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☆ Three key questions that will shape whether Coach and Michael Kors owners will merge
▼ + stars: | 2024-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

In this article CPRITPR Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past a Coach store and a Michael Kors store. One of the major debates in court has surrounded who are Coach and Michael Kors' true competitors. She said in her experience, Coach, Kate Spade and Michael Kors have never come up in customer surveys or company conversations about the competition. And he said it wouldn't need to worry as much, even if Michael Kors' brand continued to be challenged. "Once they come together, if Michael Kors continues to decline, some of that decline is going to benefit the Coach brand," he said.

Persons: Michael Kors, Scott Olson, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Joanne Crevoiserat, Biden, LVMH, Louis Vuitton, Crevoiserat, she's, fanny, Chanel, Rebecca Minkoff, Suwon Yang, Saint Laurent, Hermes, Loren Smith, Smith, Kors, Capri Organizations: Federal Trade Commission, Capri, FTC, CNBC, Capri's, Burberry, Tapestry, D.C Locations: New York City, Manhattan, Zara, Suwon, Italy, France, Washington, U.S

☆ JD Vance says he thinks Apple benefits from Chinese slave labor: 'That's pretty sick'
▼ + stars: | 2024-09-12 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Republican vice presidential nominee Ohio Sen. JD Vance on Thursday took a shot at Apple on CNBC's "Squawk Box," stating he thinks the company benefits from "slave labor" in China. "Do I think Apple is an evil company? Do I think that sometimes they benefit from Chinese slave labor? "I think that a company that wants to benefit from American markets should also have to pay American workers a fair wage." Apple has previously stated that it has found no evidence of forced labor anywhere it operates.

Persons: Ohio Sen, JD Vance, Vance, Apple, Donald Trump, Lina Organizations: Ohio, Apple, Congressional, Commission, . Customs, U.S, Federal Trade Commission, Facebook, Meta, Google Locations: China, Vietnam, India, iPhones, New York City

☆ Seven & i Holdings' shares slide 3% on likely U.S. probe into a potential M&A deal with Couche-Tard
▼ + stars: | 2024-09-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A 7-Eleven convenience store, operated by Seven & i Holdings Co., in Kawasaki, Japan, on Monday, Aug. 19, 2024. The FTC was concerned that the companies' defense attorneys were advising them to get rid of documents linked to the potential merger ahead of antitrust investigations, Reuters reported. In June, the FTC and the Justice Department launched antitrust investigations into Microsoft, OpenAI and Nvidia. Other recent antitrust investigations include cases against Amazon and Google. Seven & i revealed that Couche-Tard had offered to acquire all outstanding shares of Seven & i for $14.86 per share.

Persons: Canada's Alimentation, Tard, Tokutaka Ito, O Shearman, Ito, — CNBC's Lim Hui Jie Organizations: Seven, Holdings Co, Holdings, U.S . Federal Trade Commission, Reuters, FTC, Justice Department, Microsoft, Nvidia, Amazon, Google, CNBC Locations: Kawasaki, Japan, Asia, .

☆ Neither Trump nor Harris really gave us much detail about how they will fix the economy in the debate
▼ + stars: | 2024-09-11 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +5 min

Though the debate opened with a discussion about the economy, the conversation quickly devolved into platitudes, boasts, and personal jabs. Industry leaders told Business Insider that they hoped to hear the candidates discuss crypto guidelines, regulation, and key appointments on Tuesday night, but little was said about any of those topics. "What we really need is either a debate or a whole section of a debate devoted to economic issues," Tedeschi said. Tedeschi told Business Insider that we need clarity about Trump's proposed tariffs, which are the "most consequential and radical thing that he's proposed." Chris Larsen, the billionaire co-founder of blockchain payments company Ripple, told Business Insider that Harris was "spectacular."

Persons: —, Kamala Harris, Donald Trump sparred, Ernie Tedeschi, Tedeschi, Harris, Trump, Paul Donovan, Mark Penn, Clinton, Aaron Levie, Chris Larsen, Crypto, there's, Larsen, Bradley Tusk Organizations: Service, Industry, Business, Yale Budget Lab, UBS Global Wealth Management, New York Times, Federal, Federal Trade Commission, Others, Trump, Democratic, Tusk Venture Partners Locations: platitudes

☆ Asia-Pacific markets open lower after gains on Wall Street; Japan and South Korea data in focus
▼ + stars: | 2024-09-11 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Asia-Pacific markets opened lower on Wednesday, despite gains on Wall Street ahead of the U.S. August consumer inflation report due Wednesday. Traders in Asia parsed key economic data from Japan and South Korea. South Korea reported that unemployment fell to 2.4% in August, the lowest level since 1999, when the data series commenced, according to Statistics Korea. The sentiment for non-manufacturers declined for a third consecutive month to plus 23, from plus 24.

Persons: Donald Trump, Kamala Harris, Canada's Alimentation Organizations: Traders, Statistics Korea, Reuters, Republican, Democratic, Federal Trade Commission, Taiwan Semiconductor Manufacturing Corp, Taiwan Locations: Ginza, Tokyo, Japan, Asia, Pacific, South Korea

Although there are no restrictions on how often you can file for bankruptcy, there are restrictions on how often you can receive a discharge. While Chapter 7 and Chapter 13 bankruptcies will have the same effect on your credit score, creditors may view a Chapter 13 bankruptcy more favorably. A Chapter 7 bankruptcy will stay on your credit report for 10 years, while a Chapter 13 bankruptcy will fall off after seven years. Frequently asked questions about how often you can file for bankruptcyCan I file a Chapter 13 bankruptcy after a Chapter 7 bankruptcy? Yes, you can file Chapter 13 after Chapter 7 bankruptcy, but you must wait at least four years after the discharge of your Chapter 7 to file Chapter 13.

Persons: Filers, you've, Adrienne Hines, Hines, Scott Glatstian, Rosenblum, Lamine Zarrad, —, Jennifer, Read Organizations: refiling, Wright Co, Rosenblum Law, Federal Trade Commission, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: Kademenos, Chevron, America, TheGrio, New York City

☆ Tech and business leaders will be looking for 3 things during the Harris-Trump debate
▼ + stars: | 2024-09-09 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +9 min

And that really, for tech, is going to determine what matters," he told Business Insider. "That was a clear effort to court business and tech," Tusk said. "That was really eye-opening, because that is not usually thought of as a business issue, it's thought of as a social issue," Snyder told Business Insider. But business and tech leaders will be looking at more than just policy on Tuesday night. AdvertisementLarsen believes that Harris may be able to provide the country with the reset that he and other business leaders are looking for.

Persons: —, Kamala Harris, Donald Trump, Harris, Joe Biden, Chris Larsen, Biden, Larsen, Bradley Tusk, Gary Gensler, Jordan Nof, Tusk, Gary Gensler's, Kieran Snyder, Snyder, Lina Khan, she's, Nof, Trump, Mark Cuban, Aaron Levie, Roe, it's Organizations: Service, Democratic National Convention, Business, Industry, Venture Partners, Democratic, Securities and Exchange Commission, Tusk Venture, SEC, Silicon, Federal Trade Commission, FTC, Wall Street Journal Locations: California, Silicon, U.S, China

☆ The bitcoin ATM has emerged as one of cryptocurrency's biggest threats
▼ + stars: | 2024-09-08 | by ( Kevin Williams | ) www.cnbc.com time to read: +6 min

Bitcoin ATMs are a rapidly growing presence in the United States and, some experts say, a rapidly growing cybercrime menace. So, while a cash ATM tucked away between the snack cakes and energy drinks at a gas station may not draw much attention, a bitcoin ATM gets more scrutiny from bad actors. But in addition to old tricks, there are newer threats bitcoin ATMs introduce that cash ATMs do not face. Although the bitcoin ATM isn't exactly drawing crowds, Patel says a surprising number of senior citizens show up at the kiosk, alarming given the rise of bitcoin ATM scams targeting seniors. Basic steps to avoid bitcoin ATM scamsTo protect against these scams, users should be cautious and skeptical of any request to pay through a bitcoin ATM.

Persons: Timothy Bates, Bates, Joe Dobson, Dobson, Donald Trump's, J.D, Vance, refashioned, Elon Musk, Sai Patel, Patel, Alice Frei, Frei Organizations: University of Michigan's College of Innovation, Technology, Federal Trade Commission, Google, Social, Middletown Food Mart, Ohio, Trump Locations: United States, Middletown , Ohio, Middletown

☆ Google's second antitrust trial could help shape the future of online ads
▼ + stars: | 2024-09-06 | by ( Jennifer Elias | Jennifer Covers Google Parent Company Alphabet Inc. | Silicon Valley Culture For Cnbc.Com In San Francisco. | ) www.nbcnews.com time to read: +8 min

For Google, the focus turns to its ad tools, which are part of the company’s $200 billion digital ad business. In the first antitrust case, the court found that Google violated Section 2 of the Sherman Act, which outlaws monopolies. The company’s M&A strategy “set the stage for Google’s later exclusionary conduct across the ad tech industry,” the Justice Department alleges. Google has long fought back against claims that it dominates online ads, pointing to the market share of competitors including Meta. It will argue that buyers and sellers have many options especially as the online ad market has evolved.

Persons: Biden, Donald Trump, Meta, Sherman, Goldman, Bernstein, Amit Mehta, ” Mehta, Google’s, Neal Mohan, Mohan, it’s, AdMeld, Jerry Dischler, It’s, Sissie Hsiao, Scott Sheffer, Prabhakar Raghavan, Simon Whitcombe Organizations: Department of Justice, Google, Microsoft, Big Tech, DOJ, Apple, Federal Trade Commission, Facebook, Amazon, Citibank, NYSE, New York Stock Exchange, YouTube, Google Network, U.S, District of Columbia, Department, DoubleClick, Meta, Stanford, Harvard, New York Times Locations: Alexandria , Virginia, California , Colorado , Connecticut , New Jersey , New York, Rhode Island and Tennessee, Google’s

☆ Microsoft dodges in-depth UK probe into hiring of staff from AI firm Inflection
▼ + stars: | 2024-09-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. In March, Microsoft announced the hiring of Suleyman from Inflection, along with a number of other key employees at the firm. Suleyman was appointed Microsoft's executive vice president and CEO of Microsoft AI. The CMA had not previously spelled out exactly how the hiring of Inflection AI employees could undermine competition. The Inflection arrangement isn't the only pact with a Big Tech company and AI startup that regulators in the U.K. are assessing.

Persons: Mustafa Suleyman, DeepMind, Suleyman, Karen Simonyan, Simonyan Organizations: Ltd, Economic, LONDON, U.K, Markets Authority, Microsoft, Windows, DeepMind, Google, CMA, CNBC Wednesday, Reuters, Street Journal, Big Tech, Amazon, Federal Trade Commission Locations: Davos, Switzerland, U.S, Britain, Redmond, Washington

☆ A popular website that connects caregivers with people in need deceived its users of millions of dollars, the FTC says
▼ + stars: | 2024-08-28 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The website, which connects people with babysitters, senior care workers, or housesitters, used "inflated job numbers and baseless earnings claims" to deceive both customers and workers, the FTC said in a statement. AdvertisementTo communicate with a caregiver on Care, both job posters and job seekers must create an account on the website with an auto-renewed subscription, according to the release. AdvertisementCare said in the statement that the renewing subscriptions users have to buy are actually an annual "screening fee."

Persons: —, Samuel Levine, Care.com, Care Organizations: Service, Federal Trade Commission, Business, of Consumer, Forbes, FTC, Care Locations: United States

☆ Care.com reaches $8.5 million FTC settlement over job listings, renewals
▼ + stars: | 2024-08-26 | by ( ) www.cnbc.com time to read: +2 min

It followed tens of thousands of complaints from Care.com customers, including many who thought they canceled memberships but were billed again. The FTC said Care.com enticed customers to buy auto-renewing memberships by overstating the number of jobs, or "gigs," on its platform and how much people could earn from them. It said Care.com knew or should have known a significant number of the jobs were unlikely to result in employment. About 2.9 million U.S. consumers bought Care.com auto-renewing memberships between January 2019 and March 2022. "Care.com used inflated job numbers and baseless earnings claims to lure caregivers onto its platform, and used deceptive design practices to trap consumers in subscriptions," FTC consumer protection chief Samuel Levine said.

Persons: Care.com, Samuel Levine Organizations: Federal Trade Commission, IAC Inc, FTC, Austin Locations: Care.com, Waltham , Massachusetts, Austin , Texas

☆ Restaurants fight back against the FTC crackdown on 'junk fees' as diners balk at new charges
▼ + stars: | 2024-08-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +7 min

Leopatrizi | E+ | Getty ImagesLawmakers want to crack down on "junk fees," but restaurants are trying to stay out of the fight. The Biden administration has broadly targeted so-called junk fees, like an undisclosed service charge for concert tickets or unexpected resort fees when checking out of a hotel. The Biden Administration is attempting to crack down on so-called "junk fees" in retirement accounts with a rule prosed by the U.S. Labor Department. Lobbyists vs. legislatorsOn the state level, restaurants have already had some success in getting excluded from the fight over junk fees. California's SB 478 law would ban so-called "junk fees".

Persons: Birkin, Biden, Joe Biden, Chip Somodevilla, Biden administration's crosshairs, Sean Kennedy, Kennedy, Andres Clavero, Clavero, Galit, Peter Demetri, Tai Huh, Huh, CSHG Organizations: Getty, National Restaurant Association, Federal Trade Commission, White, Biden Administration, U.S . Labor Department, National Women's Law, Cambridge Street Hospitality Group, Health, Restaurant Association, California's Locations: Los Angeles, Chicago, Washington ,, New York, Denver, Asian, Massachusetts, California, –, Oakland , California

☆ A necessary step or government overreach? Economists are divided over Kamala Harris' plan to clamp down on food inflation
▼ + stars: | 2024-08-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

Read previewVice President Kamala Harris' proposal to combat grocery inflation hasn't elicited a range of opinions from economists, and many have turned to history to dispute her idea. Last week, the Democratic presidential nominee unveiled early details of her economic platform, which included a pledge to ban grocery price gouging. In a study from May, price gouging was the second leading perceived cause of inflation among surveyed consumers. AdvertisementWhether gouging deserves the blame for inflation, some have also criticized Harris' plan as an ineffective government overreach. Pundits have alluded to the price controls under President Richard Nixon.

Persons: —, Kamala Harris, Kenneth Rogoff, Harris, Ed Yardeni, Price, Richard Nixon, Stephen Moore, Lindsay Owens, Donald Trump Organizations: Service, Democratic, Business, CNN, Republican, Cato Institute, Heritage Foundation, CNBC, Federal Trade Commission, New York Times Locations: Cal, Maine

☆ Opinion | Billionaire Donors Have It Out for This Legal Prodigy, but President Harris Will Need Her
▼ + stars: | 2024-08-23 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +1 min

Some wealthy Harris backers have called for Khan’s replacement, including the LinkedIn co-founder Reid Hoffman, who donated $10 million to a Democratic super PAC this year. Because Harris’s economic views seemed fuzzy and her ties to Silicon Valley are strong, some on the left worried she might give in to the pressure. Wes Moore of Maryland, a close ally of the vice president, was asked on CNBC about jettisoning Khan, and suggested that Harris might break from President Biden’s aggressive approach to antitrust. “There are going to be different dynamics that are going to require different philosophies,” said Moore. As the broad outlines of Harris’s economic approach have emerged over the last week, it seems at least as populist as Biden’s.

Persons: Kamala Harris, Lina Khan —, —, Harris, Reid Hoffman, Barry Diller, Khan, Wes Moore, jettisoning Khan, Biden’s, ”, Moore Organizations: Democratic, Federal Trade Commission, LinkedIn, CNBC, IAC, Expedia, Gov Locations: Silicon, Maryland

☆ Why parents may want to start locking a child's credit at a very young age
▼ + stars: | 2024-08-23 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

While locking their credit won't solve all cybersecurity issues related to stolen Social Security numbers, it's one extra layer of protection parents can implement. Parents can take these steps proactively even if there's nothing to suggest a minor's credit has been compromised such as unexpected credit card solicitations or bills received in the minor's name. It can take some time and effort to lock a child's credit, but the outlay is minimal compared with what can be a lengthy and emotional credit restoration process. Locking a child's credit won't protect against all of these, but it's a solid step in the right direction, financial professionals said. To check to see if their child has a credit report, parents can mail a letter with their request to each of the credit bureaus.

Persons: —, Kim Cole, Loretta Roney, It's, Cole, Bruce McClary, McClary Organizations: Social, Social Security, Navicore Solutions, InCharge, Federal Trade Commission, Administration, Foundation, Credit Counseling

☆ How ‘Deepfake Elon Musk’ Became the Internet’s Biggest Scammer
▼ + stars: | 2024-08-14 | by ( Stuart A. Thompson | ) www.nytimes.com time to read: +13 min

How ‘Deepfake Elon Musk’ Became the Internet’s Biggest Scammer An A.I.-powered version of Mr. Musk has appeared in thousands of inauthentic ads, contributing to billions in fraud. Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. “I mean, the picture of him — it was him,” Mr. Beauchamp said about the video he saw of Mr. Musk. Original A.I. Audio Original Original A.I.

Persons: ‘ Deepfake Elon, Musk, Steve Beauchamp, Elon, Beauchamp, —, ” Mr, ‘ Pick, ’ that’s, “ It’s, ”, Francesco Cavalli, Scammers, Thorold Barker, Sensity, Warren Buffett, Jeff Bezos, “ Elon, Donald J, Trump, Elon Musk, Andrew Forrest, scammers, Lou Steinberg, Cavalli, Eastern Europe — cobble, “ There’s, Molly White, Finn Brunton, Davis, “ I’m Organizations: A.I, Deloitte, Wall, Street, Amazon, India, Facebook, YouTube, Better Business Bureau, CNET, Meta, Hong Kong’s Securities, Futures Commission, Federal Trade Commission, Federal Bureau of Investigations, TED, Fox News, Eastern Europe —, Tesla, University of California, CNN, New York Times, Magna, The New York Times, Better Locations: Sensity, India, Russia, China, Eastern Europe, Ontario, Canada

☆ White House aims to make it easier for consumers to get refunds, cancel subscriptions
▼ + stars: | 2024-08-12 | by ( Josephine Rozzelle | Josie Rozzelle Is A Cnbc Digital Rotational Associate Covering Politics. | ) www.nbcnews.com time to read: +4 min

“I think we can all relate to this,” White House domestic policy advisor Neera Tanden told reporters Friday. Dubbed the “Time is Money” initiative, the actions will make it easier for consumers to cancel subscriptions, get refunds, submit health care and insurance forms online, and access high-quality customer service. Another existing effort cited by the White House is a June 2023 FTC proposal to target companies that use deceptive customer feedback practices, like fake reviews. None of the actions that make up the “Time is Money” initiative will require congressional approval, a senior administration official said. The White House has pursued aggressive antitrust regulations and taken a highly skeptical approach to crypto currencies, both of which have rankled Wall Street.

Persons: Neera Tanden, ”, Biden, Kamala Harris, Broad, Harris, ” Tanden, policyholders, Xavier Becerra, Julie Su, “ Organizations: Biden, House, Democratic, Consumer Financial Protection Bureau, Federal Communications Commission, Federal Trade, FTC, of Health, Human Services, of Labor, Department of Transportation, Republicans, Representatives, White House

☆ White House launches broad new regulatory effort, as Harris prepares to unveil economic plan
▼ + stars: | 2024-08-12 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden attends a press conference during NATO's 75th anniversary summit, in Washington, U.S., July 11, 2024. "I think we can all relate to this," White House domestic policy advisor Neera Tanden told reporters Friday. Democratic presidential nominee and Vice President Kamala Harris is preparing to unveil her presidential campaign's first economic policy plans this week. "The CFPB will identify when the use of automated chatbots or automated artificial intelligence voice recordings is unlawful, including in situations in which customers believe they are speaking with a human being," according to a White House fact sheet. The initiative also calls on health insurance companies to allow policyholders to submit claims online.

Persons: Joe Biden, Leah Millis, Neera Tanden, Biden, Kamala Harris, Broad, Harris, Craig Hudson, Tanden, policyholders, Xavier Becerra, Julie Su Organizations: NATO's, Biden, House, Democratic, U.S, Las Vegas Aces, White, Reuters, Consumer Financial Protection Bureau, Federal Communications Commission, Federal Trade, FTC, of Health, Human Services, of Labor Locations: Washington , U.S

☆ America's subscription trap nightmare could be coming to an end
▼ + stars: | 2024-08-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

They include a proposal to make it easier to cancel subscriptions and memberships. They would also address bad customer service with a rule to make it easier to speak with a human. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . These rules would ensure people are not stuck paying subscriptions they don't want, losing money and time in the process.

Persons: —, Joe Biden's Organizations: White, Service, Federal Trade Commission, Department of Transportation, Consumer Financial Protection Bureau, Business

☆ Insurers deemed mold too risky decades ago. That coverage gap still surprises homeowners
▼ + stars: | 2024-08-11 | by ( Genna Contino | ) www.cnbc.com time to read: +11 min

Schmitt's example may be extreme, but mold damage is not unusual. In 2022, water damage, including mold, represented 27.6% of homeowners insurance losses, according to data from Insurance Services Office, an industry group. Despite the award for the owner of the mold-damaged home later being reduced to $4 million, companies still pulled back on mold coverage. "Mold claims won't be covered if it's a result of neglect, such as pipe leaking for months resulting in water damage and mold." "You should always read your insurance policy and understand what you have, but no one's going to do that," Kochenburger said.

Persons: Brandi Schmitt, Schmitt, Brandi Schmitt's, adjuster, USAA, Read, Kamala Harris, Harris, Joseph, Ms, Ballard, Amy Bach, United, Bach, Scott Shapiro, Will Melofchik, haven't, Melofchik, Scott Holeman, Holeman, Peter Kochenburger, Kochenburger, it's, Mold, Shapiro, Mark Friedlander Organizations: Maryland, CNBC, Finance, Here’s, Democratic, Insurance Services Office, . Farmers Insurance Group, KPMG, National Council of Insurance, Insurance Information Institute, Southern University Law Center, University of Connecticut's Insurance Law Center, Insurance, South Carolina Independent Agents, Nationwide, Allstate, Federal Trade Commission, Act, State Farm Locations: Lothian , Maryland, U.S, Maryland, Texas, San Francisco, South Carolina, Lindsey , Ohio

☆ 'These are not normal;' A new type of dealmaking for AI startups is rattling Silicon Valley
▼ + stars: | 2024-08-10 | by ( Ben Bergman | Sri Muppidi | ) www.businessinsider.com time to read: +7 min

Google unnerved Silicon Valley last week when it agreed to pay $2.5 billion to license Character.AI's technology, hire its two superstar cofounders and 20 percent of employees. The deal came after AI developers Adept and Inflection both effectively sold themselves to Amazon and Microsoft, respectively, in recent months. It was only last year Character.AI raised $150 million in venture funding, which valued the company at $850 million. Its appeal as a chatbot that uses AI to make virtual characters that interact with users seems decidedly niche. Related storiesMost of the founders and investors Business Insider spoke to for this story say Google has little interest in Character.AI's actual product.

Persons: cofounders, Brent Queener, Kyle Sanford, Character.AI, Iris Sun, Noam Shazeer, Daniel De Freitas, Jack Selby, Peter Thiel's, Steve Brotman, Shazeer, De Freitas, PitchBook's Sanford, they're, Roy Bahat, Arvind Jain, Cameron Lester, Lester Organizations: Service, Microsoft, Bonfire Ventures, Business, Apple, Big Tech, AZ, Biden Administration, Federal Trade Commission, Department of Justice, Alpha Partners, FTC, DOJ, New York Times, Google, Madrona Venture, Bloomberg Beta, Jefferies

☆ Amazon's $4 billion investment in AI firm Anthropic faces U.K. merger investigation
▼ + stars: | 2024-08-08 | by ( Ryan Browne | ) www.nbcnews.com time to read: +4 min

LONDON — E-commerce giant Amazon’s multibillion-dollar investment in the U.S. artificial intelligence firm Anthropic is formally being investigated by a U.K. competition regulator. Amazon completed in March a $4 billion investment in Anthropic. As part of the deal Amazon will make Anthropic’s powerful large language models available on its Bedrock platform for building generative AI applications. An Anthropic spokesperson told CNBC: “We are an independent company. The CMA is separately scrutinizing U.S. software giant Microsoft’s multibillion-dollar partnership and investment in AI giant OpenAI.

Persons: Anthropic, Anthropic “, ”, Matt Calkins, Appian, ” Calkins, you’ve, “ Organizations: Markets, CMA, Amazon, CNBC, Microsoft, U.S . Federal Trade Commission, Google, Big Tech Locations: U.S, Anthropic

☆ Amazon's $4 billion investment in AI firm Anthropic faces UK merger investigation
▼ + stars: | 2024-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Chesnot | Getty ImagesLONDON — E-commerce giant Amazon's multibillion-dollar investment in the U.S. artificial intelligence firm Anthropic is formally being investigated by a U.K. competition regulator. As part of the deal Amazon will make Anthropic's powerful large language models available on its Bedrock platform for building generative AI applications. "By investing in Anthropic, Amazon, along with other companies, is helping Anthropic expand choice and competition in this important technology. Amazon's spokesperson added that the company will continue to make Anthropic's models available to customers via Bedrock. "We welcome the opportunity to cooperate with the CMA and provide them with a comprehensive understanding of Amazon's investment and our commercial collaboration."

Persons: Dario Amodei, Anthropic Organizations: Getty, Markets, CMA, Amazon, CNBC, Microsoft, U.S . Federal Trade Commission, Google Locations: Chesnot, U.S, Anthropic

☆ Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.
▼ + stars: | 2024-08-07 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Consumers and small businesses sent $806 billion across 2.9 billion Zelle transactions in 2023, both up 28% from 2022. Consumers reported losing $210 million to scams across all payment apps in 2023, according to data from the Federal Trade Commission. The new bill aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized. AdvertisementOver 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle. In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.

Persons: —, JPMorgan Chase, PayPal —, Maxine Waters, Sen, Richard Blumenthal, Elizabeth Warren, Waters, Zelle, Blumenthal, Wells Fargo, Wells, Cameron Fowler Organizations: Service, Bank of America, JPMorgan, Business, PayPal, Consumers, Federal Trade Commission, Rep, Homeland Security, Governmental Affairs, Investigations, Blumenthal, Services, Warning Services, SEC, Consumer Financial, Banking, Housing, Urban Affairs Locations: Zelle, Wells Fargo, jtowfighi@businessinsider.com

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