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☆ Why Silicon Valley Is Going to War Against the Media, Journalists
▼ + stars: | 2024-07-30 | by ( ) www.businessinsider.com time to read: +21 min

Just 20 years ago journalists covered the tech industry "like it didn't matter, like it was this hobbyist, interesting, plucky thing." The pro-tech media gives tech's main characters the chance to write their way back to the original storyline. Trae Stephens, a partner at Founders Fund, described Pirate Wires as a kind of daily affirmation for Silicon Valley. Related storiesTrae Stephens, a partner at Founders Fund, described Pirate Wires as a kind of daily affirmation for Silicon Valley. Of the members of the news media I talked to about pro-tech media, some were backhandedly laudatory.

Persons: Mike Solana, Solana, Peter Thiel, —, David Sacks, Jason Calacanis, Chamath Palihapitiya, David Friedberg, Elon Musk, Sam Altman, Tucker Carlson, Donald Trump, There's, Coogan, John Coogan, Andreessen Horowitz, Marc Andreessen, they're, Balaji Srinivasan, Mark Zuckerberg, Donald Trump's, Tyler Le, Sam Bankman, Warren Buffett, Trae Stephens, Andreessen, Palmer Luckey, It's, Dick Lucas, Lucas, Joe Rogan, Kamala, Stephens, Packy McCormick, Taylor Lorenz, Ryan Mac, Kevin Roose, Jesse Singal —, Casey Newton, Casey isn't, Casey, Newton, Erik Torenberg, Anthony Fauci, Ellen Pao, Katherine Maher, George Soros, Joe Biden, Chesa Boudin, Boudin, Gavin Newsom, Palihapitiya, Sacks, Trump, JD Vance, Brian Merchant, Ben Smith, Eric Newcomer, he's, Lulu Cheng Meservey, Balaji Srinivasan's, Zoë Bernard Organizations: Fund, Tech, Founders Fund, Apple, Elon, Elite, Sequoia Capital, Pirate, Penguin Group, Big Tech, Card Industry, Washington Post, TechCrunch, Media, NPR, Google, Disney, Twitter, Republican National Convention, Bloomberg, monetization, San, Business Locations: San Francisco, Substack, Silicon Valley, New York, Silicon, Solana, Miami, Francisco, California, Los Angeles

☆ 36% of Americans plan to take on debt for summer travel. Here's why that worries financial experts
▼ + stars: | 2024-06-29 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

Some people could find themselves wrangling with summer travel bills well after Labor Day. To that point, 36% of Americans said they plan to take on debt in order to travel this summer, according to a March survey from Bankrate. The payment methods for summer travel expenses ranged from personal loans (5%) and buy now, pay later services (8%) to borrowing from family and friends (6%). Additionally, 26% of summer travelers said they intend to use a credit card and pay over for the vacation over multiple billing cycles. "The reason that's worrisome is because the average credit card charges more than 20%, which is close to a record high," said Ted Rossman, a senior credit card industry analyst at Bankrate.

Persons: Ted Rossman, Gen Zs, Sabrina Romanoff Organizations: Labor, Finance, Disney

☆ Sotheby’s, Fanatics team up to offer rare sports trading card auctions
▼ + stars: | 2024-06-11 | by ( Ian Thomas | ) www.cnbc.com time to read: +1 min

Fanatics wants to expand the sports trading card industry. Now it's aiming to meet high-end collectors through a new partnership with Sotheby's that will create a collection of auctions for trading cards valued at more than $100,000. Fanatics has quickly moved into the trading card space, acquiring Topps in 2022 and signing several exclusive card licensing deals across professional leagues, including the NBA, NFL and MLB. "It's also an opportunity to really elevate sports trading cards, and create these moments with some of the most important and prestigious cards." Sotheby's has increasingly leaned into sports, something that Brahm Wachter, Sotheby's head of Modern Collectables, said is one of the auction house's fastest-growing categories.

Persons: Sotheby's, Jackie Robinson, Nick Bell, Collect, It's, Muhammad Ali's Organizations: Topps, NBA, NFL, MLB, Kobe Bryant Los Angeles Lakers Locations: New York, Manila

☆ Credit Cards Are Smarter: Better Fraud Detection, No Travel Alerts
▼ + stars: | 2024-05-12 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. So I reached out to some credit-card companies and academics to learn more. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better.

Persons: JPMorgan Chase, it's, Nilson, We've, that's, Tina Eide, Eide, Mike Lemberger, they've, Lemberger, here's, Yann, Aël Le Borgne, Gianluca Bontempi, Bontempi, I'd, Le Borgne, somebody's, Emily Stewart Organizations: Citibank, JPMorgan, Federal Trade Commission, American Express, Netflix, Libre de Bruxelles, Companies, Visa, Citi, Business Locations: California, Buenos Aires, Botox, Argentina, North America, Belgium, Lemberger

☆ 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

☆ The credit-card industry's Hail Mary push to keep charging you bigger late fees
▼ + stars: | 2024-05-09 | by ( Paul Squire | ) www.businessinsider.com time to read: +2 min

Hoping to say goodbye to high credit-card late fees? A judge could side last minute with credit-card companies trying to stop a new cap on fees. AdvertisementCredit-card companies aren't giving up their late fees that easily. In March, the Consumer Financial Protection Bureau announced that the federal government had made a new rule capping credit-card late fees. Despite an election-year push by President Joe Biden to cut down on so-called "junk fees," credit-card companies won't go quietly, she wrote.

Persons: —, they've, wouldn't, Emily Stewart, Joe Biden, Stewart, Matt Schulz Organizations: Service, Consumer Financial, Bureau, CNBC, US Chamber of Commerce Locations: Texas

☆ 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

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☆ Jamie Dimon on Capital One's $35.3 billion Discover acquisition: 'Let them compete’
▼ + stars: | 2024-02-26 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. JPMorgan Chase CEO Jamie Dimon isn't worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved. Dimon, speaking to CNBC's Leslie Picker from a Miami conference, acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation's biggest credit-card lender. The deal has two major components: the credit card business and the payment network, Dimon noted. It's unclear if Capital One can create a true alternative to the dominant card networks in Visa and Mastercard with this deal, Dimon said.

Persons: Jamie Dimon, JPMorgan, JPMorgan Chase, Jamie Dimon isn't, Dimon, CNBC's Leslie Picker, Richard Fairbank, Richard Organizations: JPMorgan Chase, JPMorgan, Discover Financial, Capital, Visa, Mastercard, American Locations: Davos, Switzerland, Miami

Analyst Mike Mayo assigned an overweight rating and $70 price target, which suggests more than 25% upside for shares. Analyst Bill Katz raised his price target by $14 to $128 on the outperform-rated company, which has seen roughly 74% share price growth over the past year. He upped his price target by $25 to $350, implying roughly 19.5% upside for the company, which will report fiscal fourth-quarter results on Wednesday. "While LT debates around monetization and competition have yet to be resolved, we think risk-reward now skews attractive given an improving cloud demand backdrop." It also raised its price target to $86 from $75, but the new forecast still implies downside of more than 13% going forward.

Persons: Morgan Stanley, HashiCorp, Wells, Mike Mayo, Mayo, — Pia Singh, TD Cowen, Cowen, Bill Katz, Katz, Jefferies, Brent Thill, Thill, Salesforce, bode, Sanjit Singh, Singh, Yifeng Liu, Fred Imbert Organizations: CNBC, HSBC, Moderna, Citigroup, Citi, Discover Financial Services, KKR, Salesforce, HSBC downgrades Moderna, Merck & Co Locations: Wells, monetization

Challenges, and opportunities, for a financial megadealCapital One’s $35.3 billion takeover to buy Discover Financial Services will create a colossus in the fast-growing credit card industry and a more powerful force in the payment networks that underpin the consumer economy. That will almost surely invite tough scrutiny from a Washington that is increasingly skeptical of big financial mergers. But continuing scrutiny of the two biggest payment networks in the U.S., Visa and Mastercard, may complicate the regulatory math. The deal: Capital One agreed to pay 1.0192 of its shares for each share of Discover, a roughly 26 percent premium to Friday’s trading prices. If completed, the transaction would become a giant among credit card lenders, with Bloomberg estimating that the combined company would outstrip JPMorgan Chase and Citigroup in U.S. card loan volume.

Organizations: Discover Financial, Visa, Mastercard, Capital, Bloomberg, JPMorgan Chase, Citigroup, U.S Locations: Washington, U.S

☆ LeBron James signs trading card deal with Fanatics Collectibles, leaving Upper Deck
▼ + stars: | 2024-01-10 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

LeBron James is moving his trading card sponsorship to Fanatics Collectibles after more than 20 years with rival Upper Deck. Fanatics will kick off the deal by selling a unique Bowman brand card featuring a dual autograph of the National Basketball Association legend and his son Bronny. The multiyear deal will mean new inventory of signed James trading cards. It also shakes up the balance of power in the recently revived sports memorabilia and trading card industry. Fanatics Collectibles, under Michael Rubin's $31 billion sports platform company Fanatics, purchased Topps in 2022 for $500 million.

Persons: LeBron James, Bronny, James, James hasn't, Mike Mahan, Michael Rubin's Organizations: Bowman, National Basketball Association, Topps

☆ Americans ran up $105 billion in credit card interest last year alone
▼ + stars: | 2023-10-25 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Danielle Foskie is among a growing number of Americans who have stumbled into a credit card doom loop. She turrned to credit cards to get by, eventually racking up $60,000 in credit card debt. Americans were hit with $105 billion in credit card interest last year alone, according to the CFPB’s biennial consumer credit card report. As signs of consumer stress emerge, the credit card industry continues to perform well financially. The report also warned of an “apparent lack of competition” on credit card rates.

Persons: Danielle Foskie, I’ve, ” Foskie, She’s, Renee Barrett, ” Barrett, Barrett, “, ”, Rohit Chopra Organizations: New, New York CNN, CNN, Financial, “, New York Fed Locations: New York, Cleveland , Ohio, United States, Bronx, Covid

☆ Could Fed Chair Powell’s Jackson Hole speech send stocks plunging again?
▼ + stars: | 2023-08-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —With Nvidia earnings out of the way, the next test for US markets is Federal Reserve Chair Jerome Powell’s annual speech at the Jackson Hole economic summit on Friday. “In August of 2022, Powell knew the Fed had several more rate hikes to go. Macy’s sounds the alarm on credit card delinquenciesMacy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers, reports my colleague Matt Egan. This situation is hurting Macy’s business, driving down credit card revenue by 36% year over year and contributing to a quarterly loss, he said. Citing worsening consumer leverage metrics, Macy’s is bracing for a further increase in “bad debt” in its credit card portfolio.

Persons: Jerome Powell’s, Powell, ”, — Powell, “, Tom Graff, Matt Egan, ” Adrian Mitchell, Danielle Wiener, Bronner, Qiana Di, Di Bari, Read Organizations: CNN Business, Bell, New York CNN, Nvidia, Kansas, Fed, Dow Jones, “, Bureau of Labor Statistics Locations: New York, Wyoming, Maui, United States, Qiana Di Bari, Lahaina, Kahului

☆ Macy’s sounds the alarm on credit card delinquencies
▼ + stars: | 2023-08-23 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

This situation is hurting Macy’s business, driving down credit card revenue by 36% year over year and contributing to a quarterly loss, he said. Citing worsening consumer leverage metrics, Macy’s is bracing for a further increase in “bad debt” in its credit card portfolio. “I think the credit card revenue is an indication of some of the pressures that we’re actually seeing on the consumer,” Mitchell said. Consumer credit card debt topped $1 trillion during the second quarter for the first time on record, according to the New York Federal Reserve. More concerningly, new credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to Moody’s Investors Service.

Persons: New York CNN —, ” Adrian Mitchell, Macy’s, ” Mitchell, ” Macy’s, Locker Organizations: New, New York CNN, Citibank, Consumer, New York Federal Reserve, Moody’s Investors Service, Credit Locations: New York, Wells

☆ Fanatics and competitor Panini launch legal battle with a pair of lawsuits
▼ + stars: | 2023-08-07 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

The dispute comes down to licensing rights for professional sports league and their associated trading cards: Panini currently has the league and player union licenses to produce trading cards for the NBA and NFL. It's held those exclusive rights since 2009 and 2016, respectively. In its antitrust suit against Fanatics, Panini alleged that "Fanatics positioned itself to drive Panini and other potential competitors out of the market, and erected barriers to entry blocking their return." Fanatics claims Panini "embarked on a protracted, unlawful, and deceitful campaign of unfair trade practices, strong-arm tactics, and tortious misconduct to hamper Fanatics Collectibles' nascent business, in the hopes that it could force Fanatics Collectibles to pay an extortionate amount for Panini to terminate its licenses early." The move also helped to terminate a SPAC merger for Topps after it lost the MLB rights.

Persons: Brandon Igdalsky, Panini, countersued, It's, Silver Organizations: NASCAR, Pocono, Sports, NBA, NFL, Panini, International Olympic, MLB, Topps, Endeavor Group, Insight Partners, CNBC Disruptor Locations: Long Pond, PA

One is about the possibility that we’re going to have this super intelligent AI that’s capable of great destruction. casey newtonI think that’s right. But it’s just like — I don’t think — I don’t think about to do these things in the moment like Dan. I don’t think that there’s an ethical issue with doing what he wants to do. And yeah, I just think it’s going into an area that’s going to be uncomfortable for the friend.

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☆ Citizens Bank fined $9 million for mismanaging fraud complaints
▼ + stars: | 2023-05-23 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The agency resolved its 2020 lawsuit against Rhode Island-based Citizens Bank for violating the Truth in Lending Act, which protects consumers against unfair credit billing and credit card practices. The CFPB said in its suit that the bank automatically denied fraud claims and billing error notices in certain circumstances. "As outstanding credit card debt approaches $1 trillion, the CFPB will be closely watching the conduct of the credit card industry." Citizens Bank noted that the issue involved a small subset of its credit card customers. Citizens Bank is among the 15 largest consumer banks in the U.S. with branches and ATMs in 14 states and Washington, D.C.

"It really seems like companies have become addicted to junk fees." Junk fees are making companies billions of dollars richer and the practice spans industries, including banking, telecom, entertainment and hospitality. CNBC sorted some of the biggest junk fee offenders into three separate buckets. "Junk hotel fees and these ancillary fees are bringing in about $3 billion a year for the hotel industry," Wolfe told CNBC, citing a Consumer Reports estimate. Watch the video above to learn more about where junk fees hide, how agencies are proposing changes, where policy falls short and whether increased regulatory oversight may be enough to squash junk fees once and for all.

☆ Amazon launches program to identify and track counterfeiters
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Online marketplaces in the United States including Amazon face hurdles in keeping counterfeiters off their platforms and fake merchandise from entering their warehouses. The new program mimics data exchange programs by the credit card industry to find scammers and identify their tactics. Stores and Amazon marketplace sellers can anonymously contribute information and records flagging counterfeiters to a third-party database or use the database to avoid doing business with the bad actors. The Seattle-based retail giant piloted the anti-counterfeiting initiative in 2021 with an undisclosed number of apparel, home goods and cosmetics stores, where counterfeiting is most common. Reporting by Arriana McLymore in New York City; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ How Fanatics and MLB are planning to keep the trading card boom going
▼ + stars: | 2023-03-30 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

MLB trading card partner Fanatics has plans for new rookie card features this season as part of a bigger plan to increase the value of Topps baseball cards for collectors. "Fanatics is focused on the best experience for the fan, and collectibles is focused on the best collector experience," said Fanatics Collectibles CEO Mike Mahan. After the game, the patch will be authenticated and placed directly onto their rookie card in a future Topps set. While the sports trading card industry had seen growth in recent years, the pandemic put the hobby into overdrive. Cards across sports have been selling for record prices, including a $12.6 million sale for a 1952 Topps Mickey Mantle rookie card, the highest price ever paid for a trading card.

☆ Block says Cash App has 44 mln verified monthly users after Hindenburg report
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Block Inc (SQ.N) said on Thursday 44 million of its more 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31. The payments firm also estimated that the verified accounts constituted roughly 97% of Cash App inflows. After taking a short position in Block, the report alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its Cash App user numbers and understated its customer acquisition costs. Block has denied the allegations, saying it would explore legal action against the short seller for its "factually inaccurate and misleading report" that was "designed to deceive and confuse investors". Reporting by Manya Saini in Bengaluru; Editing by Pooja Desai and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Payments firm Block's Australian shares slump after Hindenburg report
▼ + stars: | 2023-03-24 | by ( Navya Mittal | ) www.reuters.com time to read: +2 min

March 24 (Reuters) - Australia-listed shares of Block Inc , led by Twitter co-founder Jack Dorsey, plunged 16.3% on Friday after Hindenburg Research alleged that the payments firm overstated its user numbers and understated its customer acquisition costs. Block, which is currently exploring a legal action against the short-seller, said the report was "factually inaccurate and misleading". Shares of the San Francisco-headquartered company led losses in Australia's benchmark ASX 200 Index (.AXJO) and hit their lowest since January 2023 at A$91.28. Block's $29 billion buyout of the Australian buy-now-pay-later firm Afterpay "was designed in a way that avoided responsible lending rules in its native Australia," the U.S. short-seller said in its report. ASX-listed Block shares plunge post Hindenburg's reportReporting by Navya Mittal in Bengaluru; Editing by Devika Syamnath and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Hindenburg takes aim at Dorsey's payments firm Block, shares plunge
▼ + stars: | 2023-03-23 | by ( Manya Saini | ) www.reuters.com time to read: +5 min

Block shares fell as much as 22% before paring losses and were last down 14% at $62.61 in afternoon trading. After reviewing the full report, Block said it was "designed to deceive and confuse investors". Hindenburg said that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. The app had 51 million monthly transacting actives, a 16% year-over-year increase during December 2022, Block said in fourth-quarter earnings letter. "What I am really concerned about is the Cash App, accusations of fraud, multiple accounts, opening accounts and fake names.

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