Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Regulator"


25 mentions found


Lawrence Wong was sworn in on May 15 as Singapore's new prime minister, after Lee Hsien Loong stepped down following two decades in office. Edgar Su | Afp | Getty ImagesSINGAPORE — Singapore's Lawrence Wong was inaugurated as the city-state's fourth prime minister on Wednesday, taking over from former prime minister Lee Hsien Loong, who has led Singapore for 20 years. Trade and industry minister Gan Kim Yong will be promoted to deputy prime minister and work alongside current DPM Heng Swee Keat. Lee, the eldest son of Singapore's founding Prime Minister Lee Kuan Yew, announced last month he will hand over power to the new prime minister in mid-May. Wong also served as principal private secretary to then prime minister Lee Hsien Loong from 2005 to 2008.
Persons: Lawrence Wong, Lee Hsien Loong, Edgar Su, Singapore's Lawrence Wong, Lee, Gan Kim Yong, Heng, Kim Yong, Swee Keat, Wong, Gan, Ong Ye Kung, helming, Singapore's, Lee Kuan Yew Organizations: Afp, Getty, SINGAPORE, Trade, Monetary Authority of, Party Locations: Singapore, Monetary Authority of Singapore, Gan
Martin Gruenberg is still the leader of the Federal Deposit Insurance Corporation, an agency that supervises U.S. banks, but after a bipartisan grilling on Wednesday by members of a House committee overseeing bank regulators, he appeared to be hanging on by a thread. Democrats expressed dismay over his responses to the crisis at his agency, after a scathing report of a culture of widespread sexual harassment and discrimination. One congresswoman appeared to call for him to resign, as Republicans have been doing for months. “Personally, I do not have confidence that you can continue to lead in this role,” Representative Ayanna S. Pressley, Democrat of Massachusetts, told Mr. Gruenberg during an exchange. (Two other federal bank regulators, the acting comptroller of the currency, Michael Hsu, and the Federal Reserve vice chair, Michael Barr, also offered testimony on bank regulatory matters, but much of the committee’s focus was on the F.D.I.C.)
Persons: Martin Gruenberg, Ayanna S, Pressley, Gruenberg, , Michael Hsu, Michael Barr Organizations: Federal Deposit Insurance Corporation, Federal Reserve Locations: Massachusetts
Trump Media & Technology Group filed a notice to the US Securities and Exchange Commission on Wednesday that it would delay its quarterly filing, just days after the regulator charged its former auditor with fraud. Former US President Donald Trump’s media company said it was unable to complete the review of its financial statement for the quarter ended March 31 due to the timing of its appointment of Semple, Marchal & Cooper as the new auditor. The company dismissed previous auditor BF Borgers, after the SEC charged the accounting firm with “massive fraud” earlier this month. The stock has since then cut its gain to about 5%, giving it a market value of about $7 billion. Truth Social’s revenue was $4.13 million last year, up from $1.47 million in 2022.
Persons: Donald Trump’s, Semple, Cooper, BF, Trump Organizations: Trump Media & Technology Group, US Securities and Exchange Commission, Marchal, SEC, Nasdaq
Tesla is being sued by the nonprofit Environmental Democracy Project, which alleges "ongoing failure to comply with the Clean Air Act" at the electric vehicle company's assembly plant in Fremont, California. The latest lawsuit in California described Tesla's environmental violations as "ongoing" and said that residents and employees in the surrounding area have been exposed to "excess amounts of air pollution, including nitrogen oxides, arsenic, cadmium, and other harmful chemicals." The Bay Area Air Quality Management District, an environmental regulator, recently accused Tesla of allowing "unabated emissions" in Fremont that should have been prevented. Air pollution from the assembly plant is the result of equipment that frequently breaks down, allowing emissions to vent directly into the air without proper filtration, regulators have said. Additionally, Tesla employees or contractors have allegedly shut off air pollution controls in the factory, particularly when the company was having trouble with other paint shop equipment.
Persons: Tesla, Tesla's, Elon Musk, Musk Organizations: Democracy, Political Economy Research, University of Massachusetts, Environmental Protection Agency, Tesla, Bay Area Air Quality Management District, CNBC Locations: Fremont , California, San Francisco, Amherst, California, Germany, Berlin, Fremont
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReducing banks' capital requirements would cause the next financial crisis, German regulator warnsMark Branson, president of the German financial regulatory authority BaFin, discusses changing financial regulation.
Persons: Mark Branson
Just days after the release of a scathing report detailing a culture of widespread sexual harassment and discrimination at the Federal Deposit Insurance Corporation, its chair, Martin Gruenberg submitted congressional testimony on Tuesday that indicated he had no plans to step down. “I accept the findings of the report and, as chairman, I take full responsibility,” he said. The hearings come as Mr. Gruenberg, a Democrat, faces calls from Republican lawmakers to resign. He has so far survived those demands with the backing of the White House and key Democratic lawmakers like Senator Sherrod Brown of Ohio, Senator Elizabeth Warren of Massachusetts and Representative Maxine Waters of California. Should Mr. Gruenberg be pressured to depart the agency after the hearings, that could also put into jeopardy a rule that the agency is proposing along with other federal bank regulators, to tighten and expand oversight of the nation’s largest lenders, but which has been fiercely opposed by big banks.
Persons: Martin Gruenberg, Gruenberg, , Sherrod Brown of, Elizabeth Warren of, Maxine Waters Organizations: Federal Deposit Insurance Corporation, Financial, Democrat, White, Elizabeth Warren of Massachusetts Locations: Sherrod Brown of Ohio, California
Microsoft said in a statement Monday that it's committing 4 billion euros ($4.3 billion) toward expanding its cloud and AI infrastructure in France, in addition to funding AI skilling and support for France's technology industry. The announcement was made during the "Choose France" summit, a gathering dedicated to encouraging foreign investment in France. Amazon, meanwhile, made a commitment of its own to invest 1.2 billion euros in France. Collectively, the commitments from Microsoft and Amazon to France amount to $5.6 billion of funding. In total, France reportedly bagged a record 15 billion euros of investment commitments from foreign companies at an annual "Choose France" summit on Monday.
Persons: it's, , Brad Smith, , , Frederic Duval, Duval, Emmanuel Macron, Macron, Redmond Organizations: Microsoft, Amazon, Facebook, FAIR, Mistral Locations: Athens, Greece, France, French, Mulhouse, Amazon's, Paris, Washington, Mistral
Elon Musk's social media platform X won a reprieve Monday after an Australian court refused to extend a temporary order to block videos of a Sydney church stabbing. Following the incident, the country's eSafety Commissioner was granted a temporary legal injunction ordering X to hide posts that showed footage of the attack. In an interview last month, Albanese said Musk thinks "he's above Australian law" and called him out for his "arrogance." "The e-Safety Commissioner has made a ruling. Still, online safety "requires platforms to do everything practical and reasonable to minimize the harm it may cause to Australians," the eSafety Commissioner added.
Persons: Elon Musk, The Beverly Hilton, Elon, Bishop Mar Mari Emmanuel, Musk, Anthony Albanese, Albanese, " Albanese Organizations: SpaceX, Tesla, The Beverly, eSafety, Tech Locations: Beverly Hills , California, U.S, Sydney
Unlike traditional banks, nonbank mortgage companies like Rocket Mortgage are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. Despite the wonky term, nonbank mortgage companies have become vital players that make most home mortgages in the United States today. As of 2022, nonbank mortgage companies originated about two-thirds of US mortgages and owned the servicing rights on 54% of mortgage balances, according to FSOC. “Nonbank mortgage firms are thinly capitalized, which makes them vulnerable to failure if they lose financing or mortgage defaults spike,” said McCoy, a former mortgage regulator. “Starting in early 2007, we saw a tsunami of nonbank mortgage firms fail precisely for these reasons.”
Persons: Janet Yellen, FSOC, Cooper, ” FSOC, Ginnie Mae, Bob Broeksmit, Patricia McCoy, , McCoy Organizations: New, New York CNN, Rocket, Mortgage, Mortgage Bankers Association, ABA, Boston College Law School, Locations: New York, United States
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAnother self-driving car company is facing an investigation over safety concerns. Related storiesZoox is the latest company to face questions from regulators over the safety of its self-driving technology. Zoox unveiled its first electric robotaxi in 2020, a "carriage-style" vehicle without a steering wheel. The company has been testing it in California, with the ambition of launching an autonomous ride-hailing service in the future.
Persons: , Tesla, Elon, Cruise, General Motors —, Zoox Organizations: Service, Traffic Safety Administration, Amazon, Reuters, Business, Toyota, NHTSA, General, Zoox Locations: California
A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.
Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S
The Major Supreme Court Cases of 2024No Supreme Court term in recent memory has featured so many cases with the potential to transform American society. In 2015, the Supreme Court limited the sweep of the statute at issue in the case, the Sarbanes-Oxley Act of 2002. In 2023, the Supreme Court temporarily blocked efforts to severely curb access to the pill, mifepristone, as an appeal moved forward. A series of Supreme Court decisions say that making race the predominant factor in drawing voting districts violates the Constitution. The difference matters because the Supreme Court has said that only racial gerrymandering may be challenged in federal court under the Constitution.
Persons: Donald J, Trump, Anderson, Sotomayor Jackson Kagan, Roberts Kavanaugh Barrett Gorsuch Alito Thomas, Salmon, , , Mr, Nixon, Richard M, privilege.But, Fitzgerald, Vance, John G, Roberts, Fischer, Ruth Bader Ginsburg, Clarence Thomas, Samuel A, Alito Jr, Alito, , Moyle, Wade, Roe, Johnson, Robinson, Moody, Paxton, Robins, Media Murthy, Sullivan, Murthy, Biden, Harrington, Sackler, Alexander, Jan, Raimondo, ” Paul D, Clement, Dodd, Frank, Homer, Cargill Organizations: Harvard, Stanford, University of Texas, Trump, Liberal, Sotomayor Jackson Kagan Conservative, Colorado, Former, Trump v . United, United, Sarbanes, Oxley, U.S, Capitol, Drug Administration, Alliance, Hippocratic, Jackson, Health, Supreme, Labor, New York, Homeless, Miami Herald, Media, Biden, National Rifle Association, Rifle Association of America, New York State, Purdue Pharma, . South Carolina State Conference of, Federal, Loper Bright Enterprises, . Department of Commerce, Chevron, Natural Resources Defense, , SCOTUSPoll, Consumer Financial, Community Financial Services Association of America, Securities, Exchange Commission, Exchange, Occupational Safety, Commission, Lucia v . Securities, Federal Trade Commission, Internal Revenue Service, Environmental Protection Agency, Social Security Administration, National Labor Relations Board, Air Pollution Ohio, Environmental, Guns Garland, Alcohol, Tobacco, Firearms, Explosives, National Firearms, Gun Control Locations: Colorado, Trump v . United States, United States, Nixon, Florida, Gulf of Mexico, Dobbs v, Idaho, Roe, Texas, States, New, New York, Grants, Oregon, . California, Martin v, Boise, Boise , Idaho, Missouri, Parkland, Fla, Murthy v . Missouri, . Missouri, ., South Carolina, Alabama, SCOTUSPoll, Lucia v, Western
The European Union is seeking information from social media platform X about cuts to its content moderation resources as part of its first major investigation into the company under its tough new laws governing online content. X reduced linguistic coverage within the EU from 11 languages to seven, the Commission said, again citing X's transparency report. X, which was formerly known as Twitter, was not immediately available for comment when contacted by CNBC. X must provide information requested by the EU on its content moderation resources and generative AI requested by May 17, the Commission said. Remaining answers to questions from the Commission must be provided no later than May 27, the agency said.
Persons: it's Organizations: European, European Commission, Digital Services, Twitter, CNBC, EU Locations: EU
The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees. Norfolk Southern CEO Alan Shaw, third from left, listens to testimony during a hearing held by the Senate Commerce, Science, and Transportation Committee on March 22, 2023 in Washington, DC. The committee heard testimony on "Improving Rail Safety in response to the East Palestine Derailment." BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. On February 3rd, a Norfolk Southern Railways train carrying toxic chemicals derailed causing an environmental disaster.
Persons: Alan Shaw, Amit Bose, Win McNamee, Bose, , , Jeremy Ferguson, Shaw, “ Shaw, Jerry Sturdivant, John Orr, BLET, Michael Swensen, Jim Barber, Glass Lewis, Ancora Organizations: New, New York CNN, Norfolk, Norfolk Southern, Ancora Holdings, PSR, Federal Railroad Administration, Senate Commerce, Science, Transportation, Shaw, SMART, of Locomotive Engineers, Trainmen, NS, Canadian Pacific, Canadian Pacific Kansas City, Way Employees, Norfolk Southern Railways, Teamsters, UPS, CSX, Union Pacific Locations: New York, Norfolk Southern, Atlanta, East Palestine , Ohio, Norfolk, East Palestine, Washington ,, Canadian Pacific Kansas, Palestine, , NS
The Federal Deposit Insurance Corporation, or FDIC, has a "patriarchal" culture, according to an independent report. The bank regulator took no action on dozens of harassment complaints and moved wrongdoers around. The report said the FDIC has dismissed myriad harassment complaints and that wrongdoers are moved around internally or promoted. AdvertisementThe independent investigators spent nine pages discussing FDIC chairman Martin Gruenberg's conduct. The FDIC did not immediately respond to a request for comment from Business Insider sent outside standard hours.
Persons: , Cleary Gottlieb Steen, Hamilton, Martin Gruenberg's, Gruenberg, Travis Hill, Karine Jean, Pierre didn't Organizations: Federal Deposit Insurance Corporation, Service, Wall Street Journal, FDIC, Democrat, Republican, White, Business Insider Locations: wrongdoers, Gruenberg
Read previewA former Fidelity financial advisor has accused the brokerage of unlawfully firing him after filing a whistleblower complaint. Fidelity ranked branch managers by the number of client assets in more expensive investments such as stock-managed accounts, Maeker said. Financial advisors who did not score highly were awarded little to no stock or threatened to be fired, Meaker said. This race to zero has led to more pressure on high-fee products, as Maeker's branch manager told him. In turn, financial advisors were pushed to sell more Tier 3 investments by awarding 10 times the amount of compensation for Tier 3 investments versus Tier 1.
Persons: , Michael Maeker, Maeker, Meaker, FINRA Organizations: Service, Fidelity, Department of Labor, Business, Financial Industry Regulatory Authority, Treasury, Northern, Northern District of, Securities and Exchange Commission, SEC, Reuters Locations: Dallas, Northern District, Northern District of Texas
Spanish startups hit Microsoft with complaint over cloud practices
  + stars: | 2024-05-07 | by ( ) www.cnbc.com   time to read: +3 min
Microsoft was hit with a Spanish startup group's complaint about its cloud practices to the Spanish antitrust regulator on Tuesday, the latest grievance over its fast-growing cloud computing services and which followed a trade group's EU complaint. The Spanish Startup Association, which represents more than 700 startups in Spain, cited a number of allegedly anti-competitive practices by Microsoft in recent years. Microsoft defended its cloud practices. "Microsoft provides choice and flexibility for our customers to switch to another cloud provider at no cost, and our licensing terms enable our customers and other cloud providers to run and offer Microsoft software on every cloud," a spokesperson said. "We will engage with the Spanish Startup Association to learn more about its concerns."
Persons: Carlos Mateo Organizations: Microsoft, Mobile, Amazon, Spanish Startup Association, Operating Systems, Windows, Reuters, Cloud Infrastructure Services, European Commission, Competition, Markets Locations: Barcelona, Spain, Spanish, U.S, Europe
U.S. probe finds widespread sexual misconduct at FDIC
  + stars: | 2024-05-07 | by ( ) www.cnbc.com   time to read: +2 min
The Federal Deposit Insurance Corporation must make sweeping changes to address widespread sexual harassment and other misconduct, according to an independent report released on Tuesday that raises questions about the future of the banking regulator's leadership. The report, prompted by a Wall Street Journal investigation, cited accounts from more than 500 people, including some who alleged FDIC Chair Martin Gruenberg had engaged in bullying and verbal abuse. "For far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct," said the report, adding that those accused of misconduct were frequently reassigned new roles. "Chair Gruenberg must accept responsibility and must immediately work to make fundamental changes to the agency and its culture." Some employees described Gruenberg as "harsh" and "aggressive", as well as prone to losing his temper, the report said.
Persons: Martin Gruenberg, Cleary Gottlieb, Gruenberg, Patrick McHenry, Sherrod Brown Organizations: Federal Deposit Insurance Corporation, Wall Street Journal, FDIC, WSJ, Democrat, Republican, Financial Services, Banking, Housing, Urban Affairs Committee
Since the recall, at least 20 Tesla vehicles have been involved in crashes in which the system was thought to be in use, according to a filing on the NHTSA's website. The "recall remedy" probe follows a three-year investigation by the agency that found safety issues with Tesla Autopilot contributed to at least 467 collisions and 14 deaths from January 2018 through August 2023. The NHTSA is seeking detailed crash data from the electric vehicle maker since the agency issued the recall update on Autopilot, including data and video stored in or streamed from its cars and retained by the company. The company hasn't disclosed how many jobs in its Autopilot and vehicle-safety engineering teams may have been cut. For about a decade, CEO Elon Musk has been promising that Tesla is on the cusp of a self-driving breakthrough.
Persons: Tesla, Autosteer, They're, Elon Musk, Musk Organizations: Traffic, Administration, NHTSA Locations: U.S
But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.
Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, , Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, , Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, , Shoppers, Tyson Foods, , Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming
The Federal Aviation Administration has opened a new investigation into Boeing after the plane maker told the regulator that it might have skipped required inspections involving the wings of some 787 Dreamliners. In a statement on Monday, the F.A.A. As part of its inquiry, the agency said it was looking into whether employees at the company may have falsified aircraft records. said that Boeing was reinspecting all Dreamliners still in production and that the company needed to create a plan to address aircraft already in service. will take any necessary action — as always — to ensure the safety of the flying public,” the statement said.
Organizations: Federal Aviation Administration, Boeing
This story is available exclusively to Business Insider subscribers. AdvertisementBut on May 2, a tourist on Nantucket found their Cybertruck trapped in the sand, requiring a tow truck to free it. According to the tow operator, the driver made one crucial error: He forgot to let air out of the tires. The tow operator said the safe spot for beach driving is between 18 and 22 psi. Representatives for Tesla did not immediately respond to a request for comment from Business Insider.
Persons: , hasn't, Elon Musk, Tesla, who've, There's, Marques Brownlee, Michael Brooks, Myles Russell Organizations: Service, Business, Traffic, NHTSA, Center for Auto Safety Locations: Nantucket, Canadian
CNN —Investigators are probing whether Boeing employees failed to perform some quality inspections on its 787 jets, the Federal Aviation Administration said Monday. The investigation is to determine whether the inspections were conducted and “whether company employees may have falsified aircraft records,” the FAA said. While the investigation takes place, Boeing employees will inspect the Dreamliners it has not yet delivered to airline customers and will develop a plan for the planes that are currently flying, the FAA said. In April, a Boeing engineer came forward publicly with different quality allegations about several Boeing models, including the Dreamliner. Sam Salehpour claimed shortcuts during the manufacturing process meant small gaps in the fuselage of 787s may not properly be filled.
Persons: Boeing “, , Scott Stocker, Stocker, Sam Salehpour Organizations: CNN —, Boeing, Federal Aviation Administration, FAA, CNN
The Securities and Exchange Commission could soon pursue enforcement action against Robinhood , according to the trading firm. Robinhood disclosed in a filing Monday that over the weekend the regulator sent it a warning that upon completion of an investigation the company could be charged. "We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law," he said. Shares of the stock initially fell 2% but have reversed. They were recently trading up 1%.
Persons: Robinhood, Dan Gallagher, Robinhood's, Robinhood Crypto Organizations: Securities, Exchange Commission, Robinhood, SEC
Sydney — Qantas Airways has agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline. The fine is the biggest ever for an Australian airline and among the largest globally in the sector, although some Australian banks and casino operators have faced higher penalties. “We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement. It had said the airline sometimes sold tickets to flights weeks after they were canceled. The ACCC’s Cass-Gottlieb noted that the settlement included a promise from Qantas not to repeat the conduct.
Persons: Vanessa Hudson, , Hudson’s, Alan Joyce, Hudson, Gina Cass, Gottlieb, ACCC’s Cass Organizations: Sydney, Qantas Airways, Qantas, Australian Competition, Consumer Commission, Federal Court, ACCC Locations: Hudson
Total: 25