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☆ The crypto industry plowed tens of millions into the election. Now, it’s looking for a return on that investment
▼ + stars: | 2024-11-17 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +10 min

Crypto super PACs spent heavily on Republicans as well as key Democrats, including two who won open seats in the US Senate, Elissa Slotkin in Michigan and Ruben Gallego in Arizona. How Washington regulates the industry has enormous consequences for this burgeoning sector, along with the 52 million Americans who now hold digital assets. “The strategy is to have as many conversations with as many people in the Trump orbit as possible so that everyone has an understanding of what the crypto industry is most interested in,” she said. They also helped finance Fairshake, a crypto industry super PAC launched last year that was active in congressional contests. An industry super PAC spent $40 million to back to Republican Senate candidate Bernie Moreno in Ohio, who ousted three-term Democratic Sen. Sherrod Brown.

Persons: Donald Trump, Gary Gensler, Biden, Crypto, Elissa Slotkin, Ruben Gallego, Sam Bankman, “ Crypto, ” Kristin Smith, we’ll, that’s, ” Smith, ”, Smith, Dan Gallagher, Paul Atkins, Atkins, Gallagher, Bitcoin, Trump, –, It’s, Barron, Steve Witkoff, multibillionaire Elon Musk, Cantor Fitzgerald Howard Lutnick, Carlos Barria, Reuters Howard Lutnick, Cantor Fitzgerald, Marc Andreessen, Ben Horowitz –, Sergio Gor, Andreessen, “, Tyler, Cameron Winklevoss, Musk, Katie Porter, Massachusetts Sen, Elizabeth Warren, Porter, Adam Schiff, Bernie Moreno, Democratic Sen, Sherrod Brown, Brown, Moreno, Colin McLaren, ” Robert Weissman, Andreessen Horowitz, Kara Calvert, CNN’s David Wright Organizations: CNN, Trump, Securities, Exchange Commission, Industry, Crypto, Blockchain Association, SEC, Token Alliance, Liberty, Liberty Financial, of Government, Republican, Reuters, Venture, Biden, PAC, Democratic Rep, Democratic, Banking Committee, Commodities Futures Trading Commission, Cedar Innovation Foundation, Consumer, Public Citizen Locations: Washington, Michigan, Arizona, Madison, New York City, U.S, America, Bitcoin, Massachusetts, California, Ohio

☆ Here's how much more laptops, TVs, and smartphones could cost under Trump's proposed tariffs, consumer group says
▼ + stars: | 2024-11-12 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Americans' favorite tech gadgets could surge in price under Donald Trump's proposed tariffs, per a new report. An October report on consumer technology found laptops, smartphones, and TVs would surge in price. Under Trump's tariffs, the average price of laptops and tablets could skyrocket 45%, jumping an additional $200-$350 from their current prices, the CTA report found. AdvertisementUnder Trump's tariffs, video game consoles, meanwhile, could cost nearly $250 more than they currently do, and monitors could increase by more than $100, the report found. Televisions will see a 9% increase in consumer price, costing an additional $48 on average, according to the CTA report.

Persons: Donald Trump's, —, Trump, Gary Shapiro, International Trade Ed Brzytwa Organizations: Service, Consumer Technology, EVs, Cato Institute, CTA, Reuters, Consumer Technology Association, World, Census Bureau, Global, International Trade Locations: China

☆ I've always liked Aldi, but the store became an essential stop when my 2 kids were born. Here are 10 things I get to make easy meals.
▼ + stars: | 2024-10-21 | by ( Matt Ng | ) www.businessinsider.com time to read: +1 min

I like to make easy meals for my family of four with ingredients from my local UK Aldi. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBefore having kids, my partner and I liked going to the grocery store to pick up fancy meats and meal kits. Here are some of my favorite things to get at Aldi to make easy meals for my family.

Persons: Cook, — Organizations: Aldi, Service Locations: Aldi

☆ Butterball is making the worst part of cooking a Thanksgiving turkey much easier
▼ + stars: | 2024-10-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Cooking a Thanksgiving turkey presents a host of unique challenges, including making sure it’s not dry, and making sure it’s delicious. But thawing out a multi-pound frozen bird is the first big one. Butterball has a solution with a new frozen turkey that the company says eliminates the hours-long thawing process. This week, the country’s largest turkey producer unveiled a new “Cook from Frozen” turkey that only has two steps to make it, which are unwrapping it and popping it in the oven. Butterball made a “specially formulated” brine that keeps the meat moist during the roughly 5-hour long roasting process.

Persons: Butterball, Cook, it’s, Neil Saunders, ” Saunders, Harris Teeter Organizations: New, New York CNN, GlobalData, CNN, Walmart, Kroger Locations: New York, Turkey

☆ The government steps in to make it easier to cancel your subscriptions
▼ + stars: | 2024-10-16 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

The Federal Trade Commission finalized a rule designed to make canceling subscriptions easier. The rule targets "negative option" programs, such as auto-renewing subscriptions. AdvertisementThe government has had it with companies making it difficult for consumers to cancel their subscriptions. The Federal Trade Commission on Wednesday announced a final "click to cancel" rule requiring companies to make canceling subscriptions just as easy as signing up for them. Related storiesThe agency said its rule aimed to address common problems with these types of subscriptions, such as companies obscuring the terms of their subscriptions, customers getting billed when they didn't agree to pay, and companies making it difficult or impossible to cancel subscriptions.

Persons: —, Lina Khan Organizations: Federal Trade Commission, FTC, Service, Wednesday, Federal

Bridgette Bello thought she’d taken proper precautions to protect against Florida’s notorious hurricanes, having purchased flood insurance as well as a separate hurricane-specific policy, in addition to her regular homeowners coverage. That’s because flooding caused much of the property damage — and most homeowners insurance policies do not cover any flood impact. A resident cleans the front of his mobile home in Sarasota, Fla., on Oct. 10 after Hurricane Milton. Eva Marie Uzcategui / The Washington Post - Getty ImThe insurance industry is categorizing Hurricane Helene as an almost entirely flood-driven event. The National Flood Insurance Program (NFIP), the government-backed plan covering 95% of flood insurance policyholders in America, only covers losses up to 50% of what it deems a property to be worth — not including the land that the property sits on.

Persons: Bridgette Bello, she’d, Helene, —, Milton, Bello, ”, “, Rick Tutwiler, Hurricane Milton, Eva Marie Uzcategui, Amy Bach, Mark Friedlander, Friedlander, adjusters, ” Friedlander, ” Patti Drew’s, Deborah, Drew, didn’t, “ I’m, Shane Ostrander, Ostrander, Kathleen Flynn, she’s, Martin Weiss, Weiss, Chip LaMarca Organizations: Associates, NBC, Hurricane, Washington Post, Insurance Information Institute, Federal Emergency Management Agency, FEMA, Flood Insurance, NBC News, “, Broward County Republican Locations: Madeira Beach, Tampa, Milton, Florida, Sarasota , Fla, “, Punta Gorda, Florida’s, Charlotte County, America, Fort Pierce, Fla, Orlando, Broward County

☆ 'The choice of the people': How Modelo and Corona maker Constellation Brands won the loyalty of Hispanic consumers in the U.S.
▼ + stars: | 2024-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Riojas is part of a base of Hispanic consumers that has become a focal point for Constellation Brands' beer business, which also includes products such as Corona and Pacífico. Hispanic- and Latino-identifying customers accounted for 32.5% of Constellation Brands' sales in 2023, according to data from consumer research firm Numerator and investment bank Jefferies. "Hispanic consumers are the single most important consumer group for our beer business," said Mallika Monteiro, executive vice president and managing director for Constellation's beer brands. The company officially acquired the U.S. beer business of Groupo Modelo, which included Modelo and Corona, from Anheuser-Busch in 2013. "Time and time again, you see that there's that strong bond that consumers form emotionally with brands," Aguirre-Rodriguez said.

Persons: Mario Tama, Rio Riojas, It's, Modelo, Bud, Mallika Monteiro, we've, Alexandra Aguirre, Rodriguez, Constellation's Monteiro, Monteiro, FIU's Aguirre, Aguirre, Kaumil Gajrawala, Gajrawala, William Newlands, Tom Fullerton, bode Organizations: Modelo Especial, Getty, Rio, Constellation Brands, Corona, Modelo, Constellation, Jefferies, Anheuser, Busch, Groupo Modelo, Florida International, University of Texas Locations: Los Angeles , California, Lansing , Michigan, U.S, Mexico, Corona, York, America, Modelo, El Paso, Americas

☆ China's Golden Week holiday signals persistent consumer caution
▼ + stars: | 2024-10-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Passengers line up to check in at Chengdu Tianfu International Airport on October 6, 2024 as China's week-long National Day holiday draws to a close. China News Service | China News Service | Getty ImagesBEIJING — China's Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences. The Golden Week holiday in China commemorates the founding of the People's Republic of China on Oct. 1. "The Golden Week consumption could still suggest a modest recovery versus August, in our view, due to trade-in subsidies (for appliances and autos) and consumption vouchers issued by the local governments," Peng said. During Golden Week, mainland China recorded 765 million domestic trips, up from both the prior year and before the pandemic, according to the Ministry of Culture and Tourism.

Persons: Goldman Sachs, Goldman, Trip.com, Kenneth Chow, Oliver Wyman, Chow, It's, Christine Peng, Peng Organizations: Chengdu Tianfu International, China News Service, Getty, BEIJING, China Film Administration, Consumers, CNBC, UBS, Ministry of Culture, Tourism Locations: Chengdu, China, People's Republic of China, Greater China, Japan, Thailand

☆ PayPal CEO's first year was praised by Wall Street, but hard part starts now for struggling payments company
▼ + stars: | 2024-10-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Analysts across Wall Street saw rising competition and a declining take rate, or the percentage of revenue PayPal keeps from each transaction. Fast forward to today, and the picture is dramatically brighter for the 26-year-old Silicon Valley company and its 47-year-old CEO. Analysts are projecting roughly 6% revenue growth when PayPal reports third-quarter results in about a month, according to LSEG. Venture capitalist Oren Zeev has seen Chriss work with small businesses in another capacity. "He obviously brought a lot to the table with his vast experience with small businesses," Zeev said.

Persons: Alex Chriss, CNBC's David Faber, hadn't, Chriss, downgrades, Dan Dolev, Dolev, Susquehanna's James Friedman, he's, Friedman, Dan Schulman, Dana Stalder, He's, PayPal didn't, Isabel Cruz, Michelle Gill, Diego Scotti, Jamie Miller, Stalder, we've, Faber, Susquehanna's Friedman, That's, Will Ferrell, Ferrell, Fleetwood, hasn't, Sanjay Sakhrani, Sakhrani, SMBs, Oren Zeev, Zeev Organizations: PayPal Inc, PayPal, New York Stock Exchange, Mizuho Securities, CNBC, Apple Pay, Nasdaq, Meta, Matrix Partners, Intuit, Walmart, Verizon, Starbucks, Ticketmaster, Apple, Google, Shopify, Venture Locations: Wall, Braintree, EY, Venmo, U.S

☆ In Harris, business leaders tired of Biden see a potential friend
▼ + stars: | 2024-07-30 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Some business leaders and wealthy donors are hopeful that Harris will adopt more centrist policies as she outlines her agenda, especially by dialing back Biden-era antitrust crackdowns. “CEOs are wildly excited about Harris,” Jeffrey Sonnenfeld, founder and president of the Yale Chief Executive Leadership Institute, told CNN in a phone interview. Sonnenfeld pointed to confidence that Harris will protect the rule of law and hopes for recalibrated trade, regulatory and tax policies. Meanwhile, Harris, somewhat of an unknown commodity on business policy, hasn’t said much about where she stands. Another key sticking point is energy, where Trump has tried to blame the Biden-Harris administration for periods of high gas prices.

Persons: Kamala Harris, Harris, Biden, ” Jeffrey Sonnenfeld, Sonnenfeld, Lina Khan, Khan’s, hasn’t, “, ”, Greg Valliere, Democratic megadonor Reid Hoffman, Khan, Hoffman, Barry Diller, Diller, It’s, ” Diller, ‘, haven’t, PCCC, Adam Green, Harris –, ” Green, Lina Khan –, ” Sonnenfeld, “ It’s, Douglas Farrar, Donald Trump, Joe Biden, Trump, ” Trump, “ You’re, Lauren Hitt, didn’t Organizations: New, New York CNN, Biden, Big Tech, Democratic, Yale, Leadership, CNN, Federal Trade Commission, Progressives, AGF Investments, Business, Big Oil, Microsoft, FTC, “, Activision, CNBC, IAC, Progressive, Khan, Public Citizen, AFL, NAACP, Harris Administration Locations: New York, North Carolina

☆ Top Wall Street analysts suggest these dividend stocks for enhanced returns
▼ + stars: | 2024-07-28 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Investors seeking solid dividend payers can rely on top-ranked Wall Street analysts, who make recommendations after thoroughly analyzing a company's ability to generate solid financials and deliver strong returns. Here are three attractive dividend stocks, according to Wall Street's top pros on TipRanks, a platform that ranks analysts based on their past performance. WES offers a high dividend yield of 8.8%. Hanold expects Q2 2024 shareholder returns to comprise a fixed dividend of 90 cents a share and a variable dividend of $1.25 per share, with no stock buybacks. KO offers a dividend yield of about 2.9%.

Persons: Wall, WES, Gabriel Moreen, Moreen, TipRanks, FANG, Scott Hanold, KO, Nik Modi, Modi Organizations: Wall Street, Western, Western Midstream Partners, Mizuho, MLP, Diamondback Energy, Endeavor Energy, RBC Capital, Diamondback, Cola Locations: Texas , New Mexico , Colorado , Utah, Wyoming, West Texas, Philippines, India

☆ How to trade Carnival before earnings using options
▼ + stars: | 2024-06-24 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

Both the dividend and debt levels have important implications for the stock's volatility, the price of options generally, and the relationship between the price of puts and calls. The trade All else equal, higher levels of corporate debt increase leverage and, therefore, the volatility of a company's equity. Carnival's options are nearly twice as expensive now as they were at the end of 2019, but the higher levels of debt justify higher prices. Typically, we do not recommend selling covered calls into earnings unless options prices are very high, as earnings provide a catalyst that can move a stock. In this case, an 8% implied move is substantial, but due to the high debt levels, it merely represents a fair price for the options.

Persons: Francis Scott Key Organizations: Management, CNBC, NBC UNIVERSAL Locations: Baltimore, Norfolk , Virginia

☆ What the major Ticketmaster lawsuit means for you
▼ + stars: | 2024-05-23 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

But the Department of Justice says those complaints are just the symptom of a more fundamental problem with Live Nation. Live Nation, for its part, says even if the lawsuit succeeds, it won’t lead to cheaper ticket prices. An uncertain path forwardTo fix the issue, regulators say Live Nation must be broken up. But based on past criticism of Live Nation, one possible outcome at a minimum could be a spinoff of Ticketmaster. Better customer serviceComplaints about Ticketmaster and Live Nation are nothing new.

Persons: “, ”, General Merrick Garland, General Merrick Garland Kent Nishimura, haven’t, Taylor Swift, Swift Organizations: CNN, Ticketmaster, of Justice, U.S, Antitrust, Justice, “, DOJ, Consumer, Nation Locations: New York

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ Net neutrality is back as FCC votes to regulate internet providers
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

The net neutrality regulations adopted Thursday by the Federal Communications Commission prohibit providers such as AT&T, Comcast and Verizon from selectively speeding up, slowing down or blocking users’ internet traffic. And for the first time, the FCC said it would step in to override state or local policies that conflict with the federal net neutrality rule. “The Title II authority will ensure that broadband providers are properly overseen by the FCC like all telecommunications services should be. “These 400-plus pages of relentless regulation are proof positive that old orthodoxies die hard,” said Jonathan Spalter, CEO of USTelecom, a trade association representing internet providers. As a result, the outcome of a legal challenge to the FCC’s net neutrality rules could have potentially broad ramifications for other US regulatory bodies, not just the FCC.

Persons: Trump, Jessica Rosenworcel, Rosenworcel, ” Rosenworcel, ”, Justin Brookman, Biden, Jonathan Spalter, Brendan Carr Organizations: Washington CNN, Federal Communications Commission, Comcast, Verizon, Democratic, FCC, “, Consumer, Trump, Republican, Communications Locations: unwound, Washington, America

But a new report from Consumer Reports said it recently compared the nutritional profiles of two Lunchables kits served in schools and found they have even higher levels of sodium than the Lunchables kits consumers can buy in stores. The non-profit consumer group said it has petitioned the US Department of Agriculture, which oversees the federally assisted school meal program, to remove Lunchables food kits from school cafeterias, as a result. The introduction of Lunchables in schools came amid proposed changes to school food guidelines by the USDA, which oversees the federally assisted school meal program. The proposed changes aimed to reduce added sugars and sodium levels in school-provided lunches. Food additives are considered “generally recognized as safe” (GRAS) by the US Food and Drug Administration, but not everyone agrees.

Persons: Lunchables, Armour LunchMakers, Oscar Mayer, can’t, “, Brian Ronholm, Kraft Heinz, ” Kraft Heinz, Carlos Monteiro, Monteiro, ” Monteiro, Heinz “ Organizations: New, New York CNN, Consumer, Natural Meat, World Health Organization, US Centers for Disease Control, US Department of Agriculture, CNN, USDA, University of Sao, NOVA, US Food and Drug Administration, Center for Science, Environmental, Kraft Locations: New York, University of Sao Paulo, Brazil

☆ Americans are expected to spend $3.1 billion on Easter candy this year. These 10 shocking stats reveal the cost of the holiday.
▼ + stars: | 2024-03-30 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +1 min

Over 1.5 billion Marshmallow Peeps are consumed every Easter holiday. Marshmallow Easter Peeps. In April 2023, BI reported that a consumer group was warning the public about the presence of red dye No. Just Born told BI at the time that they comply with FDA regulations and that their packaging and websites help customers make informed decisions. In October 2023, the Los Angeles Times reported that two colors of Peeps will contain red dye No.

Persons: LI Cook, Shutterstock Organizations: Business, FDA, Los Angeles Times Locations: Bethlehem , Pennsylvania, California

☆ Live in DC? Get ready for 20% service charges when you eat out.
▼ + stars: | 2024-03-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Read previewCouncil members in DC voted to allow restaurants and bars to charge service fees of up to 20%, provided that it's made clear to diners before they order. Travelers United, a nonprofit that filed lawsuits against two restaurant groups that charged service fees in DC, argued that they were deceptive. The Washington Post reported that some restaurants had introduced service charges to cover the higher wages they now need to pay staff. The minimum wage that employers have to pay for tipped workers in DC is currently $8 an hour. AdvertisementFrom July 1, when the District minimum wage goes up to $17.50 an hour, restaurants will have to pay tipped workers a minimum of $10 an hour.

Persons: —, it's, they're, Muriel E, Bowser Organizations: Service, Business, Travelers United, DC, District's, Washington Post Locations: DC, Tuesday's

☆ Sweeping EU rules for tech giants take effect today. Here’s what’s changing
▼ + stars: | 2024-03-07 | by ( Brian Fung | ) edition.cnn.com time to read: +11 min

The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. Its broad obligations affect six of the world’s largest tech companies: Amazon, Apple, Google, Meta, Microsoft and ByteDance, the parent company of TikTok. While the law could increase demand for tech companies to extend EU-specific features to other markets, few platforms have shown signs they plan to do so. Tech pushes backBut some tech companies have pushed back on the DMA, warning that it could lead to unintended consequences. “The changes the DMA requires will inevitably cause a gap” between EU users’ security and the security Apple users enjoy outside the EU, it added.

Persons: Meta’s, Apple, Bing, Elon Musk’s, “ Fortnite, ”, Agustin Reyna, “, Apple’s, ” Apple, Reyna, ” BEUC, Tim Sweeney, Meta —, Daniel Friedlaender, CCIA, Friedlaender, Olesya Dmitracova Organizations: Washington CNN, Apple, Google, Union citizens, Big Tech, Spotify, Netflix, Digital Markets, Meta, Microsoft, European Commission, EU, YouTube, Epic, Consumer, Tech, Games, CNN, Computer, Communications Industry Association Locations: United States, Europe

☆ The Juggernaut promised to revolutionize South Asian news. But insiders say the company's founder misled investors, struggled to raise money, and left workers 'heartbroken.'
▼ + stars: | 2024-03-05 | by ( Katie Warren | ) www.businessinsider.com time to read: +33 min

They were gathered for the inaugural summit of The Juggernaut, a digital South Asian news startup that launched in 2019. The Juggernaut spokesperson told BI that "multiple employees have equity in the company," but BI was unable to identify any such employees. "Twenty years ago, you might've struggled to mention a South Asian actor that you've seen in a movie," he said. As of January, the site had about 10,500 subscribers, Sur told investors in an email viewed by BI. Some feel that the publication has strayed from its mission of delivering "untold, smart South Asian stories and news you won't find anywhere else."

Persons: —, Richa Moorjani, Manish Chandra, Anish Melwani, Sadiq Khan, Amitav Ghosh, Roy Rochlin, Jay Bhattacharya, didn't, Sur, Padma Lakshmi, Moorjani, Mira Nair, Oprah Winfrey, she'd, who've, Josh Benson, Bhattacharya, might've, you've, Dev Patel, Priyanka Chopra, Black millennials, Bhattacharya's, Adam Hansmann, Kevin Lin, Albert Ni, Charles Hudson, Steve Jennings, Sur's, Kyle Stanford, Axios, Stanford, Snigdha, Winfrey, MICHAEL TRAN, hadn't, wouldn't, Fariha Róisín, Meghna Rao, Róisín, Rao, Rao didn't, they'd, she's, it's, Hudson, who'd, Reetu Gupta, Aditi Shah, Sean Gupta, Steven Simione, would've, we're, Brian Morrissey, Morrissey, cofounders, Narendra Modi's, Sneha Mehta Organizations: Spring Studios, Netflix, Business, New Yorker, Harvard Business School, Guardian, American, Old Town Media, Athletic, BI, Indian, Yale, McKinsey, Precursor Ventures, Forbes, Getty, TechCrunch, YouTube's Sustainability, YouTube, Paramount Pictures Studios, Immigration Services, Stanford, Digiday, Gannett Locations: York City, chai, Jean's, hasn't, Sur, New York City, South, Asian, India, Madhya Pradesh, Queens, Sur texted, Indian American, AFP, Róisín, Los Angeles , California, South Asia, Silicon

☆ Meta accused of ‘massive, illegal’ data collection operation by European consumer rights groups
▼ + stars: | 2024-02-29 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —European consumer rights groups have accused Meta, the owner of Facebook and Instagram, of carrying out a “massive” and “illegal” operation of collecting data from hundreds of millions of users in the region. The European Consumer Organisation (BEUC), an umbrella body for 45 consumer groups, said eight of the groups were filing complaints with their respective national data protection authorities Thursday. The company’s practices, the groups argue, breach parts of the European Union’s signature data privacy law, the General Data Protection Regulation or GDPR. Several days later, Meta launched a subscription service allowing its European users to pay up to €12.99 ($14) a month to use ad-free versions of Facebook and Instagram. The organization filed a complaint with European consumer protection authorities in November, arguing that this “pay-or-consent” approach was an example of an unfair and “aggressive” commercial practice prohibited under EU law.

Persons: Meta, “, Ursula Pachl, Brian Fung Organizations: London CNN, Facebook, European Consumer Organisation, General Data, CNN, Meta Locations: Europe, United States

☆ New rules for banks would be the 'end of real-estate finance as we know it,' MBA says
▼ + stars: | 2024-02-13 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Basel III proposals would cripple commercial property financing, MBA CEO Bob Broeksmit said. "Basel III could be the end of bank real-estate finance as we know it," Broeksmit said. Basel III could be the end of bank real-estate finance as we know it," Broeksmit said at the CREF 24 conference in San Diego on Monday. This isn't the first time Basel III has raised alarms, and some groups outside of the banking industry have also criticized the proposals as too stifling. Consumer groups last month joined the chorus of bankers in calling for the rejection of the Basel III proposal over fears that it would strangle credit availability for underserved borrowers.

Persons: Bob Broeksmit, Broeksmit, —, They're Organizations: Service, Mortgage Bankers Association, Consumer, Basel III Locations: Basel, San Diego, Washington ,

☆ A Goldman Sachs-backed electricity firm is making a play to reach more Americans’ homes
▼ + stars: | 2024-02-02 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

That covers energy networks, mostly in the Northeast, that provide electricity for 190 million Americans, according to federal data. It also gets Goldman into an industry, albeit through an intermediary, that critics have called a hotbed of consumer abuse. The startup, which began offering retail energy plans to Texans in 2021, avoids the teaser rates and hidden fees of rivals, it has said. "Many of those companies operate businesses that serve retail customers. Private equity firms have transformed the energy landscape in the nation's largest power markets.

Persons: Omar Marques, Goldman Sachs, Goldman, watchdogs, James Bride, Marcus, David Solomon, Dennis Wamsted, Tyson Slocum Organizations: Lightrocket, Getty, Energy, CNBC, Texans, U.S . Energy Information Administration, New, Institute for Energy Economics, Utilities, Federal Energy Regulatory, Street, Public Citizen Locations: Texas, Houston, New York, Pennsylvania, New Jersey, Maryland

☆ Congress hasn’t been able to make social media safer. Here’s why
▼ + stars: | 2024-02-01 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

This has been true since the early 2010s, when tech companies began realizing the benefits of influencing policymakers on issues including net neutrality and privacy. This week, Microsoft announced its support for the Kids Online Safety Act, a leading social media bill. Even when lawmakers can agree on what the problem is, they often disagree on how to solve it, creating a smorgasbord of half a dozen or more social media bills floating around Congress. That would be a huge down payment on a future social media law, said Balkam. But even that proposal is still subject to many of the same dynamics that make social media regulation hard.

Persons: Washington CNN —, ”, Danny Weiss, Ben Thompson, Adam Kovacevich, “ That’s, hasn’t, Republican stonewalling, Weiss, Kovacevich, ” Kovacevich, I’m, ” Weiss, Chuck Schumer, Mike Johnson, Schumer, Nancy Pelosi’s, “, Johnson didn’t, Evan Greer Organizations: Washington CNN, Big Tech, Tech, Sense, Microsoft, Kids, LinkedIn, of, Republican, CNN Locations: Washington, United States

☆ Big Tech executives to appear at Senate hearing to defend social media’s impact on teens
▼ + stars: | 2024-01-31 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +6 min

Zuckerberg is expected to tout the company’s more than 30 safety controls, according to prepared testimony released ahead of the hearing. In recent weeks, Meta has also begun hiding more “age-inappropriate” content in teens’ feeds and restricting teens from receiving direct messages from people they don’t follow. Ideally, Clegg said, Zuckerberg would authorize as many as 124 new hires, but acknowledged that financial pressures could make it difficult. After months of radio silence from Zuckerberg, Clegg tried to follow up, this time with a slimmed-down proposal that envisioned either 25 new hires or, if even that was infeasible, just seven. “This would be the bare minimum needed to meet basic policymaker inquiries,” Clegg wrote to Zuckerberg on Nov. 10, 2021.

Persons: “ We’re, ” Connecticut Democratic Sen, Richard Blumenthal, Mark Zuckerberg, Zuckerberg, Evan Spiegel, Rosemarie Calvoni, Meta, Calvoni, ”, ” Calvoni, Arturo Béjar, ’, Tennessee Republican Sen, Marsha Blackburn, Sheryl Sandberg, Global Affairs Nick Clegg, Clegg —, —, Clegg, ” Clegg, Sandberg, “ Organizations: Washington CNN, Meta, Twitter, ” Connecticut Democratic, Facebook, Blumenthal, Tennessee Republican, Global Affairs Locations: ” Connecticut, Massachusetts

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