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The Transportation Department on Wednesday announced new rules taking aim at two of the most difficult and annoying issues in air travel: obtaining refunds and encountering surprise fees late in the booking process. The department’s new rules, Mr. Buttigieg said, will hold airlines to clear and consistent standards when they cancel, delay or substantially change flights, and require automatic refunds to be issued within weeks. They will also require them to reveal all fees before a ticket is purchased. Airlines for America, a trade group representing the country’s largest air carriers, said in a statement that its airlines “abide by and frequently exceed” D.O.T. consumer protection regulations.
Persons: , Pete Buttigieg, Buttigieg Organizations: Transportation Department, Wednesday, Transportation, Airlines for America
Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"
Persons: , Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA
But Donald Trump’s return to his hush money trial Thursday does not even represent the most critical courtroom drama of his day. The ex-president’s attention is certain to stray from what he has repeatedly complained is a “freezing” court in New York to the neoclassical splendor of the US Supreme Court. Trump blames Judge Juan Merchan for dashing his hopes of being at the Supreme Court Thursday. Trump’s Supreme Court gambit is also part of his wider campaign strategy. CNN reporters in the courtroom said Trump was deeply engaged at times during Pecker’s earlier testimony.
Persons: Donald Trump’s, Trump, , David Pecker, Juan Merchan, , Joe Biden, he’s, Boris Epshteyn, Mark Meadows, Rudy Giuliani, Giuliani, Merchan, quagmire, Michael Cohen, Cohen, “ Michael Cohen, ” Trump, WPVI, David Pecker –, Pecker, Karen McDougal – Organizations: CNN, US, Republican, Law, The New, Fox News Digital, Trump, Trump voters, Trump’s, White House, Prosecutors, American Media, National Enquirer, Pecker’s AMI Locations: New York, Washington, Manhattan, The New York, Arizona, Michigan, WPVI Philadelphia
Google delayed the removal of third-party cookies from Chrome again. AdvertisementGoogle is delaying its removal of third-party cookies on Chrome — again. Third-party cookies are small data files stored on a user's device. Related storiesIn January, Google experimented with phasing out cookies for 1% of Chrome users, which is about 30 million people. "We welcome Google's announcement clarifying the timing of third-party cookie deprecation," a CMA spokesperson told BI.
Persons: , It's, hinging, Stephen Almond, Almond Organizations: Google, CMA, ICO, Service, Apple, Mozilla, Chrome, Markets Authority, Consumers Locations: aaltchek@insider.com
When Google sneezes, the entire online advertising industry catches a cold. Google's announcement Tuesday that it would again delay its planned timeline for killing off third-party tracking cookies had long been anticipated by the digital advertising industry. Google has a 28% share of the online ad market, according to market research firm Emarketer (a sister company to BI). Regulators could step in to resolve the cookie chaosSome industry experts are hoping regulators will step in to untangle the mess. Amid the four years of confusion, chaos, and harumphing, there has been one consistent theme: When it comes to the future of online advertising, Google calls the shots.
Persons: Ciaran O'Kane, WireCorp, hasn't, Sundar Pichai, Stephen Lam, Mathieu Roche, James Rosewell, Google's, haven't, Pierre Devoize, Devoize Organizations: Google, Business, Gmail, Antitrust, US Department of Justice, European Commission, UK's, Markets Authority, CMA, Industry, IAB Tech, EU Google, Chrome, Movement Locations: FirstPartyCapital
Ford Motor on Wednesday evening delivered higher than expected profits in the first quarter, driven by strength in its commercial business. Quarterly commentary Ford Blue , which represents Ford's gas-powered and hybrid vehicles, saw volumes and revenues down 11% and 13%, respectively. The lower volumes shouldn't be much of a surprise given Ford's pivot toward making more in-demand hybrids and ICE vehicles. Ford raised its adjusted free cash flow outlook for the year by $500 million to between $6.5 billion and $7.5 billion. Lowered capex with higher profits is what we want to see because greater capital efficiency should translate to a higher multiple.
Persons: Wall, Adam Jonas, Morgan Stanley —, Ford, we're, Jim Farley, Farley, Jim Cramer's, Jim Cramer, Jim, Bill Pugliano Organizations: Ford, Automotive, LSEG, General Motors, Tesla, Ford Pro, Pro, EV, Software, CNBC, Ford Dearborn Plant, Getty Locations: Ford, Dearborn , Michigan
Senator Mitch McConnell does not give much away even in the most private of settings. “I wasn’t trying to convince Johnson of anything other than we had a time problem,” Mr. McConnell said in an interview on Tuesday, recounting the White House meeting and his message that help for Ukraine could not wait for Mr. Johnson’s political problems to sort themselves out. “I didn’t think we had time to fool around.”Mr. McConnell did not get immediate results. It took almost two more months and some legislative circuity. But Mr. Johnson finally acted last week and the House sent the aid package to the Senate, which followed suit on Tuesday night in overwhelmingly approving more than $60 billion in assistance for beleaguered Ukraine after months of delay and political strife.
Persons: Mitch McConnell, Biden, Mike Johnson, Johnson, McConnell, Chuck Schumer, Hakeem Jeffries, , Mr, ” Mr Organizations: Republican, Oval, Democratic, House, Senate Locations: Ukraine, Kyiv
Indonesia's central bank delivered a surprise rate hike on Wednesday, stepping up efforts to support the rupiah currency which has fallen to four-year lows on rising risk aversion and a delay in the expected timing of any U.S. policy easing. Bank Indonesia (BI) raised the 7-day reverse repurchase rate, opens new tab by 25 basis points (bps) to 6.25%, its highest since the bank made the instrument its main policy rate in 2016. BI also increased the overnight deposit facility, opens new tab and lending facility rates, opens new tab by the same amount to 5.50% and 7.00%, respectively. "This hike in interest rates is to strengthen the stability of the rupiah exchange rate against the risk of a worsening global risks," BI Governor Perry Warjiyo told a briefing where the rate hike was announced. The rupiah extended gains after the announcement and was up 0.45% against the dollar at 0736 GMT at 16,140.
Persons: Perry Warjiyo Organizations: Bank Indonesia, Reuters, BI
FTC bans employers from using noncompete clauses
  + stars: | 2024-04-23 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +5 min
New York CNN —The Federal Trade Commission on Tuesday voted to ban for-profit US employers from making employees sign agreements with noncompete clauses. And – with one exception – it makes currently existing noncompete agreements unenforceable after the rule’s effective date, which is set at 120 days from the rule’s publication in the Federal Register. The rule, however, does allow currently existing noncompete agreements for senior executives to remain in force. The ban would apply nationwide, overriding state laws regarding noncompete agreements. In December of last year, New York State Governor Kathleen Hochul vetoed a bill passed by the state legislature to completely ban noncompete agreements in that state.
Persons: Joe Biden, “ won’t, , Stefanie Camfield, Daryl Joseffer, , ” Joseffer, Neil Bradley, Kathleen Hochul, Anne Clark, Vladeck, Raskin, Clark P.C, Amanda Wait, DLA Piper, Clark Organizations: New, New York CNN, Federal Trade Commission, FTC, of Commerce, Federal Register, Washington , D.C, Engage, Chamber’s Litigation, New York Locations: New York, California, North Dakota, Oklahoma, Washington ,, Colorado , Maryland , Oregon, Rhode
The former English soccer star David Beckham is entangled in a court battle against F45, a popular global fitness brand co-owned by the actor and entrepreneur Mark Wahlberg. Mr. Beckham claims that F45 failed to live up to its contractual agreement after he signed a promotional deal to help grow the brand in 2020 before its initial public offering. Now, Mr. Beckham claims that F45 failed to issue the “substantial cash and equity compensation” that was outlined in their original agreement. F45 entered into a promotional agreement with Mr. Beckham through his company DB Ventures Limited in 2020, according to court documents. In the years that followed, Mr. Beckham claims, F45 failed to follow through on at least two promises: transfer nearly one million shares of stock in a timely manner, and issue $5 million worth of additional shares.
Persons: David Beckham, Mark Wahlberg, Mr, Beckham, ” Mr Organizations: Mr, DB Ventures
Al Drago/Bloomberg via Getty ImagesThe Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers. The final rule takes effect on Sept. 23. Current retirement rules don't provide adequate protections to savers, Labor Department officials said during a press call Tuesday. Such a dynamic can "chip away" at Americans' savings, Gomez said. The amount of 401(k)-to-IRA rollovers is 'astronomical'The final rule doesn't differ significantly from the Biden administration's initial proposal, Labor officials said.
Persons: Al Drago, Biden, Obama, Lisa Gomez, That's, Gomez, Andrew Oringer, Oringer Organizations: U.S . Department of Labor, Bloomberg, Getty, Labor, Security, The Labor Department, Economic Advisers, Biden, Finance, Economic, Wagner, Department of Labor Locations: Washington, IRAs
Here's what to do if you missed the federal tax deadline
  + stars: | 2024-04-23 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
The federal tax deadline was April 15 for most filers — and if you missed it, you should file your return and pay your balance as soon as possible, experts say. The late filing penalty is 5% of your unpaid balance per month or partial month, capped at 25% of your balance. Here's why it may work this timeHowever, that doesn't mean you should rush to file a return if you're still missing key information, like tax forms for your investments or other earnings. With missing information, the IRS could flag your tax return for audit, processing could be delayed or you could receive an agency notice. Of course, some filers in disaster areas automatically have more time to file federal returns and pay taxes owed.
Persons: Mark Steber, Jackson Hewitt, Biden, Steber Organizations: Finance, IRS
Big technology earnings this week could offer a much-needed catalyst for a market under pressure. Last week, the S & P 500 and Nasdaq Composite notched their longest daily losing streaks since October 2022, with the broad index posting its worst week since March 2022. Big Tech's performance this week could set the tone for the rest of earnings season and revive the market momentum. Tesla Tesla launches the reporting period for the "Magnificent Seven" stocks, with results due out after the bell Tuesday. Meta Platforms Meta Platforms ' results are due out after the bell Wednesday.
Persons: Tesla, Elon Musk, John Murphy, Longtime Deutsche Bank Tesla, Emmanuel Rosner, Brent Thill, Bernstein, Mark Shmulik, Doug Anmuth, Justin Post, Goldman Sachs, Eric Sheridan, Jefferies, Bernstein's, Wells Fargo's Michael Turrin, Piper Sandler's Brent Bracelin, Kash Rangan, Brad Zelnick, OpenAI, Satya Nadella Organizations: Federal Reserve, Nasdaq, Tesla Tesla, Bank of America, Barclays, Longtime Deutsche Bank, Microsoft, Deutsche, NVIDIA Locations: China
Read previewAn already delayed British Airways plane that took off from Singapore landed back at the same airport five hours later after a technical fault forced it to turn back. British Airways Flight 12 circled Singapore for around four hours before landing back where it started. Advertisement"Planes are designed to land below certain weights," Business Insider previously reported. Advertisement"We currently do not have a revised departure time for your flight," British Airways said in an email to passengers at about 9:15 a.m. local time. However, that flight had to be canceled, as British Airways did not have any other aircraft available.
Persons: Organizations: Service, British Airways, London Heathrow, Business, Airbus, Flightradar24 Aircraft, Passengers, Singapore Changi Airport, Heathrow Locations: British, Singapore, Singapore Changi, London, Malaysia, Heathrow, Los Angeles
Senators passed a crucial procedural vote with wide bipartisan support, signaling that the foreign aid package has the strength to pass a final vote. The funding includes roughly $60 billion for Ukraine aid, $26 billion for Israel and $8 billion for Taiwan and Indo-Pacific security. Spending-wise, the legislation is similar to the $95 billion foreign aid bill passed by the Senate in February, which has been effectively shelved in the House in the weeks since. TikTok has pushed back on this proposal since the House passed it over the weekend. Those political threats, along with an increasingly razor-thin House Republican majority led Johnson to effectively table the Senate's $95 billion foreign aid bill for weeks.
Persons: Charles Schumer, Chuck Schumer, Joe Biden, TikTok, Biden, Marjorie Taylor Greene, Mike Johnson, Johnson, Iran's, Donald Trump's, Trump, John Fredericks Organizations: U.S, Capitol, Senate, NBC News, House Republicans, Rep, Republican Locations: Israel, Ukraine, Taiwan
On Thursday, the U.S. Supreme Court will hear Donald Trump’s arguments that he is immune from prosecution for his efforts to steal the 2020 presidential election. Special counsel Jack Smith’s election-related indictment of Mr. Trump relies on many of the same firsthand witnesses. Although the special counsel reached a number of the same conclusions as the select committee, the indictment is predicated on a separate and independent investigation. The indictment and public reporting suggest that the special counsel was able to obtain key evidence our committee did not have. Public reporting also suggests that members of Mr. Trump’s Office of White House Counsel and other White House aides testified in full, without any limitations based on executive privilege, as did Vice President Mike Pence and his counsel.
Persons: Donald Trump’s, Trump, Jack Smith’s, Mr, Mark Meadows, Dan Scavino, Mike Pence Organizations: U.S, Supreme, Mr, Justice Department, Washington , D.C, Trump, Trump’s, White Locations: Washington ,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRate cut delay will provide market fuel going into 2025, says Newton's John PorterJohn Porter, CIO and head of equity at Newton Investment Management, joins CNBC's 'The Exchange' to discuss why a delay in rate cuts could be favorable, small cap opportunities, and more.
Persons: Newton's John Porter John Porter Organizations: Newton Investment Management
CNN —Former Republican Rep. Liz Cheney said Monday if the Supreme Court does not resolve the issue of presidential immunity “quickly and decisively,” it will have a “profoundly negative impact” on the country. In a New York Times Op-Ed, Cheney argues that, “If delay prevents this Trump case from being tried this year, the public may never hear critical and historic evidence developed before the grand jury, and our system may never hold the man most responsible for Jan. 6 to account.”Her message comes before the high court is set to hear arguments later this month in the blockbuster case over whether Trump may claim immunity from prosecution in the federal election subversion case. Special counsel Jack Smith, who brought the criminal charges, has sought to speed up the proceedings over Trump’s immunity claim so that he can bring the matter to trial as quickly as possible. Trump, however, has told the justices that if they were not willing to grant him full immunity from Smith’s election subversion prosecution, they should send the case back to lower courts for more proceedings – a move that would push off a trial for many months – to determine whether any partial theory of immunity would apply in his case. The alternative route could afford the court’s conservative majority an “off-ramp” that would hamstring the special counsel without taking a blanket view of immunity for former presidents.
Persons: Liz Cheney, , Cheney, Jack Smith, ” The, Trump, ” “, Organizations: CNN, Former Republican, New York Times, Trump, ” The Wyoming Republican Locations: ” The Wyoming
Mr. Cohen has said he acted at Mr. Trump’s direction, but the former president is not charged over the payment itself. If Mr. Trump testifies in his own defense, that could pit Mr. Cohen’s word against Mr. Trump’s — a he-said, he-said story, with two questionable narrators. Mr. Trump’s lawyers will seek to emphasize Mr. Cohen’s checkered past at every turn. And, on cross-examination, Mr. Trump’s lawyers are likely to portray Mr. Cohen as a serial liar with a grudge against his former boss. Mr. Pecker can support at least some of Mr. Cohen’s testimony about Mr. Trump’s involvement in the hush-money deals.
Persons: Donald J, Trump, Alvin L, Bragg, Michael D, Cohen, Stormy Daniels, Daniel J . Horwitz, Michael Cohen, ” Mr, Horwitz, Mary Altaffer, Daniels, Trump’s, Joshua Steinglass, Donald Trump, Mr, Steinglass’s, David Pecker, Hope Hicks, Pecker, Bragg’s, Karen McDougal, Marion Curtis, reimbursements, Allen H, Weisselberg, Steinglass, McDougal, Dave Sanders, The New York Times Susan Necheles, Cohen’s, President Trump, Madeleine Westerhout, , , ” William K, Rashbaum, Maggie Haberman, Jonathan Swan, Michael Rothfeld Organizations: Prosecutors, Mr, fixer, National Enquirer, Trump, Trump . Credit, The New York Times, American Media, Associated, Locations: New York, Manhattan, Trump ., America, Russia
People queue at a flight connection desk after a rainstorm hit Dubai, causing delays at the Dubai International Airport, United Arab Emirates, April 17, 2024. Rula Rouhana | ReutersThe CEO of Emirates airline issued an apology letter to customers over the weekend after historic rains in the United Arab Emirates caused record flooding and mayhem at Dubai's airport. Hundreds of flights were grounded and thousands of customers were stranded as a result. A woman and her daughters eat as they wait for their flight after a rainstorm hit Dubai, causing delays at Dubai International Airport, United Arab Emirates, April 17, 2024. Another traveler told CNBC via social media: "It took me 48 hours to get from London to Baghdad via Dubai.
Persons: Rula Rouhana, Tim Clark, Clark, Giuseppe Cacace Organizations: Dubai International Airport, United, United Arab Emirates, Emirates, Dubai Airport, Reuters, CNBC, Dubai ., Afp, Getty Locations: Dubai, United Arab, Emirates, London, Baghdad, gridlocked
Read previewEmirates, the Middle East's largest airline, is still trying to return 30,000 leftover bags to customers affected by the torrential rains and flooding that brought Dubai Airport to a standstill last week. Related storyTo accommodate disrupted passengers, Emirates said it had secured 12,000 hotel rooms and issued 250,000 meal vouchers. AdvertisementDespite the chaos and a government warning telling people to stay at home, Emirates flight attendants in Dubai were also told to report for duty. The airline officially resumed regular flight operations at Dubai Airport on Saturday, but warned it would still take several days to clear the backlog. In a sign of its growing popularity, the number of passengers traveling to Dubai Airport increased by 31.7% in the last year.
Persons: , Tim Clark, Clark, GIUSEPPE CACACE Organizations: Service, Emirates, Dubai, Business, Reuters, Dubai Airport, Air Missions, PTI, United Locations: Emirates, Dubai, UAE, United Arab Emirates, Gulf
The Ukrainian lieutenant was at a firing position on the eastern front, commanding an artillery unit relying on American-provided M777 howitzers and other big guns, as U.S. lawmakers gathered in Washington to decide if his cannons would be forced to go silent for lack of ammunition. But when the lieutenant returned to his base on Saturday night, he got the news that he and millions of Ukrainians had been praying to hear. “I had just entered the building after a shift change when the guys informed me that the aid package for Ukraine had finally been approved by Congress,” said the lieutenant, who is identified only by his first name, Oleksandar, in line with military protocol. “We hope this aid package will reach us as soon as possible.”The decision by American lawmakers to resume military assistance after months of costly delay was greeted with a collective sigh of relief and an outpouring of gratitude across a battered and bloodied Ukraine. It may have been late in coming, soldiers and civilians said, but American support meant more than bullets and bombs.
Persons: , Organizations: Congress Locations: Ukrainian, Washington, Ukraine
The Pentagon is expediting preparation for a military aid package, awaiting Senate approval. The $95 billion aid bill, expected to pass next week, designates $60 billion for Ukraine. AdvertisementThe Pentagon could rush vital air defense weapons and artillery shells to Ukraine within days if the military aid bill clears the Senate as expected and receives President Joe Biden's signature, said the Department of Defense. The bill is widely expected to pass the Senate in the coming days. Diego Herrera Carcedo/Anadolu Agency via Getty ImagesThe new aid package addresses critical shortages of Ukrainian units, including 155 mm ammunition for NATO-standard artillery systems and medium-range rocket artillery.
Persons: , Joe Biden's, Biden, Diego Herrera Carcedo, Volodymyr Zelenskyy, Pat Ryder, Jens Stoltenberg Organizations: Pentagon, Service, Department of Defense, Washington Post, Republican Party, Anadolu Agency, Getty, NATO, Guardian, Officials, Pentagon Press, Air Force Locations: Ukraine, Israel, Asia, Russia, Ukrainian, Donetsk Oblast, Washington, Avdiivka, Russian
The House passed a more than $60 billion bill that provides more military aid to Ukraine. 112 Republicans voted it against — the most ever, and a majority of the GOP conference. AdvertisementThe House of Representatives on Saturday passed a more than $60 billion bill to provide military and economic aid to Ukraine. A solid majority of Republicans voted against the bill, which passed by a 311-112 margin. 101 Republicans voted for it, and one Republican, Rep. Dan Meuser of Pennsylvania, voted "present."
Persons: , Dan Meuser, Marjorie Taylor Greene, Mike Johnson Organizations: Senate, GOP, Service, Republican, Business Locations: Ukraine, Pennsylvania
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWhen my fiancé, Collin, was unexpectedly laid off last October, he told me it would likely delay his marriage proposal. Related storyBut planning the actual wedding while in debt has been anything but romantic. As a result, we spent months feeling on hold with any and all wedding planning efforts, including setting a date. This also leaves us more time to secure vendors, as many vendors maintain availability for weekday weddings since they're less popular.
Persons: , Collin, We've, I've, Kelsey Herbers Organizations: Service, Business, Facebook, Connect, LinkedIn Locations: South Carolina, Charleston , South Carolina
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