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☆ First Trump administration was 'very receptive to business,' Joe Kaeser says
▼ + stars: | 2024-11-08 | 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 Trump administration was 'very receptive to business,' Joe Kaeser saysJoe Kaeser, chairman of the supervisory board of Siemens Energy, discusses the political turmoil in Germany and weighs in on the election of Donald Trump as U.S. president.

Persons: Trump, Joe Kaeser, Donald Trump Organizations: Siemens Energy Locations: Germany

☆ Top German business leader recalls his days working with Trump: 'His administration was extremely receptive'
▼ + stars: | 2024-11-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

It's still uncertain what Donald Trump's second presidency will look like, but his first administration was highly responsive to business issues with a set way of operating, top German business executive Joe Kaeser told CNBC. "If I personally, for my company at the time, had an issue to resolve, his administration was extremely receptive," the chairman of the supervisory board of Siemens Energy said in an interview with CNBC's Annette Weisbach Thursday. Kaeser was Siemens' CEO throughout President-elect Trump's first term. Trump did "a lot of things which helped the economy" during his first four years in office, Kaeser said, noting that he believed the president-elect's tax cuts at the time were a positive. One study done at the time, however, showed that the Trump tax cuts, which were implemented in 2017, only had a limited contribution to the strong U.S. growth the following year.

Persons: It's, Donald Trump's, Joe Kaeser, CNBC's Annette Weisbach, Kaeser, Trump's, Trump Organizations: CNBC, Siemens Energy, Siemens, Trump Locations: New York

☆ AstraZeneca shares fall on report of potential China probe fallout
▼ + stars: | 2024-11-05 | by ( ) www.cnbc.com time to read: +2 min

The Astrazeneca logo is pictured at the World Artificial Intelligence Conference 2021 in Shanghai, China, July 7, 2021. "As a matter of policy, we do not comment on speculative media reports including those related to ongoing investigations in China," AstraZeneca said. "If requested, we will fully cooperate with the Chinese authorities," the company added and said that its operations and delivery of medicines were ongoing in China. AstraZeneca is one of the biggest multinational drugmakers in China, which accounts for 13% of its overall revenue. In 2022, Chinese authorities had summoned AstraZeneca officials over an investigation of suspected medical insurance fraud by its employees, and had ordered that the drugmaker tighten its marketing activities.

Persons: Leon Wang, Wang, AstraZeneca Organizations: Astrazeneca, Artificial Intelligence, AstraZeneca, country's pharma Locations: Shanghai, China, Swedish

☆ How CNN projects elections
▼ + stars: | 2024-11-05 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +14 min

CNN —Millions of Americans will be tuning in to CNN and other networks on election night as returns roll in. They’ll be waiting to see who wins, something CNN will determine with a series of projections. I talked to Jennifer Agiesta, CNN’s director of polling and election analytics, about how CNN approaches the job of projecting a winner. But it tends to be after Election Day in a place like Pennsylvania. Is there a precedent in your career for a race that’s this close heading into Election Day?

Persons: They’ll, Jennifer Agiesta, It’s, that’s, they’re, what’s, We’ll, Carter Smith, There’s, we’re, they’ll, we’ll, Megan Varner, Donald, Trump, Kamala, Harris, it’s Clark, That’s, I’m Organizations: CNN, White, Democratic, Republican, Bloomberg, Getty, Reuters, Democrat, New, Electoral College Locations: Houston, Pennsylvania, Arizona, Nevada, Georgia, North Carolina, Atlanta, Nevada , Michigan, Wisconsin, Maricopa, In Nevada, Washoe, Milwaukee, Dane County, Grand Rapids, Kent County, Michigan, Florida . New Mexico, New Hampshire

Charlotte Kates, a New Jersey native and Rutgers Law School graduate who co-founded the pro-Hamas organization Samidoun, has become the focus of an ongoing legal debate: When does free speech cross the line into breaking federal anti-terrorism laws? Germany banned the organization last November, and Israel designated it a terrorist organization in 2021. Kates’ open support of terrorist organizations puts her in the middle of a growing legal dispute: When does free speech cross the line into breaking federal anti-terrorism laws? “As far as I’m concerned, this is legitimate political advocacy, unpleasant as it may be.”What is ‘knowingly’ coordinating with a terrorist organization? “You don’t have a right to pick and choose which law to follow.”Not all federal law enforcement experts agree with Burns’ approach.

Persons: Charlotte Kates, Kates, “, ” Kates, Samidoun, Tom Petrowski, ” Petrowski, Dr Basem Naim, Odysee Petrowski, David Goldberger, Goldberger, ”, —, Basem Naim, Naim, Israel “, Andrew Lichtenstein, they’re, John Roberts, Stephen Breyer, Sonia Sotomayor, Ruth Bader Ginsburg, “ We’re, “ It’s, Frank Figliuzzi, ” Figliuzzi, Daniel Richman, webinars, ” Richman, “ Definitionally, Khaled Barakat, Barakat, ” Samidoun, Lara Burns, Burns, George, ” Burns, Barbara McQuade, ” McQuade, McQuade, webinar Organizations: Rutgers Law School, NBC News, Treasury, Canadian, Republican, Justice Department, FBI, Civil, Terrorism Task Force, Hamas, Samidoun, Odysee, Palestine Islamic, American Civil Liberties Union, YouTube, ”, Columbia University, Supreme, Kurdistan Workers ’ Party, Liberation Tigers, NBC, Columbia, Treasury Department, Front, Liberation, PFLP, Palestine, Palestinian, Columbia University Apartheid, World Trade, Patriot, Brandenburg, Land Foundation, George Washington University’s Program, Extremism, Islamic State, Eastern, Eastern District of Locations: New Jersey, Vancouver , British Columbia, U.S, South Africa, Germany, Israel, Vietnam, Dallas, Palestine, American, Skokie , Illinois, New York, Chicago, New York City, Kurdistan, Tamil Eelam, webinars, Swiss, Instagram, Brandenburg v . Ohio, Texas, Eastern District, Eastern District of Michigan

☆ This crypto business just acquired a Swiss asset manager to take their business to the next level
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +4 min

The acquisition of Crypto Finance Asset Management by Matrixport is taking the crypto financial services hub into new markets. The new acquisition is an entry point to the European crypto asset management marketKeen to maximize what it offers its investors, Matrixport has gone one step further through the 100% equity acquisition of Crypto Finance (Asset Management) AG (CFAM), a licensed Swiss crypto asset manager. Previously part of the Deutsche Börse Group-owned Crypto Finance Group, following the all-cash acquisition, CFAM will be renamed to Matrixport Asset Management (MAM). Through the acquisition, Matrixport gains entry into the European crypto asset management market. With such an array of services available, the acquisition enables clients access to innovative crypto asset management products.

Persons: Matrixport, Keen, CFAM Organizations: Crypto Finance, Management, Asset Management, Deutsche Börse, Matrixport Asset, Swiss Financial Market Supervisory Authority, MAM, US Securities, Exchange, underwriters, APEX Group, Insider Studios Locations: Swiss, Europe, Hong Kong, Matrixport

☆ 'A lot of money is going to get wasted': MIT economist sounds the alarm on AI hype
▼ + stars: | 2024-10-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

MIT economist warns AI infrastructure investments may not meet investor profit expectations. Only 5% of jobs are likely to be significantly impacted by AI in the next decade, according to the economist. That's according to MIT Economist Daron Acemoglu, who told Bloomberg in an interview that the hype surrounding AI may not meet its lofty expectations. The most optimistic scenario, according to Acemoglue, is that AI hype cools and some applications of the technology take hold. In such a scenario, investors and tech executives would become disenchanted with AI, leading to a "AI spring followed by AI winter."

Persons: MIT's Daron Acemoglu, —, Daron Acemoglu, Acemoglu, Acemoglue Organizations: Bloomberg, Service, MIT, Microsoft, Technology

☆ Abu Dhabi's ADNOC to acquire German chemicals firm Covestro for $16.4 billion
▼ + stars: | 2024-10-01 | by ( April Roach | ) www.cnbc.com time to read: +2 min

Abu Dhabi's state-owned oil firm ADNOC on Tuesday said it has agreed to buy German chemicals firm Covestro for 14.7 billion euros ($16.4 billion). The deal represents an enterprise value of 14.7 billion euros, ADNOC said in a separate statement. "As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech specialty chemicals and materials, using advanced technologies including AI," said Sultan Ahmed al-Jaber, group CEO and managing director of ADNOC. As part of the deal, ADNOC also signed an investment agreement in which it pledged to provide additional funding by buying 1.17 billion euros worth of new shares of Covestro from a capital increase. Earlier this year the UAE oil giant closed a deal acquiring a 24.9% stake in Austrian chemicals firm OMV.

Persons: Abu Dhabi's, Covestro, ADNOC, Sultan Ahmed al, Jaber, Fertiglobe, Jefferies Organizations: Abu, Abu Dhabi National Oil Company, Bayer Locations: Leverkusen, Germany, ADNOC, Abu Dhabi, London, UAE, Fertiglobe

☆ Commerzbank and UniCredit set to meet as takeover prospect looms
▼ + stars: | 2024-09-27 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

A Commerzbank AG bank branch, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024. Krisztian Bocsi | Bloomberg | Getty ImagesCommerzbank and UniCredit are set to begin talks Friday, with the German bank on the defensive over a potential takeover after its Italian counterpart unexpectedly increased its stake earlier this month. Speaking at a financial conference, Orlopp said the German bank was open minded, but that the speed of synergies and risks needed to be considered. The potential for a takeover or merger has been met with opposition from Germany's government and several senior figures at Commerzbank. Orlopp herself earlier this month told journalists that the process had taken Commerzbank by surprise, but urged a calm approach.

Persons: Krisztian Bocsi, Bettina Orlopp, Orlopp, Commerzbank, Manfred Knof, Germany's, Jens Weidmann, Stefan Wittmann Organizations: AG, Bloomberg, Getty, Reuters, CNBC Locations: Frankfurt, Germany, Commerzbank

☆ Commerzbank board member says UniCredit’s move on the lender raises ‘domino effect’ concerns
▼ + stars: | 2024-09-25 | 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 EmailCommerzbank board member says UniCredit’s move on the lender raises ‘domino effect’ concernsStefan Wittman, supervisory board member at Commerzbank, discusses UniCredit’s push to become the biggest investor in Germany's second-largest lender.

Persons: UniCredit’s, Stefan Wittman Locations: Commerzbank, Germany's

☆ Bettina Orlopp: The woman tasked with leading Commerzbank amid UniCredit takeover battle
▼ + stars: | 2024-09-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Bettina Orlopp, chief financial officer of Commerzbank AG, speaks during a fourth quarter earnings news conference at the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 13, 2020. Commerzbank announced Tuesday it has picked 10-year veteran, and current Chief Financial Officer Bettina Orlopp to helm the bank as chief executive as it seeks to fend off a potential hostile takeover from Italian bank UniCredit. The bank has been on the defensive as UniCredit looks to become its largest shareholder, signaling the potential for a full takeover. Earlier this month, the Milan-based bank started building its shareholding with a 9% stake in Commerzbank. Senior officials at Commerzbank and the German government, which was the company's largest shareholder until UniCredit stepped in, have both said they oppose a hostile takeover.

Persons: Bettina Orlopp, Commerzbank, UniCredit, Orlopp, Manfred Knof Organizations: Commerzbank AG Locations: Frankfurt, Germany, Milan, Commerzbank

☆ Caught cold by UniCredit’s swoop on Commerzbank, Germany will want to avoid a national embarrassment
▼ + stars: | 2024-09-25 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A protestor holds a placard with a slogan reading "Stop Merger Horror" during a union demonstration outside the Commerzbank AG headquarters in Frankfurt, Germany, on Tuesday, Sept. 24, 2024. It follows UniCredit's move to take a 9% stake in Commerzbank earlier this month. watch nowScholz on Monday criticized UniCredit's decision to up the ante on Commerzbank, describing the move as an "unfriendly" and "hostile" attack, Reuters reported. Commerzbank's Deputy Chair Uwe Tschaege, meanwhile, reportedly voiced opposition to a potential takeover by UniCredit on Tuesday. The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.

Persons: it's, UniCredit, Octavio Marenzi, Opimas, CNBC's, Olaf Scholz, He's, Marenzi, Scholz, UniCredit's, Uwe Tschaege, Tschaege, Andrea Orcel, Stefan Wittman, Germany's Scholz, Craig Coben, Coben, Emanuele Cremaschi Organizations: Commerzbank, Bloomberg, Getty, CNBC, Reuters, UniCredit, BBVA, Banco Sabadell, Bank of America, AG Locations: Frankfurt, Germany, Berlin, Milan, Commerzbank, Spanish

☆ Commerzbank board member warns of significant job losses with a hostile UniCredit takeover
▼ + stars: | 2024-09-24 | by ( April Roach | ) www.cnbc.com time to read: +2 min

: The lettering "Commerzbank" can be seen on the Commerzbank Tower in the center of the banking city. Photo: Helmut Fricke/dpa (Photo by Helmut Fricke/picture alliance via Getty Images)Two-thirds of the jobs at Commerzbank could disappear if UniCredit successfully carries out a hostile takeover of the German lender, a Commerzbank supervisory board member warned on Tuesday. Stefan Wittmann, who is also a senior official at German trade union Verdi, told CNBC's Annette Weisbach that "we certainly hope we can avoid" a hostile takeover by the Italian bank. "But if it [a hostile takeover] is unavoidable, we think that two-thirds of jobs will disappear, that there will be another significant cut in the branches," he said, according to a translation. "We will see in particular that UniCredit does not want all Commerzbank customers at all, but that it focuses on the supposedly best customers, namely the wealthy customers," he added.

Persons: Helmut Fricke, UniCredit, Stefan Wittmann, Verdi, CNBC's Annette Weisbach, Witmann, Wittmann Organizations: Getty Locations: Hesse, Frankfurt, Italian, Berlin, Commerzbank

☆ Viral videos of people stealing money from Chase ATMs were just plain check fraud
▼ + stars: | 2024-09-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —A number of viral TikTok videos had some people believing they could get “free” cash from Chase ATMs. The problem is that this is just a form of check fraud, a criminal offense. In the case of the viral videos, participants wrote checks for obscene amounts of money and then withdrew as much as they could before the check could bounce. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” a Chase spokesperson said. Do not spend it, do not move it, just leave it alone and tell the bank,” Wang said.

Persons: Chase, Jim Wang, “, ” Wang, – CNN’s Matt Egan Organizations: New, New York CNN, Chase, CNN, JPMorgan, Wall Street, Federal, Currency, “ Locations: New York

☆ Delivery Hero (DHER) plans IPO of Middle East unit Talabat in Dubai
▼ + stars: | 2024-08-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

BERLIN, GERMANY - SEPTEMBER 04: The Delivery Hero office photographed on September 04, 2020 in Berlin, Germany. (Photo by Jeremy Moeller/Getty Images)European food delivery firm Delivery Hero says it plans to spin off its Middle East business Talabat and float it on the Dubai stock exchange later this year. In a brief statement Thursday, Delivery Hero said that it is "preparing a listing of its Talabat business on the Dubai Financial Market" in the fourth quarter. "A listing may be pursued through a secondary sale of shares by Delivery Hero which would retain the majority interest in the local listing entity after an IPO," Delivery Hero said in a statement. Shares of Delivery Hero jumped nearly 10% Thursday on the back of the Talabat IPO news as of 7:30 a.m.

Persons: Jeremy Moeller, Niklas Ostberg Organizations: Getty, Dubai, CNBC Locations: BERLIN, GERMANY, Berlin, Germany, Dubai

☆ Banks face tough new security standards in the EU — their tech suppliers are under scrutiny, too
▼ + stars: | 2024-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

DORA requires banks, insurance companies and investment to strengthen their IT security. The EU regulation also seeks to ensure the financial services industry is resilient in the event of a severe disruption to operations. These IT providers often deliver "critical digital services to customers," said Joe Vaccaro, general manager of Cisco-owned internet quality monitoring firm ThousandEyes. This has made banks and other financial services providers more vulnerable to cyberattacks and other incidents. DORA will focus more on banks' digital supply chain — which represents a new, potentially less comfortable legal dynamic for financial firms.

Persons: DORA, DORA —, Charles Schwab —, Mike Sleightholme, Joe Vaccaro, Banks, Vaccaro, Sleightholme, it's, Carl Leonard, Leonard, Stephen McDermid, Okta, Fredrik Forslund, Blancco, there's, Forslund Organizations: Getty, Financial, European Union, CNBC, JPMorgan Chase, Santander, Visa, Broadridge, Cisco, EU, Data Locations: European, EU, DORA, noncompliance

☆ Meet a Federal Air Marshal. She May Have Been Sitting Next to You on a Flight.
▼ + stars: | 2024-08-01 | by ( Christine Chung | ) www.nytimes.com time to read: +1 min

Little is released to the public about how, why and where federal air marshals operate. But air marshals are working undercover, with concealed guns and the power to make arrests. In recent decades, the responsibilities of air marshals have expanded to include securing the country’s entire transportation system. I learned more about the profession in a conversation with Esther Fausett, 43, an assistant supervisory air marshal in charge. What drew you to becoming a federal air marshal?

Persons: napping, Esther Fausett Organizations: Federal Air Marshal Service, Indy, United Nations General Assembly, Washington , D.C Locations: United States, U.S, Mexico, Washington ,

☆ Crew mistakes and inadequate safety standards led to the crash that destroyed a $450 million B-1B bomber, an Air Force probe found
▼ + stars: | 2024-07-25 | by ( Thomas Novelly | ) www.businessinsider.com time to read: +5 min

AdvertisementThe charred remains of the B-1B Lancer after it crashed near the runway of Ellsworth Air Force Base. US Air Force Aircraft Accident Investigation BoardThe four crew members all ejected, but two of them suffered injuries as a result. Both were medically treated and later released, according to Air Force Global Strike Command, which commissioned the crash investigation report. AdvertisementAircrew members prepare a B-1B Lancer for deployment at Ellsworth Air Force Base at night. An aircrew member directs a B-1B Lancer onto the runway at Ellsworth Air Force Base in South Dakota.

Persons: —, Military.com, Ellsworth, Jake Jacobsen, Erick Lord, Dylan Maher, JF Joseph Organizations: Service, Ellsworth Air Force Base, Business, Lancers, Dyess Air Force Base, US Air Force Aircraft, Air Force Global Strike Command, Lancer, Air Force Global, Command, US Air Force, Staff, Ellsworth Air Force, 34th Bomb Squadron, Operations Support Squadron, Marine Corps Locations: South Dakota, Abilene , Texas

☆ Right-wing media figures blame women in Secret Service and ‘DEI’ for security failure in Trump shooting
▼ + stars: | 2024-07-17 | by ( Hadas Gold | ) edition.cnn.com time to read: +11 min

But one narrative has quickly taken hold in parts of the right-wing media ecosystem: The security failure was the result of workforce diversity initiatives and women working as Secret Service agents. Matt Walsh, a far-right media personality, wrote a series of posts on the social media platform X assailing the notion of women working as Secret Service agents. “There should not be any women in the Secret Service. “Female agents were also among those guarding Trump’s armored SUV as it prepared to depart the scene,” said Campbell. Associations that represent women in law enforcement reacted to the unfounded attacks on female agents with disappointment and alarm.

Persons: Donald Trump, Kimberly Cheatle, Trump, Matt Walsh, ”, Walsh, Josh Campbell, “, Campbell, Barbara Riggs, Riggs, Elon Musk, Laura Ingraham, ” Riggs, Eric Trump, CNN’s Jake Tapper, Cheatle, Joe Biden’s, ” Cheatle, Cheatle’s, Tim Burchett, Kamala Harris, Dan Ball, Cheatle “, Republican Sen, Ron Johnson, they’ve, CNN’s Whitney Wild Organizations: New, New York CNN, Service, Trump, CNN, Equity, Fox News, PepsiCo, CBS, Tennessee Republican, Republican, Senate Homeland Security, Washington Post, Women, Enforcement, International Association of Women Police, National Association of Women, Research Locations: New York, Pennsylvania, Trump, Baltimore

☆ Deutsche Bank criticized by German regulator for financial reporting error
▼ + stars: | 2024-07-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Deutsche Bank incorrectly disclosed deferred tax assets in its 2019 financial statement which did not meet international accounting standards, the German regulator BaFin said on Tuesday. "The declarations on deferred tax assets in the consolidated financial statement were not complete," the regulator, known formally as the Federal Financial Supervisory Authority, said in a statement translated by CNBC. It said that 2.076 billion euros ($2.26 billion) worth of deferred tax assets had not been disclosed separately in the notes for Deutsche Bank's U.S. business. The bank should have made the disclosure because it recorded several years of losses, it said. The disclosure error was against rules laid out by the International Accounting Standards, BaFin said in a second statement.

Persons: BaFin Organizations: Deutsche Bank, Federal Financial Supervisory Authority, CNBC, Deutsche Bank's, International

☆ How Boeing defrauded the United States and escaped with a slap on the wrist
▼ + stars: | 2024-07-13 | by ( Chris Isidore | Pete Muntean | ) edition.cnn.com time to read: +10 min

Boeing agreed to plead guilty to a charge that it defrauded the Federal Aviation Administration, hiding crucial information about a design flaw on the 737 Max during its original certification process. Boeing attorneys had it as part of their mission to make sure that its executives did not face any criminal charges, Lindquist said. A Boeing spokesman said the company had no comment about the anticipated guilty plea or the case beyond a brief statement confirming the agreement. Another way to make executives payEven if there are no criminal charges brought against executives, they can face significant penalties, Arlen said. Why Boeing will keep its government contractsThe most serious penalty that Boeing could face is by far the least likely – it could be barred from federal government contracts due to its guilty plea.

Persons: Critics, ”, Peter Goeltz, Goeltz, “ I’m, Moody’s, Paul Cassell, Jemal Countess, “, Mark Lindquist, Lindquist, FAA ”, Mark Forkner, ” Lindquist, there’s, that’s, Arlen, Dave Calhoun, Dennis Muilenburg, Calhoun, Max, Patrick Ryder, Robert Clifford, – CNN’s Natasha Bertrand Organizations: New, New York CNN, Boeing, Federal Aviation Administration, National Transportation Safety Board, CNN, ”, Alaska Airlines, Justice Department, FAA, Volkswagen, University of Utah, Ethiopian Airlines, Max, Alaska Air, DOJ, “, Department of Defense, Pentagon, Air Force, Department of Justice, they’re Boeing Locations: New York, Alaska, Indonesia

☆ Student-loan companies put up 'excessive barriers' and gave borrowers inaccurate information about debt relief, a federal consumer watchdog says
▼ + stars: | 2024-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The CFPB found student-loan servicers put up "excessive barriers" when it came to helping borrowers. Long hold times and inaccurate information about debt relief harmed borrowers, the report said. AdvertisementMany student-loan borrowers aren't getting the help they need from their servicers, according to a new report. Over the past few years, borrowers with both federal and private student loans have reported challenges with their servicers, from an inability to get the information they need to make their payments to inaccurate information. The CFPB's latest report detailed its findings that many of those companies did not operate in borrowers' best interests.

Persons: servicers, Long, — Organizations: Education Department, Service, aren't, Consumer Financial, Business

☆ China expels ousted defense chiefs in corruption crackdown
▼ + stars: | 2024-06-28 | by ( Yuliya Talmazan | ) www.cnbc.com time to read: +2 min

China expelled two former defense ministers from the ruling Communist Party over alleged corruption Thursday, the latest sign of a secretive crackdown sweeping the country's elite. China expelled two former defense ministers from the ruling Communist Party over alleged corruption Thursday, the latest sign of a secretive crackdown sweeping the country's elite. The two former defense ministers, Li and Wei, were expelled by the party's leadership for "serious violation of party discipline and the law," Chinese state news agencies announced early Thursday. Li was also stripped of his title as state councilor at the time, a rare move — officials from the inner circle of the ruling Communist Party are seldom axed. Wei, who preceded Li as defense minister, was similarly accused Thursday of "accepting money and gifts in violation of relevant rules."

Persons: Li Shangfu, Wei Fenghe, Li, Xi Jinping, Wei, Xi Organizations: Communist Party, National Congress, Chinese Communist Party, CCP, Political, CCP Central Committee Locations: China, Beijing, United States, Taiwan, Xinhua

☆ A major student-loan company has 'illegally' tried to collect payments from borrowers whose balances were already wiped out through bankruptcy, a federal watchdog alleges in a new lawsuit
▼ + stars: | 2024-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA federal consumer watchdog just hit a major student-loan company with a new lawsuit. According to the press release, the CFPB accused PHEAA of illegally collecting payments from student-loan borrowers whose loans had already been discharged in bankruptcy and sending "false information" to credit reporting agencies. The lawsuit, filed in the US District Court for the Middle District of Pennsylvania, said that under the US bankruptcy code, some private student loans are not subject to the stringent standards that most student loans are when it comes to receiving relief through bankruptcy. Per the CFPB, American Education Services collected or tried to collect 7,934 private student loans after a bankruptcy proceeding between 2017 and 2021, and 177 of them were non-qualified education loans. AdvertisementThe CFPB has previously issued guidance over potential illegal collections of borrowers' payments after bankruptcy proceedings.

Persons: —, PHEAA, Rohit Chopra Organizations: Service, Consumer Financial, Bureau, Pennsylvania Higher Education Assistance Agency, American Education Services, Financial, Business, Court, Middle, Middle District of Locations: Middle District, Middle District of Pennsylvania

☆ Denmark Made Home Buying Easier. America Should Follow Its Lead.
▼ + stars: | 2024-05-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

When mortgage rates shoot up, as they did over the past two years, many would-be sellers decide they don't want to move after all. AdvertisementAs the Federal Reserve began pushing up borrowing rates in the spring of 2022, hoping to reel in rising inflation, mortgage rates went vertical. So far, this system of pooling together mortgage bonds and selling them to investors is pretty close to the American way of doing things. When US homeowners pay off their mortgages, they have only one option: pony up the amount left on the loan. That's not just good for buyers or sellers or mortgage loan officers — it's good for everyone.

Persons: It's, John Campbell, Danes, Freddie Mac, that's, Will Doerner, —, aren't, pesky, Campbell, Fannie Mae, Banks, Jesper Berg, there's, That's Organizations: Harvard, Federal Reserve, Federal Housing Finance Agency, Homeowners, Danish Financial Supervisory Authority Locations: America, …, Denmark, Zillow, Canada, Australia, Danish

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