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Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, U.S. September 23, 2024. British real estate portal Rightmove rejected a sweetened $8.29 billion takeover bid from Rupert Murdoch's Australian property listing firm REA Group on Monday, saying the fourth bid still undervalued the company. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the previous bid. Rightmove said that during the discussions, REA had requested to extend the deadline to allow it to consider a potential fifth proposal. The U.K. company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the U.K. housing sector.
Persons: Rupert Murdoch, Rupert Murdoch's, REA, Rightmove, Andrew Fisher, Hamish McLennan, Rightmove's Organizations: REA Group, Murdoch's News Corp, REA, OnTheMarket Locations: Reno , Nevada, U.S, British, U.K
The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. In response, JPMorgan issued a thinly veiled threat: "The firm is evaluating next steps, including litigation." Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Amid the scrutiny, the bank began warning Zelle users on the Chase app to "Stay safe from scams" and added disclosures that customers won't likely be refunded for bogus transactions. While all of these battles are ongoing, the financial industry has racked up several victories so far.
Persons: JPMorgan Chase, Jamie, Evelyn Hockstein, Tobin Marcus, Joe, Marcus, That's, Biden, Marianne Lake, Zelle, Banks, Jamie Dimon, Dimon, Donald Trump, Kamala Harris, Mark Pittman Organizations: JPMorgan, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, Reuters, JPMorgan Chase, Consumer Financial, Democrat, Republican, Wolfe Research, Services, PayPal, Bank of America, Senate, Electronic, Federal Reserve, U.S . Chamber of Commerce, Northern, Northern District of Texas Locations: Washington ,, Zelle, Basel, Wells Fargo, Northern District
It represents the major shipping lines, all of which are foreign-owned, as well as terminal operators and port authorities. Depending on duration, a strike could mean shortages of consumer and industrial goods, possibly driving up prices again. That labor peace has helped them capture market share from West Coast ports that have historically had more contentious labor relations. But he said the shipping lines appear unwilling to pay what it takes this time. The shipping lines realize the problem with having Biden order the union back to work, said Tirschwell.
Persons: Luke Sharrett, Patrick Anderson, , USMX, Harold Daggett, John McCown, containerization, Brendan Smialowski, Peter Tirschwell, , Republican Donald Trump, ” Tirschwell, hasn’t, Jonathan Gold, ” Gold, Biden, Joe Biden, Taft, Hartley, George W, Bush, Bradley Saunders, Daggett, ’ ” Organizations: New, New York CNN, US Maritime Association, International Longshoremen’s Association, BMW, Port, Bloomberg, Getty, ILA, Anderson Economic Group, , P Global Market Intelligence, Federal Maritime Administration, Republican, National Retail Federation, North, Capital Economics, United Auto Workers Locations: New York, Maine, Texas, East Coast, Gulf, Gulf Coast, of New York, New Jersey, Port Wilmington, Delaware, Port, Baltimore, Port of Charleston, South Carolina, Charleston , South Carolina, West Coast, Michigan, Port of Baltimore, Baltimore , Maryland, AFP, East, North American
FAA administrator Mike Whitaker said Boeing and SpaceX should be treated equally after Elon Musk attacked the regulator for fining his rocket company "for trivia" and said it should focus on Boeing's Starliner issues instead. In a post on X last week, Musk railed against the FAA's proposed $633,000 fine for SpaceX over two instances where the rocket company violated its launch licenses. Advertisement"NASA deemed the Boeing capsule unsafe for astronaut return, turning, out of necessity, to SpaceX, yet instead of fining Boeing for putting astronauts at risk, the FAA is fining SpaceX for trivia," the billionaire SpaceX founder wrote. SpaceX is also engaged in a war of words with the aviation regulator over delays to the next launch of Starship, the giant rocket Musk wants to use to travel to Mars. The FAA and SpaceX did not immediately respond to requests for comment sent outside normal working hours.
Persons: , Elon Musk's, Mike Whitaker, Elon Musk, Whitaker, Musk, Butch Wilmore, Sunita Williams, Starliner Organizations: Service, Federal Aviation Administration, Boeing, SpaceX, FAA, Business, Reuters, NASA Locations: Texas
The Federal Trade Commission on Wednesday announced a crackdown on what the regulator called "deceptive AI claims and schemes" by three business opportunity ventures and two companies, including the legal services firm DoNotPay. "Using AI tools to trick, mislead, or defraud people is illegal," FTC Chair Lina Khan said in a statement. "The FTC's enforcement actions make clear that there is no AI exemption from the laws on the book," Khan said. In a complaint, the FTC said that DoNotPay, which touted its AI service as "the world's first robot lawyer," failed to live up to that claim. "Since about 2023, Defendants' deceptive sales pitch has said their business model is powered by artificial intelligence ("AI")," the suit says.
Persons: Lina Khan, Khan, DoNotPay, William Basta, Kenneth Leung Organizations: Financial Services, General Government, Federal Trade Commission, Wednesday, FTC Locations: Rayburn, CapVentures, Los Angeles
London CNN —A “misleading” online advertisement for $35 Nike sneakers has been banned in Britain for failing to make clear that the product was actually targeted at children and therefore the offer didn’t represent a true discount for adults. The ad appeared on the X account of The Sole Supplier, an online marketplace selling footwear and clothing from several major brands, in December 2023, the regulator said in its ruling Wednesday. Nike (NKE) said the ad was created and published by The Sole Supplier “without any (of its) input or oversight,” the ASA noted. The Sole Supplier, for its part, said it was open to considering how to display sizing information “more prominently” in future ads, the ASA said. The Sole Supplier did not immediately respond to a request for comment.
Persons: Organizations: London CNN, Nike, Advertising Standards Agency, ASA, CNN, Markets Authority Locations: Britain, United Kingdom, United States
Three EPA whistleblowers told ProPublica on Thursday that their complaints were the subject of the reports (which redact employee names). After endorsing Trump, Kennedy wrote in a Wall Street Journal op-ed that the U.S. could “revisit pesticide and other chemical-use standards” if Trump wins. “The EPA was sort of paralyzed under the Trump administration,” she said. It’s not yet clear what Kennedy’s role might be in a potential Trump administration, or which decisions he’d help to make as part of the transition team. Even with Kennedy’s ties to Trump, Gartner said she would expect the EPA under a second Trump administration to act similarly to the first one.
Persons: Robert F, Kennedy Jr, Donald Trump, Kennedy, Trump, , Maria, Sean O’Donnell, ProPublica, Remmington Belford, , Kennedy —, Tucker Carlson, ” Karoline Leavitt, ” Kennedy, Sharon Lerner, Lerner, Michal Freedhoff, , Freedhoff, Biden, Karen McCormack, McCormack, Trump’s, , Eve Gartner, Danielle Alvarez, It’s, Carlson, Steven Cheung, Gartner Organizations: Environmental Protection Agency, NBC News, Trump, EPA, Chemical Control, Environmental Defense Fund, EPA’s, Trump ., RFK Jr, RFK, European Union, The, of Chemical Safety, Toxic, Federal, Food and Drug Administration, National Institutes of Health, Centers for Disease Control Locations: U.S, Milwaukee,
Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.
Persons: Pan Gongsheng, Pan, Lynn Song, , , Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, , U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn
New York CNN —Boeing still has to make “significant changes” to improve the quality and safety of its airplanes, according to the head of the Federal Aviation Administration. “There must be a shift in the company’s safety culture to holistically address its systemic quality assurance and production issues,” he will say, according to his remarks. The incident sparked numerous federal investigations into Boeing, and numerous congressional hearings that raised questions about its quality and safety of its planes. Whitaker is set to say that Boeing must make “significant changes” to address “systemic production quality issues.” And his remarks also promise that the FAA will be more active in oversight of both Boeing and its primary supplier, Spirit AeroSystems, which Boeing is in the process of purchasing. “We have added more safety inspectors in the Boeing and Spirit AeroSystems facilities, and we will maintain our increased on-site presence for the foreseeable future,” he will say, according to his remarks.
Persons: Michael Whitaker, Max, , , Whitaker’s, Whitaker, Joe Buccino Organizations: New, New York CNN, Boeing, Federal Aviation Administration, Alaska Airlines, FAA, Reuters, CNN Locations: New York, Alaska
Read previewDown rounds and flat rounds for VC-backed startups have hit an all-time high this year since 2014. And AI startups, which have been the darlings of the tech ecosystem since late 2022, aren't exempt from the trend. The deal was seen by some investors as an omen for a wider phenomenon in the AI ecosystem — an impending wave of flat rounds and down rounds. "Investors went crazy for AI startups with zero revenue, at higher valuations, which will be an issue," said Umesh Padval, managing director at Thomvest Ventures. Down rounds are on the riseIn 2022, 90.2% of AI startups in the US raised up rounds, while 6.5% raised down rounds, according to PitchBook data.
Persons: , we've, Andreas Riegler, Umesh Padval, Padval, Francesco Ricciuti Organizations: Service, Microsoft, Business, Big Tech, APEX Ventures, Jasper, Google, Thomvest Ventures, Runa Locations: London
The relatively rare high-level press conference was scheduled after the U.S. Federal Reserve cut interest rates last week. That kicked off an easing cycle that theoretically gives China's central bank further room to cut its rates and boost growth in the face of deflationary pressure. Pan became PBOC governor in July 2023. He then told reporters in March, alongside China's annual parliamentary meeting, there was room to cut the RRR further. China's government system also means that policy is set at a far higher level than that of the financial regulators speaking Tuesday.
Persons: Pan Gongsheng, Gongsheng, Pan Organizations: People's Bank of China, BEIJING — People's Bank of China Gov, U.S . Federal Reserve Locations: Shanghai, China, BEIJING
US Magistrate Judge Laurel Beeler said in February that Musk viewed the SEC's investigation as "baseless and harassing." In the regulator's view, Musk should have known about the launch and made proper arrangements beforehand. Spiro also argued that Musk's attendance at the SpaceX launch was exactly the type of emergency that the court order agreed could lead to rescheduling. Related stories"The last time the SEC went hysterically running into court, they were told to 'put their big boy pants on,'" Spiro wrote in an email to BI. "Just want to that the Shortseller Enrichment Commission is doing incredible work," Musk wrote on Twitter.
Persons: , Elon, Robin Andrews, Musk, Laurel Beeler, Andrews, Alex Spiro, Spiro, Tesla Organizations: Service, US Securities and Exchange Commission, Twitter, SEC, Business, Polaris, SpaceX Locations: California, Florida, Los Angeles
Read previewElon Musk said the Federal Aviation Administration (FAA) should punish Boeing for its Starliner failures rather than impose "petty" fines on SpaceX. In a Thursday X post, Musk expressed his displeasure with the FAA's proposed $633,009 fine for SpaceX. "NASA deemed the Boeing capsule unsafe for astronaut return, turning, out of necessity, to SpaceX, yet instead of fining Boeing for putting astronauts at risk, the FAA is fining SpaceX for trivia!" In his rebuke of the FAA and Boeing, Musk also reposted SpaceX's Wednesday letter to top congressional leaders. Representatives of SpaceX, Boeing and the FAA didn't immediately respond to a request for comment from Business Insider, sent outside business hours.
Persons: , Elon Musk, Musk, Marc Nichols, He's, Donald Trump's, DOGE —, Butch Wilmore, Suni Williams Organizations: Service, Federal Aviation Administration, FAA, Boeing, SpaceX, Business, NASA, Trump, Boeing Starliner, Station, Starliner, Polaris Locations: American, New Mexico
New York CNN —The Securities and Exchange Commission intends to seek sanctions against Elon Musk over his failure to appear for testimony in an investigation related to his takeover of Twitter, now called X, the regulator said in a court filing Friday. Earlier this year, a federal judge ordered Musk to testify as part of the SEC’s probe of the billionaire’s $44 billion acquisition. The agency is examining whether Musk followed the law when disclosing his purchases of Twitter stock and whether his statements in relation to the deal were misleading. The SEC asked the court to impose “meaningful conditional relief” if Musk does not appear at the new October testimony date. The SEC also said it intends to file a sanctions motion against Musk to recoup its travel costs for the cancelled testimony and for other relief.
Persons: Elon Musk, Musk, , ” Musk, Organizations: New, New York CNN, Securities, Exchange Commission, Elon, Twitter, Elon Musk's, SEC, SpaceX, Polaris Locations: New York, Los Angeles, East Coast
Some Brazilian users reconnected with X on Wednesday despite the Supreme Court's recent nationwide ban, the result of the social network apparently changing the way its servers are accessed. That rendered X effectively inaccessible in the country until Wednesday, with AP journalists among those who had access. It acts as a proxy between users and X's servers, filtering traffic and preventing the original Internet Protocol (IP) address from being recognized, Diogenes told The Associated Press. Former president Jair Bolsonaro celebrated the return of the social network. Some Brazilian X users trumpeted the platform's return — with several addressing de Moraes directly, vowing that they weren't using a VPN.
Persons: Alexandre de Moraes, X, Elon Musk, Pedro Diogenes, Diogenes, Anatel, de Moraes, Cloudflare didn't, Musk, hadn't, Jair Bolsonaro, Bolsonaro, Cloudflare, David Nemer, Nemer, Bluesky, De Moraes, Rafael Mafei, Mafei Organizations: Elon, CLM, Associated Press, AP, Nazi, University of Virginia, University of Sao, SpaceX Locations: Brazil, Charlottesville , Virginia, San Francisco , California, University of Sao Paulo
The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these "for benefit of" accounts have been unable to access their money since May. Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for "pass-through insurance," FDIC officials said Tuesday in a briefing. While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.
Persons: Biden Organizations: Federal Deposit Insurance Corporation, FDIC, Federal Register, Bank, JPMorgan Chase
Tech billionaire Elon Musk on Thursday called the Australian government “fascists” over plans to crack down on misinformation online. Social media companies could face fines up to 5% of their global revenue if they enable the spread of misinformation, under a law proposed Thursday by Australia’s Labor government. Musk, who considers himself a free speech advocate, made the one-word comment in a repost on his social media platform X of an article about the proposed legislation. “Elon Musk’s had more positions on free speech than the Kama Sutra,” Government Services Minister Bill Shorten told the Australian network Channel Nine on Friday. The case is one of several that are ongoing between X and the Australian regulator, eSafety.
Persons: Elon Musk, , Musk, “ Elon Musk’s, Stephen Jones, Elon, ” Jones, Michelle Rowland, X, Anthony Albanese Organizations: Tech, Social, Australia’s Labor, Government, Australian, Australian Broadcasting Corp, , , Twitter Locations: Australia
Musk is the owner of X, the social media platform formerly known as X. Aytug Can Sencar | Anadolu | Getty ImagesLONDON — The U.K. government has had "constructive" talks with Elon Musk's social media site X over the spread of misinformation and other harmful content, technology minister Peter Kyle told CNBC Friday. Multiple social media users at the time spread false information about the alleged perpetrator, who has since been charged with murder and attempted murder, claiming he was an asylum seeker. The minister also told CNBC he is assessing whether he needs additional powers to regulate social media companies over the dissemination of harmful content online. A government spokesperson told CNBC earlier this year that its "immediate focus is getting the Online Safety Act implemented quickly and effectively." However, this spokesperson added, "our message to social media companies remains clear: There is no need to wait — you can and should take immediate action to protect your users."
Persons: Elon Musk, Peter Kyle, Kyle, CNBC's, hasn't, Musk, Taylor Swift, Keir Starmer, Keir, Dawn Butler, Chi Onwurah, Labour's Kyle Organizations: Anadolu, Getty, Elon, CNBC, Citizens, Financial Times, Labour, SpaceX, Ofcom, OSA Locations: United Kingdom, England
Tech billionaire Elon Musk on Thursday called the Australian government "fascists" over plans to crack down on misinformation online. "Elon Musk's had more positions on free speech than the Kama Sutra," Government Services Minister Bill Shorten told the Australian network Channel Nine on Friday. "I mean, is this what he thinks free speech is all about?" At the time, Australian Prime Minister Anthony Albanese called Musk an "arrogant billionaire who thinks he is above the law." The Australian regulator later dropped its legal effort after a federal court refused to extend a temporary order to block the graphic content.
Persons: Elon Musk, Musk, Elon Musk's, Stephen Jones, Elon, Jones, Michelle Rowland, X, Anthony Albanese Organizations: Tech, Social, Australia's Labor, Government, Australian, Australian Broadcasting Corp, Twitter Locations: Australia
In this article VOD-GB Follow your favorite stocks CREATE FREE ACCOUNTwatch nowBritain's competition watchdog on Friday said it found competition concerns with the proposed merger between Vodafone and the Three UK mobile network owned by CK Hutchison. The U.K. Competition and Markets Authority (CMA) said the deal would lead to price increases for tens of millions of customers or see some users get reduced services. The regulator also warned of a negative impact for so-called Mobile Virtual Network Operators (MVNOs), which piggyback on existing infrastructure. The regulator said Friday the merger would result in higher prices or reduced services, and could "negatively affect those customers least able to afford mobile services." Vodafone said in a separate statement Friday that it disagrees with the findings that the merger would lead to price increases for consumers.
Persons: CK Hutchison, Ahmed Essam, CNBC's, Essam Organizations: Vodafone, CK, The, Competition, Markets Authority, Mobile, Network, CMA, CK Hutchison, MVNOs
Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled property developer China Evergrande Group. “PwC has seriously eroded the basis of law and good faith, and damaged investors’ interest,” said the China Securities Regulatory Commission in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country’s top-earning auditor in 2022, according to the latest official data. The ministry also imposed a fine of 116 million yuan ($16 million) on PwC Zhong Tian for its auditing failure of Hengda in 2018, according to an MOF statement. The CSRC said in a separate statement that it had confiscated PwC Zhong Tian’s revenue involved in the Evergrande case totalling 27.7 million yuan and fined the unit 297 million yuan.
Persons: Zhong Tian, “ PwC, , PwC Zhong, Daniel Li, Hemione Hudson, CSRC, PwC Organizations: China Evergrande Group, Big, , China Securities Regulatory Commission, China’s Ministry of Finance, Bank of China Locations: China, PwC, Hong Kong, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVodafone merger with Three will create 'quality network,' Vodafone Germany chairman saysAhmed Essam, Vodafone Germany's executive chairman, says the firm disagrees with the U.K.'s competition regulator that its merger with Three mobile network will impact pricing in a negative way.
Persons: Ahmed Essam Organizations: Vodafone
Hui Ka Yan, the chairman of China Evergrande Group — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen, two sources with knowledge of the matter said. After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life. Chinese authorities have detained many former high-flying business executives and some have remained in detention for years with little or no information about their fate. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.
Persons: Hui Ka Yan, Hui, Evergrande Organizations: China, Locations: Shenzhen, Beijing, Guangzhou
Chinese regulators on Friday hit PwC's auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm's audit of troubled property developer China Evergrande Group . "PwC has seriously eroded the basis of law and good faith, and damaged investors' interest," said the China Securities Regulatory Commission (CSRC) in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country's top-earning auditor in 2022, according to the latest official data. "The cost is enormous in reputation, affecting the ability to get new business in China beyond the fine. PwC also deliberately excluded properties that Evergrande marked as "not allowed to visit" from audit samples, it added.
Persons: Zhong Tian, PwC, Gary Ng, PwC Zhong Tian, PwC Zhong, Daniel Li, Hemione Hudson, CSRC Organizations: China Evergrande Group, Big, China Securities Regulatory Commission, China's Ministry of Finance Locations: China, PwC, Asia, Pacific, Guangzhou, Hong Kong, New York
CNN —A federal judge made way on Thursday for legal political gambling in the United States, rejecting a federal watchdog’s last-minute effort to delay a prediction market from offering bets on the November elections. She also denied a request by the government during Thursday’s hearing to block Kalshi from offering contracts pending its appeal. The CFTC has argued that the contracts count as illegal gambling and that it doesn’t have the resources to monitor them. Its chairman, Rostin Behnam, has also warned that election contracts would “ultimately commoditize and degrade the integrity” the electoral process. Luana Lopes Lara, a co-founder of Kalshi, celebrated the decision on Thursday, writing on X, “WE’RE LIVE.” The CFTC declined to comment.
Persons: Jia Cobb, , ” Cobb, Kalshi, Rostin Behnam, Luana Lopes Lara, Organizations: CNN, Senate, Futures Trading Commission, DC, Kalshi, CFTC Locations: United States, Washington ,, Kalshi, New York
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