DIRS.INFO The most relevant business & tech news

☆ Pentagon leaks suspect Jack Teixeira pleads not guilty to federal charges
▼ + stars: | 2023-06-21 | by ( Hannah Rabinowitz | ) edition.cnn.com time to read: +2 min

Worcester, Massachusetts CNN —Jack Teixeira, the Air National Guardsman accused of leaking highly classified military documents on social media, pleaded not guilty in a Massachusetts court Wednesday to six federal charges. Teixeira, 21, was indicted earlier this month on several counts of willful retention and transmission of classified information related to the national defense. The Massachusetts native stands accused of sharing classified military documents on the social media platform Discord. The documents included detailed intelligence assessments of allies and adversaries alike, including the state of the war in Ukraine. Teixeira held a top-secret security clearance, and internal Air Force memos that prosecutors highlighted in court revealed that his superiors repeatedly warned him about inappropriately accessing classified intelligence.

Persons: Massachusetts CNN — Jack Teixeira, Teixeira, Texeira, “, Jack, Jen Reed, ” Organizations: Massachusetts CNN, Air National, Massachusetts Air National Guard’s 102nd Intelligence Wing, Air Force Locations: Worcester, Massachusetts, Ukraine

☆ Analyst says this automaker could be next in line for a Tesla supercharger deal
▼ + stars: | 2023-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

TSLA GM,F 1M line General Motors also struck a similar deal with Tesla earlier this month. "By opening the charging infrastructure, that alleviates the main concern in the U.S., which is range anxiety. The de facto plug standard Narayan also said that such collaborations with Tesla could set a new standard in the automobile industry. Analysts have also suggested that any costs incurred by the carmakers for transitioning to Tesla's North American Charging Standard (NACS) plug standard will likely be immaterial, given the stakes. Since Nov. 2021, Tesla has opened its supercharger network in Europe, Australia, and China to non-Tesla vehicles.

Persons: Tesla, Tom Narayan, Ford, they're, Narayan, it's, Alex Vrabel, Mercedes Organizations: Chrysler, Peugeot, Maserati, RBC, Ford, General Motors, Detroit, GM, Motors, Tesla, CNBC, Toyota, Honda Civic, of, Global, BMW, Volkswagen Locations: U.S, United States, Europe, Australia, China

☆ Fact-Checking Nikki Haley on the Campaign Trail
▼ + stars: | 2023-06-17 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

Nikki Haley, the former governor of South Carolina, was the first prominent candidate to announce a challenge to former President Donald J. Trump’s bid for the Republican presidential nomination. Since entering the race in February, Ms. Haley has weighed in on social issues and tapped into her experience as a former United Nations ambassador under Mr. Trump to criticize current U.S. foreign policy. Sex and gender issuesWhat Ms. Haley SAID“Roe v. Wade came in and threw out 46 state laws and suddenly said abortion any time, anywhere, for any reason.”— in a CNN town hall in JuneThis is exaggerated. Ms. Haley is overstating the scope of the landmark ruling Roe v. Wade, which established a constitutional right to abortion. That is not the same as “any time,” as Ms. Haley said.

Persons: Nikki Haley, Donald J, Trump’s, Haley, Trump, “ Roe, Wade, ” Organizations: Republican, United Nations, Mr, CNN Locations: South Carolina

☆ DoubleLine’s Gundlach says the Fed will break something if it sticks to its rate-hiking path
▼ + stars: | 2023-06-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

DoubleLine Capital CEO Jeffrey Gundlach said Wednesday that the Federal Reserve could tip the economy into a recession if the central bank follows through on its rate-hiking path this year. "I think that if the Fed follows the path that they're talking about, ... they are going to break something," Gundlach said on CNBC's " Closing Bell." The Fed paused its hiking campaign in June, but forecast it will raise interest rates as high as 5.6% before 2023 is over. The so-called dot-plot released Wednesday projected two more increases left in 2023, if the central bank keeps its rate-hiking pace at quarter-point increments. Gundlach said he doesn't think the Fed is going to be raising interest rates again as data are expected to deteriorate.

Persons: Jeffrey Gundlach, Gundlach, Jay Powell, we're, Jerome Powell, Powell, hasn't Organizations: DoubleLine, Federal, Fed

Guardia Civil/Handout via REUTERSMADRID, June 1 (Reuters) - Spanish police raided three clandestine tobacco factories early this year, seizing nearly 40 million euros ($44 million) worth of tobacco leaf and illicit cigarettes. This operation is one of dozens across the EU that regional policing and anti-fraud agencies say have driven seizures of illicit cigarettes to record levels. It may have been further accelerated by the war in Ukraine, which for years has been a production hub and transit route for illicit tobacco, OLAF added. TOBACCO INVESTIGATORSThe industry has responded by hiring investigators to research illicit operations and share intelligence with European authorities, executives at Japan Tobacco, BAT and Imperial Brands told Reuters. "A good many workers from Ukraine have been found in these illegal factories," Japan Tobacco's Byrne said about counterfeiting operations across the EU.

Persons: who'd, OLAF, Cyrille Olive, Philip Morris, Olive, Europol, Vincent Byrne, Byrne, Japan Tobacco's Winston, Alex McDonald, Ernesto Bianchi, McDonald, Japan Tobacco's Byrne, They're, they're, Richa Naidu, Emma Pinedo, Emilio Parodi, Matt Scuffham Organizations: Guardia Civil, REUTERS, Spanish, EU, BAT, Imperial Brands, Japan Tobacco, Philip Morris International, Reuters, Marlboro, America's Dunhill, Supplies, Investigators, Mobile, Thomson Locations: Seville, Spain, Guardia, REUTERS MADRID, Alfaro, Europe, Ukraine, British American, France, Netherlands, Portugal, Slovenia, Denmark, Czech Republic, Ireland, Japan, China, Asia, EU, Russia, Belarus, Roda de Ter, Barcelona, Spanish, Italy, Pomezia, Russian, Moldovan, London, Madrid, Milan

☆ Vodafone and Nestlé Created Panels to Avoid ‘Greenwashing’ Allegations
▼ + stars: | 2023-05-23 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

Vodafone Group and Nestlé have set up panels of experts to double check environmental claims before they appear on products and marketing, a move by the multinationals to avoid allegations of so-called greenwashing. The U.S. Federal Trade Commission is updating its environmental marketing guidelines and the EU has proposed that businesses need to offer scientific evidence. The panels at Nestlé and Vodafone are examples of how companies are stepping up their due diligence of green claims in response to mounting scrutiny, tighter regulation, shifting consumer preferences and the threat of lawsuits. So far, that hasn’t happened, Mr. Reiter said. The packaged-foods company’s panels are staffed by employees from marketing, regulatory, scientific affairs, sustainability, legal and communications.

Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show. "While we disagree with the allegations in this case, we are pleased to have resolved this matter," Wells Fargo said in a statement on Tuesday. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation over its business practices. The case is In re Wells Fargo & Co Securities Litigation, U.S. District Court, Southern District of New York, No.

☆ Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit
▼ + stars: | 2023-05-16 | by ( Ben Eisen | ) www.wsj.com time to read: 1 min

Wells Fargo’s 2016 fake-accounts scandal revealed problems with the bank’s systems for overseeing risk. Photo: Thalia Juarez for The Wall Street JournalWells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal. The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phony accounts.

☆ Wells Fargo reaches $1 bln settlement with shareholders over recovery from scandals
▼ + stars: | 2023-05-16 | by ( ) edition.cnn.com time to read: +2 min

Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. Wells Fargo (WFC) has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. Wells Fargo did not immediately respond to requests for comment outside business hours. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and expense of litigation, court papers show. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation concerning its business practices.

☆ Wells Fargo to Pay $1 Billion to Settle Lawsuit by Shareholders
▼ + stars: | 2023-05-16 | by ( John Yoon | ) www.nytimes.com time to read: +1 min

Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that regulators said had hurt millions of customers. Wells Fargo removed top executives and pledged to regulators that it would fix the internal deficiencies that caused the scandal and other practices that put customers at risk. The latest settlement resolves a lawsuit brought on behalf of shareholders that focused on the bank’s conduct between 2018 to 2020, after regulators identified many of the problems. The plaintiffs, including pension funds in Mississippi, Rhode Island and Louisiana, said Wells Fargo defrauded investors by giving the false impression that it was further along in the process of tackling regulators’ orders than it had disclosed at the time. The settlement, which must be approved by a federal judge in New York, was reported earlier by The Wall Street Journal.

☆ Cramer calls Wells Fargo the 'best-capitalized bank' following $1 billion settlement
▼ + stars: | 2023-05-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Equities mixed Wells Fargo settlement Watch AMD 1. Wells Fargo settlement Club holding Wells Fargo (WFC) agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in resolving its fake accounts scandal of 2016. Jim Cramer on Tuesday called Wells Fargo "the best-capitalized bank." THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
▼ + stars: | 2023-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A story about training non-tech workers that has nothing to do with ChatGPT? Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Empowering people to build their own tools and apps to streamline their work seems great on paper. Read more about how Man Group teaches non-tech workers programming skills that help them save time.

☆ Slower US job growth expected in April; unemployment rate seen rising to 3.6%
▼ + stars: | 2023-05-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The unemployment rate is forecast to have risen to a still historically low 3.6%. "The labor market is slowly bending, but not breaking," said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina. "There is continued resilience in the labor market right now, but the trend is one that is continuing to see a decelerating pace of momentum." The service-providing sector likely accounted for most of the anticipated job gains in April. WAGE GAINS MODERATEAverage hourly earnings are expected to have risen by 0.3% in April, matching March's gain.

[1/2] Block Inc logo is seen displayed in this illustration taken, April 10, 2023. Shares of Block, formerly called Square, rose more than 4% in extended trading on Thursday. Prior to market close, its stock was down more than 10% from the beginning of this year. Block has denied the allegations and has said it would explore legal action against the short seller. Short sellers like Hindenburg typically sell borrowed securities and aim to buy these back at a lower price.

☆ Block investors may seek clarity on Cash App after Hindenburg report
▼ + stars: | 2023-05-03 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +3 min

May 3 (Reuters) - Jack Dorsey-led Block Inc's (SQ.N) first-quarter results will likely see investors zoom in on the payments firm's Cash App business following U.S. short-seller Hindenburg Research's allegations including inflated user count. Morgan Stanley analysts in April said that some bearish investors remain uncertain about the amount of gross profit that is generated by "potential illicit activity" on the Cash App platform. "Eventually, bears suspect a meaningful amount of gross profit might come under pressure if regulators crack down on Cash App, and also think this makes it hard to accept that Cash App can be a legitimate, trusted bank in the long-term," they added. Block has touted Cash App as an alternative to traditional banking services. Cash App reported 51 million monthly active customers as of Dec. 31, of which 44 million were verified.

☆ Go Green, Then ‘Go Dark’?
▼ + stars: | 2023-04-21 | by ( Ephrat Livni | ) www.nytimes.com time to read: 1 min

The term is a cousin of greenwashing — the idea that an organization is overstating its environmental practices. Those kinds of critiques from the left, as well as newer criticism from the right over environmental, social and governance (E.S.G.) initiatives, have led some companies to keep quiet even about legitimate green goals. Some context: Last spring, the Securities and Exchange Commission proposed rules that would require public companies to disclose and account for their environmental impact all along the supply chain.

Haley has three aligned committees: Her main campaign committee, a leadership PAC and a joint fundraising committee that funnels money to the other two committees. But, in doing so, it double-counted $2.7 million that first landed in the joint fundraising committee and then was parceled out to the campaign committee and the leadership PAC. Other candidates have sought to present their campaign filings in the most favorable light. The campaign of former President Donald Trump, for instance, touted a $9.5 million haul during the first six weeks of his campaign. But, in that window, only about $5 million flowed into the joint fundraising committee that powers his political operation.

☆ Global Executives Say Greenwashing Remains Rife
▼ + stars: | 2023-04-13 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +4 min

Most global executives think greenwashing is widespread in their industry, and despite customers becoming more vocal about preferring sustainable brands, many companies are cutting corners on their environmental, social and corporate governance initiatives. PREVIEWThe risk of greenwashing is increasing with crackdowns on overstated green claims on both sides of the Atlantic. Despite that threat, the figures are consistent with last year’s findings: Nearly 60% say their own organization is overstating its sustainability methods. Nearly three-quarters of executives said they want to advance sustainability efforts but don’t actually know how to go about doing it. Most executives surveyed—85%—said customers and clients are becoming more vocal about their preference for engaging with sustainable brands.

☆ Trump faces deposition in New York AG Letitia James' fraud lawsuit
▼ + stars: | 2023-04-13 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Former US president Donald Trump arrives at Trump Tower in New York on April 12, 2023. Donald Trump said he is being deposed Thursday in New York City as part of the state attorney general's $250 million civil lawsuit alleging widespread fraud by the former president and his company. Trump announced on social media overnight that he had "just arrived in Manhattan for a deposition in front of" New York Attorney General Letitia James as part of the sweeping lawsuit. Trump is "not only willing but also eager to testify before the Attorney General today," his attorney, Alina Habba, told CNBC in a statement. James filed the civil fraud lawsuit last September against Trump, three of his adult children, the Trump Organization and others.

☆ ‘Beef’ Review: Ali Wong and Steven Yeun’s Road-Rage Spiral
▼ + stars: | 2023-04-07 | by ( John Anderson | ) www.wsj.com time to read: +1 min

With irrational anger so in vogue, the time seems ripe for “Beef”—as in gripe, or grievance, though neither does justice to the reckless ferocity of the antics in this nerve-jangling, black-edged comedy. Comedy may be overstating things, actually: The series, created by Lee Sung Jin (“Dave,” “Silicon Valley”), makes the venting of spleen look ridiculous. But that doesn’t mean it isn’t dangerous. (Or, lest one forget, even get into a road-rage incident.) What’s both amusing and cautionary isn’t just the fact that two volatile people in an unhappy place happen to cross paths at precisely the wrong moment.

☆ Ukraine seeks to prevent military leaks after NATO assistance plans reportedly appear on social media
▼ + stars: | 2023-04-07 | by ( Pavel Polityuk | ) www.reuters.com time to read: +7 min

"The participants of the meeting focused on measures to prevent the leakage of information regarding the plans of the defence forces of Ukraine," it said. One document posted on social media said 16,000 to 17,500 Russian forces had been killed since the invasion. The Ukrainian military said it was holding on in the city but the situation was difficult. Ukrainian military expert Vladyslav Selezniov has said Ukraine will have to pull back if the route for getting supplies in and wounded out is threatened. Eastern Military Command spokesperson Serhiy Cherevatyi told Reuters Ukraine controlled the situation in Bakhmut and understood Russian intentions.

Companies Vanguard Group Inc FollowMarch 29 (Reuters) - New Zealand's financial markets regulator issued a warning to U.S. fund giant Vanguard Group on Wednesday for failing to disclose details within the required time over infringement notices filed against it in Australia for alleged greenwashing. These funds were also offered to New Zealand investors via a mutual recognition scheme but Vanguard missed the deadline by nearly two months to notify the Financial Markets Authority (FMA) about the action by ASIC, Australia's securities regulator, it said. "Vanguard Australia regrets our oversight in failing to comply with our notification obligations to the Financial Markets Authority of New Zealand," a spokesperson said in an emailed response. Vanguard failed to identify its obligations and did not have adequate processes in place to ensure that it filed the required notice within the required period, FMA said in a statement. Vanguard's breach, if not addressed, could harm the integrity of an agreement between Australia and New Zealand over market offerings, it added.

☆ Oil dips after Fed comments, U.S. crude stock build
▼ + stars: | 2023-03-23 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in promoting some resilience in oil prices, Yeap said, adding that there was still some upside room left in oil prices. Goldman Sachs said on Thursday that Chinese demand continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Gross U.S. exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in aiding to drive some resilience in oil prices, with some room left for upside in oil prices amid dip-buying seen at the start of this week, Yeap added. Meanwhile, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, the highest since May 2021. Gross exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

☆ Inflation gauge increased 0.4% in February, as expected and up 6% from a year ago
▼ + stars: | 2023-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Excluding volatile food and energy prices, core CPI increased 0.5% in February and 5.5% on a 12-month basis. The consumer price index increased 0.4% for the month, putting the annual inflation rate at 6%, the Labor Department reported Tuesday. Inflation rose in February but was in line with expectations, likely keeping the Federal Reserve on track for another interest rate hike next week despite recent banking industry turmoil. Food prices rose 0.4% and 9.5% respectively. That entails core services inflation minus housing, cohort that increased 0.2% in February and 3.7% from a year ago, according to CNBC calculations.

Search resuls for: "overstating"

25 mentions found