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☆ Here’s how to see the upcoming worm moon lunar eclipse
▼ + stars: | 2024-03-24 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +6 min

CNN —A glowing worm moon will light up the sky on Monday with a celestial performance in store for people venturing out in the early morning hours — a penumbral lunar eclipse. The moon looks slightly darker during a 2023 penumbral lunar eclipse in Banda Aceh, Indonesia. It’s not going to be a super dramatic change in what we see in the moon,” Schmoll said. The penumbral eclipse comes about two weeks before a total solar eclipse that will cross Mexico, the United States and Canada on April 8. While a penumbral eclipse is not as dramatic as a total lunar eclipse with the moon appearing an eerie red, there is no special equipment required to view a lunar eclipse such as the viewing glasses needed for a solar eclipse, Schmoll said, allowing for lunar eclipses to be viewed with the naked eye.

Persons: Mahyuddin, Dr, Shannon Schmoll, “ It’ll, It’s, ” Schmoll, you’re, Schmoll, • Lyrids, Alpha Capricornids, Perseids, Draconids, Orionids, Leonids, Geminids, Ursids Organizations: CNN, Farmers, Getty, Michigan State University, NASA, American Meteor Society, Alpha Locations: Banda Aceh, Indonesia, AFP, Europe, North, East Asia, Australia, Africa, North America, South America, Mexico, United States, Canada, Asia

☆ Why your favorite summer fruits are increasingly at risk
▼ + stars: | 2024-03-23 | by ( Rachel Ramirez | Elisa Raffa | ) edition.cnn.com time to read: +6 min

CNN —Peach trees are blooming at Jaemor Farms in Alto, Georgia, this week. Owner Drew Echols, a fifth-generation farmer, said it has become harder to predict when fruits like the iconic Georgia peaches would start blooming. Blooming peach trees are seen alongside a covered field of strawberries at Jaemor Farms in Alto, Georgia, on March 19, 2024. The fruits begin to bloom as temperatures warm, but when a cold spell comes back, they become susceptible to damage. Fruits like peaches, strawberries, mangoes and plums typically reach their peak ripeness during the summer months.

Persons: Drew Echols, he’s, ” Echols, “ You’re, Meridith Edwards, Echols, ” Louise Ferguson, Davis, Ferguson, Dorothy Suput, Ben Clark, Lane Turner, Benjamin Cook, ” Cook, ” Ferguson, Doug Engle, Suput, ” Suput, “, ” Organizations: CNN, University of California, National Oceanic, Atmospheric Administration, Croatan Institute, Boston Globe, Columbia University, NASA Goddard Institute for Space Studies, University of Florida, Science Research, Unit, Ocala Star Banner, USA Locations: Alto , Georgia, Georgia, Boston, New Hampshire, Ocala, New England

☆ I'm a winemaker for The Dreaming Tree, the label owned by Dave Matthews. Here's what goes into making a celebrity wine.
▼ + stars: | 2024-03-23 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +5 min

This as-told-to essay is based on a conversation with Grayson Stewart, the winemaker for The Dreaming Tree from Sanger, California. AdvertisementI've been the full-time winemaker for The Dreaming Tree, the wine label of Dave Matthews of the Dave Matthews Band, since March 2022. I jumped at the opportunity to work with Dave and his labelDave Matthews with The Dreaming Tree wine. Here's how we make our sustainable wineThe Dreaming Tree is now fully sustainable, from the wine inside the bottle to the bottle itself. My friends send me pictures of The Dreaming Tree on store shelves, letting me know that they're trying the wine, which is really cool.

Persons: Grayson Stewart, I've, Dave Matthews, Dave, Dave Matthews Band's, We've, we're, Dave Stewart, Matthews Organizations: Service, Business, Wine, Dave Locations: Sanger , California, Central, Napa, California, There's, Nature

☆ Nvidia unveils new Blackwell chip: Here's what to know
▼ + stars: | 2024-03-19 | 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 EmailNvidia unveils new Blackwell chip: Here's what to knowPaul Meeks, Harvest Portfolio Management co-CIO and finance professor at The Citadel, joins 'Squawk Box' to discuss key takeaways from Day 1 of Nvidia's AI developers conference, the unveiling of the company's new Blackwell AI chip, and more.

Persons: Paul Meeks Organizations: Nvidia, Blackwell, Management

Video shows RSF soldiers humiliating men from a village in Jazira state. Displaced people fleeing from Jazira state arrive in Gedaref, in the east of war-torn Sudan, on December 22, 2023. The RSF told him they would only return his car if he worked for them, Farouk recalled. Displaced people fleeing from Jazira state arrive in Gedaref, in the east of war-torn Sudan, on December 22, 2023. The RSF’s violent advances in Jazira state, their targeted destruction of warehouses, Sudan’s gene bank and irrigation systems will inevitably further exacerbate Sudan’s massive food shortages,” she said.

Persons: CNN —, “, Sudan’s, ”, Alex de Waal, Mohamed Badawi, Luis Tato, Sidiq Farouk, Farouk, ” Farouk, hasn’t, ‘, ’, Hala Al, Al Karib, Tomoya Obokata, Leni Kinzli, ” Kinzli, Omar Marzoug, geolocated, Waal, Médecins, Anette Hoffmann, You’re, ” CNN’s Benjamin Brown Organizations: CNN, Rapid Support Forces, Sudanese Armed Forces, SAF, United Nations, Peace Foundation, African Center for Justice, Peace Studies, Getty, Food Programme, UN Office, Humanitarian Affairs, UN, Hala, Initiative, Women, UNICEF, WFP, “, ” CNN, ”, Farmers ’ Alliance, Clingendael Institute, Agriculture Organization Locations: Al Jazira, Sudan’s, Darfur, Jazira, Sudan’s breadbasket Jazira, Sudan, Khartoum, of, Sudanese, Renk, South Sudan, AFP, Chad, Gedaref, Hala Al Karib, Horn of Africa, Omdurman, Al, of Africa

☆ The cocoa market is so hot that the commodity has crushed bitcoin's 150% gain in the last year
▼ + stars: | 2024-03-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Cocoa prices are hovering near historic highs around $8,000 per metric ton. The chocolate commodity has outperformed bitcoin in the last year, gaining more than 200%. A bad harvest and lack of investment have sent cocoa prices higher over recent months. Related storiesRoughly three-fourths of the world's cocoa, per Bloomberg, comes from four countries in West Africa: Ivory Coast, Ghana, Cameroon, and Nigeria. Last month, chocolate giants Hershey and Cadbury both warned of potential price hikes for consumers in light of the cocoa supply shortage.

Persons: —, that's Organizations: Service, Bloomberg, Processors, Reuters, International Cocoa Organization, Hershey, Cadbury Locations: West Africa, Ivory Coast, Ghana, Cameroon, Nigeria

☆ Coffee beans made from civet poop is big money in Bali. But PETA says tourists should avoid it as the animals are kept in cages and fed rotten berries.
▼ + stars: | 2024-03-15 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +3 min

Kopi luwak is a coffee delicacy made from civet feces and is popular in Bali. Advertisement"Deliberately misleading claims about how civet coffee is obtained are rampant in Bali," the video's in-text caption read. Kopi luwak is made by cleaning and roasting partially digested coffee beans excreted by civets. Kopi luwak is also known for its high price point, costing between $45 and $600 per pound, Baker told CNBC. In 2022, PETA said tourists should avoid the kopi luwak after civets were found to be distressed when their feces were collected.

Persons: civets, —, Jason Baker, kopi, Baker, luwak, It's Organizations: PETA, Service, Google, YouTube, CNBC, Bali Tourism Board, Business, kopi Locations: Bali ., Bali, Catur, Ubud, Ohio

☆ Açai berries and child labor: How children in Brazil are climbing 70-foot-high trees to pick the superfood
▼ + stars: | 2024-03-13 | by ( Julia Vargas Jones | ) edition.cnn.com time to read: +7 min

Picking berries to help feed his familyLucas Oliveira, 13, of the Fazendinha village outside Macapá, is one of these children. The stories of harvesters who’ve fallen from trees are numerous — some have had severe injuries and never walked again. Açaí harvesters expose themselves to the perils of the rainforest. Of those, at least 756,000 worked in what the International Labor Organization calls the worst forms of child labor, which includes “dangerous” conditions. Dozens of times a day, Lucas Oliveira climbs trees to bring down heavy bunches of açaí.

Persons: —, ”, Lucas Oliveira, Wengleston, Julia Vargas Jones Lucas, ” Lucas, Lucas, “, he’s, ” Wengleston, Julia Vargas Jones, they’re, Allan Bruno, Bruno, ” Bruno, aren’t Organizations: Brazil CNN —, CNN, International Labor Organization, Brazil’s Public Ministry of Labor Locations: Macapá, Brazil, Igarapé da Fortaleza, Pará, Amapá

☆ Markets don't seem to care about the presidential election, but that could change soon
▼ + stars: | 2024-03-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +12 min

The election is not going to change that much either way," Roberts said. The market's moves through the year, though, could be important as they have often foretold outcomes in presidential races. Biden endorses taxing the rich whereas Trump pushed through corporate tax breaks while in office. Biden endorses taxing the rich whereas Trump pushed through corporate tax breaks while in office. The trend makes the market's moves in the months ahead potentially consequential for determining the election victor.

Persons: Joe Biden, Donald Trump, Biden, Doug Roberts, Roberts, there's, Trump, we'll, Joe Salmond, There's, Jerome Powell, Salmond, Jerome Powell's Organizations: Federal Reserve, House, Trump, Democratic, Channel Capital Research, Biden, Fed, Thornburg Investment Management, Global, Chase, White, AFP, Getty Locations: U.S, Washington, East, Russia, Wilmington , Delaware, Washington , DC

☆ Neil Young announces return to Spotify after Joe Rogan boycott
▼ + stars: | 2024-03-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Neil Young attends a press conference for Farm Aid 34 at Alpine Valley Music Theatre on September 21, 2019 in East Troy, Wisconsin. Neil Young on Wednesday said his music will return to Spotify , just over two years after he and other artists removed their catalogues from the music streaming platform amid a vaccine disinformation dispute. Spotify announced a multi-year deal with Rogan last month that removed its exclusivity, meaning "The Joe Rogan Experience" will return to platforms, including Apple Podcasts, YouTube and Amazon Music. Young previously said Spotify accounted for 60% of his global streaming revenue, prior to his departure. The move placed Spotify in a position to choose between numerous legendary musical figures and the controversial but hugely popular Joe Rogan podcast, which was its most streamed show in 2023.

Persons: Neil Young, Joe Rogan, Young, Rogan, Joni Mitchell, India Arie, Crosby, Stills, Nash, Daniel Ek Organizations: Farm, Valley Music Theatre, Spotify, CNBC, Apple, Amazon, Horse Locations: East Troy , Wisconsin, American

☆ Neil Young is coming back to Spotify — but he's not happy about it
▼ + stars: | 2024-03-13 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

Neil Young says his music will return to Spotify. Young took his music off Spotify in 2022 over COVID-19 misinformation on Joe Rogan's podcast. Young took a dig at Spotify's sound quality as he came back to the platform. AdvertisementWhile Neil Young lovers may be rejoicing that the iconic artist is returning to Spotify, Young himself is not. This story is available exclusively to Business Insider subscribers.

Persons: Neil Young, Young, Joe Rogan's, — Organizations: Spotify, Service, Business Locations: COVID

☆ China ambassador says Australia wine tariff review on track
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +1 min

China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. "Currently, Chinese authorities are reviewing and investigating our tariffs on Australian wine and things are moving on the right track, in the right direction," Xiao told the Australian Financial Review Business Summit. A day earlier, Australia's trade minister said China would complete its review into the years-long wine tariffs by the end of March. The standoff over China's tariffs of up to 218% on Australian wine remains unresolved.

Persons: Helen, Joey, Xiao Qian, Xiao Organizations: Australian Financial, Business, Australian, World Trade Organization Locations: Shiraz, Yarra, Greater Melbourne, Australia, China, Beijing

And now, a lack of food stemming from the region's drought has left the youngest of the children she is raising malnourished. But she recently resorted to traveling to the nearby Finarwa health center in southeastern Tigray to try to keep the 1-year-old baby alive. But months after the end of the conflict, the U.N. and the U.S. halted food aid for Tigray because of a massive scheme by Ethiopian officials to steal humanitarian grain. Food deliveries to Tigray in the second half of last year, but only a small fraction of needy people in Tigray are receiving food aid, humanitarian workers say. A widow named Serawit Wolde with 10 children was in tears as she recounted that five of them were falling ill from hunger.

Persons: NEBAR, Tinseu Hiluf, ”, Tadesse Mehari, Serawit Wolde, Hayale, ” Havale, Haile Gebre Kirstos, “, Melinda Gates Organizations: Tinseu, Ethiopian, AP, Associated Press, Melinda Gates Foundation Trust Locations: NEBAR HADNET, Ethiopia, Tigray, Nebar, U.S, Amhara, Messebo, Africa, AP.org

☆ Missed the Nvidia rally? These 10 companies are buying its chips — and their stocks are rallying
▼ + stars: | 2024-03-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Super Micro , Tokyo Electron Device , Meta Platforms , Tata Motors and Mitsui are among the stocks that have seen the most significant gains over the past year. According to FactSet, their share price movement correlates between 93% and 98% of the time with Nvidia's stock. Super Micro Super Micro, which makes computer servers, has benefitted directly from using Nvidia's AI chips in its products. Tokyo Electron Device Tokyo Electron Device is a distributor of Nvidia's chips in Japan. Tokyo Electron Device is a listed subsidiary of Tokyo Electron , Japan's largest chip-manufacturing equipment maker.

Persons: FactSet, Meta, Mark Zuckerberg, Paul Meeks, Meeks, —, Jonathan Vanian, Weizhen Tan Organizations: Nvidia, CNBC Pro, Nvidia's, Tata Motors, Mitsui, Microsoft, Meta, Facebook, Super, Tech, Portfolio Management Locations: Tokyo, Japan

☆ Biden says he'll ban TikTok if Congress passes bill, but he's campaigning on it until then
▼ + stars: | 2024-03-08 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

Nathan Howard | ReutersSince Biden's playful intro post, his campaign's TikTok account has notched over 222,000 followers and over 2.4 million likes. The Biden campaign didn't immediately respond to a request for comment. On the app, users were greeted with a screenshot warning them that Congress was "planning a total ban of TikTok." TikTok goes to WashingtonU.S. political campaigns more broadly are trying to figure out how best to utilize TikTok. Last April, for instance, the White House said it was enlisting a squad of volunteer TikTok and Instagram influencers to help spread awareness of the Biden campaign.

Persons: Jaap Arriens, Joe Biden, TikTok, Maggie Macdonald, Biden, Kansas City Chiefs —, Macdonald, China's ByteDance, Troy Balderson, Shou Zi Chew, Nathan Howard, Donald Trump, Aaron Earls, Biden's, Karine Jean, Pierre, didn't, influencers, it's, Kennedy, Earls, Marilyn Monroe, Joe DiMaggio, Anupam Chander, —, Vivek Ramaswamy, wouldn't, We've, we'll, Anish Mohanty, Mohanty, that's Organizations: Nurphoto, Kansas City Chiefs, University of Kentucky, Washington , D.C, U.S, Chinese Communist Party, CCP, CNBC, U.S . Capitol, Reuters, Republican, Democratic, Senate, White, Biden, Washington U.S, Facebook, Democratic National Committee, Climate Power, Georgetown University Law Center, Congress, Trump, TikTok, Republican Party Locations: Australia, Singapore, Mexico, Washington ,, U.S, Ohio, Washington , U.S, Washington, China, Gaza

☆ Why this snowy Japanese island is a food lover’s paradise
▼ + stars: | 2024-03-07 | by ( Milly Chan | ) edition.cnn.com time to read: +10 min

Hokkaido, Japan CNN —Hokkaido, Japan’s northernmost main island, is unlike anywhere else in the country. Chef Tomoyuki Takao in the kitchen of his eponymous Hokkaido restaurant. “I realized that the indigenous Ainu people were the most knowledgeable about the forest,” Takao says. It was the first Japanese wine ever served in the iconic restaurant Noma in Copenhagen, and is a firm favorite on Takao’s wine list. The ocean’s winter bountyVideo Ad Feedback Discover why these clams taste best in winter 06:25 - Source: CNNSeafood is an integral part of Hokkaido’s food culture.

Persons: Tomoyuki Takao, CNN “, “, ” Takao, Takao, ”, Sonoko Fukae, “ I’ve, Yu Uchida, Uchida, ” Uchida, Japow isn’t, Soga, Yoichi, Soga’s, ” Takahiko, Akio Kashiwamura, ” Kashiwamura, Kashiwamura, doesn’t, Akemi Yokoyama, Kazuki Akazawa, Akazawa, it’s Organizations: CNN, Japan CNN, Michelin, European, Ebetsu, ”, CNN Seafood Locations: Hokkaido, Japan, Sapporo, French, Honshu, Shikisai, Copenhagen, Takao, Burgundy, France, Okhotsk, ”, Notsuke, Tomakomai

☆ Vineyards Use AI, IoT Tools to Make Wine Effectively, Sustainably
▼ + stars: | 2024-03-07 | by ( Bella Sayegh | ) www.businessinsider.com time to read: +10 min

The company's president and winemaker, Chris Kajani, wanted to stay connected with customers and distributors amid shutdowns and social-distancing practices. AdvertisementIn March 2020, Kajani started reworking her operations, hosting virtual tastings, keeping in contact with members of the vineyard's wine club, and meeting with distribution partners using a Cisco videoconferencing platform. Chris Kajani, the winemaker and president of Bouchaine Vineyards, is using technology to improve harvesting. Jyotsna Bhamidipati for BIRemy, a former wine technical consultant, said that buying wine without knowing what's good can be overwhelming. AI-powered tools are making headway in the commercial wine market by helping vineyards find optimal wine blends.

Persons: Chris Kajani, Kajani, Vintners, McClenehan, Alexandre Remy, Remy, Jyotsna, Vaughn Walton, Walton, Piper, Pied Piper, Katerina Axelsson, Axelsson Organizations: Cisco, Bouchaine, Atlas Wine, Oregon Wine Research, Oregon, University's Oregon Wine Research Institute, OSU, BI Remy Locations: Napa , California, Bouchaine, Somerset , California, Oregon, California, America, Walton

☆ Diversify your AI plays — these are the best alternatives to Nvidia, fund managers say
▼ + stars: | 2024-03-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Nvidia may have enjoyed a red-hot run on the back of the artificial intelligence craze, but many other tech stocks have also benefited. CNBC Pro speaks to fund managers to find out the best alternatives to Nvidia that investors can consider. ASML will also continue to benefit "because without ASML there's no TSMC, without TSMC there's no Nvidia," Cvetanovski said. Ray Wang, principal analyst and founder of Constellation Research, also named TSMC, saying that it "always wins." Super Micro Computer Meeks, who is co-chief investment officer at Harvest Portfolio Management, says Super Micro Computer is his favorite alternative AI stock to play right now.

Persons: Paul Meeks, Taiwan's TSMC, TSMC, Cvetanovski, ASML, Ray Wang, Vertiv, Meeks, astronomically, Wang, Meta —, Sam Altman's Organizations: Nvidia, Veteran, CNBC Pro, Tech, CNBC, Semiconductors, Sydney, Pella Funds Management, Generations Fund, Devices, Constellation Research, AMD, Portfolio Management, Microsoft, Big Tech, Cisco, Meta, Google Locations: Pella, United States

☆ Jim Cramer names companies and sectors poised to rally on the AI wave
▼ + stars: | 2024-03-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday said artificial intelligence is going to be essential to big market rallies over the next few years. But the computing power needed to run AI-enabled machines is "at the heart of the current re-industrial revolution," Cramer said, and will bring stocks from a variety of sectors with it. The amount of construction needed to build new data centers is part of the reason stocks like Caterpillar are performing well, he said. And according to Cramer, power management company Eaton is also seeing gains because of the demand to help power grids deal with all of this excess electricity. Vertiv is doing well because it helps take care of wiring in data centers, he added.

Persons: CNBC's Jim Cramer, Cramer, Eaton Organizations: Nvidia, Caterpillar, Constellation Energy

☆ Wall Street weighs in on what's wrong with Apple and whether the stock can make a comeback
▼ + stars: | 2024-03-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

But the tides have shifted in recent months as investors overlook the $2.6 trillion company for rosier AI opportunities. "Everybody's waiting for Apple to come along," said Max Wasserman, co-founder and senior portfolio manager at Miramar Capital. "Great cash flow, great balance sheet, but they're just not demonstrating that they're going to be the new leader in AI." Apple's AI story Last month, Apple pulled the plug on its decade-long autonomous vehicle project in what many on Wall Street viewed as a move to divert resources toward AI prospects. Another way Apple could satisfy the need for AI progress is through a merger or acquisition of a company with large-scale AI capabilities, Meeks said.

Persons: Max Wasserman, they're, Tim Cook, haven't, CFRA Research's Angelo Zino, Wasserman, That's, Paul Meeks, Miramar's Wasserman, Melius Research's Ben Reitzes, Rosenblatt's Barton Crockett, Meeks, hasn't, Michael Bloom Organizations: Apple, Miramar Capital, Nasdaq, Nvidia, Meta, Microsoft, Union, Huawei, Accounting, Portfolio Management, Apple's, Conference Locations: China

☆ Why a warehouse giant is planning a $25 billion push into data centers
▼ + stars: | 2024-03-06 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

He will fill the newly created role of global head of data centers at the firm. Prologis's push exemplifies the growing interest among investors in data center deals, including players who have not traditionally been involved in the highly specialized industry. Warehouses have squat footprints similar to data centers and are often located in industrial areas that have proximity to the heavy electrical lines and equipment necessary to deliver voluminous power that data centers require. Warehouse growth slows as data centers accelerateDemand for data centers has steadily grown over the past decade, driven by the widespread use of cloud computing and storage across corporate America. Blackstone, for instance, has said it plans to develop as much as $50 billion of data centers in the coming years.

Persons: Chris Curtis, Curtis, Michael Hochanadel, Hochanadel, Harrison, They're, Joseph Ghazal, Ghazal, Hamid Moghadam, JLL, Morgan Stanley, Blackstone, Vince Tibone, Tibone, Prologis's, Ron Kamdem, Moghadam, Carl Beardsley, Beardsley, Chris Crosby, Prince William County, Prologis Organizations: Business, Harrison, Green, Amazon, Google, Microsoft, Brookfield, Blackstone, Compass Locations: San Francisco, Dallas, America, Brookfield, Canadian, Prince William, Virginia

☆ New Federal Rule Caps Most Credit Card Late Fees at $8
▼ + stars: | 2024-03-05 | by ( Stacy Cowley | ) www.nytimes.com time to read: +1 min

Millions of Americans could soon see lower credit card bills after a federal rule that caps late fees at $8 a month was finalized on Tuesday by the Consumer Financial Protection Bureau, which estimates that the change will save households $10 billion a year. Late fees have become a major profit source for credit card issuers, generating more than $14 billion in 2022, according to bureau data. A 2010 rule imposed by the Federal Reserve aimed to cap the charges, but allowed adjustments for inflation — a provision card issues have used to raise their fees far beyond the actual costs they incur when payments arrive late, the bureau said. That allowed credit card companies to “harvest billions of dollars in junk fees from American consumers,” said Rohit Chopra, the bureau’s director. It applies only to large issuers that have more than one million open accounts, but the agency estimates that the rule will cover 95 percent of outstanding credit card balances.

Persons: ”, Rohit Chopra, “ Organizations: Consumer Financial Protection Bureau, Federal Reserve

☆ Nigeria battles to halt spiraling currency crisis and rising food insecurity
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February. "With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority." IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.

Persons: Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso Organizations: Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics Locations: IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa

☆ Credit card late fees capped at $8 as part of Biden administration crackdown on junk fees
▼ + stars: | 2024-03-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The new rule applies to large credit card issuers – those with more than 1 million accounts. These companies represent more than 95% of total outstanding credit card debt, according to the CFPB. It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. Some borrowers, especially Millennials and those with lower incomes, have been falling behind on their credit card debt following more than two years of high inflation.

Persons: Biden, ”, Rohit Chopra, “, Greg Baer, Joe Biden, “ It’s, Chuck Bell Organizations: CNN, Consumer Financial, White, Bank Policy Institute, Council, Consumer

☆ New CFPB rule caps banks' credit card late fees at $8
▼ + stars: | 2024-03-05 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap late fees that banks charge customers at $8 per incident. By cutting late fees to $8 from an average of around $32, more than 45 million card users would save an average of $220 annually, the CFPB said in a release. Regulations tied to that law granted issuers the ability to charge ever-increasing amounts of late fees. "For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers," CFPB Director Rohit Chopra said in the release. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines."

Persons: Rohit Chopra Organizations: Banking, Housing, Urban Affairs Committee, Consumer Financial, Bureau

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