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☆ Wells Fargo cannot expand into certain high risk areas without permission, regulator says
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo cannot expand into certain high risk areas without permission, regulator saysCNBC's Kate Rooney joins 'Power Lunch' to discuss the Office of the Comptroller of the Currency issuing an enforcement action against Wells Fargo due to deficiencies in its risk management practices.

Persons: Kate Rooney, Wells Organizations: Currency

☆ Federal judge allows prediction market Kalshi to offer betting on upcoming US elections
▼ + stars: | 2024-09-12 | by ( Piper Hudspethblackburn | Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +3 min

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

☆ Norfolk Southern CEO fired for ‘consensual relationship’ with railroad’s chief legal officer
▼ + stars: | 2024-09-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Norfolk Southern CEO Alan Shaw was fired for cause by the railroad’s board for “engaging in a consensual relationship with the company’s chief legal officer,” who was also terminated, the railroad announced Wednesday evening. Shaw had been CEO of one of the nation’s four largest freight railroads for just over two years. And he received praise from some past critics of the railroads for steps he took after the February 2023 derailment in East Palestine to improve railroad safety. Still, Norfolk’s actions related to the derailment received harsh criticism from Jennifer Homendy, chair of the National Transportation Safety Board, which investigated the accident. She said Norfolk Southern’s actions following the derailment put first responders and neighbors of the derailment site at unnecessary risk.

Persons: Alan Shaw, ”, Shaw, “, Nabanita Nag, Mark George, Claude Mongeau, Amit Bose, Ancora, Jennifer Homendy Organizations: New, New York CNN, Norfolk, CNN, of Locomotive Engineers, Norfolk Southern, Federal Railroad Administration, National Transportation Safety Board, NTSB Locations: New York, Norfolk Southern, East Palestine , Ohio, Ohio, Norfolk, East Palestine, Shaw

☆ All the signs Trump lost the debate
▼ + stars: | 2024-09-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +9 min

By Wednesday morning, there were abundant signs that, frankly, Trump lost his debate against Harris. Our newest ad just dropped pic.twitter.com/DfM044iZ8s — Kamala HQ (@KamalaHQ) September 11, 2024Despite the reputation he forged in GOP primary debates, Trump has struggled in general election faceoffs. Here are the signs that Trump added to his debate loss total. Heading into the debate, Trump held a narrow lead on PolyMarket, a crypto-based betting market that counts election forecaster Nate Silver as one of its advisors. Amid a back and forth with Harris over debates, Trump declared that he wanted three face-offs with her.

Persons: —, Donald Trump, Kamala Harris, Trump, Harris, DfM044iZ8s — Kamala, faceoffs, Hillary Clinton, Joe Biden, Clinton, Nate Silver, Vox, PredictIt, Rupert Murdoch, Brit Hume, prepped Harris, 7gnMmIVupt, Ms, goading Trump, David Muir, Linsey Davis, Jason Miller, Donald Trump Jr, Trump's, Kamala, Taylor Swift, Biden, Rocky, Creed Organizations: Service, Business, Democratic, Trump, White House, Futures Trading Commission, Trump Media & Technology Group, Truth, Traders, Murdoch Media, Fox News, ABC, York, Street, GOP, ABC News, Boxing, UFC, Fighter Locations: York, Philadelphia

☆ Australia plans minimum age for social media use, angering digital rights advocates
▼ + stars: | 2024-09-10 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

SYDNEY, Australia — Australia plans to set a minimum age limit for children to use social media citing concerns about mental and physical health, drawing a backlash from digital rights advocates who warn the measure could drive dangerous online activity underground. Prime Minister Anthony Albanese said his center-left government would run an age verification trial before introducing age minimum laws for social media this year. The law would put Australia among the first countries in the world to impose an age restriction on social media. Representatives of Meta, the owner of Facebook and Instagram, which has a self-imposed minimum age of 13, YouTube owner Alphabet and TikTok were not immediately available for comment. Australia has one of the world’s most online populations with more than four-fifths of its 26 million people on social media, according to government and tech industry figures.

Persons: Anthony Albanese, Albanese, “, ” Albanese, ”, Daniel Angus, Jordy Kaufman Organizations: Australian Broadcasting Corp, European Union, Meta, Facebook, Queensland University of Technology Digital Media Research, Swinburne University, University of Sydney Locations: SYDNEY, Australia

☆ Australia plans a minimum age limit for social media use
▼ + stars: | 2024-09-10 | by ( ) edition.cnn.com time to read: +3 min

Australia intends to set a minimum age limit for children to use social media, citing concerns about mental and physical health. Prime Minister Anthony Albanese said his center-left government would run an age verification trial before introducing age minimum laws for social media this year. The law would put Australia among the first countries in the world to impose an age restriction on social media. Australia has one of the world’s most online populations, with four-fifths of its 26 million people on social media, according to tech industry figures. But the inquiry has also heard concerns about whether an age limit would inadvertently harm younger people by encouraging them to hide their online activity.

Persons: Anthony Albanese, Albanese, “, ” Albanese, TikTok, ”, Daniel Angus, we’re Organizations: Australian Broadcasting Corp, European Union, Meta, Facebook, YouTube, University of Sydney, Queensland University of Technology Digital Media Research Locations: Australia

☆ 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

☆ Draghi urges radical European Union reform requiring extra 800 billion euros a year
▼ + stars: | 2024-09-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Massimo Di Vita | Mondadori Portfolio | Getty ImagesThe European Union needs up to 800 billion euros ($884 billion) in additional investment per year to meet its key competitiveness and climate targets, according to a report from economist and politician Mario Draghi. The bloc's goals of bolstering its geopolitical relevance, social equality and decarbonization are being threatened by weak economic growth and productivity compared with the U.S. and China, the report states. The EU is meanwhile suffering an "innovation deficit" which must be tackled through reforms to research and development funding and policy, the report states. To fast-track policymaking, the report proposes limiting the voting items that require support from an absolute majority of member states. Funding questionPublic and private investments are being hindered by the size of the EU budget, its lack of focus and its risk aversion, the Draghi report says.

Persons: Mario Draghi, Massimo Di Vita, Draghi —, —, NextGenerationEU Organizations: Italian, European Union, U.S, European Central Bank, European, European Securities and Markets Authority, U.S . Securities, Exchange Commission, SEC Locations: Rome, Italy, China, EU, Europe, Germany

☆ British competition regulator objects to Google's ad tech practices
▼ + stars: | 2024-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — Britain's competition watchdog on Friday issued a statement of objections over Google's ad tech practices, which the regulator provisionally found are impacting competition in the U.K. In a statement, the Competition and Markets Authority alleged that the U.S. internet search titan "has harmed competition by using its dominance in online display advertising to favour its own ad tech services." The CMA further noted that Google disadvantages ad technology competitors, preventing them from competing on a "level playing field." "Many businesses are able to keep their digital content free or cheaper by using online advertising to generate revenue. The core of this case rests on flawed interpretations of the ad tech sector."

Persons: Juliette Enser, —, Enser, Dan Taylor, Taylor Organizations: Markets Authority, CMA, Google Locations: U.S

☆ Japanese operator of 7-Eleven rejects merger offer worth billions from Circle K owner
▼ + stars: | 2024-09-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, indicating the bid was too low and that its global business was worth more. In a statement Friday, Tokyo-based Seven & I Holdings, which owns 7-Eleven, said it was “open” to “sincerely consider” any proposal that is in the best interests of its shareholders. The Financial Times reported on Thursday that Seven & I was open to the possibility of a higher offer from its suitor. Shares in Seven & I have rallied since the news of the offer broke last month, pushing its market value above $38 billion. Although 7-Eleven traces its origins to Dallas, Texas, it was the late Japanese entrepreneur Masatoshi Ito who is credited with turning it into a ubiquitous global brand.

Persons: “, Alimentation, Masatoshi Ito, Ito Organizations: Hong Kong CNN, Holdings, Reuters, The Financial Times, Analysts, Speedway, Marathon Petroleum Locations: Hong Kong, Tokyo, Japan, North America, Europe, United States, Dallas , Texas

☆ Telegram CEO says he was ‘surprised’ by his arrest and interrogation
▼ + stars: | 2024-09-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Durov was arrested at a Paris airport amid an investigation into suspected offenses related to criminal activity on Telegram, according to French prosecutors. Telegram, which Durov said had 950 million users, is used both as an everyday messaging tool and a way work around authoritative governments – but White supremacist groups and Isis also favor it. In the Telegram post Thursday, his first since his arrest, Durov acknowledged that the app’s “abrupt increase” in users caused growing pains that made it easier for criminals to abuse the platform. Durov noted the app refused to hand over “encryption keys” to Russia, resulting in a ban there. The app also was banned in Iran after the app refused to block channels used by protesters, he said.

Persons: Pavel Durov, Durov, Isis, We’ve, ” Durov, “, ’, ”, Francini, Emmanuel Miculita, Anna Chernova, Zahid Mahmood Organizations: New, New York CNN —, Prosecutors Locations: New York, Paris, Switzerland, Russia, Iran

☆ Airbus A350: Europe orders checks on planes after engine fire on Cathay flight
▼ + stars: | 2024-09-05 | by ( Story Reuters | ) edition.cnn.com time to read: +5 min

Europe’s air safety regulator ordered inspections on engines of a flagship Airbus jet on Thursday, after a fire broke out during a Cathay Pacific flight. The move affects the larger of two models of twin-engined A350, the A350-1000, which represents 15% of the A350 fleet or 86 jets. Video Ad Feedback Cathay Pacific grounds dozens of flights amid worries over Airbus A350 engines 01:54 - Source: CNNRolls-Royce and Airbus said earlier they were working closely with authorities to comply with the planned directive. EASA said the fire had caused heat damage to the engine housing, including ducts used for reverse-thrust on landing. Airbus and Rolls sought to address airlines’ questions on Thursday during their first closed briefings since Monday’s incident.

Persons: Florian Guillermet, EASA, ” Guillermet, Rolls Organizations: Airbus, Cathay, European Union Aviation Safety Agency, Royce, CNN, Reuters, Boeing, Airlines Locations: Hong Kong, Cathay Pacific, Cathay, Zurich

☆ U.S. safety regulator calls for probe of Temu, Shein over 'deadly baby and toddler products'
▼ + stars: | 2024-09-04 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Two U.S. Consumer Product Safety Commission members are urging the agency to probe safety practices of "foreign-owned" e-commerce platforms such as Shein and Temu, specifically the alleged sale of "deadly baby and toddler products." "Our interests are aligned with the U.S. Consumer Product Safety Commission (CPSC) in ensuring consumer protection and product safety, and we will cooperate fully with any investigation," the Temu spokesperson said. CPSC officials have asked for more funding to hire staffers to monitor emerging e-commerce platforms such as Temu and Shein over safety practices, according to The Information. Last April, a congressional commission released a report detailing issues with Shein, Temu and other "Chinese 'fast fashion' platforms.'" They alleged the sites have numerous product safety hazards, are connected to the use of forced labor and are exploiting trade loopholes, among other concerns.

Persons: Peter Feldman, Douglas Dziak, Temu, Shein Organizations: U.S, Consumer Product Safety, U.S . Consumer Product Safety, Discount, Google, PDD Holdings, Amazon, CNBC Locations: U.S, China

☆ 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

☆ Starlink in Brazil's crosshairs as spat over Elon Musk's X escalates
▼ + stars: | 2024-09-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Brazil's telecommunications regulator threatened sanctions against Elon Musk's satellite internet firm Starlink, as a public confrontation with the billionaire escalates over the country's decision to block his social media company X. Last week, Brazil's supreme court ordered a nationwide suspension of X for not appointing a legal representative by a court-mandated deadline, in line with the country's laws. Anatel, Brazil's telecommunications regulator, has instructed internet providers to block access to X following the court order. Artur Coimbra, a commissioner at Anatel, told Reuters that Starlink is the only company that has told the regulator that it would not comply with the court decision. CNBC has reached out to Anatel and SpaceX, which runs Starlink, for comment.

Persons: Anatel, Artur Coimbra, Coimbra Organizations: Elon, Reuters, CNN Brasil, CNBC, SpaceX Locations: Brazil

☆ X blocked in Brazil after supreme court panel upholds suspension order
▼ + stars: | 2024-09-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

A panel of Brazil's federal supreme court justices voted unanimously to uphold orders suspending the use of Elon Musk's social network X nationwide. X had earlier defied court requests to take down accounts or posts that it said violated Brazil's laws on political misinformation and hate speech online. The court also froze the financial assets of another Musk-led business, satellite internet service Starlink, in Brazil to ensure his social network would pay its fines. Brazil's telecoms regulator Anatel instructed internet service providers including Starlink to block access to X in the country until it complies with the court orders. However, some social media users in Brazil are moving to other social networks.

Persons: Luiz Fux, Alexandre de Moraes, X, Starlink, de Moraes, Musk, Moraes Organizations: Elon, Anatel, Labor, SpaceX, Associated Press Locations: Brazil, NATO, U.S, Australia, Turkey, India

☆ California bans red No. 40 and others from school food
▼ + stars: | 2024-08-30 | by ( Kristen Rogers | ) edition.cnn.com time to read: +9 min

CNN —California Governor Gavin Newsom has signed into law a bill that bans the use of red dye No. Known as the California School Food Safety Act and introduced by Democratic Assemblymember Jesse Gabriel in February, Assembly Bill 2316 prohibits a school district, county superintendent of schools or charter school with grades kindergarten through 12th from offering foods or beverages containing red dye No. “California is once again leading the nation when it comes to protecting our kids from dangerous chemicals,” Gabriel said in a news release. “No industry is more committed to food safety than the consumer packaged goods industry. After the state banned brominated vegetable oil, used mostly in some sodas, as part of its California Food Safety Act in October 2023, the US Food and Drug Administration revoked the regulation for its use nine months later.

Persons: Gavin Newsom, Jesse Gabriel, Tony Thurmond, cosponsor, ” Gabriel, who’s, “, Bill, Paul Greenwood, John Hewitt, ” Hewitt, Thurmond, Gabriel, ”, Lesley, Ann Brandt, ” Brandt, “ I’m Organizations: CNN, Golden State, Environmental, Consumer, California School Food Safety, Democratic, California, Environmental Health, Food, FDA, California Legislature, Joint Food and Agriculture Organization, United Nations, World, Consumer Brands Association, European Union, California Food, US Food and Drug Administration, USDA Locations: California, United States, South Africa, New Zealand

☆ Alibaba shares rise after it completes three-year regulatory overhaul
▼ + stars: | 2024-08-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba has completed a three-year regulatory "rectification" process following an antitrust fine it received on charges of monopolistic practices in 2021, China's market regulator said on Friday. In 2021, China's SAMR fined Alibaba 18.23 billion yuan ($2.6 billion) as part of an anti-monopoly investigation into the tech giant. Jefferies analysts said in a note Friday that the conclusion of the regulatory process was a "positive" for the company, which "highlights this is a new start and ensures compliance in operations." Ant Group itself also underwent a regulator-supervised rectification process, with most of the major issues resolved by last year. Regulatory concerns have been an overhang on the Alibaba stock, which has fallen more than 70% from its peak in 2020.

Persons: Alibaba, China's SAMR, Jefferies, Jack Ma, —, Christine Wang Organizations: China's, Administration, Market, Alibaba, Ant Group, Ant Locations: Beijing, China

☆ OpenSea receives Wells notice from SEC, regulator says NFTs are securities
▼ + stars: | 2024-08-28 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Crypto marketplace OpenSea has been added to the SEC's list of targets, as the regulator extends its crackdown on the sector. The company's CEO said in a post on X on Wednesday that the U.S. Securities and Exchange Commission issued a Wells notice against OpenSea. A Wells notice is typically one of the final steps before the SEC issues formal charges. The letter, according to the OpenSea chief, alleges that the nonfungible tokens, or NFTs, sold on its platform are securities. In May, investment platform Robinhood announced it received a Wells notice for the company's crypto operations.

Persons: Wells, Devin Finzer, OpenSea, Coinbase, Gary Gensler, Crypto, haven't, Donald Trump, Trump, Gensler Organizations: U.S . Securities, Exchange Commission, OpenSea, SEC, NFTs, CNBC, Ethereum Foundation, Robinhood, Republican Locations: California, U.S

☆ 'A different perspective': This top marine scientist is determined to resolve deep-sea mining's murky future
▼ + stars: | 2024-08-27 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Environmental activists calling for an international moratorium on deep-sea mining. Pallava Bagla | Corbis News | Getty ImagesCarvalho's election victory comes at a time of intense debate about the future of deep-sea mining and the world's oceans. Scientists have warned that the full environmental impacts of deep-sea mining are hard to predict. I would be very much concerned to have a mining exploitation request sat on my table without a mining code. "I would be very much concerned to have a mining exploitation request sat on my table without a mining code," Carvalho said.

Persons: Leticia Carvalho, Carvalho, Michael Lodge, Gerard Barron, Carolyn Cole Organizations: Getty, International, Authority, CNBC, ISA, Corbis, ISA Council, The Metals Company, Los Angeles Times, Istock Locations: Leticia Carvalho Brazilian, Jamaica, Nauru

☆ All feared dead in Thai plane crash, including five Chinese tourists
▼ + stars: | 2024-08-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

BANGKOK — Thai rescuers used hoes on Friday to search muddy, forested terrain for debris and the remains of nine people aboard a charter flight that crashed the day before, authorities said, with all the travelers presumed dead. All aboard the charter plane are presumed dead, said Chonlatee Yongtrong, the governor of Chachoengsao province, the site of the crash, as authorities scramble to investigate the cause. “We found many human remains,” the governor told reporters late Thursday, adding that the muddy terrain complicated the task of searchers. The plane, operating flight TFT209 headed for the eastern province of Trat, had taken off from the Suvarnabhumi airport in the capital on Thursday afternoon. Registered to Thai Flying Service Co., according to the aviation regulator, the craft lost contact with ground control in Bangkok 11 minutes after take-off, provincial officials said.

Persons: Chonlatee Yongtrong Organizations: Cessna, C208B, Thai Flying Service Co Locations: BANGKOK, China, Bangkok, Chachoengsao province, Trat

☆ GM’s Cruise will offer robotaxis on Uber’s platform starting next year
▼ + stars: | 2024-08-23 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Cruise will offer its autonomous vehicles on Uber’s platform starting next year, the companies said on Thursday, as the General Motors-backed robotaxi firm attempts a comeback. The multi-year partnership will allow Uber riders to choose a trip using a Cruise autonomous vehicle, they said. Uber’s partnership with Cruise comes as Tesla CEO Elon Musk is set to unveil its delayed plans for a robotaxi product in October amid slowing demand for electric vehicles. Commercializing autonomous vehicles has been tougher than expected and taken longer than promised due to complex technology, soaring investments, tight regulatory scrutiny and federal investigations. Trips by self-driving vehicles on Uber’s platform rose six-fold in the June quarter year-on-year, helped by partnerships with companies including Waymo, as well as startup Waabi for freight services.

Persons: Reuters — Cruise, Uber, Alphabet’s, Cruise, Elon Musk, Dara Khosrowshahi Organizations: Reuters, General Motors Locations: Phoenix, U.S, San Francisco

☆ Denmark welcomes return of banned South Korean noodles
▼ + stars: | 2024-08-13 | by ( ) www.nbcnews.com time to read: +1 min

Danes in central Copenhagen on Thursday marked the return to supermarket shelves of fiery South Korean ramen noodles that had been banned for being too spicy, a decision that has since been partly reversed. Stores in Denmark in June removed three variants of South Korean Samyang Foods’ Buldak instant ramen line after the Danish Veterinary and Food Administration found the noodles’ high capsaicin level posed a serious health risk. Samyang, which sells the products worldwide, had contested the ban, and on Thursday celebrated the reversal by feeding its noodles to social media influencers, gathered on a ferry adorned in the firm’s bright-red colors on Copenhagen’s harbor. But the ban was lifted last month for two of the three variants after further examination of the spicy noodles showed that they did not exceed the critical capsaicin level. “When they were banned, I bought like 50 packages, which I still have now but I guess I have a good deposit,” Phillip said.

Persons: I’ve, ”, Phillip, Influencers, ” Phillip, “ Organizations: Korean, Danish Veterinary, Food Administration Locations: Copenhagen, Denmark, Danish

☆ Consumer Agency Cracks Down on Seller-Financed Home Sales
▼ + stars: | 2024-08-13 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A federal regulator signaled it would take a tougher stance with seller-financed home sales on Tuesday, saying that they were subject to many of the same consumer protections as a home bought with a more traditional mortgage. The Consumer Financial Protection Bureau released an advisory opinion that put sellers on notice that it would not tolerate the predatory practices that have come to dominate the so-called contract for deed market. These seller-backed sales have become popular in poor neighborhoods with rundown single-family homes, where mortgages are hard to come by. Contract for deeds are multiyear installment contracts in which the seller retains the title to a home until the buyer makes a final payment. These risky deals often have above-market interest rates and put the burden of repairs on the would-be buyer.

Organizations: Consumer Financial

☆ Value of company run by one of the world's richest people slides after new allegations by a New York short-seller
▼ + stars: | 2024-08-13 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

Short-seller Hindenburg Research made accusations against the head of India's market regulator. It said that the regulator had links to offshore funds also used by the Adani Group. Adani companies lost around $2.43 billion in market value during a share sell-off on Monday. AdvertisementGautam Adani, one of the world's richest men and founder of Adani Group, has suffered yet another setback. This week, fresh accusations by activist short-seller Hindenburg Research led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters.

Persons: —, Gautam, Hindenburg Organizations: Hindenburg, Adani, Service, Hindenburg Research, Reuters, Business Locations: New York

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