DIRS.INFO The most relevant business & tech news

☆ Australia drop Head, Murphy debuts against India in Nagpur
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

NAGPUR, India, Feb 9 (Reuters) - Australia dropped middle-order batter Travis Head and handed uncapped off-spinner Todd Murphy his debut for the opening test against India in Nagpur on Thursday. Touring captain Pat Cummins won an important toss and elected to bat in spin-friendly conditions at the Vidarbha Cricket Association Stadium. "We know we're going to have to tweak a few things to how we play in Australia, can't wait." For India, Suryakumar Yadav, the top-ranked Twenty20 batter, will make his test debut alongside wicketkeeper KS Bharat. India captain Rohit Sharma said they too would have preferred to bat first.

☆ Your earnings investing playbook for the big Apple, Amazon and Alphabet results after the bell
▼ + stars: | 2023-02-02 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

Thursday is a massive day for tech investors, as Amazon , Apple and Google-parent Alphabet are all set to report fourth-quarter earnings after the market close. Here are some key stats about Amazon's earnings report: Over the past three months, earnings estimates have fallen from nearly 22 cents per share to about 17, according to FactSet. Here are some key stats about Apple's earnings report: Over the past three months, earnings estimates have dropped from about $2 per share to roughly $1.94, according to FactSet. Alphabet Alphabet's earnings report could provide investors a clear window into the tech industry more broadly, given the company's reliance on search advertising and cloud computing. Here are some key stats about Alphabet's earnings report: Over the past three months, earnings estimates have declined by about 2 cents per share to roughly $1.18, according to FactSet.

☆ Biden moves to slash U.S. credit card fees, app charges
▼ + stars: | 2023-02-01 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

The Consumer Financial Protection Bureau will propose on Wednesday a rule to ban "excessive" fees that credit card issuers charge for late payments, something the bureau estimated costs consumers $12 billion a year. However, regulations are frequently subject to challenge and litigation by industry groups that can block or delay them. The White House said the Transportation Department on Wednesday will propose regulations to bar airlines from charging family members to be seated next to children age 13 or younger. The department will disclose on a government dashboard which airlines do not charge such fees. Reporting by Douglas Gillison and David Shepardson; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Consumer Financial Protection Bureau targets excessive credit card fees in new rule proposal
▼ + stars: | 2023-02-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The federal government's consumer protection watchdog proposed a new rule on Wednesday to ban excessive credit card late fees, potentially reducing them by as much as $9 billion per year. Congress banned exorbitant credit card fees under the Credit CARD Act in 2009, but an immunity provision instituted by the Federal Reserve Board of Governors enabled card companies to dodge enforcement standards, said Rohit Chopra, director of the Consumer Financial Protection Bureau. "Today's proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive." The proposal follows a March 2022 report that showed credit card issuers charged consumers $12 billion in late fees in 2020. "Given their current practices, we expect that credit card issuers will hike fees, based on inflation, as limits continue to rise."

☆ Biden to take aim at junk fees in Competition Council meeting Wednesday
▼ + stars: | 2023-02-01 | by ( Dj Judd | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden is slated to announce new progress on his administration’s “competition agenda” during the fourth meeting of the Presidential Competition Council on Wednesday, taking steps to slash junk fees while calling on Congress to pass legislation targeting hidden and exorbitant fees across the travel, entertainment, utility and hospitality industries. Rohit Chopra, director of the Consumer Financial Protection Bureau, said Biden will announce that the CFPB will propose a rule slashing excessive credit card late fees in a move the White House says will reduce those fees from $30 to $8 on average, saving American consumers as much as $9 billion a year. “Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee,” Chopra said in a statement to CNN. “Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.”On a call with reporters Tuesday, National Economic Council Director Brian Deese said Biden will also use the meeting to call on Congress to pass a “Junk Fee Prevention Act,” targeting four types of excessive fees — excessive online concert, sporting event, and entertainment ticket fees; airline fees for families sitting together on flights; exorbitant early termination fees for TV, phone and internet services; and surprise resort and destination fees. “But they also reduce competition and make it more difficult for innovators and new businesses to break into markets and offer better services at lower prices.”Earlier this year, lawmakers grilled Live Nation president and CFO Joe Berchtold following a ticket sales debacle over exorbitant ticketing fees.

☆ Americans could save $9 billion a year through Biden's new proposal that would slash credit card late fees
▼ + stars: | 2023-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The CFPB proposed a rule to crack down on credit card late fees, saving consumers up to $9 billion a year. This follows Biden's announcement last year of a plan to crack down on junk fees. On Wednesday, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to limit credit card late fees that the agency estimates cost Americans $12 billion each year. "Today's proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive." The CFPB's proposal on credit card late fees are part of the rulemaking process which includes a public comment period, and an exact implementation date has not yet been set.

☆ How the market is rating the risk of debt ceiling default and a divided, dysfunctional Congress
▼ + stars: | 2023-01-27 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +13 min

That would be the worst-case outcome, of course, but even the best case will probably see the sort of brinksmanship that occurred in the 2011 debt ceiling crisis." From the Senate, Mitch McConnell recently said it's an issue for Biden and the House GOP to work out. Kevin Brady , the former top Republican on the House Ways and Means Committee, dismissed talk of debt default as "fear mongering." Narrowness of GOP House majority does matterJPMorgan also referred to the path for a political agreement as being "narrow." In 2013, the Federal Reserve ran a simulation of a debt default by the U.S. government.

Stripe, the fintech company once valued at $95 billion by private market investors, will make a decision on its plans to go public within the next year, CNBC has confirmed. Co-founders and brothers John and Patrick Collison told employees on Thursday that they will set a goal of taking the company public or letting staffers sell shares through a secondary offering, The Information first reported. The tech IPO market has been frozen since late 2021 after two record-breaking years during the Covid pandemic. In July, Stripe cut its internal valuation by 28%, from $95 billion to $74 billion. Stripe is considering a direct listing or private market transaction and has hired Goldman Sachs and JPMorgan to advise on the deal, CNBC has learned.

☆ No hope of any survivors in Nepal's deadliest crash in 30 years, officials say
▼ + stars: | 2023-01-18 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

[1/3] Family members mourn the death of a victim of the plane crash of a Yeti Airlines operated aircraft, in Pokhara, Nepal January 17, 2023. REUTERS/Rohit GiriKATHMANDU, Jan 18 (Reuters) - Officials in Nepal said on Wednesday there was no chance of finding any survivors of the country's deadliest plane crash in 30 years, but workers will continue to search for the remains of the last missing passenger. The search for the last one will continue," Tek Bahadur K.C., a top district official in Pokhara, said on Wednesday. "Until the hospital tests show all 72 bodies, we’ll continue to search for the last person," Ajay K.C said. Search teams found 68 bodies on the day of the crash, and two more were recovered on Monday before the search was called off.

☆ Nepal plane crash searchers rappel, fly drones to find last passengers
▼ + stars: | 2023-01-17 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

[1/2] A member of Arm Police Force works at a crash site of a Yeti Airlines operated aircraft, in Pokhara, Nepal January 16, 2023. NO ARCHIVESKATHMANDU, Jan 17 (Reuters) - Searchers used drones and rappelled down a 200 metres (656 feet) deep gorge in west Nepal on Tuesday to search for two passengers still unaccounted for after the country's deadliest plane crash in 30 years, which killed at least 70 people. Searchers found two more bodies on Monday before the search was called off because of fading light. Reuters GraphicsUnder international aviation rules, the crash investigation agencies of the countries where the plane and engines were designed and built are automatically part of the inquiry. Reporting by Gopal Sharma, writing by Shilpa Jamkhandikar; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel, some of which will be produced from Russian crude. China has raised its first batch of 2023 export quotas for refined oil products by nearly half from a year ago. "But without Chinese exports pushing swing barrels westward, Europe is unlikely to replace the 0.5 million bpd loss in Russian diesel exports come the embargo," Energy Aspects analysts said. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough to meet domestic demand from its large diesel car fleet. Reuters GraphicsAn EU ban on Russian crude imports that took effect in December will be broadened to include refined fuels from Feb. 5.

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

☆ U.S. watchdog moves to block 'debt mill' working for Citi, Discover
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

The proposed settlement, which would include a $100,000 fine, would resolve a lawsuit brought by the CFPB against Forster & Garbus in 2019, accusing it of filing tens of thousands of lawsuits without properly documenting the underlying loans. Representatives for Forster & Garbus as well as Citigroup (C.N) and Discover did not respond to requests for comment. The CFPB's complaint stated that Forster & Garbus did not admit nor deny the allegations. The agency also accuses the firm of misleading consumers by claiming its attorneys were meaningfully involved in preparing the lawsuits. Reporting by Douglas Gillison; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ IPO market remains frozen, but could rebound later this year, tech analyst says
▼ + stars: | 2023-01-10 | by ( Riley De León | ) www.cnbc.com time to read: +3 min

In total, IPO deal proceeds plummeted 94% in 2022 — from $155.8 billion to $8.6 billion — according to Ernst & Young's IPO report published in mid-December. As of the report's publication date, the fourth quarter was on pace to be the weakest of the year. The collapse of the IPO market has caused the pipeline of anticipated public listings to swell. MKM's Rohit Kulkarni is among the few optimists who think the IPO market could rebound later this year, spurred in part by the volume of private companies waiting in the wings to go public when capital becomes more accessible. According to Carta, 22% of companies, both private and public, reduced their valuations in Q3, nearly tripling year-over-year.

☆ IPO market could rebound in the second half of this year, says Rohit Kulkarni
▼ + stars: | 2023-01-09 | 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 EmailIPO market could rebound in the second half of this year, says Rohit KulkarniRohit Kulkarni of MKM Partners, joins 'TechCheck' to discuss the IPO market and which companies might go public this year.

☆ News around TikTok will help with sentiment and engagement near-term, says MKM's Kulkarni
▼ + stars: | 2022-12-30 | 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 EmailNews around TikTok will help with sentiment and engagement near-term, says MKM's KulkarniRohit Kulkarni, MKM Partners, joins 'Closing Bell' to discuss Big Tech and TikTok's potential ban in the U.S.

☆ Watch CNBC’s full interview with MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-12-30 | 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 EmailWatch CNBC’s full interview with MKM Partners' Rohit KulkarniRohit Kulkarni, MKM Partners, joins 'Closing Bell' to discuss Big Tech and TikTok's potential ban in the U.S.

☆ India joins EU in mandating USB-C charging port on smartphones, as Americans still have to deal with 3 different types of ports and cables
▼ + stars: | 2022-12-29 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

India will require mobile devices sold in the country to have the USB-C charging port by March 2025. The government will find two types of charging ports for mobile devices and wearable electronics. It's following the European Union which will require USB-C charging ports by December 28, 2024. But the company confirmed that it will make iPhones with a USB-C port to comply with EU laws. Samsung is next, with 30% of the market share in the same quarter, and Lenovo is third with 9% of the market share.

☆ First half of 2023 will bring more pressure to tech stocks, says MKM Partners' Rohit Kulkarni
▼ + stars: | 2022-12-28 | 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 EmailFirst half of 2023 will bring more pressure to tech stocks, says MKM Partners' Rohit KulkarniMKM Partners' Rohit Kulkarni joins CNBC's 'Squawk on the Street' to break down his outlook for the tech sector in 2023.

☆ Rahul hails 'phenomenal' Iyer as Shakib rues missed chances
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +2 min

DHAKA, Dec 25 (Reuters) - India's stand-in captain KL Rahul heaped praise on middle order batsman Shreyas Iyer after their thrilling victory in the second test against Bangladesh while home captain Shakib Al Hasan was left to rue missed opportunities. However, Iyer and Ravichandran Ashwin then forged an unbroken 71-run stand to frustrate Bangladesh and pull off a thrilling victory for the tourists. Mehidy Hasan (5-63) and Shakib (2-50) wreaked havoc with the ball, but Iyer gave a spin masterclass to secure India's victory. That proved a costly mistake in the end, but the hosts had also missed four chances in India's first innings. "It is slightly disappointing, as other teams don't miss the chances that we are missing," said Bangladesh captain Shakib.

☆ Wells Fargo faces another setback with $1.7 billion penalty
▼ + stars: | 2022-12-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But first, Wells Fargo heads to the penalty box, again. Wells Fargo faces the music. The regulators have once again come knocking at Wells Fargo, and it ain't pretty. Wells Fargo was ordered to pay $2 billion back to customers and pay a $1.7 billion civil penalty by the Consumer Financial Protection Bureau (CFPB) for illegal activity involving auto loans, mortgages, and deposit accounts that impacted over 16 million accounts. "Wells Fargo is a corporate recidivist," CFPB Director Rohit Chopra told reporters on a call Tuesday, according to The Wall Street Journal, adding that the settlement "should not be read as a sign that Wells Fargo has moved past its longstanding problems."

☆ Premarket stocks: Japan just delivered a lump of coal to investors across the globe
▼ + stars: | 2022-12-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended to keep wages and prices high. The Japanese Central Bank loosened the yield on its 10-year government bonds from 0.25% to 0.5%. The central bank said that inflation expectations have risen. Japan’s is the last major central bank to keep rates negative and this signals that it could be shifting its stance.

Those are some of the infractions allegedly committed by Wells Fargo that has led the bank to agree to a $3.7 billion settlement with the Consumer Financial Protection Bureau. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. “As we have said before, we and our regulators have identified a series of unacceptable practices that we have been working systematically to change and provide customer remediation where warranted," Wells Fargo CEO Charlie Scharf said. "This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us. Wells Fargo has been the target of regulators since at least 2011, when reports of its strategy to cross-sell multiple products to customers first emerged.

☆ Who's afraid of Wells Fargo?
▼ + stars: | 2022-12-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Wells Fargo reached a $3.7 billion deal with regulators over the bank’s “widespread mismanagement” that allegedly hit more than 16 million consumer accounts. KEY CONTEXTSadly, all of this echoes earlier reports about Wells Fargo’s practices that have emerged since 2016, when its fake-accounts scandal made national headlines, my colleague Matt Egan writes. Wells Fargo workers ended up creating millions of bank accounts for customers without their knowledge. Chopra described Wells Fargo as a “repeat offender” and a “corporate recidivist,” adding that Tuesday’s fine is just an initial step toward holding the bank accountable. The web of scandals at Wells Fargo is massive, and after six years of fallout, a lot of folks aren’t convinced the bank can save itself.

Dec 20 (Reuters) - Wells Fargo & Co (WFC.N) agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of car loans, mortgages and bank accounts, the regulator said Tuesday. "Wells Fargo is a corporate recidivist that puts one-third of American households at risk of harm,” CFPB Director Rohit Chopra told journalists in a briefing. Shares of Wells Fargo were down less than 1% in late morning trading. Wells Fargo has faced multiple enforcement actions taken by the CFPB and other banking regulators for violations across the bank's business lines. Scharf became CEO in 2019, the fourth person to lead Wells Fargo since the scandal emerged.

Search resuls for: "Rohit"

25 mentions found