locations: United States, Texas, CPAC, China, Ukraine, Gaza, Israel, Europe, Washington ,

☆ Biden administration extends key deadline for student loan forgiveness
▼ + stars: | 2024-05-15 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The U.S. Department of Education is giving borrowers more time to meet a key student loan forgiveness deadline. "The Department is working swiftly to ensure borrowers get credit for every month they've rightfully earned toward forgiveness," U.S. Borrowers pursuing the popular Public Service Loan Forgiveness program can also receive additional credit from the payment count adjustment, as long as they certify their qualifying employment for those months. The payment count adjustment is an attempt to rectify longstanding issues for student loan borrowers. The Consumer Financial Protection Bureau also found borrowers were needlessly steered into expensive forbearances, during which interest accrues and credit toward forgiveness is paused.

Persons: —, Biden, Education James Kvaal, weren't Organizations: U.S . Department of Education, Education, Finance, Public, Government, Office, Consumer Financial Locations: U.S, deferments

☆ FAA still short about 3,000 air traffic controllers, new federal numbers show
▼ + stars: | 2024-05-14 | by ( Gregory Wallace | ) edition.cnn.com time to read: +2 min

CNN —Despite a surge in hiring last year, air traffic control stations nationwide are still about 3,000 controllers short, according to new Federal Aviation Administration numbers. The staffing plans developed by the FAA and the union representing air traffic controllers calls for more than 14,600 controllers to fully staff towers and centers. But at the same time, its air traffic control organization lost more than 1,300 employees, including controllers who retired or candidates who dropped out of training. The union president representing air traffic controllers said that after accounting for departures, the agency netted an increase of only six new controllers that year. It also instructs the FAA to install additional simulators at air traffic control sites to speed up training progress.

Persons: “, ”, Mike Whitaker Organizations: CNN, Federal Aviation Administration, FAA, Employees, Senate

☆ 'The deals are going to come': A real-estate investor with over 40 years of experience shares the 2 financing strategies he used to build up his portfolio — and the best way new investors can start sc
▼ + stars: | 2024-05-12 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Preparation and being in the right place at the right time is how he said he's built up his real-estate portfolio in Erie County, Pennsylvania, over the last four decades. Throughout his real-estate investing journey, many of Miller's deals came about through seller financing and being at the right place at the right time. Another financing strategy Miller employed to build his portfolio was using a hard-money lender. "Hard-money lending is probably something that's going to help you grow your portfolio faster than any other thing," Miller said. "Most of these programs range anywhere from a hundred percent financing all the way up to 105% financing, depending on the state."

Persons: Joel Miller, he's, Miller, Miller —, —, Miller's, Jeff Welgan, Freddie Mac's, Welgan Organizations: Business, Facebook, Housing Act Locations: Erie County , Pennsylvania, New

☆ Missed the last student loan forgiveness deadline? There may still be other options for relief
▼ + stars: | 2024-05-10 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

There's good news for at least some of the student loan borrowers who missed the April 30 deadline to qualify for quicker debt forgiveness: They may still be eligible for other relief options. Borrowers with multiple student loans who requested a so-called loan consolidation by the end of April 30 — a move that combined their federal student loans into one new federal loan — are able to get their debt sooner than they would have otherwise. They earned credit toward all their loans based on the one they had been making payments on the longest. To qualify, borrowers just had to be enrolled in an income-driven repayment plan, which, after 10, 20 or 25 years, depending on the plan, leads to debt cancellation. If you missed that deadline, you may still be eligible for relief.

Persons: —, Roth Organizations: Finance

☆ Judge Blocks New U.S. Rule Limiting Credit Card Late Fees
▼ + stars: | 2024-05-10 | by ( Cade Metz | More About Cade Metz | ) www.nytimes.com time to read: 1 min

In March, the Consumer Financial Protection Bureau announced that a new federal rule would cap fees on late credit card payments at $8 a month, estimating that the change would save American households $10 billion a year. On Friday, a federal judge in Fort Worth temporarily blocked the rule, siding with bank and credit card company lobbyists who contend in a lawsuit that it is unconstitutional. Now, the lobbyists can continue their legal fight in U.S. District Court before Judge Mark T. Pittman, who granted the preliminary injunction. The consumer bureau’s new rule would limit issuers to an $8 fee unless they could show that more money was needed to cover their collection costs. The bureau estimated that the rule would apply to more than 95 percent of all outstanding credit card balances.

Persons: Mark T, Pittman Organizations: Consumer Financial, Bureau Locations: Fort Worth, U.S

☆ Air National Guard leaders say proposal to move units to Space Force poses 'existential threat' to US national security
▼ + stars: | 2024-05-06 | by ( Thomas Novelly | ) www.businessinsider.com time to read: +7 min

The US Air National Guard rebuke a proposal to shift space mission units to the Space Force. "Our internal survey indicates about 70% of our personnel would retrain or retire rather than join the Space Force," Air Force Col. Michael Griesbaum, commander of the Alaska Air National Guard's 168th Wing, told reporters Friday. Airmen from the Colorado Air National Guard load equipment onto a C-17 Globemaster before departing for temporary duty in Washington, DC. AdvertisementBut Air National Guard leaders have expressed concern, saying it would set a clear precedent for other services to potentially take more resources from the National Guard model. "If LP 480 is successful, it will open the door to a wholesale harvesting of National Guard resources, both from the Air National Guard and the Army National Guard to the regular components."

Persons: —, Michael Griesbaum, Chance Johnson, Military.com, Air Force Frank Kendall, Alex Wong, Frank Kendall, We've, Kendall, Griesbaum, Jason Carr, Robert Brown, Jacob Hancock Kendall, Michael Bruno Organizations: US Air National Guard, Space Force, Guardsmen, Service, Air National Guard, Hawaii Air National Guards, Air Force, Space Force Guardians, " Air Force, Alaska Air National, Airmen, Colorado Air National Guard, Tech, National Governors Association, United States Space Force, Rayburn House, Capitol, Getty Images Air Force, Army Guard, National Guard, Army National Guard, United States Space Command, Space Development, Air National Guardsmen, Air Force Staff, Colorado Air National, 233rd Space Group, Department of, National Guardsmen, Florida Air National Guard, Cape Canaveral Space Force, Guard, Brig, Colorado National Guard Locations: Alaska , Colorado, United States, Washington , DC, Niagara Falls , New York, Alaska , California , Colorado , Florida, Hawaii , New York, Ohio, Florida

☆ All New U.S. Cars Must Carry Automatic Brakes by 2029
▼ + stars: | 2024-04-29 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Starting in 2029, a new federal safety regulation will require all new cars and trucks in the United States to be sold with automatic emergency braking — sensors that hit the brakes to avoid a collision if the driver does not. The new rule, which was made final on Monday, imposes more stringent requirements than the automatic emergency braking technology now sold on most vehicles, and even goes past the point of present technological feasibility, automakers said. The National Highway Traffic Safety Administration set a September 2029 date for compliance, saying it was confident that the systems would be ready by then. The system will also have to at least begin to apply the brakes at speeds up to 90 m.p.h. That’s higher than the maximum U.S. speed limit of 85 m.p.h.

Organizations: Traffic, Administration Locations: United States

☆ New federal rules on airline refunds require cash instead of vouchers
▼ + stars: | 2024-04-24 | by ( Gregory Wallace | ) edition.cnn.com time to read: +4 min

New federal rules say travelers deserve cash refunds when inconvenienced by their airline – not vouchers or travel credits. The rules require the fees to be automatic and prompt: Within seven days for a credit card refund and 20 days for other forms of payment. Surge in complaints in 2022The Biden Administration proposed its change to the refund rules in 2022 after a surge in complaints about refunds when the coronavirus brought air travel to a standstill. More than half of the complaints involved flight disruptions or refunds. A federal law allows Congress to unravel recently implemented executive branch rules.

Persons: “, Pete Buttigieg, CNN’s John Berman, ” Buttigieg, you’re, “ That’s, ”, There’s Organizations: CNN — Airline, ”, Transportation Department, Airlines for, Biden Administration Locations: –, Airlines for America, ” “ U.S, Washington, November’s

☆ Biden Administration Announces Rule to Strengthen Protection of Public Lands
▼ + stars: | 2024-04-18 | by ( Catrin Einhorn | ) www.nytimes.com time to read: +1 min

The Biden administration on Thursday announced a new federal rule for the nation’s sprawling public lands that puts conservation on par with activities like grazing, energy development and mining. It elevates conservation in a number of ways, including by creating two new kinds of leases for the restoration of degraded lands and for offsetting environmental damage. These lands have long been managed for “multiple uses,” including cattle ranching, drilling and recreation. “As stewards of America’s public lands, the Interior Department takes seriously our role in helping bolster landscape resilience in the face of worsening climate impacts,” Interior Secretary Deb Haaland said in a statement. “Today’s final rule helps restore balance to our public lands as we continue using the best-available science to restore habitats, guide strategic and responsible development, and sustain our public lands for generations to come.”

Persons: Biden, Deb Haaland, “, ” Organizations: Bureau, Land Management, Interior Department

☆ Trump, Trailing Biden in Cash, Relies on Big Donors to Try to Catch Up
▼ + stars: | 2024-04-15 | by ( Rebecca Davis O Brien | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump leaned heavily on major Republican donors in March as his campaign and the Republican Party sought to close the financial gap separating him from President Biden, new federal filings showed on Monday. For much of the race, Mr. Trump has relied on small donors — in particular, those giving less than $200 online — to sustain his campaign. But in recent weeks, as Mr. Trump finished trouncing his primary opponents and Mr. Biden and the Democrats gathered fund-raising steam, these donors have opened their checkbooks to the former president. In the last two weeks of March alone, one committee backing Mr. Trump raised nearly $18 million, nearly all from six-figure contributions. Mr. Trump and the Republican Party finished the month with $93 million on hand between all their committees, his campaign has said, having raised more than $65 million in March.

Persons: Donald J, Trump, Biden Organizations: Republican Party

☆ Owners of Funeral Home With Decaying Bodies Are Charged With Covid Relief Fraud
▼ + stars: | 2024-04-15 | by ( Jesus Jiménez | ) www.nytimes.com time to read: +1 min

A couple who were arrested last year after at least 190 bodies were found decomposing at their Colorado funeral home were arrested again on Sunday on federal charges that they fraudulently obtained more than $880,000 in pandemic relief money, which they spent on vacations and personal goods, according to the F.B.I. and court records. The couple, Jon and Carie Hallford, who owned Return to Nature Funeral Home in Colorado Springs and Penrose, Colo., face 15 federal fraud charges, according to an indictment filed in U.S. District Court in Colorado that was unsealed on Monday. There was no listing in federal court documents for their lawyers. Lawyers representing them on the state charges did not immediately respond to a request for comment on Monday.

Persons: Jon, Carie Hallford, Mr, Hallford Organizations: Lawyers Locations: Colorado, Colorado Springs, Penrose, Colo, U.S, Denver

☆ Your drinking water could contain fewer hazardous 'forever chemicals' under new federal rules
▼ + stars: | 2024-04-10 | by ( Catherine Boudreau | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +5 min

Read previewThe Biden administration is cracking down on toxic "forever chemicals" that are widespread in America's tap water, food, and household products. EPA also set limits for mixtures of two or more PFAS chemicals, because research shows they may have combined health impacts. "The technology is there, especially to clean up drinking water, to filter these compounds out of the water. "For too long, many people across the country have had been drinking contaminated water levels that likely impact health." The Biden administration has a broader $9 billion PFAS strategy that goes beyond drinking water, including military bases, airports, and food packaging.

Persons: —, Biden, Ken Cook, Michael Regan, Regan, David Andrews, Andrews, it's, Carmen Messer, PFAS Organizations: Service, EPA, Business, Environmental, Companies, Chemours, DuPont, Harvard's, Chan, of Public Health Locations: North Carolina, Minnesota, Fayetteville , North Carolina

☆ Another Red-Blue Divide: Money to Feed Kids in the Summer
▼ + stars: | 2024-04-09 | by ( Jason Deparle | ) www.nytimes.com time to read: +1 min

The governor was firm: Nebraska would reject the new federal money for summer meals. He would not sign on to a program to provide all families that received free or cut-rate school meals with cards to buy groceries during the summer. “I don’t believe in welfare,” the governor, Jim Pillen, a Republican, said in December. “Sometimes money isn’t the solution,” the governor replied. A week later, Mr. Pillen made a U-turn the size of a Nebraska cornfield, approving the cards and praising the young people for speaking out.

Persons: Jim Pillen, Pillen Organizations: Republican Locations: Nebraska

☆ Kamala Harris Visits Parkland and Urges States to Adopt Red-Flag Gun Laws
▼ + stars: | 2024-03-23 | by ( Michael D. Shear | ) www.nytimes.com time to read: +1 min

Vice President Kamala Harris on Saturday toured the still-bloody and bullet-pocked classroom building in Parkland, Fla., where a gunman killed 14 students and three staff members in 2018, using the grim backdrop to announce a new federal resource center and to call for stricter enforcement of gun laws. The freshman building at Marjory Stoneman Douglas High School had been preserved as evidence for criminal trials and is set to be demolished this summer. For now, it remains a memorial to one of the most shocking mass shootings in the history of the United States. In remarks after taking her tour and meeting for more than an hour with family members of victims of the attack, Ms. Harris said the experience had been a compelling one. “Let us, through the courage and the call to action of these families, find it in ourselves to consider what they’ve been through as some level of motivation and inspiration for all of us,” she said.

Persons: Kamala Harris, Marjory Stoneman, Harris, ” Organizations: Saturday, Marjory Stoneman Douglas High School Locations: Parkland, Fla, United States

☆ Biden administration softens EV mileage rule in a win for automakers
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +6 min

The original Biden administration proposal would have lowered such "petroleum-equivalent fuel economy" ratings for EVs by 72% in 2027. The industry cheered the Energy Department announcement. Automakers, auto dealers and the UAW called the original EPA plan unrealistic. The National Resources Defense Council (NRDC) and Sierra Club had urged EV mileage rating reductions after the Energy Department left them unchanged for two decades. "The automakers' free ride is over," he said, adding that changes "will curtail automakers' use of phantom credits they used to keep selling gas-guzzlers."

Persons: Biden, Joe Biden's, Donald Trump, John Bozella, Tesla, Pete Huffman Organizations: Detroit, Biden, Department of Energy, Reuters, U.S, Republican, Energy Department, Ford, Alliance, Automotive, United Auto Workers, General Motors, Chrysler, Traffic, Environmental Protection Agency, EPA, Toyota, Honda, Hyundai, GM, Volkswagen, UAW, National Resources Defense Council, Sierra Club, Energy Locations: New York City, United States, Michigan, fleetwide, U.S, NRDC

☆ A New Surge in Power Use Is Threatening U.S. Climate Goals
▼ + stars: | 2024-03-13 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +14 min

Nathan Howard for The New York TimesIn California, electric vehicles could soon account for 10 percent of peak power demand. AP Photo/Mike StewartIn interviews, utility executives say gas is needed to back up wind and solar power, which don’t run all the time. Gas plants can sometimes be easier to build than renewables, since they may not require new long-distance transmission lines. “It’s going to take a diversified fleet.”Mr. Mitchell noted that Georgia Power was planning a large build-out of solar power and batteries over the next decade and would offer incentives to companies to use less power during times of grid stress. The tech companies and manufacturers that are driving up electricity demand could also play a major role, experts say.

Persons: ”, Daniel Brooks, Nathan Howard, Lauren Justice, Biden’s, “, Tyler H, Norris, Mr, John Wilson, Ken Seiler, Seiler, Devin Hartman, Duke, Kendal Bowman, Duke Energy’s, it’s, we’ve, Georgia Power, It’s, Greg Buppert, Megan Varner, Mike Stewart, Aaron Mitchell, “ It’s, Mitchell, Heather O’Neill, Brian Janous Organizations: Electric Power Research Institute, The New York Times, Duke University, Biden, Utilities, North American Electric Reliability Corporation, Boston Consulting, Dominion Energy, Nationwide, R Street Institute, The New York Times Soaring, Duke Energy, Georgia, Southern Environmental Law Center, AP, Dominion, Georgia Power, Advanced Energy, Microsoft Locations: America, California, Virginia, Georgia, North Carolina, South Carolina , Tennessee, Kansas, Northern Virginia, Arizona, Texas, Illinois, New Jersey, York City, PJM, “ Texas, Ashburn, Va, Dalton , Ga, Dalton, Duke

☆ How Biden hopes to recapture voters scarred by inflation
▼ + stars: | 2024-03-12 | by ( Ron Brownstein | Analysis Ronald Brownstein | ) edition.cnn.com time to read: +14 min

A majority of Hispanics, and even a plurality of Black voters, said Biden’s policies would cause inflation to rise, the survey found. You can’t not make the contrast and comparison.”These negative retrospective assessments of the Biden and Trump economic records create huge headwinds for the president. “Voters—even past Biden voters who disapprove of his economic record—clearly reject what Trump and Republicans are offering,” Democratic pollster Margie Omero said in an email. After voters were exposed to Biden’s populist arguments, assessments of his economic record improved in the group’s polling, Clark said. But even after hearing that case, most voters in the group’s surveys still gave Biden negative marks for his economic performance, the study found.

Persons: Joe Biden, Donald Trump, Trump, Biden, Biden –, “, ”, Danielle Deiseroth, West Virginia Sen, Joe Manchin, Shawn Fain, Evelyn Hockstein, Adam Green, Michael Tyler, Republican pollster Micah Roberts, It’s, Jim McLaughlin, ” McLaughlin, Roberts, ” Roberts, can’t, ” Tyler, Margie Omero, ’, Bobby Clark, Clark Organizations: CNN, GOP, Trump, Teamsters, Democratic, ACA, West, United Auto Workers, Biden, CNBC, Social Security, Republican, White, NBC News, New York Times, Siena College, CBS, Union, “ Locations: Wisconsin, Michigan, Belleville , Michigan, Scranton , Pennsylvania, Democratic, State, Biden’s

☆ Biden's laws are pouring billions into new infrastructure and it could be a rare opportunity to make communities safer and more sustainable
▼ + stars: | 2024-03-11 | by ( Eliza Relman | ) www.businessinsider.com time to read: +11 min

The American Society of Civil Engineers gave it a C-minus in 2021 and said the US needed about $2.6 trillion in infrastructure investment over a decade. These include nonvehicle transportation projects such as pedestrian bridges and urban bike paths and neighborhood-level projects like park improvements. Inflation, worker shortages, and other obstaclesAcross the country, there are some key practical challenges to implementing infrastructure projects. Overcoming barriersLocal governments and employers across the country recognize many of the challenges to building and maintaining major projects. Under the Infrastructure Investment and Jobs Act alone, 72 programs "emphasize or allow some type of workforce development activity," a Brookings report found.

Persons: —, Joe Biden, Joseph Kane, Charles Marohn, Marohn, Kane, Drew Angerer, it's, Biden, It's, Greg Gianforte Organizations: Service, American Society of Civil Engineers, Infrastructure Investment, Jobs, Business, Transportation, Brookings Institution, Rail, Potomac, White House, Texas Department, US Department of Transportation, Michigan's, Grant, they're, Biden, Builders and Contractors, Congress, Jobs Act, Brookings Locations: Washington, Strong, Baltimore, Los Angeles, San Francisco, Long, New York, Austin, Austinites, America, Detroit, Brookings, Montana

☆ NTSB probing ‘stuck’ control incident on Boeing 737 Max
▼ + stars: | 2024-03-07 | by ( Pete Muntean | Gregory Wallace | ) edition.cnn.com time to read: +2 min

CNN —Boeing is now party to a new federal investigation involving a 737 Max after United Airlines pilots reported that part of the flight controls became jammed as they landed in Newark last month. The investigation is the latest to involve a nearly-new Boeing 737 Max aircraft following the door plug blowout on an Alaska Airlines 737 Max 9 on January 5. The NTSB says in this latest incident, the 737 Max 8 was delivered from Boeing to United Airlines in February 2023. We’ll continue to work with Boeing, the NTSB and the FAA on next steps for these aircraft,” United said in a statement. “We worked closely with United Airlines to diagnose the rudder response issue,” Boeing said in a statement.

Persons: “, ‘, Max, We’ll, ” United, ” Organizations: CNN, Boeing, Max, United Airlines, National Transportation Safety, NTSB, Alaska Airlines, Collins Aerospace, FAA, ”, ” Boeing, United Locations: Newark, United

☆ 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

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