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☆ An around-the-world cruise that's stuck at port is kicking off passengers who complain
▼ + stars: | 2024-09-12 | by ( Brittany Chang | ) www.businessinsider.com time to read: +8 min

Unfortunately, she was kicked out before she could fulfill her world cruise aspirations. "They didn't just complain, they outright threatened with media unless they get what they want," Mikael Petterson, the founder and CEO of Villa Vie, told BI in an email. "That's how much I had wanted a world cruise." But she was kicked off before Villa Vie Odyssey could set sailOther buyers have begun moving onto the residential cruise ship. So far, Villa Vie has repaid her almost $8,000, with another about $7,400 still pending — still a few thousand short of her $18,600.

Persons: —, Jenny Phenix, — Phenix, Bonny Kelter, Mikael Petterson, Vie, Kelter, Villa Vie, Bonny, Petterson, Phenix, Villa, she's, aren't, Fred Olsen Cruise, Fred Olsen's, Angela, Stephen Theriac, Kathy Villalba, Stephen Theriac Petterson, hasn't Organizations: Service, Business, Residences, Sea Cruises, Villa Vie, Villa, Fred Olsen Cruise Lines, Norwegian Cruise, Security Locations: Europe, Asia, Australia, South, North America, Africa, Palm Beach , Florida, Braemar, Norwegian, Florida

The European Central Bank on Thursday delivered a quarter-point interest rate cut, marking its second reduction to the deposit rate this year. The widely anticipated move comes after a period of sluggish economic growth across the euro zone and cooling inflation, which fell back toward the central bank's 2% target in August. The ECB lowered its 2024 growth forecast to 0.8%, down slightly from an earlier projection of 0.9%, citing "weaker contribution from domestic demand over the next few quarters." For many market participants, the big question was not whether the ECB would cut rates in September — but whether the central bank will provide any clues as to what will follow. The ECB's meeting comes just days before the Federal Reserve appears poised to start its own rate-cutting cycle.

Organizations: European Central Bank, ECB, Federal

☆ Dollar firm as inflation data douse bets for big Fed rate cut
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +3 min

The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week. The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week. Meanwhile, a quarter-point rate reduction from the European Central Bank is widely expected later on Thursday, with investors anxious for hints on how soon the monetary authority will cut again. Early on Wednesday, Bank of Japan board member Junko Nakagawa reinforced the central bank's tightening bias by saying low real rates leave room for further rate hikes. As a result, traders essentially priced out the chances of a 50-basis point rate cut on Sept. 18, paring the odds to 15% versus 85% probability for a 25-bp reduction.

Persons: Junko Nakagawa, Naoki Tamura, Tony Sycamore Organizations: Federal, European Central Bank, Bank of Japan, IG, ECB, Sterling, Swiss Locations: U.S

☆ Here's why September and October are historically weak for stocks
▼ + stars: | 2024-09-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Why are September and October historically weak for stocks? It is a byproduct of an old weakness in the U.S. financial system. The limited ability of the government to react was the primary impetus for the passage of the Federal Reserve Act of 1913. Yes, and if one compares the frequency, intensity and misery of financial panics during the 1800s, this is plainly evident. But, by and large, the U.S. financial system has been much more stable since the Federal Reserve became operational in late 1914.

Persons: Mark Higgins, Morgan Organizations: Fund, Federal, Fed, U.S, Federal Reserve Locations: U.S, New York, New York City, United States

Americans reported losing $5.6 billion to cryptocurrency scams in 2023, with older Americans hit the hardest, according to the FBI. Americans 60 years old and older filed more than 16,000 complaints of cryptocurrency fraud and reported losing over $1.6 billion, much more than any other age group. The reported scams ranged from phony tech support help and extortion to scammers impersonating government officials. The vast majority of reported losses — almost $4 billion — were a result of investment scams, a category that the FBI uses primarily to refer to so-called pig butchering scams. Last year, a United Nations report found that pig butchering scams are often run by human trafficking victims in Southeast Asia.

Persons: ’, ”, Amy Nofziger, Nofziger Organizations: FBI, NBC News, AARP, United Locations: United Nations, Southeast Asia, California, Chicago

☆ Apple's China rival Huawei just upstaged the iPhone 16 launch
▼ + stars: | 2024-09-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

This year, however, one of its top rivals in China has tried to rewrite the script. To make its challenge even clearer, Huawei is putting the Mate XT on sale in stores on September 20 — the same day the iPhone 16 will be available in China. Huawei's Mate XT will go on sale the same day as the iPhone 16 in China. AdvertisementFor some time now, Apple has anxiously been watching iPhone sales tumble in China. AdvertisementBut in the meantime, iPhones without AI could prove to be a tougher sell in China in the face of stiff competition.

Persons: —, Jamie MacEwan, MacEwan, raring, Gene Munster, Richard Windsor —, Apple Organizations: Service, Huawei, Business, Apple, Enders Analysis, Apple Intelligence, Deepwater Asset Management, Radio Free Mobile, Windsor Locations: China

☆ Federal Reserve unveils toned-down banking regulations in victory for Wall Street
▼ + stars: | 2024-09-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on "Recent Bank Failures and the Federal Regulatory Response" on Capitol Hill in Washington, March 28, 2023. Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would've boosted capital requirements for the world's largest banks by roughly 19%. The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution. "There are benefits and costs to increasing capital requirements. That would likely boost capital requirements by 3% to 4% over time, Barr said.

Persons: Michael S, Barr, Michael Barr, could've, Jamie Dimon Organizations: Banking, Housing, Urban Affairs, Federal, Fed, Federal Deposit Insurance Corp, Brookings Institution, JPMorgan Chase Locations: Washington, Basel

☆ A retired boomer who gets $1,662 in Social Security moved in with roommates to afford her medical bills: 'It's the only way I can afford to live comfortably'
▼ + stars: | 2024-09-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Still, getting by even in a one-stoplight town is challenging, given her $1,662 in Social Security only goes so far. "I now have roommates for the first time in my life, but it's a way to live comfortably," Marion said. AdvertisementRising costs and losing incomeMarion's father was in the military, and her family moved around the country as a child. She relied on Social Security Disability Insurance payments to keep her afloat, which were much less than her salary. She said her sister and her boyfriend are better off financially, as they get small pensions on top of their Social Security.

Persons: —, Marion, Marion's, She's, you've Organizations: Service, Business, Social Security, Nutrition, Social Locations: Washington, Ohio, Germany, Massachusetts , Florida , Michigan, Texas, Seattle, Mechanicsburg

☆ Money market funds hit another record high — but experts warn it's time to move out of cash. Where they see opportunity
▼ + stars: | 2024-09-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Assets in money market funds hit $6.3 trillion the week that ended Wednesday, another record high, according to the Investment Company Institute . The annualized 7-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.08%. History shows that when investors do move out of money market funds, they move into fixed income over equities, he said. Institutional investors will also continue to move into money market funds as the Fed cuts rates because any cash they have in direct money market investments, such as Treasury bills, will be hit by rate cuts quicker than money market funds, explained Peter Crane, founder of Crane Data, a firm that tracks the industry. Once you have the appropriate cash needs set aside, consider moving any excess funds into fixed income, Jenkin said.

Persons: Mark Cabana, Peter Crane, Crane, Ted Jenkin, Jenkin, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Falconio Organizations: Investment Company Institute, Bank of America, Federal Reserve, Institutional, Crane, CNBC, American Express, Bread Financial, UBS, U.S . Locations: UBS Americas

☆ The controversial plan to regreen a desert
▼ + stars: | 2024-09-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

The Dutch engineer wants to transform a huge stretch of inhospitable desert into green, fertile land teeming with wildlife. “The only holistic way out of this situation is with large-scale ecological regeneration”So-called desert regreening projects are not new, and this is one of a number around the world seeking to transform arid landscapes. Costfoto/NurPhoto/Getty ImagesFor van der Hoeven, it was further proof his plan could work. “The scale reaches a level that helps prove that restoration can be done on a planetary scale.”It would add to other huge desert regreening projects also underway. The project was scheduled to kick off this December, but conflict has slowed everything down, van der Hoeven said.

Persons: der Hoeven, “, Van, van der Hoeven, Ali Moustafa, ”, Van der, der, it’s, John Liu, Wolfgang Kaehler, Liu, ” Liu, Susan Gardner, Gardner, Alice Hughes, ” Hughes, Raymond Pierrehumbert, Pierrehumbert, — “, Van der Heoven, He’s, Van der Hoeven Organizations: CNN, United Nations, World Bank, UN, Hong Kong University’s School of Biological Sciences, University of Oxford Locations: Dutch, Africa, Asia, Maryland, Dubai, Lake Bardawil, Sinai, Bardawil, Egypt, China, California, Gansu Province, Yongjing, Gansu province, Nairobi, Hong, Gaza

☆ 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

☆ They were due to leave for their dream cruise in May. Three months on they’re still stuck at the departure port
▼ + stars: | 2024-09-07 | by ( Julia Buckley | ) edition.cnn.com time to read: +12 min

CNN —It was the years-long cruise that was supposed to set sail, but saw its departure postponed… postponed… and postponed again. However, there’s one crucial difference between Life at Sea and Villa Vie Residences, the company attempting the 3.5-year cruise: Villa Vie has a ship. This meant the certifications had expired – and instead of simply renewing them, Villa Vie was obliged to start from scratch. Olsen cruise ship. ‘Not what we were expecting’Angela and Steve Theriac have been traveling around Europe while waiting to set sail.

Persons: …, “, ”, Lanette Canen, Johan Bodin, Bodin, “ We’re, we’ve, “ It’s, We’ve, Peter Morrison, Villa, Mike Petterson, Petterson, –, Fred, Olsen, Villa Vie, “ Fred, DNV, Samantha Stimpson, ‘ We’ve, ’, Maureen O'Hare, Fran Paroissien, she’s, Paroissien, I’ve, we’d, he’d, ” Micky Murray, “ They’re, I’m, Bonny Kelter, ” Kelter, “ We’ll, ’ Angela, Steve Theriac, Angela, it’s, “ We’ve, that’s, We’re, They’ve Organizations: CNN, Sea Cruises, Residences, Olsen Cruises, Hawaii –, Canen, Edinburgh, Sweden –, Villa Vie, Survey, Braemar, Olsen Cruise Lines, Villa, Vie, ‘, Midlife, Liverpool Locations: Belfast, Northern Ireland, Braemar, Fred, Hawaii, Stirling, Scotland, Glasgow, Europe, Sweden, –, Melbourne, Australia, Canary, Seychelles, Liverpool, Edinburgh, Spain, Denmark, Dublin, Nicaragua

☆ Chase Bank says it is aware of viral 'glitch' inviting people to commit check fraud
▼ + stars: | 2024-09-03 | by ( Angela Yang | Kalhan Rosenblatt | ) www.cnbc.com time to read: +4 min

Chase Bank is urging its customers not to commit check fraud. This is not a "glitch" — it's a check fraud scheme and those who participate will be on the hook for all the money they withdrew once the check bounces. Although some on TikTok called the scheme a "glitch," Chase reminded its customers that this "glitch" is actually an invitation to commit fraud. "Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple." "Chase Bank glitch?

Persons: TikTok, Chase, that's, That's Organizations: Chase Bank, NBC News, NBC, Chase Locations: TikTok, New York

☆ How Wildfire Smoke Threatens Human Health
▼ + stars: | 2024-08-28 | by ( Jane C. Hu | ) www.nytimes.com time to read: +5 min

This could explain some of the health effects researchers have linked to wildfire smoke, including heart conditions, infertility and dementia. There are huge variations in how healthy people are before smoke exposure, how much smoke they are exposed to and what’s in that smoke. One metric of wildfire smoke pollution is the air-quality index, which measures five pollutants on a scale of 0 to 500. Researchers are just beginning to study how different levels of air pollution might affect health by tracking the outcomes of wildfire survivors over time. There aren’t clear answers on when, exactly, you should avoid smoke exposure outdoors, but public health officials often issue health warnings when the A.Q.I.

Persons: Luke Montrose, Montrose, Carlos Gould, ” Dr, don’t, “ There’s, ”, Stephanie Cleland, Gould, Cleland Organizations: Colorado State University, University of California, University of Montana, Research, Simon Fraser University Locations: San Diego, United States

☆ Trading Fed rate cuts: These banks are primed to outperform when rates fall, Evercore ISI says
▼ + stars: | 2024-08-24 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

A few well-known regional banks are poised to benefit from the Federal Reserve's upcoming interest rate cuts, according to Evercore ISI. Fed Chair Jerome Powell indicated on Friday that the central bank is ready for interest rate cuts ahead , although he declined to provide the exact timing or extent of the cuts. As investors await the Fed's moves, Evercore ISI used its updated asset/liability committee scenarios and several banks' net interest income commentary to find which names appear strongest in a lower interest rate environment. According to the note, Comerica, U.S. Bancorp and Fifth Third each forecast two interest rate cuts this year. Comerica shares dipped more than 10% on July 19 after the company posted its second-quarter results.

Persons: Jerome Powell, John Pancari, Pancari, Curtis Farmer, Truist Organizations: Federal, ISI, Comerica, Truist Financial, U.S . Bancorp, Fifth Third Bancorp, FactSet Locations: U.S

☆ I'm a millennial mom of 3, and I rely on my mom's financial assistance
▼ + stars: | 2024-08-24 | by ( Alyse Benoit | ) www.businessinsider.com time to read: +6 min

Without a doubt, my mom expected to be free of dependents decades ago. But here I am, 39, unable to save a cent, in need of her financial support. I was otherwise financially independent, worked three jobs, had a good chunk of money saved, and my life was planned out. Not only was I feeling the effects of financial strain from the cost of school, but physical, mental, and ethical exhaustion had taken hold. She loaned me money to pay off that debt and told me I could pay my rent when I received my next student loan payment.

Persons: stepdad, —, I've Organizations: Service Locations: midlife

☆ This couple went on one cruise together. Now, they're moving onto a never-ending residential cruise ship.
▼ + stars: | 2024-08-24 | by ( Brittany Chang | ) www.businessinsider.com time to read: +8 min

AdvertisementThat is, until this spring, when Canen and Bodin, both 54, uprooted their lives in Maui, Hawaii, to move onto a new residential cruise ship called Villa Vie Odyssey. AdvertisementThe couple sold their business in MauiBodin told BI that before Villa Vie, the couple had never really considered leaving Maui. "We went pretty much every day for two weeks and spent all day there until they kicked us off," Canen told BI. AdvertisementBefore committing to Odyssey, Canen and Bodin looked into Storylines, which plans to construct its own residential cruise ship, MV Narrative. AdvertisementAre you sailing on a residential cruise ship like Villa Vie or have a tip?

Persons: —, Lanette Canen, Johan Bodin, Canen, Bodin —, we'd, Bodin, Mikael Petterson, Fred Olsen Cruise, Lanette, Villa Vie's, Villa, Maui Bodin, they've, Petterson, Villa Vie, We're, Angela, Stephen Theriac Canen, they'd, Kendra Holmes, they're Organizations: Service, Business, Villa, Residences, Fred Olsen Cruise Lines, South Pacific, YouTube, Sea Cruises, Cruises, Victoria Cruises Locations: Maui, Hawaii, Europe, Asia, Australia, South, North America, Africa, Belfast, Ireland, Braemar, Maui —, Italy, Croatia, Slovenia, Sweden, Canary, Norwegian, Villa Vie, Canen, Petterson

LendingClub recently replaced its old high-yield savings account with the LendingClub LevelUp Savings Account, which offers up to 5.30% annual percentage yield (APY). LendingClub's previous high-yield savings account, the LendingClub HighYield Savings Account, came with 5.00% APY. How to qualify for LendingClub's savings account 5.30% APYIt's pretty easy to open a savings account with LendingClub. How LendingClub's LevelUp Savings account compares to other high-yield savings accountsOther banks also offer high interest rates on savings accounts. EagleBank High-Yield Savings Account: Earn up to 5.35% APYThe EagleBank High-Yield Savings Account offers the potential to earn a slightly higher interest rate: up to 5.35% APY.

Persons: you've, you'll, LendingClub, EagleBank, Kit, Kit Pulliam, They’ve Organizations: Western Alliance Bank, Western Alliance, Yield, Kit Pulliam, Business, Tax, MSN, Vanderbilt University

In addition to locations in Manhattan and Brooklyn, Cohabs has properties scattered across European cities including Madrid, Paris, London and Milan. Ishan Abeysekera decided that choosing a communal living space would increase his chances of making friends in a new city. Valentina Duarte | CNBC Make ItAbeysekera actually didn't set out to have so many roommates — or any roommates at all. On a whim, he looked up communal living in Brooklyn and came across Cohabs. Each person has their own locker in the communal living area, and the six refrigerators have enough space for each tenant to have their own shelf for their groceries.

Persons: Ishan Abeysekera, Valentina Duarte, —, Abeysekera, Ishan's Organizations: CNBC, Cohabs, Financial Locations: New York, Brooklyn, Manhattan, Cohabs, Madrid, Paris, London, Milan, New York City, Crown Heights , Brooklyn

☆ Human brains contain surprising levels of plastic, study says
▼ + stars: | 2024-08-23 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +9 min

CNN —Human brain samples collected at autopsy in early 2024 contained more tiny shards of plastic than samples collected eight years prior, according to a preprint posted online in May. “Compared to autopsy brain samples from 2016, that’s about 50% higher,” Campen said. Nanoplastics are the most worrisome plastics for human health, experts say, because the minuscule pieces can take up residence inside individual cells. In that report, the consortium determined plastics are associated with harms to human health at every single stage of the plastic lifecycle. A March 2024 study found 1 liter of bottled water — the equivalent of two standard-size bottled waters typically purchased by consumers — contained an average of 240,000 plastic particles from seven types of plastics.

Persons: ”, Matthew Campen, ” Campen, Phoebe Stapleton, Philip Landrigan, “, Landrigan, You’re, Nanoplastics ‘, Campen, ” Landrigan, Svetlozar, — Organizations: CNN, University of New, Rutgers University, Program, Global Public Health, Global, Planetary Health, Boston College, American Chemistry Council, US Environmental Protection Agency, “, – Monaco, Plastics, Human, ”, Toxicity Program, International Agency for Research, Cancer, EPA, Endocrine Society, Invest, Natural Resources Defense Council Locations: University of New Mexico, Albuquerque, that’s, Piscataway , New Jersey, United States

The Betterment Cash Reserve Account is offering new customers a boosted APY. Get a boosted APY of 5.50% on a Betterment Cash Reserve accountThe Betterment Cash Reserve Accountcurrently offers existing customers an APY of 5.00% (5.50% APY for new customers' first three months). Read more about this account and its features, like no transaction limits, in our Betterment Cash Reserve review. Other 5% savings accountsThanks to this boosted APY offer, Betterment currently tops our list of savings accounts offering 5% APY or more. Other nationally available savings accounts to consider include:Western Alliance Bank High-Yield Savings Premier: earn an APY of 5.31% when you deposit a minimum of $500BrioDirect High-Yield Savings Account: earn an APY of 5.30% when you deposit a minimum of $5,000Bread Savings High-Yield Savings Account: earn an APY of 5.15% when you deposit a minimum of $100

Persons: —, you'll Organizations: Service, Western Alliance Bank, Yield, Savings

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

This means that CD rates of 5% APY will likely decline and get less competitive. CD ladders can help you earn a great rate for longer, no matter what happens to CD rates. The best CD rates for short-term CDs are currently around 5% annual percentage yield, but that might not stay true for long. Building a CD ladder with terms paying 5% or moreRight now, short-term CDs offer better rates than long-term CDs, so our example CD ladder is shorter-term. CD ladders aren't suited to every purposeWhile CD ladders can be a good strategy for locking in high interest rates while maintaining liquidity, they aren't suited to every purpose.

Persons: Uziel Gomez, Gomez, you'll, You'll, Kit Pulliam, They’ve, Kit Organizations: Federal Reserve, AFC, Primeros, Pulliam, Business, Tax, MSN, Vanderbilt University Locations: U.S

☆ 42-year-old sold his startup for $1.3 billion—he started by buying a $17,500 camera he couldn't afford
▼ + stars: | 2024-08-23 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

Emery Wells put himself on the path to a dream career by recklessly buying a $17,500 camera that he definitely couldn't afford. By 2014, his post-production company Katabatic Digital brought in more than $1 million in annual revenue from clients like Coca-Cola and Pfizer. Wells: Post-production is client service work. Did you always think Frame.io could become a billion-dollar company? I don't know if we're really going to get there."

Persons: Emery Wells, who'd, Wells, John Traver, shuttering, Traver, I'd, Mark Zuckerberg, Mark, we're Organizations: CNBC, Adobe, Digital Cinema, Katabatic, Cola, Pfizer, Frame.io Locations: Wells, New York, Katabatic

☆ A Tesla fan in India preordered a Model 3 in 2016. He waited 7 years, and the car still hadn't shown up.
▼ + stars: | 2024-08-14 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +4 min

Read previewTesla fan Vishal Gondal from Mumbai said he preordered a Tesla Model 3 in April 2016, excited about the car's "cutting-edge EV technology." Gondal is one of the Tesla fans in India who preordered the Model 3 in 2016 and were left hanging for years for cars that never arrived. Advertisement"I initially expected to wait one to two years but ended up waiting nearly eight years with no car," Gondal told BI. It lowered import taxes on EVs made by companies that commit to investing at least $500 million and start domestic manufacturing within three years, per Reuters. AdvertisementRepresentatives for Tesla did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Persons: —, Vishal Gondal, Elon Musk's, Tesla, Gondal, Hemant Suthar, Elon Musk, Musk Organizations: Service, Tesla, Business, Audi, Musk's EV, Associated Press, Reuters, Business Insider Locations: Mumbai, India, Europe, Asia, Pacific

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